Netflix's creative destruction has had blockbuster results. Now Disney wants a slice—but who will come out on top? Our cover this week
seen some spectacular investment booms: think of the railways in the 1860s, Detroit’s car industry in the 1940s or the fracking frenzy in this century. Today the latest bonanza is in full swing, but instead of steel and sand it involves scripts, sounds, screens and celebrities. This week Disney launched a streaming service which offers “Star Wars” and other hits from its vast catalogue for $6.99 a month, less than the cost of a.
The first shudder came in music in 1999, with internet services soon putting established music firms such asand Warner Music under pressure. In television Netflix broke the mould in 2007 by using broadband connections to sell video subscriptions, undercutting the cable firms. When the smartphone took off it tailored its service to hand-held devices. The firm has acted as a catalyst for competition, forcing the old guard to slash prices and innovate, and sucking in new contenders.
Disruption has created an economic windfall. Consider consumers, first. They have more to choose from at lower prices and can pick from a variety of streaming services that cost less than $15 each compared with $80 or more for a cable bundle. Last year 496 new shows were made, double the number in 2010. Quality has also risen, judged by the crop of Oscar and Emmy nominations for streamed shows and by the rising diversity of storytelling. Workers have done reasonably.
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