> I think this primarily comes down to a fundamental misunderstanding of where the value in streaming services lies from the perspective of old world media giants.

> Meanwhile Netflix has built some of the most sophisticated production tooling in the world, and leveraged cross-country content like no old-world provider ever has.

If it was so fundamental and obvious like you state wouldn't you have been super rich by now by buying netflix stock when it crashed in 2022. Maybe you are ?

Dominant narrative back then was that netflix is nothing specail. Building a stream app is a commodity that anyone can build and the old-world providers have content that people want to watch.