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With the strikes and financial losses coming to an end, streaming companies need to plan for trends that will shape their businesses in the long term. One of the biggest trends is Generation Z’s entry into the market. In this issue, I will look at what analysts predict from the coming wave of digital natives.

In this issue:

• Gen Z by the numbers

• Streaming habits of digital natives

Gen Z by the numbers

I want to start by saying that lumping millions of people into generic identities is fundamentally flawed. Were the free-loving, flower-power hippies in the ’60s and ‘70s also the Reaganite yuppies and soccer moms of the ‘80s and ‘90s? No. Yes. Neither.

Generational labels are about mass marketing, a tool or crutch for ad agencies and media companies. In other words, the streaming industry. With apologies to everyone else in the world, looking at America’s youth from the perspective of media executives can help cord-cutters understand where the industry’s heading.

Born between 1997 and 2012, Generation Z is the first fully digital native generation. The World Wide Web, Wi-Fi, and mobile phones have always been part of their lives. Facebook, YouTube, and the iPhone launched before the oldest left elementary school.

Now, 93% of Gen Zers have a smartphone with instant access to the internet wherever they are.

Streaming habits of digital natives

Given how much this young generation has already shaped the entertainment industry, media companies and advertisers are understandably interested in how Gen Z watches video content. Here are a few numbers showing why YouTube has scrambled to keep up with TikTok:

• 72% of Gen Z who use TikTok watch it daily.

• But only 48% of Gen Z YouTube users watch it daily.

• Forced to choose, 51% of Gen Z would drop YouTube before TikTok.

The studios’ streaming businesses look at that and see they must prepare for Gen Z’s growing market power.

TV content has more competition

One survey found that Gen Zers aged 13-24 only spent 31% of their screen time watching studio-produced video content — about half of older generations. The rest of the time, they watched user-generated content. That’s consistent with other surveys that found 61% of Gen Zers prefer user-generated content over other media (TV was in a distant fourth place).

However, a Deloitte study shows that Gen Z is most likely to cancel subscriptions when services have nothing worth watching.

Televisions aren’t the top choice

While an easy stereotype, it actually isn’t true that young people spend all their time staring at smartphones. Gen Z actually watches TV. How much they watch depends on who’s asking.

A Roku survey found that 76% of Gen Zers watch streaming video on demand (SVOD) on connected TVs.

On the other hand, a company that doesn’t sell connected TVs reported different results: Gen Z spends 17% of their screen-based leisure time watching TV.

Even when watching television, though, Gen Z isn’t watching television. 90% multitask on another screen while watching TV.

Sometimes Gen Z isn’t that different

This younger generation may consume a more varied mix of content on other devices, but when you look at which streaming services they use, Gen Z isn’t that much different from anyone else. They watch Netflix the most, followed by Hulu, Peacock, Max, Disney+ and Prime Video.

Our takeaway: Take Gen Z surveys with a grain of salt

Most studies of viewing habits are conducted by companies with something to sell. As a result, the insights and recommendations tend to align with what already exists.

The main lesson Roku’s advertising group took from its Gen Z survey shouldn’t be a shock — companies should spend more advertising with Roku:

“TV streaming is one of Gen Z’s main leisure activities — and the ads they see while streaming help them discover new products and follow through with purchases.”

InMobi is a marketing company that specializes in mobile advertising. It reported Gen Z’s preference for user-generated content (mostly accessed through mobile apps) over studio-produced content (mostly accessed through TV apps), concluding:

“To win over Gen Z as they come into purchasing power and boardroom and political influence, [user-generated content] will be the critical lever across the content ecosystem.”

Another reason for skepticism is that Generation Z’s life stage skews their survey responses. The oldest members are just starting their careers in a post-pandemic economy. A recent Bank of America survey reported that 73% of Gen Zers over 18 are changing lifestyles due to inflation, while 37% experienced a financial setback in the past year.

At the same time, most Gen Zers still live with their parents. Many are in secondary school or college. A third of older Gen Zers aged 18-25 have moved back home rather than spending half their income on rent.

Why do smartphones dominate their viewing habits? Because those are the only screens they control.

Why are they most likely to juggle subscriptions? Because they can’t afford to keep every service.

Streaming execs need to learn the right lessons. Slashing production budgets and raising prices when Gen Z has more options — and more affordable options — might boost short-term earnings. But at what cost in the long term?

The Watchlist

Emily Blunt and Chris Evans join forces for a pharmaceutical scheme in Pain Hustlers. The film hits Netflix, Friday, October 27th.

Keep an eye on those security cameras! Five Nights at Freddy’s comes to theaters and Peacock, Friday, October 27th.

Season 15 of the popular series Ink Master begins on Paramount+, Wednesday, November 1st.

Could you win a quiz show with your sister to save your mom from her gambling debt? Sandra Oh and Awkwafina star in Hulu’s Quiz Lady, hitting the streamer, Friday, November 3rd.

Fingernails is a sci-fi romance that follows a woman who, while unsure of her own true love, takes a new job at a love testing institute where she meets another man. The movie premieres on Apple TV+, Friday, November 3rd

Amazon Prime Video hopes to give us more superhero scares with season 2 of Invincible. The animated series returns on Friday, November 3rd.

In this slightly modern take on a classical era, The Buccaneers follows a group of young American women sent to London to find husbands and gain titles in the 1870s. The series comes to Apple TV+, Wednesday, November 8th.

Meet the new boss, they’re just like the old one. Once, we thought live TV streaming services like YouTube TV would be the affordable replacement for cable. But the reality is TV streamers are just as expensive — and the subscriber numbers are starting to show it.

In this issue:

• Streaming TV subscriptions have stalled

• Prices are as bad as cable

• Good thing there’s a free option

Streaming TV subscriptions have stalled

The collapse of traditional pay TV is accelerating. By the end of 2022, the industry was down nearly 5.9 million subscribers after a 4.7 million subscriber loss the previous year. In the first two quarters of this year, cable companies have already lost almost 5 million subscribers.

Although you might think the mainstream has discovered cord-cutting and jumped to streaming cable alternatives like Sling TV, Fubo, DirecTV Stream, YouTube TV, and Hulu + Live TV, that isn’t happening.

Live TV streaming services —Virtual Multichannel Video Programming Distributors (vMVPDs) in the industry’s term — aren’t seeing as much of an uptick as they did during the pandemic.

Market analysts say that subscriber numbers in Q2 continued the decline in Q1. The top vMVPDs lost over 600,000 subscribers in the first half of 2023.

YouTube TV doesn’t report its numbers, but everyone expects the launch of NFL Sunday Ticket to help the service buck the trend.

Hulu + Live TV may also see a reprieve. Its subscriber count reached 4.3 million last year and stalled. Then Disney and Charter got into a fight over carriage fees. When Disney pulled ESPN from the cable company’s lineup, Hulu + Live TV saw a 60% spike in subscriptions. That may be short-lived. Disney and Charter made peace, so returning Charter customers may drop Hulu.

Prices are as bad as cable

Streaming prices are looking more like cable every day. The median streaming TV subscriptions increased 27% to $70 in less than three years. Combine that with the median $75 cost of standalone broadband internet, and households pay about as much as they do for cable.

To be fair, vMVPDs are stuck in the same weak negotiating position as the cable companies. Local stations, premium cable channels, and sports networks keep raising their carriage fees. The only thing TV providers can do is pass those costs onto their subscribers — and take the blame.

Here’s what’s happened to US streaming TV prices this year:

January: Fubo raised the prices of its two plans to $76 and $85 — and it added an $11-$14 regional sports network fee.

February: After raising its rates in late 2022, Sling TV issued another rate hike in markets where it streams local ABC stations. The combination plan of Sling Orange & Blue now costs $55 or $60 per month, depending on where you live.

March: YouTube TV raised its subscriptions by $8 to $73.

October: Hulu + Live TV just increased its prices. Depending on whether or not you get ads with on-demand content, you’ll pay $77 or $90.

November: DirecTV Stream bumped its rates $5 in early 2023 and plans for another $5-$10 increase next month. Prices for its various channel packages will range from $80 to $165.

Good thing there’s a free option

If former cable subscribers aren’t flocking to cable replacement services, then where are they going? One destination is the growing number of free, ad-supported TV (FAST) services. In previous issues of the Stream Report, we discussed how the collapse of exclusivity has opened the floodgates of FAST channels and may bring back the days of syndicated TV.

But the numbers are still surprising. Roku Channel, Pluto TV, and Tubi alone account for 3.3% of US TV viewing — only the top two cable providers do better.

And FAST viewership is growing fast (sorry, not sorry), while subscriber rates at other linear TV options are stagnant or declining. Amazon’s Freevee is up 11%, Pluto 7%, Tubi 6% and Roku Channel 5%.

Our takeaway: Why pay to zone out?

Constant price increases and hidden fees sparked the cord-cutting revolution. For a while, streaming live TV seemed to be the future. But the vMVPDs are caught in the same carriage fee trap.

The studios demand more money and the streamers’ only option is to raise rates. So why bother? The numbers show that more people can’t answer that question and are walking away.

One lesson from FAST’s rise is the benefits of “live” TV aren’t that important to most people. Fans of live sports and local news are in the minority. Most people seem happy to turn on their TV and stream… Cheers, Friends, The Office, Suits… whatever. It doesn’t matter that they’ve seen it before. When you want to tune out in front of the TV, FAST services deliver.

The Watchlist

Showrunner Mike Flanagan is back with another Netflix horror series. The Fall of the House of Usher is available to stream now.

