[The Baking Typewriter] The Uneasy Coexistence of Big Tech and Entertainment... Who Will Be the Final Winner in the 'Streaming War'?

Bob Chapek, the CEO of the "Disney Kingdom," laid off 28,000 employees due to the management crisis caused by COVID-19. Just three days after starting his role as CEO, he shut down about 80% of the entire business except for the TV network. Although the workforce was reduced, the pandemic did not disappear. The future remained bleak. The exit he found was "streaming." This business sector, which was expected to be unprofitable for five years, was sustaining the entire company. Massive resources from the film, TV, and animation studios were invested in the streaming division, Disney+. Chapek said, "Thanks to some organizations, the whole boat was able to avoid sinking."

With the pandemic, media trends shifted from the past's "watching live broadcasts and movie theater dates" to binge-watching in the living room or bedroom. Netflix led this trend. While Disney revived itself through streaming, Netflix created a new market and established an emerging dynasty through streaming. However, Netflix cannot keep smiling forever. Disney is aiming for a comeback opportunity, and distribution giant Amazon is also targeting the content market. Apple, trying to recreate the iTunes legend; Warner Bros. Discovery, inheriting HBO's assets; and NBCUniversal, supported by Comcast, have joined as strong competitors. As evaluations suggest that Netflix has reached its growth limit, the streaming market has become uncertain even a year from now.

The authors of The World After Streaming do not simply divide the fierce media and content market into winners and losers. They calmly follow the flow organically created by the dissonance between two heterogeneous industries?big tech and entertainment?combined with financial crises, pandemics, and management misjudgments and mistakes. The book does not directly show the "world after streaming" that readers might expect from the title. It only provides hints.

One thing is certain: escaping the past is extremely difficult. Anthony Wood, founder and CEO of the streaming platform Roku, said, "It was very clear to me that someday everything would be streamed. Cable packages would lose subscribers, and everything would disappear. It was only a matter of time. Everyone else knew this too, but it was surprising that industry insiders refused to believe it."

In the summer of 2021, during the painful streaming transition, Jason Kilar, the CEO who had been leading WarnerMedia through difficulties, suddenly faced the threat of unemployment. He was the creator of the "Popcorn Project," a policy of releasing all movies simultaneously in theaters and on the streaming platform HBO Max. It was a bold decision that was hard to expect from a major film investment and distribution company and faced strong internal opposition. However, soon after, he became the protagonist of what "everyone in Hollywood recognizes as the biggest betrayal."

At this point, the author recalls Steve Jobs, a symbol of innovation. Jobs would walk endlessly around Apple's Infinite Loop headquarters and call meetings at any time. "Those who pursue provocative change become immortal figures in Silicon Valley but are ruthlessly expelled in Hollywood." The author then cites Squid Game as a case that clearly shows the future of streaming. This is because "viewers seem to have started seeking narratives that transcend regional boundaries and authentic stories." The platform where Squid Game was streamed is Netflix.

The World After Streaming / Dave Hayes and one other / Translated by Lee Jung-min / Alki / 25,000 KRW

This content was produced with the assistance of AI translation services.