In terms of output, streaming TV seems to be doing better than ever. Rarely does a week go by without some bingeable popcorn like The Ultimatum sweeping social media. And with spring comes the onset of Emmy Season, a condensed sprint to premiere high-profile shows so they’re fresh in the Television Academy’s mind when voters begin casting their ballots in June. This year, contenders include Russian Doll (Netflix), Shining Girls (Apple TV+), Undone (Amazon Prime Video), The Flight Attendant (HBO Max), The Offer (Paramount+), and Under the Banner of Heaven (technically FX, but exclusively on Hulu in the United States). Not every show in contention is backed by a streamer; subscribers can nonetheless choose from a plethora of options that streaming platforms hope will justify the monthly cost.
Zoom out, though, and April has been one of the rockiest months of the Streaming Wars in recent memory. Until now, the story of Hollywood’s pivot to digital has largely been one of growth: growth in subscribers, growth in share prices, growth in the field of competitors. High-profile crashes like Quibi’s were the exception that proved the rule. Streaming services made series about hubristic tech companies that flew too close to the sun; they certainly weren’t the subjects.
Yet observers have long predicted that the proliferation of services, from premium hubs like Apple TV+ to free, ad-supported products like Tubi, would eventually correct itself. That day isn’t quite upon us, but it appears to be closer than ever. Within just a few days, one service announced plans to shutter mere weeks after its launch, while the long-established market leader reported an alarming contraction in its user base, sending its stock price into a tailspin. Meanwhile, the industry continued in its usual contortions, with some smaller developments overshadowed by more dramatic reversals. It’s a lot to take in, so we’ll tackle it one issue at a time.
Netflix Stalls Out
If you’re…