In 2019, Netflix had 167 million subscribers globally and offered thousands of television shows and movies on its streaming application, a growing proportion of which it produced itself. Media giants, who for years had valued the relationship with Netflix because it provided an additional outlet, began to re-evaluate their own (make) versus contract (buy) distribution decision. Leveraging acquisitions, technology investments, and vast content libraries, they entered the streaming wars by going direct to consumers. Was Netflix vulnerable in head-to-head competition in an increasingly fragmented market? How should it respond to entry by its former partners?
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