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CNBC: Q2 was a tipping point in streaming wars. Here’s how the media giants stack up
There’s no question the second quarter was a transformative one for the streaming video business, with consumers streaming an unprecedented volume of internet content and signing up for streaming services in unprecedented numbers. Media companies are increasingly focusing on the streaming market, a rare bright spot on their balance sheets at a time when so many other parts of their business, such as TV advertising, are under pressure, and other parts, such as the theatrical movie business and sports, are entirely absent.
“Despite the challenges of the pandemic we’ve managed to take deliberate and innovative steps in running our businesses,” said Disney CEO Bob Chapek in the company’s earnings call. “At the same time, [we have been] very focused on advancing and growing our direct-to-consumer business which we see as our top priority and key to the future of our company.
“We want to have so many hits that when you come to Netflix you can just go from hit to hit to hit and never have to think about any of those other services." said Reed Hastings, Netflix co-CEO "We want to be your primary, your best friend, the one you turn to. And of course occasionally there’s Hamilton and you’re going to go to someone else’s service for an extraordinary film, but for the most part we want to be the one that can always please you.”
Q2 was a tipping point in streaming wars. Here’s how the media giants stack up
