Yes, I mean that in addition to the good stuff (Sopranos, Game of Thrones, Batman, etc) Netflix would have to pay for a huge catalog of content that isn’t a dra

Yes, I mean that in addition to the good stuff (Sopranos, Game of Thrones, Batman, etc) Netflix would have to pay for a huge catalog of content that isn’t a draw on streaming. To make the most of it, they would suddenly be in the business of managing TV channels and distribution partnerships. So they’d essentially overpay because they’d be outside their core business when their strategy is maximal focus on the core business. The opportunity cost would be the ability to create and license new streaming content they don’t overpay for. Warner has recently been culling some of these poorly performing fits from HBO Max (arguably imperfectly), so they also recognize this. I didn’t mean that people don’t enjoy HBO’s good programs.