Video streaming is a winner-takes-all market. The party with the most premium content will get the most subscribers which means they make the most money to rein

Video streaming is a winner-takes-all market. The party with the most premium content will get the most subscribers which means they make the most money to reinvest in premium content which completes the circle. So they're all racing to acquire market share. This means Netflix, Amazon, and HBO have a very strong incentive to engage in _anticompetitive_ behavior to lock the other players out, because in order for one to win the others must lose. This is not a market where people can pick and choose individual shows they want to watch, no, everything gets bundled. Even if you want to watch just a single HBO show you have to pay for all of them. Nothing about this looks like an efficient market to me. Investors are willing to invest billions in Netflix in the hope that Netflix _wins_ and value can be extracted in the coming decades. This is how it works, and the manic pace at which the different platforms are currently creating premium content isn't meant to be sustainable.