I still remember the enthusiasm and excitement of launching new streaming services like Disney+, HBO Max, Apple TV+, and Peacock, a phenomenon known as “the streaming wars.”
These companies poured billions of dollars to take on stalwarts like Netflix, Hulu, and Amazon Prime Video and showed off a dizzying array of programming in slick presentations to investors. They offered the services at low rates or with aggressive free promotional periods – a whole year for free! – as they eagerly sought new eyeballs.
The streaming wars brought a flood of new services and high-quality content at low prices at just the right time, with many coming into their own in 2020 just as the pandemic forced us into our homes with little else to do. For many, these streaming services offered theater-quality blockbuster movies like HBO Max’s Godzilla vs. Kong, viral shows like Disney+’s The Mandalorian, and Oscar-winning prestige pieces like Apple TV+’s CODA.
Fast forward three years, and things have taken a dramatic – and worse – turn.
Subscription services are more expensive than ever. Services are starting to crack down on password sharing. The idea of Hollywood films arriving in your home on the day it debuted in theaters is dead. More shows than ever are getting the ax or disappearing from the service altogether. The game's name is no longer adding customers but a focus on profitability.
We’ve gone from peak streaming to the darkest timeline relatively quickly.
The fundamental shift in how streaming services behave underscores the notion that those golden days of streaming are gone and that the unprecedented era will likely never return. The media giants are dealing with the consequences of those aggressive investments, but after years of having it so good, consumers are also paying the price with a new, harsher status quo.
Take a look at Disney, which is talking less…