Many of us are on our feet all day and there’s nothing more uncomfortable than aching soles. Fulton creates comfortable cork-based insoles that give you foot, knee, and back relief as they mold to your feet. Save 15% off your first order with the code NEWSLETTER15 and give yourself some much-deserved comfort. And if their insoles aren’t for you, get a full refund with their 90-day money-back guarantee.

Frasier returns in an all-new reboot of the series, streaming on Paramount+ now.

Brie Larson stars as a chemist turned TV chef, empowering women all over 1950s America with her recipes. Lessons in Chemistry streams on Apple TV+, Friday, October 13th.

In The Burial, A funeral home owner hires a suave attorney to help save his family business. The film starring Jamie Foxx and Tommy Lee Jones comes to Amazon Prime Video, Friday, October 13th.

Rick and Morty returns with no obvious changes for season 7, streaming on Max, Sunday, October 15th.

Who says you can’t find life after death? Upload season 3 arrives on Amazon Prime Video, Friday, October 20th.

Fear of the Walking Dead returns from hiatus on Sunday, October 22nd. Watch the rest of season 8 on AMC and AMC+.

Ages come and pass. All this has happened before, and all this will happen again. Nothing is ever new in the TV business. Even the industry itself is a bunch of reboots and reruns. The latest “innovation” is FAST: free, ad-supported streaming television. When you get down to it, though, FAST is just the latest take on the industry’s old syndication model.

In this issue:

• Syndication 1.0: Dawn of the rerun

• Syndication 2.0: Fueling local TV

• Syndication 3.0: FAST brings it all back

Syndication 1.0: Dawn of the rerun

ABC, CBS, and NBC once dominated the airwaves. The Big Three networks controlled the production and distribution of almost everything Americans watched on TV.

This control didn’t stop with the fresh content airing during prime time. Through the 50s and 60s, the networks accumulated back catalogs of old TV shows that they packaged and licensed to affiliate and independent stations.

Networks also produced shows for first-run syndication. Not part of the network’s primetime lineup, episodes would air for the first time on whichever local station bought the license.

The era of the rerun had begun. But since TV stations ran their reruns weekly or even daily, they needed a lot of content to keep their schedules full.

That’s why American TV shows ran twenty-plus episode seasons. Compare that to the BBC, which had little incentive to produce more than half a dozen episodes per season.

Syndication 2.0: Fueling local TV

By 1970, the Big Three networks had grown so powerful that they could dictate affiliate stations’ programming and charge almost any price for syndicated content. This power also threatened the viability of independent TV stations that relied on the syndication system to fill their programming lineups.

The US Federal Communications Commission curbed the networks’ potential for abuse by enacting the Financial Interest Syndication Rules and Prime Time Access Rules. Fin-Syn and PTAR limited networks’ abilities to dictate programming and control syndication revenues.

The new syndication model became a key profit engine for TV stations, letting them sell local advertising targeted at daytime and weekend viewers.

Even the rise of cable didn’t change the economics of syndication.

Syndication 3.0: FAST brings it all back

For a little while, it looked like streaming would kill off the rerun. Studios eager to mimic Netflix pulled their licensed content behind the paywalls of their new streaming services.

I’ve talked about how that worked out in multiple issues of the Stream Report. Studios desperate for cash are eager to license their back catalogs again. But broadcast TV stations and cable channels are struggling. People aren’t watching, which means advertisers aren’t paying.

Fortunately, the studios have a new customer. FAST services let people watch TV just like the good old days. Freevee, Pluto TV, The Roku Channel, Sling Freestream, Tubi, and other FAST services have hundreds of so-called linear channels that run shows one after the other in the same way broadcast TV has done for decades.

But unlike the local stations of yore, the most popular channels focus on specific themes like Mystery or Horror or even a single TV show like Beverly Hills 90210.

Our takeaway: Studio profits depend on feeding FAST’s hunger

To make this model work, however, the FAST services need enough content to fill these niche channels. That’s why they build so many channels around TV shows from broadcast TV.

The 980 episodes (so far) in the NCIS franchise would take almost six weeks to stream every episode — even with commercial breaks. And then there’s the 12,500 episodes of The Young and the Restless.

Compare that to the “traditional” streaming original. Even if Netflix wanted to share, hit shows like Stranger Things don’t work for FAST. The entire series would stream in less than two days.

To understand what this means for us, the content-watching public, consider these facts:

• FAST channels need as much content as they can get viewers and sell ads.

• Short-season content isn’t as profitable as long-season content.

• Studios want to maximize profit by licensing content to FAST services.

Returning to the syndication model is a financial inevitability. Other than a few showcase shows, studios will stretch seasons to more lucrative lengths by spending less per episode.

Don’t think Netflix is immune. They discovered the religion of advertising the last time their numbers slumped. Netflix execs will sell their catalog to keep Wall Street happy.

And those daytime soap operas that networks canceled ten years ago? The Emmys better get ready if Susan Lucci’s coming back!

The Watchlist

Finding love doesn’t have an age limit. The Golden Bachelor premieres on Hulu, tomorrow, Friday, September 29th.

Many of us are on our feet all day and there’s nothing more uncomfortable than aching soles. Fulton creates comfortable cork-based insoles that give you foot, knee, and back relief as they mold to your feet. Save 15% off your first order with the code NEWSLETTER15 and give yourself some much-deserved comfort. And if their insoles aren’t for you, get a full refund with their 90-day money-back guarantee.

Dive back into the world of The Boys, this time in the College Edition. Amazon Prime Video releases season 1 of Gen V, Friday September 29th.

In a 3-for-1 adult animation special, The Simpsons, Bob’s Burgers, and Family Guy all return with new seasons, streaming on Hulu, Monday, October 2nd.

All hands on deck! Our Flag Means Death returns to Max for its highly anticipated second season, dropping Thursday, October 5th.

Timey wimey wibbly wobbly things are happening, but The Doctor isn’t in, the God of Mischief is. Loki season 2 premieres on Disney+, Friday, October 6th.

If you could go back in time to save your mom’s friends from being murdered by a slasher, would you? Totally Killer hits Amazon Prime Video, Friday, October 6th.

Rumors are whirling that Disney is in play and could become part of Apple. Call it the summer silly season if you want, but it’s not totally crazy. And what applies to Disney applies to its smaller competitors in the media industry. Could we see piles of cash pouring out of Silicon Valley to buy out Hollywood?

In this issue:

• Could Bob serve up Disney to Apple?

• Other media companies are tempting targets

• But who would want them?

Is Bob Iger putting Disney into play?

The chattering classes in Hollywood and on Wall Street went into a frenzy back in July when Disney CEO Bob Iger told CNBC that the company’s linear TV channels “may not be core” to its business, adding that the traditional broadcast and cable business model is “definitely broken.”

Iger quickly softened his language, but he wasn’t wrong. Declining subscriber numbers and a disrupted ad market have put broadcast and cable TV in a tight spot. Besides its branded channels, Disney operates ABC, ESPN, FX Networks, and two TV joint ventures: National Geographic and A+E Networks.

Wall Street increasingly sees linear TV distribution as an albatross around the media industry’s neck, even though streaming operations are burning through cash. As Iger tries to right the Disney ship, it isn’t surprising that he would look at some deal to reduce that burden.

In the previous issue of the Stream Report, we discussed Iger’s hopes to find a partner to help transition ESPN from linear to streaming. But analysts speculate that carving out the linear TV operations would set Disney up for a sale — with Apple the most popular candidate for buyer.

Why an Apple/Disney merger doesn’t make sense

The thing is, Apple doesn’t really do big mergers. The tech giant prefers buying small companies to bring in new talent and technology. Apple’s largest deal was its $3 billion acquisition of Beats Electronics in 2014.

Another ding against the merger idea is the lack of synergy. Combining two companies is expensive, but there won’t be much to cut.

Finally, there’s the Biden Administration’s skepticism of big mergers. The Federal Trade Commission and Justice Department have gone after mega-mergers even when there’s little risk of monopolization.

But maybe it does?

On the other hand, Apple can certainly afford it. Disney plays a prominent role in American culture but doesn’t dominate American business. Apple’s $2,780 billion market cap dwarfs Disney’s $147 billion valuation.

Despite their different markets, the two companies share similar cultures. They both obsess over the customer experience. They are both control freaks when it comes to intellectual property. Apple founder Steve Jobs was Disney’s largest individual shareholder, and Bob Iger sat on Apple’s Board of Directors.

The FTC (Federal Trade Commission) may not be much of an issue. This wouldn’t be a horizontal merger. Apple TV+ is a boutique operation whose entertainment market share is a blip compared to Disney’s. In addition, the FTC has lost every attempt to block vertical mergers like Microsoft’s acquisition of game producer Activision-Blizzard.

Disney would gain from folding itself into a large corporate parent with much deeper technological resources. At the same time, Apple’s future is increasingly tied to services. Acquiring Disney would turn its streaming operation from boutique to mega. Keep in mind, bringing in Dr. Dre and Jimmy Iovine from Beats created the Apple Music streaming juggernaut.

One final thing to consider: Apple may have no choice. Disney putting itself in play is a one-time “black swan” event. Keeping anybody else from buying the House of the Mouse may be worth the sticker shock.

Big Tech can afford to gobble up Hollywood

Disney rumors get the most press because, well, it’s Disney. But all the forces at play are pushing the other media companies. Some are more exposed to linear TV than Disney. Only Netflix has the technology chops to match its Silicon Valley neighbors.

