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Did you know that Streaming Must Be a Revenue Source, not THE Revenue Source?

Warner Bros. Discovery CEO David Zaslav would like to remind everyone yet again that he inherited a remarkable financial mess from former Warners chief Jason Kilar:

In keeping with a now all-too-familiar blame-game pattern, Zaslav made a somewhat apples-and-oranges comparison of the smaller pre-“Max” HBO, as it existed in 2019, vs. the expanded HBO Max of a year ago.

In 2019, the standalone HBO spent $2.5 billion on content and made a profit of $2.5 billion. In 2021, with the global box office in ruins, HBO Max spent almost $7 billion on content and lost $3 billion.

“I don't know if I've ever seen anything like that,” Zaslav said, “all those direct-to-streaming movies just thrown right on top.”

Zaslav has, for a while now, been making his best Jake Blues impression: “There was an earthquake! A terrible flood! Locusts! It wasn’t my fault!” It helps that he’s … well, not wrong. At least, not entirely wrong.

The early mistake made in the streaming wars is that the studios all looked at Netflix’s absurd amounts of revenue—nearly $30 billion in 2021, or almost three times the domestic box office and roughly two-thirds of the global box office in 2019—and thought “well that should be us, we know how to make movies and TV shows.” Netflix’s insane numbers, combined with Covid shuttering theaters and the ongoing collapse of the DVD/Blu-ray market, was the signal to go all-in on streaming. Hence the boom we’ve all seen: HBO Max, Disney+, Paramount+, Peacock, etc.

The problem with this—on top of the hope that each of these studios could replicate Netflix’s first-mover advantage—is that streaming never made sense as a one-stop replacement for every source of revenue, Covid or no, which meant that lots of expenditures made on streaming services were, frankly, nuts

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