Peacock (NBC) has lost almost 3.5 billion since the beginning of 2023
(media.scored.co)
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Everyone wanted to get in on Netflix marketshare. It would be hard to get subscribers to pay for the stuff they were already getting on cable so studios spent billions on shitty streaming-only shows and movies trying to convince people it was worth spending $15/mo to subscribe to their shitty service. People figured out quickly that paying 20 shitty companies just to watch shitty shows was more expensive than they were paying for shitty cable. Cancel rates on these services has been huge, so the sunk costs of the streaming shows aren't being recouped.
Streaming in Australia outside of Netflix only survives because of live sports. Quite literally. Which is why Disney+ and such have been even more of a failure over here, when competing with local services (Stan, Kayo, etc)…
I can’t imagine how these services stand to make any money at all over there, without that element…