None of the media companies are big fish compared to the tech giants:

Market Caps for Tech and Media Companies

Note that half of Sony’s revenue comes from gaming, music, movies, and TV. A third of Comcast’s revenue comes from NBCUniversal’s film, TV, music, and theme park operations.

Our takeaway: Given the alternatives, maybe AppleDisney isn’t too bad?

If Disney is a merger and acquisition candidate, so are its competitors. The last wave of consolidation brought us Comcast/NBC/Universal, Warner Bros./Discovery, and Disney/21st Century Fox. However, trust-busters will probably block any further consolidation “in the family.”

Looking at the companies large enough to gobble up content producers, Apple is one of the few that could. Alphabet/Google and Meta/Facebook already wear multiple targets from American, European, and Chinese regulators. Big acquisitions aren’t in the cards.

Amazon bought MGM last year, a move that significantly improved Prime Video’s catalog but would make further purchases tricky. NVIDIA is too busy raking in cash from AI. Tesla stock is tangled up with Twitter/X (but it’s Musk, so ¯\(ツ)/¯). Walmart spent the past decade getting out of the streaming business.

So that leaves one other candidate for rescuing Hollywood: Wall Street-backed hedge funds.

Because that’s how you get quality content at affordable prices, right? Right?

The Watchlist

Put your camping shoes on and get your jazz hands ready, Theater Camp is streaming now on Hulu.

Looking for a new, earth-friendly place to shop? Take a peek at Holi! The newly launched marketplace sells sustainable products from shoes to skincare to chocolates, all at affordable prices. Find something you like and get free shipping when you spend over $40.

See if love is strong enough to reach the skies in Love at First Sight, the rom-com coming to Netflix, Friday, September 15th.

American Horror Story returns Wednesday, September 20th on FX and Hulu, with its newest season, Delicate.

The Sex Education crew is tackling sixth form in the final season of the series, hitting Netflix, Thursday, September 21st.

Return to the John Wick universe in The Continental. The spin-off series following a young Winston fights its way onto Peacock, Friday, September 22nd.

A young woman is forced to fight for her life when extraterrestrial beings invade her childhood home in Hulu’s No One Will Save You. The original film releases on Friday, September 22nd.

Wes Anderson’s adaptation of Roald Dahl’s The Wonderful Story of Henry Sugar drops onto Netflix, Wednesday, September 27th.

Over the past few weeks, the entertainment mega-corporations completed their quarterly investor calls. Here’s our take on where the streamers are at heading into the Fall.

In this issue:

• Streaming through the strike

• Direct-to-consumer live sports? Yeah, it’s a thing

• Ads and price increases are good business (Surprise!)

Strike? Whadya mean there’s a strike?

Everyone had some variation of the “we love writers and actors” statement they had to make to keep negotiations on track. But you don’t have to look too deep to see where things really stand. According to AMC Networks CEO Kristin Dolan:

“The reality for AMC Networks is that we have a pipeline of finished shows that will allow us to continue to serve our viewers across all of our platforms for the remainder of this year and well into 2024.”

Paramount CEO Bob Bakish went even further:

“We have more than 85 international scripted and unscripted Paramount+ originals already produced, in production or greenlit, as well as more than 20 local versions of global unscripted formats slated to debut through 2024. In fact, we just announced a slate of internationally produced originals coming to Paramount+ in the U.S.”

As I wrote a few issues back, the actors and writers must stand strong into 2024 before they can weaken the studios’ negotiating power.

Bringing sports into the walled garden

Disney CEO Bob Iger stated the obvious in his prepared remarks: “Taking our ESPN flagship channels direct to consumer is not a matter of if, but when.”

However, shifting the sports network from linear cable TV to a direct streaming model won’t be cheap. So the company is looking for one or more partners to take on some combination of the distribution, marketing, and content production costs.

The fact is Disney will be late to the game. NBC owner Comcast and CBS owner Paramount already blend live sports into their streaming strategies. Comcast President Michael Cavanagh called sports a “great driver” of Peacock subscriptions. Likewise, Bakish explained how sports is “integral” to the Paramount+ strategy:

“People assume that sports viewers come in during the season and then they disappear. But the reality is sports viewers are not just sports viewers. They like other forms of content…. As long as we can get them to engage with 1 or 2 additional titles … the churn rate drops dramatically.”

Warner Bros. Discovery’s co-CEO and streaming chief Jean-Briac Perrette was more coy about live sports on Max, saying they’ll have “more to say later in the year.”

Maximizing viewer revenue

Earnings calls being what they are, there were several conversations about how streamers will get more money — either from advertisers or from subscribers.

Pushing everyone to the ad plan

Streamers report that ad-supported plans generate more revenue per user than subscription tiers. The simple answer is to get more people onto the ad plans, which Disney’s Iger said straight up: “We’re obviously trying with our pricing strategy to migrate more subs to the advertiser-supported tier.”

That plan seems to work as the Disney+ ad-supported plan represents 40% of new subscribers.

Rather than nudging people through pricing, Netflix pushed them over the cliff. Canceling its $9.99 monthly ad-free tier forced price-sensitive customers to the $6.99 ad-supported plan.

What if we charge this much?

Of course, raising prices is the easiest way to get more money. Warner, Comcast, and other streamers talked about the ongoing benefits of their early 2023 price increases.

On the other hand, Disney announced new prices taking effect in October. An ad-free monthly Disney+ subscription will go up 27% to $13.99, while an ad-free monthly Hulu subscription will rise 20% to $17.99. Iger confidently explained to investors that, despite raising prices in nearly 50 countries, “the impact on churn and retention has outperformed our expectations.”

Our takeaway: No surprises, but is that a hint of trouble at Disney?

As they should be, most of this month’s earnings calls were extensions of last month’s calls. However, we might be seeing some cracks in Disney’s business.

For all the headlines about taking ESPN direct, Disney is still late to the game. Peacock and Paramount+ already integrate live sports coverage. The fact that Disney is shopping for “partners” means whatever it does won’t show up until 2024 or later.

And Iger’s confidence in the Disney+ price increases conveniently overlooks historical details. The streamer telegraphed its December 2022 price increases 4 months in advance. Subscribers received a constant stream of Disney+ emails promoting the annual plan as a way to lock in the older prices.

When most of those late-2022 subscriptions expire, the monthly rate will be 75% higher than people remembered. Now multiply the sticker shock by Disney’s slower content schedule.

I think the math is hard to pencil out. Sure, families with kids are stuck paying the House of the Mouse. But people who subscribed for peak Star Wars and Marvel content? Binging a month here and a month there will make more sense than dropping to an ad-supported plan you never use. Sorry, Mr. Iger, churn and retention are going up.

The Watchlist

Becoming a teenager is hard enough without your best friend kissing the boy you like. You Are So Not Invited to My Bat Mitzvah comes to Netflix, Friday, August 25th.

In this summer heat, staying hydrating is very important. And what better way to do that than by drinking fruit-flavored water? Hint offers 8 flavors of fruit-infused bottled water without any added sugars or diet sweeteners. Get 45% off your first order + free shipping when you use the code SWAPSTACK, and add something tasty to your water intake!

Vacations are best spent with your closest friends, right? Vacation Friends 2 is landing on Hulu, Friday, August 25th.

Fantasy series The Wheel of Time returns with its second season on Friday, Sept 1, on Amazon Prime Video.

Your favorite baby tree is back with a whole series of new shenanigans in I Am Groot season 2, coming to Disney+, Wednesday, September 6th.

Self Reliance follows a man who finds out there’s a lot to live for after entering a reality game show that’s life or death. The film comes to Hulu on Friday, September 8th.

Apple TV+’s newest series, The Changeling, starring LaKeith Stanfield and Clark Backo hits the streamer, Friday, September 8th.

Daryl Dixon finds himself in France on the brink of an autocratic movement in The Walking Dead: Daryl Dixon premieres on AMC and AMC+, Sunday, September 10th.

As this newsletter hits your inboxes, it’s been three months and a day since the Writers Guild of America (WGA) went on strike. Since then, Barbenheimer swept the box office while shows like Queen Charlotte and Beef lit up streaming. But inertia won’t carry Hollywood forever. Let’s look at what has Hollywood’s working class hopping mad and how the studios are fighting back.

In this issue:

• The back story - writers’ (and actors’) issues with studios

• Why haven’t I seen an impact?

• How will studios ride it out?

The back story - writers’ (and actors’) issues with studios

Most of the writers’ issues are bread-and-butter questions of pay and workers’ rights in a transforming industry. Most writers are not multi-millionaire showrunners like Shonda Rhimes (Bridgerton, Grey’s Anatomy) or Michael Schur (The Office, Parks and Recreation). But the way Hollywood worked in the past let writers make a good middle-class living.

Now, not so much. The WGA’s last contract with the Alliance of Motion Picture and Television Producers (AMPTP) member studios wasn’t structured for today’s entertainment industry:

• Streaming and cord-cutting broke the cable revenue model

• DVD revenue no longer exists

• Streaming series are 50-70% shorter than broadcast series

• Streamers do not share viewership data — or pay residuals

• Executive power and culture have shifted from Hollywood to Wall Street

• “Peak TV” sent production budgets skyrocketing

These changes had profound effects on writers’ ability to earn a living:

• Vanishing residuals from syndication and DVD sales cut long-term income

• Shorter seasons and fewer days per season cut short-term earning potential

• Writers’ pay did not increase when their streaming shows became hits

Despite rising production budgets, studios cut costs in the writing room by:

• Paying writers at contractual minimums rather than by experience

• Using mini rooms and other tactics to further reduce days worked

While many of the WGA’s concerns are about industry changes over the past two decades, some focus on the future — particularly the potential disruption from AI. The WGA wants to protect the integrity of screenwriting and make sure studios don’t use AI to abuse writers’ rights.

