The Streaming Wars — the decisions that defined it | Stratrix

The decisions that made it

The Money Machine · Business Model

Netflix Didn't Win the Streaming Wars on Content. It Won on Arithmetic.

Everyone says streaming broke the entertainment business. It didn't break everyone - Disney and WBD are back in the black. It broke the players who showed up a decade late, then had to build Netflix's scale at Netflix's prices with none of Netflix's amortization runway. Netflix did $39B in revenue at a 22% margin while rivals were still trying to stop the bleeding.