In recent years, it's felt like every major studio and network has launched its own streaming platform, a far cry from when people only really had Netflix, Prime Video, and later Disney+ to choose from.
With almost all of them boasting exclusive content, film and TV fans have been forced to be selective, only subscribing to a few platforms for affordability reasons.
Spending countless millions, if not billions on streaming has started hurting many companies' bottom lines and not even increasing subscription fees (an all too common occurrence, as we're sure you'll agree) has been enough to counter that.
Now, Apple TV+ is the latest streamer that's been forced to scale back costs.
According to Bloomberg, the company has joined the likes of Disney, Paramount, and Warner Bros. Discovery in cutting back to reduce streaming losses. Apple may have unlimited resources and has certainly enjoyed the critical acclaim and awards attention, but that doesn't pay the bills.
Severance season 1, for example, went over budget by $40 million, prompting Apple to warn the production team that if costs aren't cut moving forward, there will be no season 3. While the company isn't giving up on Apple TV+, like Disney, it seems to have realised throwing cash at the platform to beat Netflix isn't paying off.
As a result, that platform has essentially become the default winner of the streaming wars.
After extending its leave over other streaming services in the last quarter, Netflix now has 277.7 million subscribers and reaches more than 600 million people around the world. Crucially, profits in that time have risen by 44% from 2023.
"There is a growing sense in Hollywood and on Wall Street that Netflix has built an insurmountable lead," the report explains. "Management doesn’t see things this way considering the company only accounts for about 8% of TV viewership in the US. While that is more than twice the next-closest paid streaming service, it is a little behind YouTube."
"Whether or not you believe Netflix has 'won' the streaming wars, the company feels secure enough in its position to curb spending. Management is looking to restrain budgets for shows and push down the premiums paid to producers."
"Netflix says it will increase its budget in the future, and there are always projects for which Netflix will overpay. But the company will increase its spending at a lower pace than its sales. In other words, profits will keep going up," the site adds.
So, while Netflix may not be the official winner, five years after Disney+ and Apple TV+ launched, it's become clear that they can't compete with the rival streamer on the level they initially hoped. As for the likes of Max and Peacock, they're ultimately a non-factor.
One thing we can safely say, though, is that the streaming bubble has finally burst...