Why haven’t I seen an impact?

Inertia has worked in the studios’ favor. Writers’ contributions to most films and TV shows are concentrated early in the production pipeline.

Movies and special effects-heavy TV series stop filming long before the release date. Oppenheimer and Barbie premiered in early July 2023, but they wrapped filming in May and July of 2022, respectively. The WGA strike won’t impact many films or tentpole TV shows released this year.

With traditional comedy and drama TV series, writers change scripts at the last minute. The strike’s timing at the end of the 2022-23 season meant little impact during the summer off-season. However, production typically ramps up in August and September for the Fall season. Without writers, that won’t happen this year.

The most immediate impact was on late-night comedy shows. They depend on writers for funny hot takes on the day’s news, so every show went dark in May.

Then the actors joined in

With the Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) calling a parallel strike, an industry riding on inertia has hit a brick wall. Actors face similar challenges of inflation, declining residuals, and visibility into streaming data. AI is also a concern. Emerging technology could use actors’ likenesses without compensation.

How will studios ride it out?

The studios have a lot of deck chairs to shuffle. The question is, are tactics like these enough to wait out the writers and actors?

More foreign content

Expect more international content as networks and streamers source programming beyond the WGA and SAG-AFTRA’s reach.

The CW, for example, revamped its lineup with shows from Canada and Australia. Netflix executives told investors they may shift their production budgets to foreign studios.

More “unscripted” content

The last writers’ strike led directly to the rise of “unscripted” reality programming like Big Brother. The WGA and SAG-AFTRA contracts don’t cover these shows, even though there’s nothing real about them.

Some studios moved quickly. For example, CBS announced shortly after the strike began that the next seasons of Survivor and The Amazing Race will switch from 60-minute to 90-minute episodes, filling Thursday night’s primetime.

More news and sports

Media companies with strong news and sports operations can replace scripted content with actual reality. If the strike extends into 2024, expect to see even more coverage of the US Presidential race.

Monetize back catalogs

Studios briefly toyed with Netflix’s exclusivity strategy by making their back catalogs exclusive to their new streaming services. Not anymore. Old content is showing up everywhere as studios cut deals with each other to fill gaps left by production shutdowns.

Our takeaway: Time to read a book

In many ways, this is an existential crisis for writers and actors alike. They are fighting against an industry more concerned with quarterly numbers than sustainable working conditions. The two sides are so far apart that it’s hard to see how they will come together anytime soon.

If the writers and actors can hold firm long enough, I expect we’ll see a steady erosion in content availability and quality into 2024.

That’s when studio finances will finally hurt as viewership and subscriptions fall. Only then will the studios have an incentive to negotiate.

The Watchlist

Alice’s life is turned upside down after her parents die in a mysterious fire in The Lost Flowers of Alice Hart, coming to Amazon Prime Video, Friday, August 4th.

Only Murders in the Building returns for its third season. The show premieres on Hulu on Tuesday, August 8th.

Want to read about science news with a refreshing and snarky delivery? Check out Important, Not Important! This free newsletter helps you think deeply and act decisively about the most pressing scientific news while also making you laugh.

Gal Gadot and Jamie Dornan star in Netflix’s newest movie, Heart of Stone, dropping on Friday, August 11th.

What happens when the royal prince and the president’s son fall in love? Find out in Red, White & Royal Blue, hitting Amazon Prime Video Friday, August 11th.

Terry, Korvo, Yumyulack, and Jesse are still trying to blend in as a normal family in season 4 of Solar Opposites, coming to Hulu, Monday, August 14th.

Miguel channels his inner Mortal Kombat persona in Miguel Wants to Fight, the comedy coming to Hulu Wednesday, August 16th.

The collapse of regional sports networks (RSNs) hasn’t been a total fiasco so far in 2023, but it is making life tougher for sports fans who stream. Let’s look at where things are with the RSNs, what it means for America’s big-league sports, and what options cord-cutters have if the RSNs go away.

In this issue:

• The RSN collapse continues

• How the leagues are dealing (or not)

• What streaming options do we have?

Collapsing regional sports networks

Back in March, I wrote about the existential crisis facing RSNs. For years, cable companies had no choice but to include RSNs in their lineups — even though most subscribers never watched. Now that cable companies are hemorrhaging subscribers, that model isn’t working. Making matters worse, the ad market has tightened, so even less money is coming in.

Diamond Sports Group (DSG) filed for bankruptcy shortly after Warner Bros. Discovery announced it will shut down AT&T SportsNet. Comcast recently sold NBC Sports Washington, home to the Wizards and Capitals, to a group of sports investors. Other NBC Sports RSNs may be for sale.

RSN impacts league-by-league

A sudden shift in the sports broadcasting landscape hits each league differently. It’s no big deal for the NFL, for instance, because it relies on national broadcast and cable sports networks for its broadcast revenue.

Major League Soccer is also sitting pretty. They signed a multi-year broadcast deal with Fox Sports and Univision earlier this year. The agreement runs through 2026, when the World Cup comes to Canada, Mexico, and the United States. None of the MLS teams are impacted by the RSN debacle. Thanks to last year’s streaming deal with Apple, MLS could afford to drop regional channels.

Both the NBA and NHL lucked out. Each team signs its own distribution rights, mostly with RSNs. However, the turmoil escalated just as the leagues headed into their respective post-seasons. That gave them the luxury of sitting back and watching how the dust settles.

One sign of what may happen: the NBA’s Phoenix Suns decided they would stop using RSNs and broadcast games on local over-the-air stations again. However, the judge presiding over the DSG bankruptcy rejected the move, ruling that the Suns can’t change their deal until the case gets resolved.

Major League Baseball, however, is in a tight spot. DSG has missed payments. Fourteen teams have contracts tied up in the bankruptcy process. MLB is also more exposed to the decline of RSNs. Reports estimate that the league relies on RSN contracts for 25% of its revenue. The NHL and NBA are less exposed, with only about 15% of revenue from RSNs.

Streaming major league sports is still complicated — and expensive

Over the past several years, the live TV streaming services stood up to the RSNs and refused to force subscribers to subsidize a handful of sports fans. One by one, RSNs vanished from the streamers. Most recently, Mets fans lost access to their RSN as YouTube TV told SNY to take a hike. DirecTV Stream and Fubo are still your best bets — but you’ll pay for the privilege.

Fubo tacks on a $10.99 RSN fee on any plan that includes one RSN and bumps it up to $13.99 on plans with two or more RSNs. The thing is, RSNs are part of every plan. A Fubo subscription will always be at least $11 higher than advertised.

Watching RSNs on DirecTV Stream requires stepping up for the $100-per-month Choice plan (or the even more expensive plans).

If you aren’t interested in those options, you can always buy into each league’s streaming service. Watching the rest of the 2023 MLB season will only set you back $47.99 — a relatively good deal, although it only gets you out-of-market games that aren’t blacked out.

Apple TV has cut its MLS Season Pass pricing for the rest of the 2023 MLS season. A one-time payment of $39 lets you watch every match — no blackouts.

The NFL preseason will get started soon, but be prepared to open your wallet. YouTube TV offers NFL Sunday Ticket for $349. Or you can get it with plain old YouTube for $449 (through mid-September, you can get a $50 discount).

By comparison, an NBA League Pass subscription is a steal — but that assumes last year’s price cut holds for the 2023-24 season. Last season’s pricing started as low as $89.99.

Our takeaway: Sports fans’ lives are more complicated as the free ride ends

Sports fans have benefited from the RSN’s strong-arm negotiating tactics for decades. Reportedly, 80% of cable subscribers never watched an RSN — but they all paid the RSN fees. The other 20% got almost-guaranteed access to their favorite local teams.

Now the free(ish) ride is over. Cord-cutting sports fans must pay for premium live tv subscription services to get their RSN. And that assumes the RSNs stay on the air. There’s nothing guaranteed about that.

I think the leagues should be very worried. Streaming has gotten complex and expensive enough for entertainment content — sports takes it to another level. Eventually, the sports leagues’ broadcast rights cash machine will run dry as consumers just give up and turn to other options.

Pickleball anyone?

The Watchlist

Netflix’s newest big release, They Cloned Tyrone (and probably some other folks), hits the streamer Friday, July 21st.

Stephen Curry: Underrated follows the titular basketball star from his college days to becoming a four-time NBA champion. The documentary hits Apple TV+, Friday, July 21st.

Your favorite erotic magazine is back with another issue at a new publishing company Minx season 2, now on STARZ, airs Friday, July 21st.

Volume 2 of The Witcher season 3 finishes out the story, Thursday, July 27th, on Netflix.

Anthony Mackie and Will Arnett star in Peacock’s adaptation of Twisted Metal, coming to the streamer, Thursday, July 27th.

Harley Quinn is back to cause even more mayhem in the series’ fourth season, releasing on Max, Thursday, July 27th.

Everyone’s favorite angel and devil duo have returned for season 2 of Good Omens, hitting Amazon Prime Video on Friday, July 28th.

Hulu’s Reservation Dogs premieres its third season on Wednesday, August 2nd.

Once known for young adult dramas and DC superheroes, The CW is going through a transformation. We’ll look at how and why this is happening — and maybe throw a little shade on the strategy.

In this issue:

• The CW’s origin story

• Who likes breakups?

