That's a great point! The one thing I will say (I didn't really explain this as well as I should have)... if Netflix did not start down the path of content creation, the studios, especially the smaller ones, could have been very happy just letting Netflix and 1 or 2 more competitors be their distribution networks. They might not have been... but they could have been. Netflix forced them to go that path, they learned it wasn't as bad as they thought (really... once WWE did their over-the-top network and figured it out... they proved everyone could do it with some time & money... though the CNN failure is a cautionary tale as well).

The other thing is that while it's relatively cheap to build a streaming service now (not the case 8, 9 years ago when we saw other companies start to try it), marketing and monetizing it is still a chore. Consumers are getting subscription overload. Apple isn't blowing anyone's socks off and everything I hear says they have good content and the price is cheap. I can't imagine Peacock doing amazing, CNN didn't cut it... at some point, a lot of content creators are going to feel that they would be better off basically selling their stuff to the streaming version of the cable company, but they don't want to give it to Netflix who is a direct competitor.

J.Ja