Streaming displaced cable, but the overall market hasn't grown — no fix without re-bundling

The growth engine of the global video market has stalled. Streaming dismantled the cable era, but nothing has filled the void it left behind.

The pandemic consumption boom is over, ad-supported revenues are merely redistributing dollars away from linear TV rather than expanding the total pool, and streaming giants remain too focused on competing with each other to cooperate. Without a structural reset — most likely through re-bundling — the video industry's prolonged stagnation looks set to continue, according to a sobering new analysis from MoffettNathanson.

비디오 산업 성장 정체…할리우드에 구조적 위기 경고
글로벌 스트리밍 경쟁이 유료방송을 무너뜨렸지만, 소비자 지출과 광고 총량이라는 비디오 산업의 ‘파이’는 거의 커지지 못한 채, 번들 재편 없이 각자도생 경쟁만으로는 구조적 침체를 벗어나기 어렵다는 경고
K-EnterTech HubJung Han

Consumer spending on video has effectively plateaued since the pandemic. Platforms multiplied, content libraries swelled — yet wallets stayed shut. Subscription fatigue set in as monthly bills stacked up, and once lockdowns lifted, discretionary dollars flowed back toward dining out, travel, and live experiences. Media research firm MoffettNathanson has put hard data behind this shift, warning that the video industry's revenue model faces a fundamental challenge with no easy exit.