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It’s now been a decade since House of Cards debuted on Netflix and changed the nature of the entertainment industry forever. Initially, the thought of a service that many considered to be a luxury as a distribution method for a major television show seemed laughable, but the success of the Emmy-nominated series proved to be the indicator of a new trend. The streaming boom launched a new era for film and television, and over the past few years, the ramifications of the COVID-19 crisis have forced the industry to rely on streaming services even more. However, rising prices threaten to derail this creative ecosystem, as consumers are ultimately forced to choose which services that they consider to be essential.
The fight for the most subscribers has been fierce among the leading streaming services on the market. While Netflix was once the only “must-have” service, Amazon Prime, Disney+, HBO Max, and Apple TV+ have eroded the gap by rivaling Netflix’s quality of programming and similarly investing heavily in original productions and content acquisitions. It begs the question of how these services remain profitable, and last year gave many indications that the streaming bubble was about to bust.
In response to this, streaming services have had to both raise their prices to account for losses, yet still prove that they are essential services. There’s a constant fight at the top of the food chain; last fall saw Disney+’s Andor, Amazon Prime’s The Lord of the Rings: The Rings of Power, and HBO Max’s House of the Dragon all competing head-to-head within similar release windows to fight for viewers’ attention. Unfortunately, the original promise of streaming was that it was a cost-saving alternative; now, monthly bills for multiple streaming services rival cable subscription packages. Continuous price hikes and spending indulgences will force viewers to pick and choose their service subscriptions which could have dire consequences for the future of the entertainment market.
Consumers Are Being Blindsided by Price Hikes and Changes
Netflix has continuously increased their monthly prices over the last four years, with the most recent increase occurring last year. Similarly, HBO Max enacted a surprising price hike (for the first time in the service’s history) that gave viewers little awareness before it was put into effect immediately. Last year, Disney continued to raise prices on all of its services in a move that returning CEO Bob Iger has been constantly questioned about. It’s likely that other competitors will continue to do the same thing in order to keep up; as monthly expenses go up, there’s more likelihood that audiences will look at which services they can potentially drop.
Unfortunately, other “cost-cutting” maneuvers are only disruptive to the viewing experience. Both Netflix and HBO Max introduced ad-supported tiers, similar to the ones that Hulu and Paramount+ have offered since their inception. While the breaks make sense for Hulu and Paramount+, as their programming and licensed content were largely intended to incorporate commercials, Netflix and HBO Max content was never designed to feature advertising, and thus the commercial breaks feel more intrusive. It’s simply strange to watch an episode of The Sopranos with ads randomly inserted considering the show originally aired in its entirety on the HBO broadcast network.
Other maneuvers to retain costs have been similarly intrusive. Netflix’s new policy of using multi-step verification to ensure that accounts aren’t being shared has become a burden that only makes logging in more frustrating; the network’s lack of communication and clarity about the changes has made it more irritating. While Netflix is keen to add more features to the platform itself, such as gaming and live content, it’s not shown the same openness to more artistically minded strategies. Despite grossing a record amount in its initial limited theatrical run, Glass Onion: A Knives Out Mystery was only allowed in theaters in a narrow one-week window. The film’s over-performance indicated that pulling it meant money was being lost because Netflix was so keen to promote the service itself.
Creative Artists Have To Find Other Alternatives
Initially, streaming services seemed like an ideal way for auteur filmmakers to be given freedom. While filmmakers like Martin Scorsese, Alfonso Cuaron, The Coen Brothers, Noah Baumbach, and Jace Campion struggled to fund their films elsewhere, they were given seemingly endless budgets by Netflix to fund their passion projects and ensure limited theatrical distribution. Similarly, filmmakers that were comfortable with streaming releases like Steven Soderbergh could sign multi-picture contracts to produce HBO Max originals. However, it seems like this golden period might be ending; Christopher Nolan terminated his agreement with Warner Brothers altogether after the 2021 slate was sent directly to streaming, and Netflix has indicated that it will no longer be giving out blank checks for “expensive vanity projects.”
It’s no surprise why some creators might approach streaming services for funding. There were many popular, expensive Netflix shows canceled within the last year, including Fate: The Winx Saga and Cowboy Bebop; it’s tough for viewers to invest in new shows if they’re not ensured a proper ending. HBO Max’s new strategies under David Zazlav have been even more controversial. Last year’s cutbacks saw many cancellations, including shows that were either in production or renewed like the award-nominated Minx (which was later picked up by Starz). Westworld, one of HBO’s biggest investments, was canceled prematurely and removed from the service entirely; its new home is the ad-supported free service Tubi.
The most egregious insults to artists have been the completed productions that were completely buried. HBO Max’s Batgirl and Scoob Holiday Haunt! were canceled entirely despite being completed out of fear that they would hurt or harm the overall brand. With original content getting pulled for licensing agreements, artists aren’t given any guarantee that anyone will see their work.
What Are Potential Solutions to the Bubble Bursting?
The situation seems dire, but streaming does have to respond to the growing decline of the box office. If not even Steven Spielberg and Michael Bay can produce mid-budget hits, the future of the theatrical window is in danger. Finding limits to the amount of greenlit content and prioritizing quality is more likely to retain viewers in the long run than funding massive blockbusters like The Gray Man and Bright that fall short of expectations. Similarly, there’s always the concern that overindulging in franchises can make them feel less impactful; this has been an increasing problem for Disney+’s Star Wars franchise.
While the dream of streaming services may now have become a reality, there is still a lot of merit in the model. In addition to giving artists the freedom to bring their passion projects to life, streaming distribution is a great option for independent films that would have struggled to succeed at the box office. If services are more responsible with ensuring projects live up to their standards before they’re greenlit and the library of programming doesn’t disappear, then perhaps a solution will emerge.
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