Streaming broke the traditional media model. Legacy media companies are still figuring out the future, while holding on to that model for as long as possible.
scrambled to compete with Netflix when it began creating original content in 2013 and slowly pulled market share over the next five years. The studios padded their platforms with massive content libraries and the promise of new original shows and films for consumers.
Media companies also have begun slashing content spending budgets. Disney CEO Bob Iger has promised the company will focus onwhen it comes to both its streaming and theatrical businesses, pointing to Marvel as an example of too much content. , of the various business models in media. "It's about understanding where to put a little more resources and how they all are glued together to satisfy the consumer."Two strategies media companies long relied upon — windowing content to various platforms and creating more cable channels to reap higher fees from the bundle — proved lucrative and still reap profits.
Now turmoil rules the industry. Companies like Disney and Warner Bros. Discovery are in the midst of reorganizations — slashing jobs and content costs while trying various ways to piece together profits."All of these companies spent more money than they likely should have," said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.
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