For a while, studios hoarded their IP for their own streamers (i.e., Disney+ only). However, we are now seeing a return to licensing. Warner Bros. is selling HBO shows to Netflix to make money. The "exclusive" era is ending; the "windowed" rental era is returning.
: Algorithmic greenlighting, massive international production hubs, and direct-to-consumer delivery. Amazon MGM Studios
: Moving away from pure licensing, Netflix is now a premier production studio. Operating on a global scale, it creates local-language hits that become international phenomena, such as Squid Game and Stranger Things . Netflix disrupted traditional distribution models by normalizing the "binge-watch" release strategy.