05 Jul TV’s Golden Era Proved Costly to Streamers [Wall Street Journal]
BY NATE RATTNER AND SARAH KROUSE
July 5, 2023 | Consumers are winning from the streaming revolution but across most of Hollywood, the businesses churning out TV and movies are losing.
Services such as Netflix, Disney+, Paramount+ and Max have become the default entertainment options for homes across America rather than cable, saving many consumers money.
For the titans of Hollywood, that shift has been costly. Traditional media and entertainment companies have reported losses of more than $20 billion combined since early 2020 on their direct-to-consumer streaming businesses.
Netflix which brings in profits, is an exception, but the rest of the industry is wondering: While consumers love streaming, is it actually a good business?