Hollywood’s CEOs are suffering. Not primarily from labor disputes or industry disruption or public-relations issues, but from vincible ignorance, which seems to be endemic in C-suites of all industries. Under pressure to deliver to Wall Street, too many CEOs have lost the plot of their own movie. They are not running companies to profitably deliver a good product, such as a book or a cup of coffee or, in this case, a movie or TV show. They are running companies to deliver good profit. The quality of their product has ceased to matter.
"Forget building a better mouse trap! Take on venture debt, buy out all the mouse trap makers in your area, make their products worse (or keep them the same and sell them under a different brand name - whatever doesn't matter anyway) and jack up the prices. What are they gonna do? Go to someone else?"
"Content business? What content business? Those old Hollywood studio executives were hacks! They still cared just a tiny bit (a vanishingly small bit) about making a 'great movie.' What phooey! Buy up licenses, sell them for as cheap as possible for a while and then flood the zone with generic content. They won't know the difference! It's all the same!"
The reality? People do care. They might like slop, but they like well produced slop. Not just any generic, store-brand slop.
No matter what the artistic merit of Friends and The Office is; hundreds of thousands to millions of people subscribed to Netflix to watch them over and over again. When those properties were gone, they slowly began to ebb away from the platform. Starting in 2019, when Netflix first lost the IP,
"Netflix suffers first major loss of US subscribers, blames price hikes," https://www.theverge.com/2019/7/17/20694711/netflix-friends-...
and continuing (with some ups) into 2023,
"Netflix loses almost a million subscribers," https://www.bbc.com/news/business-62226912
Their response to their decline wasn't to create better series or a better experience, but to crack down on sharing passwords. It made their subscriber numbers net positive for one or two quarters (so far), but you don't have to Fermi to predict how this will end. https://www.theverge.com/2023/6/9/23755156/netflix-subscribe...