The race to build a profitable streaming service
After another dreary week in the media business, replete with layoffs, price hikes and plunging stock prices, let’s start with some good news.
Streaming video is a profitable business. The five major Hollywood streaming services reported a collective profit of $3.2 billion in the first six months of this year, compared with a $542 million loss a year ago.
Netflix accounted for more than 100% of that sum. Its profit totaled $4.5 billion in the first half of the year. But it’s going to have company very soon. Disney has cut its losses and is now essentially at breakeven. With the latest price increases, it’s all but inevitable Disney will report a profit from streaming going forward.
Peacock and Paramount are still in the red, but have...
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