Netflix and the traditional studios are almost opposites in how they make money from content. Netflix has profitable streaming that subsidizes content creation.

Netflix and the traditional studios are almost opposites in how they make money from content. Netflix has profitable streaming that subsidizes content creation. Disney/HBO have profitable content creation (with risk mitigated by other business divisions) and that subsidizes streaming. So with production/sports halted by COVID for everyone, and streaming rising, Disney is getting hit by a perfect storm, while Netflix managed to catch some breathing room.