By Hernan Lopez.
Companies mentioned: Amazon, Disney, Netflix, Paramount, Peacock, Spotify, WBD, YouTube.
Questions answered: What likely accounts for ~65% of Paramount’s $6B in synergies? What two side effects exist of AI not being used properly? What does it take to be the executive, creator, or investor who comes out of this reorganization stronger?
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Last week I posted a chart that opened lots of eyes (and not just because of the fine print). YouTube, Netflix, Amazon, Disney, Spotify, Paramount, WBD and Peacock collectively made $30B in profits from streaming in 2025, up 74% from the year before. And only 44% of that figure came from Netflix. There was a sentiment a couple of years ago that “the streaming wars are over.” I always understood the feeling: Netflix was so far ahead of any other streamers following its business model that there was no comparison.