Matthew Ball

There was a belief that streaming would continue to grow single, two, three, four percentage points of all video, but that pay TV would still remain the dominant form of access. That Netflix was too far behind in terms of reach, in terms of development expertise, in terms of original content to ever wage a significant war against Hollywood, let alone curb the dominance of pay TV.

There was a belief that streaming would continue to grow single, two, three, four percentage points of all video, but that pay TV would still remain the dominant form of access. That Netflix was too far behind in terms of reach, in terms of development expertise, in terms of original content to ever wage a significant war against Hollywood, let alone curb the dominance of pay TV.

There was a belief that streaming would continue to grow single, two, three, four percentage points of all video, but that pay TV would still remain the dominant form of access. That Netflix was too far behind in terms of reach, in terms of development expertise, in terms of original content to ever wage a significant war against Hollywood, let alone curb the dominance of pay TV.

It's unquestionably true that the licensing decisions that Disney and others did with Netflix... accelerated the decline of their traditional business, and enabled Netflix to become the company it did today.

It's unquestionably true that the licensing decisions that Disney and others did with Netflix... accelerated the decline of their traditional business, and enabled Netflix to become the company it did today.

It's unquestionably true that the licensing decisions that Disney and others did with Netflix... accelerated the decline of their traditional business, and enabled Netflix to become the company it did today.

When you take a look at the start of the streaming wars, there's no official date, of course, but we tend to discuss it as starting at the end of 2019. Well, that's because we had, in a matter of weeks, Apple TV+, then Disney Plus launch. In the second quarter of the following year, we had Quibi, we had HBO Max, we had Peacock.

When you take a look at the start of the streaming wars, there's no official date, of course, but we tend to discuss it as starting at the end of 2019. Well, that's because we had, in a matter of weeks, Apple TV+, then Disney Plus launch. In the second quarter of the following year, we had Quibi, we had HBO Max, we had Peacock.

When you take a look at the start of the streaming wars, there's no official date, of course, but we tend to discuss it as starting at the end of 2019. Well, that's because we had, in a matter of weeks, Apple TV+, then Disney Plus launch. In the second quarter of the following year, we had Quibi, we had HBO Max, we had Peacock.

It's not just that Netflix was enabled for too long. It's not just that traditional media was too slow to launch their streaming services. It's that they all waited, all launched at the same time. and therefore made it harder, more expensive, and more patience-testing for any one of them to thrive and succeed.

It's not just that Netflix was enabled for too long. It's not just that traditional media was too slow to launch their streaming services. It's that they all waited, all launched at the same time. and therefore made it harder, more expensive, and more patience-testing for any one of them to thrive and succeed.

It's not just that Netflix was enabled for too long. It's not just that traditional media was too slow to launch their streaming services. It's that they all waited, all launched at the same time. and therefore made it harder, more expensive, and more patience-testing for any one of them to thrive and succeed.

They launched at a time of peak competition, and that meant the churn was much higher, the strain on a balance sheet was harder still, and shareholder scrutiny was about to be higher than ever.

They launched at a time of peak competition, and that meant the churn was much higher, the strain on a balance sheet was harder still, and shareholder scrutiny was about to be higher than ever.

They launched at a time of peak competition, and that meant the churn was much higher, the strain on a balance sheet was harder still, and shareholder scrutiny was about to be higher than ever.

The launch of Disney Plus was one of the most remarkable achievements we've ever seen in Hollywood.

The launch of Disney Plus was one of the most remarkable achievements we've ever seen in Hollywood.

The launch of Disney Plus was one of the most remarkable achievements we've ever seen in Hollywood.

And Reed Hastings, the founder and CEO of Netflix, said that if you had asked him at the time Disney Plus launched, what were the odds of getting there? He said it would be zero.

And Reed Hastings, the founder and CEO of Netflix, said that if you had asked him at the time Disney Plus launched, what were the odds of getting there? He said it would be zero.