Pretend it was one year ago, when the streaming revolution, stoked by the pandemic (when is a pandemic good for business? When your business depends on people staying home), was feeling the first f…
Pretend it was one year ago, when the streaming revolution, stoked by the pandemic , was feeling the first flush of being the New Paradigm That Ate The World. And pretend, in that spring of 2021, that you’d been asked to imagine how a film industry headline from the future might read. You would probably have predicted something like this: “For the First Time, Every Oscar Nominee Comes From a Streaming Service.” Or maybe this: “Movie Theaters: Still Here But No Longer Driving the Action.
Why did the loss of Netflix subscribers happen? A perfect storm of reasons, led by the war in Ukraine , but also driven by the fundamental fact that Netflix now exists in the hyper-competitive world it created — i.e., the rise of streamers like Disney+, Apple TV+ and HBO Max. The reasons matter, but the upshot is that as Netflix was navigating what is arguably theof Netflix as the unstoppable locomotive of the new age of the entertainment industry took a major hit.
But it is also, of course, about what everybody knows, at least in their moviegoing reptile brain, which is that people sitting at home watching a “first-run movie” on television is, quite simply, a bad business plan, since it’s a plan based on downgrading the fundamental magic of the product itself: making it less exciting, less essential, less mythological. For movies, make no mistake, are all about mythology.
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