Welcome to what Moffett Nathanson research analyst Robert Fishman calls the “post-streaming wars.” In 2022, streamers couldn’t wait to tell you how much they spend on content. A year later, the same platforms don’t want to open their wallets, let alone discuss it.
“Fueled by cheap money and unbridled/naive optimism from the Street, management teams were willing to spend whatever it took to establish their new streaming services,” he wrote in his very long March 21 note to clients of the Silicon Valley Bank-owned firm. “To that point, if the launch of Amazon’s $1 billion ‘Lord of the Rings’ series sounded like the peak of the bubble, that’s because it likely was.”
Even at the time, that figure sounded insane. Today, as interest rates continue to rise and most services struggle toward profitability in the face of a looming recession, it’s certifiable. As Fishman wrote, “As we now painfully know,...
“Fueled by cheap money and unbridled/naive optimism from the Street, management teams were willing to spend whatever it took to establish their new streaming services,” he wrote in his very long March 21 note to clients of the Silicon Valley Bank-owned firm. “To that point, if the launch of Amazon’s $1 billion ‘Lord of the Rings’ series sounded like the peak of the bubble, that’s because it likely was.”
Even at the time, that figure sounded insane. Today, as interest rates continue to rise and most services struggle toward profitability in the face of a looming recession, it’s certifiable. As Fishman wrote, “As we now painfully know,...
- 3/24/2023
- by Tony Maglio
- Indiewire
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