Although companies such as Disney, Warner Bros. Discovery, Comcast and Paramount are the biggest companies in the American entertainment industry that planned to get a new source of revenue, they have not been able to compete with Netflix in the video streaming business.
Investments by major American entertainment and media companies in their streaming platforms did not pay off, resulting in a combined loss of $5 billion, the newspaper estimated.
Currently, these companies are facing serious difficulties and are considering cutting costs and merging with other streaming platforms.
“The entertainment industry has spent the last four years spending like a drunken sailor in port trying to get a foothold in the streaming business. Now there’s a hangover and a bar bill to pay,” noted analyst Michael Nathanson.
Streaming platform Netflix, on the other hand, continues to be profitable, and its revenue in the last quarter beat Wall Street expectations.
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2023-12-29 14:31:54
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