By then, the old guard will have a large back catalog of owned content that no upstart could ever dream of competing with. Crosslicensing (and lack thereof) as

By then, the old guard will have a large back catalog of owned content that no upstart could ever dream of competing with. Crosslicensing (and lack thereof) as an oligopolistic moat. Even a perfectly made "House of Thrones" would utterly fail in the market if it was launched as an effectively isolated subscription.