• Becoming a network for grown-ups

• Is déjà vu a strategy?

The CW’s origin story

Until last year, The CW was a struggling broadcast network created by the merger of two failed broadcast networks. Back in the 1990s, Warner and Paramount thought they could repeat Fox’s success a decade earlier to become major national networks. But ten years makes a difference. With cable available in most households, The WB and UPN never got any traction.

The two networks merged in 2006, but what to call it? Warner owned The WB and, at that point, CBS owned UPN.

Hmm. “The WB” still had a youth-y, edgy feel to it. Warner begins with a W, and CBS starts with a C. Fortunately, somebody nixed The WC, so say hello to The CW!

Over the past fifteen years, The CW’s focus on the 18-34 youth demographic resulted in a production schedule that focused on young adult dramas and DC superhero shows—which, let’s face it, were young adult superhero dramas.

Who likes breakups?

This strategy was great for Gen-Z and late Millennials but not so great for owners of The CW’s local affiliate stations, which couldn’t maximize their primetime advertising sales on a fraction of the population.

One of those station owners was a company called Nexstar which, over a thirty-year acquisition spree, had become the largest owner of local TV stations in the United States — including many members of The CW network.

When The CW’s parent companies, Warner Bros. Discovery and Paramount, decided to go their separate ways, Nexstar jumped in to take a 75% ownership stake in the network.

Becoming a network for grown-ups

With the acquisition complete and new executives in place, The CW has taken a chainsaw to its programming lineup. All but four of the scripted TV series developed in the previous regime are gone. Why?

Aging the demographic

The CW’s viewers are too young — and there aren’t enough of them.

Under new management, The CW wants to age up its viewership to target the 18-49 demographics that advertisers like the best.

Making money

Another reason for the changes: the old shows made money for Warner and Paramount, but not for The CW.

For the studios, The CW was just one of many distribution channels. The Arrowverse may not have drawn enough advertisers to make money, but Warner could cycle the shows through media sales, foreign sales, and streaming. The CW didn’t get a cut of those after-market profits.

Shifting the script

So, superheroes and young adult dramas are out.

In the short term, Riverdale and other legacy shows will run their final seasons in 2023. Taking the place of canceled shows are several productions from Australia, Canada, and the United Kingdom.

In the long term, The CW is producing new scripted shows that will appeal to older viewers. Sophie Turner from X-Men and Game of Thrones will star in a crime drama, and The Librarian-verse will get a new spinoff.

Adding more “reality”

Unscripted TV series are cost-efficient ways to drive viewership, so it’s no surprise that The CW is adding more reality shows to the lineup, starting with FBoy Island — which used to be on Max.

Three new reality shows in production for 2024 will feature bakery makeovers, police ride-alongs, and match-making.

Unscripted but more real, The CW will get news content from NewsNation and slowly build its sports programming. In early 2023, it signed a deal with LIV Golf that gave The CW exclusive broadcast and streaming rights. The network also picked up Inside the NFL after Paramount+ dropped the show.

Streaming

On the streaming front, Nexstar isn’t trying to compete with the media giants. The CW and NewsNation have their own apps which provide free, ad-supported content. A nice bonus for cord-cutters is the apps don’t require a pay TV subscription.

So far, Nexstar has avoided strident confrontations with the live TV streaming services. The company inked a multi-year deal to keep The CW in YouTube TV’s lineup.

The company is also taking a more station-friendly approach to negotiating rebroadcast rights. Rather than forcing all The CW affiliate stations to accept its deal with streamers, Nexstar allows station owners to arrange their own deals.

Our takeaway: The CW is a flash from the past

I think Nexstar’s strategy takes TV nostalgia a little too far. Fox managed to become a major alternative to the traditional Big Three networks back in the 1980s. UPN and The WB tried to repeat that success a decade later, but cable made broadcast less relevant. Their failure is the reason The CW even exists.

The thing is, today’s internet-driven media market puts broadcast even further behind. Social media and streaming make local TV less valuable. Stand-alone content distributors can’t deliver the eyeballs advertisers want from streaming services.

Broadcast advertising is the whole point of The CW. Maybe that’s enough to keep the lights on, but déjà vu isn’t a strategy that will keep Nexstar’s Wall Street investors happy.

The Watchlist

Henry Cavill returns for his final outing as The Witcher, the first half of its third season available to stream on Netflix now.

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The long-awaited newest season of action-drama Warrior is out on Max now.

Tom Clancy’s Jack Ryan continues his domination on Amazon Prime, the show’s 4th season releasing Friday, June 30th.

A shapeshifter teams up with the disgraced knight sent to kill her in the new animated film, Nimona, coming to Netflix on Friday, June 30th.

A new iteration of the horror classic, Children of the Corn, scares its way onto Shudder, Friday, June 30th.

With streaming prices reaching record levels and consumers rediscovering the benefits of free-with-ads TV-watching, this ought to be a great time for TV stations’ transition to free 4K broadcasting. Are they missing the boat?

In this issue:

• Next Gen TV explained

• It’s great if you could get it

• Except the bottlenecks are everywhere

• A missed opportunity for TV?

What is Next Gen TV?

This isn’t the first time the Stream Report has talked about Next Gen TV. But that was a little bit ago and new insights and information pop up every day, so let’s give it another spin.

Back in 2017, the US Federal Communications Commission formally approved new over-the-air TV broadcasting standards. Called Advanced Television Systems Committee (ATSC) 3.0, the new standard would make broadcast TV competitive with streaming.

Since A-T-S-C-Three-Point-Oh doesn’t exactly roll off the tongue, the industry decided to punch things up by branding it “Next Gen TV”.

A more competitive TV experience

Back in the early 2000s, the high-definition trend was well underway:

• 2003: Cable companies began serving up HD channels

• 2006: The two-year battle between Blu-ray discs and HD DVD begins

• 2007: Netflix begins streaming followed by Hulu and others

Broadcasters’ standard definition analog service wasn’t competitive. ATSC was the answer. In 2009, the US Federal Communications Commission enforced the mandatory transition to digital, bringing US broadcasters to relative parity with cable, physical media, and those weird streaming companies.

Only fourteen years after their digital transition, broadcasters are falling behind again. Next Gen TV is broadcast TV’s next-generation come-from-behind strategy that levels the playing field with features consumers expect from a high-quality viewing experience:

• 4K UHD resolution

• Frame rates of 60 or 120 frames per second

• Wide color gamut, high dynamic range (HDR) video quality

• Dolby Atmos surround sound

• Dialog enhancement

• Ad volume leveling

Connected broadcasts for the connected home

The new standard also brings broadcast TV into the internet age. When people connect their Next Gen TV sets to their home internet connection, they can gain access to additional features.

The TVs will have more accurate viewers’ guides, and they will pull bonus content to enhance programs with commentary, interviews, and background information.

However, what has the industry most excited is Next Gen TV’s support for interactive content. To you and me, that sounds like gimmicky pop-ups that nobody really wants. On the other hand, broadcasters see Next Gen TV as a next-generation advertising platform that turns product placement into shopping opportunities.

Next-generation emergency alerts

ATSC 3.0 also has a more noble purpose — improving the nation’s responses to emergencies. Public TV stations already form the backbone of the Integrated Public Alert and Warning System (IPAWS) which pushes alerts to emergency managers and first responders.

When public TV stations transition to ATSC 3.0, the higher-bandwidth signals will let IPAWS send more detailed information to emergency response teams. Tests in North Carolina have shown that the new system will be a more reliable source of situational awareness.

Sounds cool, when can I get it?

Next Gen TV broadcasts may already be available where you live. Las Vegas was the first market to go live in 2020. Over the following years, more TV stations upgraded their systems to support the new standard.

The Next Gen TV promotional group has an availability map that lists nearly 70 markets with at least one station broadcasting Next Gen TV signals. That coverage supports about 60% of the US population. Market penetration could reach 80% by the end of this year.

Of course, there’s “available” and there’s “available”.

When you drill down into the details, you’ll see that those next-generation markets only have a few Next Gen TV stations. What the industry won’t tell you is that only a few stations are broadcasting in 4K — most are simply rebroadcasting their 1080p programming on the new signal.

What’s holding Next Gen TV back?

When the broadcast industry made the move from analog to digital, it did so with the government’s full support. The FCC made the switch mandatory, making major stations cut their analog broadcasts on June 12, 2009. Knowing this would happen, the consumer electronics industry began selling ATSC-compatible TVs years in advance.

That isn’t how the Next Gen TV works. With no mandatory cutoff, everyone is waiting for everyone else to make the first move.

TV stations can’t assume the public has Next Gen TV devices. Even worse, FCC rules require them to keep broadcasting their existing ATSC 1.0 service for at least five years — and maybe longer.

Using the same frequency for two signals creates a bandwidth problem. Stations can’t transmit high definition and 4K broadcasts at the same time. That’s one reason why the Next Gen TV broadcasts are only in high-def.

With sluggish uptake by the broadcasters, TV manufacturers haven’t rushed to add Next Gen TV tuners to their products. Those that have, treat Next Gen TV as a premium feature for their high-end models. None of the top-selling TVs at retailers like Amazon or Best Buy have Next Gen TV tuners.

The retailers themselves aren’t much help. The filters and search functions on their websites don’t have options for Next Gen TV. Consumers have to read specs model by model to find future-compatible TV sets.

Our takeaway: Next Gen TV’s window of opportunity is closing

A few years ago, it looked like ad-free streaming subscription services were going to take over the world. But fragmentation and rising prices have helped consumers re-discover the concept of ad-supported television.

