In her new book, Streaming Wars: How Getting Everything We Wanted Changed Entertainment Forever, journalist Charlotte Henry examines how the promise of “everything, everywhere” upended the media business. Once dismissed as fringe disruptors, streaming platforms such as Netflix, Disney+, Apple TV+, and Amazon Prime Video have reshaped not only how we consume entertainment but also how it is financed, produced, and valued.
Henry traces this revolution from the early days of streaming libraries filled with forgotten shows to the moment Netflix bet big on original programming. When House of Cards premiered, it was more than just a hit series. It marked the point when Silicon Valley investment and data-driven decision-making began to rewrite Hollywood’s rules. What followed was a full-scale transformation that saw the rise of direct-to-consumer platforms, the unbundling and re-bundling of services, and an industry racing to keep pace with changing viewer habits.
As Henry explains, the streaming boom has entered a new phase focused on business discipline. Subscriber growth alone no longer satisfies investors, and profitability and sustainability are now the top priorities.
The following excerpt from The Business of Streaming explores how those pressures are reshaping strategies, from ad-supported tiers and staggered release schedules to new debates over value, access, and creative control. It is a timely look at the realities behind the entertainment revolution we all helped create.
The business of streaming
As well as changes to the type of content being offered, there are changes on the business side of streaming too. Crucially, as time has gone on, investors and top executives have increasingly begun to demand a focus on revenue growth, not just the growing subscriber numbers, which was the original goal. Companies have had
to update their strategies accordingly. One of the key moves was the introduction of cheaper, ad-supported membership tiers from Netflix and Disney+ as they attempted to get more people to pay something, anything, instead of sharing an account with friends and family or passing up on the service altogether.
The challenge faced by all streaming providers is that as the number of services available increased, so did the frustration from viewers. Customers started to realize that the programming they wanted to watch was spread across a wide range of platforms, all of which required a separate annual or monthly payment. There is a limit to how many different providers people are willing to fork out for. The later arrivals to the market struggled to make an impact. Indeed, some quickly became part of a bundle offered in conjunction with linear television providers such as Sky, who offered some Peacock programming with their packages in the UK. (The two broadcasters have the same parent company.)
Whereas originally a service would release whole seasons of a show at the same time, allowing viewers to binge-watch, they are now spreading things out and releasing episodes on a weekly basis. For instance, Netflix split out the release of the fourth season of its hit series Stranger Things into two volumes – one in May 2022, the
second in July 2022. This meant that to watch it all as soon as it came out fans had to have a paid subscription for multiple months and in at least two financial quarters, a boost to the company’s results.
There is a distinct possibility that we could be returning to the kind of structure seen in the classic cable TV days, when the cost of a bundle was relatively high, but consumers got a lot of what they wanted from a few key gatekeepers. And you had to
wait a few days for the next episode of your favourite show! Maybe those water cooler moments have not completely disappeared after all.
While much of the attention is on visual content, the discussion around streaming should not forget the changes in music and other audio industries. When Steve Jobs finally managed to charm and bully the music industry into submission, artists were delighted with the arrival of the likes of iTunes. It seemed to solve the ongoing problem of piracy posed by Napster and other websites that offered free downloads of their music at varying quality. With iTunes (now Apple Music) and Spotify coming to prominence, it was easier to get high-quality music recordings legally than illegally. It has also never been simpler for musicians to publish music. However, even the biggest stars worry they are not being remunerated fairly for their work, an ongoing source of tension within the music industry.
Podcasts are historically associated with Apple and the iPod, but Spotify has, in recent years, invested considerable sums into the medium, launching originals and putting a paywall around some popular content. It had to rethink this approach amidst a dif!cult post-Covid pandemic market in 2023 and scaled back its efforts.
For some, streaming is another phenomenon altogether. It is not about big budget shows and movies but content produced live by online creators. This often revolves around video games, as people tune in to watch others play and pay money to support their favourites.
As ever, the story of streaming is not just about companies or content. There are key individuals behind these seismic shifts – the likes of Netflix co-founders Reed Hastings and Marc Randolph, Zack Van Amburg and Jamie Erlicht at Apple TV+, and Spotify’s Daniel Ek. They, and many others, have played key roles in how the public consumes media.
Streaming services of all kinds are, to a lesser or greater extent, the centre of most of our media diets. It’s time to really look at the fallout caused by the arrival of these services and explore the possibilities of what might come next.
Streaming Wars by Charlotte Henry (a frequent contributor to this site) was published by Kogan Page and is available to purchase now.











