Who would have thought that just three years ago, video streaming services would be struggling to make a profit?When the pandemic struck, Hollywood studios either rushed to bring streaming services online or saw an uptick in already established offerings that had people’s eyeballs and attention when most of the world was restricted to staying indoors.
This was going to be the new normal for Hollywood, the future they felt was inevitable was now happening earlier than expected. Streaming came to bury cinema and take its place.
But the streaming ship seems to have run aground, or at least experienced a few leaks. What was once hoped to be a blip is becoming an altogether difficult reality for Hollywood: streaming services are losing massive amounts of money.