Surveys have found that 69% of consumers use free ad-supported television (FAST) services, including the Roku Channel, Tubi, and Pluto TV. Almost half have recently canceled a streaming subscription to save money.

FAST services are showing up everywhere. Sling TV’s Freestream offers more than 300 channels to reduce subscriber churn. People with smart TVs powered by Google TV have access to more than 800 free-with-ads channels.

And you know what? Free-with-ads is the business model broadcasters have used for more than seventy years. Next Gen TV should be putting broadcasters ahead of the game for the first time this century. Instead, Next Gen TV’s slow progress is shaping up to be a missed opportunity. Broadcasters need to get their act together or they could go the way of radio.

The Watchlist

Never Have I Ever returns for its fourth and final season, available to stream on Netflix today.

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Tom Holland and Amanda Seyfried star in The Crowded Room on Apple TV+. The limited series drops on Friday, June 9th.

Watch Flamin’ Hot Cheetos come to life in Flamin', burning tongues and staining fingers on Hulu, Friday, June 9th.

Pull out our tap shoes and jazz hands because the Tony’s are upon us. The stage awards ceremonies will air on Paramount+ and CBS, Sunday, June 11th.

Black Mirror is back with even more twists and turns, its sixth season coming to Netflix, Thursday, June 15th.

Paramount+ is taking us on another galactic adventure with Star Trek: Strange New Worlds season 2. The show flies onto screens Thursday, June 15th.

Chris Hemsworth is saving even more lives in Extraction 2, the action sequel hitting Netflix on Friday, June 16th.

Disney+’s newest entry into the MCU, Secret Invasion, shape shifts onto screens, Wednesday, June 21st.

The big media companies that dominate modern streaming wrapped up their investor calls last week. For the most part, executives repeated their statements from the previous quarter. But the data from ad-free tiers is so good that the industry leaders want to raise prices on with-ad subscriptions.

In this issue:

• Q1’s trends continued into Q2

• But whoa-nellie are ad revenues great!

Recapping the investor calls

Since this quarter’s calls echoed statements from last quarter, I’ll start with a few highlights. You can listen to the investor calls at the following links:

• Amazon (Prime Video, MGM+, freevee)

• AMC Networks (AMC+, Sundance Now)

• Alphabet (YouTube with Live TV, YouTube Premium)

• Comcast (Peacock)

• DISH (SlingTV)

• Disney (Disney+, Hulu, ESPN+, Star+, Hotstar+)

• Netflix

• Paramount (Paramount+, Pluto)

• Warner Bros. Discovery (Max, discovery+)

“Optimizing” content

Like they said at the beginning of the year, streamers are canceling projects that don’t drive traffic and focusing budgets on their tentpole brands. This trend won’t be as noticeable this year since many productions were locked. But in 2024…

Consolidation continues

On top of Paramount’s merging of Showtime into Paramount+ and Warner Bros. Discovery’s (re)launch of Max next week, Disney announced that subscribers to the Disney bundle will get Hulu content in their Disney+ app.

Peak investment continues, too

Other than Netflix, the streaming services keep spending more than they make. Execs continued saying “peak investment” to assure Wall Street analysts that losses aren’t forever. Except for Warner. The company expects Max and Discovery+ to be profitable this year and set a $1 billion profit target for 2025.

Did ya know? Ad revenue is better than subs!

The success of advertising was a common refrain, with every company reporting double-digit growth in ad revenues. But it’s the per-user numbers that have them gleeful.

Netflix’s average revenue per member for the with-ads tier is higher than the standard ad-free tier. That’s why the with-ads service now gets “95% content parity”, 1080p high-def streams, and support for simultaneous streams.

Warner execs focused on their approach to advertising. They signed fifteen “foundational advertising partners” to sponsor Max Originals. For example, Mercedes-Benz was Succession’s title advertiser.

Hmm… does that mean ad-free prices are too low?

It was Disney that said the quiet part out loud. The average revenues per user on the Disney+ with-ads tier are so high, Iger happily announced “We plan to set a higher price for our ad-free tier later this year to better reflect the value of our content offerings.”

Iger also said, “We will continue optimizing our pricing model to reward loyalty and reduce churn to increase subscriber revenue for the premium ad-free tier and drive growth of subscribers who opt for the lower-cost ad-supported option.”

Yup, you read his run-on sentence right. Disney+ will raise prices on its ad-free tier in order to drive people to the with-ads tier. Iger doubled down during the analyst Q&A session:

“There's an opportunity for us to really lean into ad-supported and again raising our prices on the ad-free, keeping the prices on the ad-supported relatively modest to maybe perhaps no increases, increasing the delta, driving more subs in a higher ARPU direction.”

Our takeaway: Watch ads or pay the price

A lot of people locked in 2022 pricing by getting a one-year Disney+ Premium subscription before the price increase. They (by “they”, I mean “we”) are going to be in for a shock heading into the holidays when two price bumps take effect all at once.

Now, nobody should be surprised that the House of the Mouse wants to squeeze every penny out of fans’ wallets. And even with 2023’s price increase, Disney+ Premium is still cheaper than Max or Netflix.

But where Disney goes, everyone else will follow and raise ad-free prices. Many consumers will quietly accept the new reality. Old-school cord-cutters will more aggressively juggle their subs. But a lot of people will have to make hard choices — and Disney is betting things will fall their way.

So what do you think?

The Watchlist

The To All the Boys series spinoff XO, Kitty comes to Netflix today, Thursday, May 18th.

Want to read about science news with a refreshing and snarky delivery? Check out Important, Not Important! This free newsletter helps you to think deeply and act decisively about the most pressing scientific news, all while making you laugh.

It appears that White Men Still Can’t Jump, as a remake of the 90s film dunks onto Hulu, Friday, May 19th.

Happy Valley returns for its third season, available to stream Monday, May 22, on AMC+ and Acorn TV.

The second half of How I Met Your Father season 2 drops on Hulu, Tuesday, May 23rd.

Seth Rogen and Rose Byrne reunite in Apple TV+’s new dramedy series, Platonic, landing on the service, Wednesday, May 24th.

Disney+ brings Chinese mythology to life in American Born Chinese, premiering Wednesday, May 24th.

As this issue goes out, we’re not far from HBO Max’s transformation to Max. The “new” streaming service will offer an expanded catalog at premium pricing. Naturally, the executives at Warner Bros. Discovery are happy about the change. But will it matter to their customers?

In this issue:

• Introducing Max

• What Max means to subscribers

• How well Max competes

• Meh for most of us?

Max: a quick introduction

Last month’s announcement sparked plenty of coverage, so I’ll just cover the highlights. Max combines HBO Max’s rotating catalog of movies and TV shows with “best-in-class” titles from Discovery’s reality-centric cable channels. The combined service will have three subscription tiers:

• Max Ad-Lite ($9.99 monthly)

• Max Ad Free ($15.99 monthly)

• Max Ultimate Ad Free ($19.99 monthly)

The first two plans will stream at HD resolutions on two devices simultaneously. The Ultimate plan supports 4K resolution on four devices at the same time.

What it means for HBO Max and Discovery+ subscribers

As long as the app update goes smoothly, most of HBO Max’s current subscribers will probably be OK with the changes. Their subscription prices stay the same, and they get more content from the Discovery catalog.

Families may not like Max’s simultaneous streaming limits. With HBO Max, they could have three devices going at the same time. Max With Ads and Max Ad-Free only support two simultaneous streams. That seems unwise. Given the renewed focus on kid-friendly content and parental controls, families are more likely to need more device support, not less.

The loudest complaints may come from people who care about 4K Ultra HD content. Max reserves 4K as a premium feature for its most expensive plan — effectively raising rates by $5. To be fair, HBO Max 4K fans have probably already watched the movies they care about, considering the catalog of 4K content only includes 33 titles.

Max’s introduction may not matter to Discovery+ subscribers either. If they want the content in Max, they can sign up for a new Max account. But if they wanted that content, wouldn’t they already subscribe to HBO Max?

How does Max stack up in a tough streaming market?

The executives at Warner Bros. Discovery clearly have a high opinion of their product. Max is positioned as the premium on-demand streamer of choice and is priced at the top of an ultra-competitive market. Here’s a run-down of how Max’s pricing compares to the competition:

Versus ad-supported plans: Disney+ and Hulu charge $2 less, Netflix costs $3 less, and both Peacock and Paramount+ are $5 cheaper.

Versus ad-free plans: Both Paramount+ and Peacock are $6 cheaper. Disney+ is $5 cheaper, and Hulu’s ad-free plan is a dollar less. The Netflix comparison isn’t one-to-one. If you’re willing to settle for sub-1080p resolution, Netflix is $6 cheaper. For FullHD, Max and Netflix cost the same.

Versus premium plans: Max Ultimate is a hard sell. Most on-demand streamers that support 4K content include it with their standard plans. Max and Netflix are the only services that charge a 4K premium. At least Netflix can justify the higher price by pointing to its catalog of more than 2500 4K titles. Max? Not so much.

Our takeaway: From HBO Max to… Meh

Max has more to do with pleasing Wall Street than delighting customers. Warner Bros. Discovery executives need to justify the merger’s cost while showing analysts they have a fresh streaming strategy. But will it matter to people who watch? Not really.

I think most people subscribed to HBO Max will stick with Max, for the HBO-y and Max-y content. Getting access to the one or two Discovery shows we like (hello, Mythbusters) is a nice-to-have. But that’s all it is.

