From Fortune Magazine:

Netflix has prevailed in the streaming wars, with all of its top ten movies coming from legacy studios. The competition is conceding to Netflix and licensing their content to the streaming giant rather than trying to compete. Meanwhile, users are canceling streaming service subscriptions at a higher rate than before, even though Netflix’s user base has continued to grow.

As consumer dissatisfaction with streaming grows, a theory called platform decay describes the decline of online platforms from good to abusive over time. Netflix is being criticized for declining quality in shows and user satisfaction. This has resulted in 25% of streaming customers canceling at least three services over the past two years, with many cycling in and out of various platforms. Despite complaints, Netflix has seen significant user growth and continues to dominate the streaming landscape.

Netflix stock has soared over the past year with over 247 million subscribers, overshadowing competitors Max, Paramount+, and Peacock. Even as negative feedback on content quality persists, Netflix’s impressive performance during awards season is a testament to its success in the industry. The company has been able to attract renowned filmmakers and licensed shows and box office hits from competitors, all while adding a significant number of new users.

Legacy media companies have accepted Netflix as the dominant streamer and are now licensing their content to the platform in an effort to tap into the enormous audience Netflix has built. Netflix’s competitors have scaled back content spending, and are even licensing shows and movies to Netflix. This is seen as a sign of Netflix’s impregnable position on top of the streaming world, despite concerns about the quality of its content.



Read more: Netflix faces platform decay after streaming wars victory