THE FUTURE OF STREAMING

Summary from the TLDR newsletter

Stocks of legacy media companies are at a fraction of their former highs, while shares of their disruptors are close to record highs. Netflix commands the leading territory right now and is essentially in a position of dictating policy. Streaming services need at least 200 million subscribers, possibly more, before becoming competitive and profitable. The cost of attracting and keeping those millions of customers isn't cheap - Netflix will spend about $17 billion this year on programming. Almost no other competitor will be able to match that spending level, except maybe Amazon.