Even the 4K upcharge isn’t that big a deal. Max’s 4K catalog just isn’t that extensive. Sure, some 4K titles will be Max-exclusive. But many will either rotate to other services or be available as rentals. You’ll have to do your own math, but you could save by skipping Max Ultimate’s $4 monthly premium.

Tell us what you will do when HBO Max becomes Max in the poll below!

The Watchlist

Right on the heels of Bridgerton, Hulu's The Great brings us even more regal drama, its third season landing on the service, Friday, May 12th.

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Just ahead of Mother's Day, Jennifer Lopez stars in the action-packed film, The Mother, hitting Netflix interfaces, Friday, May 12th.

Apple TV+ brings us Still: A Michael J. Fox Movie, following the actor's incredible life and career, on Friday, May 12th.

Fear of the Walking Dead stalks onto AMC and AMC+ for its 8th season premiere, Sunday, May 14th.

Following the recent trend of documentaries about famous women, Anna Nicole Smith: You Don't Know Me comes to Netflix, Tuesday, May 16th.

Sly himself stars in The Family Stallone, a reality series following him and his family, dropping on Paramount+, Wednesday, May 17th.

Paramount+ closed out the three-season run of Star Trek: Picard last week, with a finale fitting for the crew from The Next Generation. Now, it raises questions about where Paramount+ will take its premier franchise and whether similar questions apply to other studios.

In this issue:

• Streaming brought Star Trek back

• But Star Trek production has stalled

• Similar forces could impact other franchises

Bringing Star Trek back to the small screen

When Paramount+ (formerly CBS All Access) decided to make Star Trek a core pillar of its streaming service in 2017, Discovery was supposed to revitalize the TV franchise. The show struggled until a season 3 reboot set it on a more fan-friendly course.

The reaction to Discovery led Paramount+ to launch Strange New Worlds. A prequel to the original series, the show combines the optimism of 60’s-era Star Trek with 2020's production values. This approach made the show a critical and popular hit.

Looking at the current slate, Picard is over, and Discovery ends later this year. Strange New Worlds wrapped filming on its second season, which should hit Paramount+ in late 2023.

So what do Star Trek fans have to look forward to?

Is Star Trek lost in space?

Like other big media companies, Paramount told investors that tentpole franchises are the development priority. But that doesn’t sync with what’s known about Paramount’s film and TV production plans.

On the movie front, Star Trek is on hold. The fourth entry in the “Kelvin Timeline” reboot launched by JJ Abrams and Damon Lindelof was supposed to start filming last year. Instead, its director left and Paramount pulled it from the production slate. It may take until 2024 or later to get Chris Pine, Simon Pegg, Zoë Saldaña, and the other Star Trek movie stars in one place again.

The TV situation isn’t any clearer. Paramount only has one new show in production, the young adult series Starfleet Academy. The long-rumored Discovery spin-off anchored by Michelle Yeoh will instead be a single Paramount+ feature film. That leaves Strange New Worlds as the only live-action series for traditional Star Trek fans.

Have we passed peak sci-fi?

A couple of years ago, it looked like Star Trek fans were in for a treat with multiple streaming series in production. Now the mood is darker. Paramount+ and its competitors are focusing on profitability over subscriber growth. That means placing fewer bets and prioritizing safer productions. Star Trek fell victim to the new realities of streaming economics. Other genre franchises face similar headwinds but are on steadier courses.

Although Disney’s leadership says they will be "careful" about its production schedule, the Star Wars franchise has enough Disney+ projects in the pipeline to keep fans happy. Besides future seasons of Andor and The Mandalorian, the Rosario Dawson-led Ahsoka and Jude Law-helmed Skeleton Crew will release in 2023. However, we may not see as many new shows in later years.

Marvel TV production is also slowing down. This year will see a new season of Loki and the premier of Samuel L. Jackson’s Secret Invasion. But already-produced Disney+ shows like Echo and Lionheart are getting pushed back to 2024.

Similarly, DC Universe fans have seen their TV options dwindle as shows on the WB and HBO Max got canceled. Warner Bros. Discovery placed the franchise in the hands of James Gunn and Peter Safran. They plan to add four new live-action shows, but none will arrive before 2024.

Our takeaway: Don’t worry, the future’s always out there

I think the past few years have spoiled science fiction TV fans like me. As studios used their franchises to flood content into their new streaming services, we almost had more content than we could watch. Now, we have to “settle” for one or two shows a year from every franchise. And you know what? I’m thrilled!

Let’s hear from you. Which is your favorite sci-fi franchise?

The Watchlist

Firefly Lane returns for its second half of Season 2, available to stream on Netflix now.

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Get your desserts in order as Netflix’s Sweet Tooth returns, its second season ready to stream now.

Elizabeth Olsen and Jesse Plemons start an affair in Love & Death, the HBO Max limited series streaming now.

Need a little bit of calming nostalgia? Frog and Toad star in their own series on Apple TV+, dropping on Friday, April 28th.

Richard Madden and Priyanka Chopra Jonas are sultry spies in the new Amazon original Citadel, streaming on Prime Video, Friday, April 28th.

Taking yet another swing at Peter Pan, Disney+ brings us Peter Pan & Wendy, releasing onto the service. Friday, April 28th.

Clock tells the story of a woman looking to fix her supposedly broken biological clock after being pressured by everyone around her. The film comes to Hulu, Friday, April 28th.

Based on the 1987 film, Fatal Attraction follows an affair that takes a dangerous turn. The erotic thriller series comes to Paramount+, Sunday, April 30th.

Just a few years ago, anyone calling themselves a cord-cutter would say advertising was for cable and other dinosaurs. That isn’t true anymore. Ad-supported options are the fastest-growing sectors in the streaming industry, and while that’s good news for some streamers, others should be worried.

In this issue:

• On-demand and live TV subscriber growth levels off

• Cheap-with-ads opens new markets

• People actually like free-with-ads

On-demand and live TV streamers show flattening growth

Streaming surged during the pandemic. Global streaming subscriptions worldwide jumped to 1.1 billion in 2020. Of course, though, this wasn’t going to last for very long. On-demand streaming subscriptions grew 14% in 2022, down from 28% a year earlier. One reason for the slow-down: more than 100 million cancellations in 2022.

The situation was even worse for the live TV streaming services. They only added 370,000 subscribers, down from nearly 900,000 new signups in 2021. Part of this decline in subscriber rates can be chalked up to people resuming a somewhat normal life in the last year. Another part of it stems from the ever-growing costs of streamers coupled with the looming recession.

Cheap with-ads plans attracts new subscribers

The on-demand streamers, led by Netflix, HBO Max, and Disney+, responded to these drops by launching low-cost, ad-supported subscription tiers. The first two streamers had similar results. According to industry analysts at Antena, about 20% of new subscribers joined the low-cost tier within three months of its launch. Disney+ outperformed both at the three-month mark: 36% of new subscribers selected Disney+ Basic.

The good news for streamers? These are new customers, not downgrading premium subscribers. Netflix co-CEO Greg Peters told investment analysts that subscriber growth was “due to incremental subscribers coming into the service because we have a lower price point. We aren’t seeing [as much switching as expected from] subscription plans like premium into our ads plan.” Antena’s numbers confirm it. All three streamers saw fewer than 1% of their premium subscribers drop to the ad-supported plans.

Free-with-ads is the hot trend

The buzziest trend in cord-cutting right now is free ad-supported streaming TV (FAST). These services restore the broadcast model: you get a bunch of ad-supported linear TV channels for free. Industry reports put FAST revenue growing from $4 billion in 2022 to $9 billion by 2026. Three FAST variants emerged over the past year that I call churn-reducers, catalog miners, and big spenders.

Churn-reducers use a FAST plan to reduce the impact of cancellations. People who drop premium subs get to watch the service’s FAST option. Peacock and Sling TV hope people will keep watching for free and renew their subs later.

Catalog miners like Freevee (Amazon/MGM), Pluto (Paramount), Tubi (Fox), and Xumo (Comcast/NBCU) leverage their parent companies’ deep TV and film catalogs to stream loads of programming. Without spending much on content, their ad revenue is very profitable. Paramount executive Jeff Schultz explained to Deadline, “We own the Judge Judy catalog. That’s thousands and thousands of episodes.” And none of it requires expensive production to fill Pluto’s lineup.

Led by Roku, big spenders aren’t so lucky. These services have to get their content from somewhere. So, they either spend a lot on licensing deals with the studios or spend even more on original content. In Roku’s case, it’s both. The company spent $1 billion last year on original content. It also struck major deals with Warner Bros. Discovery, AMC Networks, and others — which couldn’t have been cheap.

Our takeaway: The future is FAST approaching

I’m not sure I’m ready to watch ads again, but a lot of people are. That’s probably good news for the on-demand streamers. People who wouldn’t subscribe before will sign up for the with-ads tier. At the same time, other people may drop to the cheaper tier rather than cancel a premium sub.

The biggest threat, though, is to the live TV streamers. They are just too expensive, and what they offer isn’t that unique. Most of the programming you pay for on YouTube TV isn’t really live — and it has ads.

Sometimes you just want to veg out on the sofa and watch re-runs. Why should you have to pay for that? With FAST, you won’t have to.

The Watchlist

Keep Sister Simone in your prayers as she embarks on a mission to destroy the AI Mrs. Davis, available to stream on Peacock now.

Need something to help beat that afternoon slump? NoonBrew is a delicious tea low in caffeine and filled with superfoods to help boost your energy, focus, sleep, digestion, and more. Get 10 free servings when you place an order!*

Rebooted Beavis and Butt-Head are back with more shenanigans in their second season, streaming on Paramount+ right now.

