What exactly is an “analyst note to client” and does anyone here get one?

So in financial news you often hear something like:

Netflix is spending too much money on content, said Needham analyst in a note to clients. Needham downgraded Netflix to a hold. (this is made up quote)

So who exactly are these clients and what are they paying these firms? For example:

• Is Needham actively managing these clients' accounts?
• Or are clients simply paying for random emails that drop in their inbox?
• Why would I pay Needham for this service if I can just read about this in the news?
• Is Needham happy or sad that these notes get leaked?

I love input from everyone. But especially interested if you are/were a client who gets these notes from investment firms.