Evil’s rising and Ash won’t be here to save the day this time. Evil Dead Rise lands on HBO Max, Friday, April 21st.

Your classic boy meets girl story takes a turn when farmer meets secret spy in Ghosted, sleuthing onto Apple TV, Friday, April 21st.

A new version of Dead Ringers finds Rachel Weisz and Rachel Weisz working as gynecologists, coming to Amazon Prime Video, Friday, April 21st.

John Mulaney returns to Netflix in a new special, John Mulaney: Baby J, releasing on Tuesday, April 25th.

Compared to last week’s drama facing Major League Baseball, the state of PGA Tour streaming is about as sedate as commentary on this weekend’s Masters Tournament. On the hand, you can’t say the same about LIV Golf’s breakaway tour. The different experiences these tournament organizers face reflect a reality of today’s streaming industry: consolidation favors the big guys.

In this issue:

• The PGA Tour navigated streaming transitions in the US

• Even the Warner/Discovery merger didn’t disrupt the Tour

• But only a sweetheart deal got LIV onto The CW (Yes, The CW)

US PGA Tour streaming is stable

PGA golf tournaments have been fixtures of American television since the 1950s. The Tour’s negotiators have been pretty savvy about playing each national network against the other. The latest deal, signed in 2020, gave Comcast (NBC, Golf Channel, Peacock) and Paramount (CBS, Paramount+) broadcast and streaming rights to PGA Tour events through 2030.

The PGA Tour’s own streaming strategy saw bigger changes. It folded its stand-alone PGA Tour Live subscription service into NBC Sports Gold, but that only lasted two years. Comcast shut down the service when it made Peacock the centerpiece of its streaming strategy. Disney snapped up the digital rights and now includes PGA Tour Live in every ESPN+ subscription.

Mergers impact international PGA streaming

The PGA Tour hoped signing a deal with Discovery would expand its international presence. The media company launched a stand-alone service called GolfTV to serve streaming audiences outside the United States.

Those hopes fell apart when Warner and Discovery merged. A golf-only service doesn’t fit WBD’s focus on the upcoming HBO Max and Discovery+ combo service.

For now, WBD still streams PGA tournaments in certain countries, but the PGA Tour took back its digital rights for the rest of the world. In a statement to the press, the PGA Tour said: “While GolfTV was successful from a growth standpoint, the media landscape changed, moving away from a single sport direct-to-consumer offerings to larger aggregated OTT platforms that can offer greater reach and subscriber value.”

For golf business drama, there’s always LIV

Established institutions like the PGA Tour can navigate consolidation in the media and streaming industry, but life is much more difficult for new entrants. The Saudi-backed LIV Golf tour spent its first season streaming from its website and YouTube channel. Landing deals with broadcasters and streamers was critical to LIV’s future, but Comcast, Paramount, Fox, and Disney apparently passed on the opportunity.

LIV landed a deal with The CW — the home of Riverdale and Nancy Drew — but media reports indicate that LIV wasn’t in the driver’s seat. Instead of licensing fees, LIV settled for a cut of The CW’s ad revenue.

But what revenue? National, entertainment, and sports media reported that LIV’s season-opener in Mexico brought in fewer than 300,000 broadcast viewers. At the same time, a weak lineup at the PGA Tour’s Honda Classic attracted an audience nearly ten times larger.

LIV and The CW tried to make a case for a streaming upside by claiming more than 2 million people watched “at least a few minutes” of the tournament across digital and broadcast channels.

Our takeaway: Media consolidation favors the big guys

Golf’s streaming experience over the past few years highlights how consolidation will affect the industry. Comcast/NBC Universal decided to fold its niche streamers into Peacock. Paramount did the same with Paramount+. Even the PGA Tour merged its offering into more general streaming services, first with NBC Sports Gold and now with ESPN+.

However, newcomers like LIV aren’t in a strong position when dealing with the big players. They don’t get to call the shots. Streaming was supposed to do the opposite by giving every narrow audience a way to watch content they like. Of course, we thought the same thing in the early days of cable. Big media wants big audiences. As consolidation continues, linear streaming is going to look an awful lot like linear cable.

Let us know your thoughts

The Watchlist

Think you know how to hold a grudge? The characters in BEEF sure do. The new series is available to stream right now on Netflix.

Need a place to get all of your golf news fast for the Master's this weekend? The Gist has you covered! This free newsletter offers quick stats and updates for all things sports so you never miss a second of the action.*  

Step back into Rydell High as Grease: Rise of the Pink Ladies saunters onto Paramount+, today, April 6th.

Start practicing your runs and high notes, musical comedy Schmigadoon! is back with season 2 on Apple TV+, dropping Friday, April 7th.

A young woman finds her love for gospel music in Praise This, premiering on Peacock, Friday, April 7th.

Jeremy Renner teams up with expert builders to fix up some old cars in Rennervations, the series coming to Disney+, April 12th.

The Portable Door, a wacky, magic-infused office comedy starring Christoph Waltz and Sam Niell, flies onto MGM+, Saturday, April 8th.

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Sinclair Broadcast Group took a swing and a miss by taking on $10 billion in debt for the old Fox regional sports networks (RSNs). Last month, the re-badged Diamond Sports whiffed an interest payment, starting the march toward bankruptcy. As of opening day, here’s what we know about the state of play.

In this issue:

• Exclusivity made RSNs a hot commodity

• Diamond Sports Group made some poor choices

• How will MLB air moving forward?

RSNs - great for cable, not for fans

Back in the day, watching baseball was pretty simple. You caught whatever games the big networks broadcasted or watched your home team play on a local channel. Until team owners quickly figured out that cable channels would pay more, and we got regional sports networks like AT&T SportsNet and Fox Sports Networks bundled into our cable subscriptions.

It was a great business model. Major League Baseball teams cut lucrative deals, giving these cable channels exclusive broadcast rights. The channels made bank on advertising and the carriage fees they charged cable companies, and cable companies got their own cut through higher subscriptions and by tacking on regional sports fees.

And baseball fans? Well, they got to watch their home teams play. But not if the game fell under arcane and convoluted blackout rules. That is, of course, if they paid through the nose for a cable subscription. Still, it was cheaper than season tickets.

Then things fell apart.

It seemed like a good idea at the time

The current mess goes back to Fox’s decision to put its sports and entertainment business on the auction block. Lucky for them, they landed a $71 billion sale to Disney. To please federal trust-busters, Disney sold off the Fox RSNs. With a $10 billion price tag, most went to Sinclair-owned Diamond Sports Group. They then sold naming rights to casino operator Bally’s to create the Bally Sports RSNs.

Everything looked great. Diamond now controlled a big chunk of sports on TV, so it told cable companies, satellite companies, and streamers there was a new boss in town and raised its prices. Desperate to hold onto their one differentiator, cable and satellite companies agreed. Most streamers dropped the Bally Sports RSNs. DirecTV Stream was the one exception, but it got the RSNs as part of DirecTV’s satellite business.

Earlier this year, sports-centric streamer fubo (formerly fuboTV) returned to the table. It brought Bally Sports back — and then stuck it to their customers. Subscriptions are up $5 and everyone has to pay regional sports fees of at least $11.

You call that a Valentine’s present?

But fubo won’t save a dying business. Going into debt to buy cable channels amid declining pay TV subscriptions turned out to be a bad move. Who knew? Sinclair distanced itself from Diamond in 2022, prompting speculation about the struggling sports group.

We found out on Valentine’s Day how true those rumors were. Diamond was supposed to make a $140 million interest payment — but didn’t. Their deal with creditors gave them a month to figure things out, but they filed for bankruptcy instead.

Though they have enough cash to keep broadcasting, the Bally Sports RSNs face an uncertain future.

MLB for the save?

When news of the missed payment broke, MLB Commissioner Rob Manfred openly discussed a streaming-friendly path forward. The teams would terminate their contract with Diamond, allowing the league to take over TV production and sell broadcast rights to the cable companies. The new agreements could let people stream home games blackout-free with an MLB.TV subscription.

Diamond will owe rights fees to most of the affected teams by the end of April. Missing those payments could trigger the MLB’s post-Diamond plans. But that depends on a lot of lawyers playing ball.

Our takeaway: Blackout-free only in 2023

Obviously, Diamond’s collapse is a mess. Manfred’s vision of fan-friendly streaming sounds promising, but is he the one calling the shots? Diamond’s deals are with each team’s owners. I’d expect them to accept MLB-produced broadcasts as a way to save the 2023 season. But beyond that, they will jump at a better offer.

The Watchlist

Live-action adaptation of the classic anime series, From Me to You: Kimi ni Todoke, is available to stream on Netflix right now.

Need to get up to date before the final few games of March Madness this year? Take a peek at The Gist College Sports edition! This free newsletter offers quick stats and updates for all things college sports so you never miss a second of the action.*

Mystery drama series The Power, starring Toni Collette and John Leguizamo, drops onto Amazon Prime Video this Friday, March 31st.

Adam Sandler and Jennifer Aniston are back to solve another case in Murder Mystery 2, sleuthing onto Netflix Friday, March 31st.

The newest rom-com to hit screens, Rye Lane, skips onto Hulu, Friday, March 31st.

Tetris, a film about the creation of the iconic game and its place in the Cold War, fits neatly into Apple TV’s library Friday, March 31st.

Biographical documentary Pretty Baby: Brooke Shields, tells the story of the actress’ life and how the media sexualized her, releasing onto Hulu Monday, April 3rd.

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