Aggregators are not the inevitable end game. This is like saying Walmart will eventually sell every brand in its stores, which is clearly not true. Differentiat

Aggregators are not the inevitable end game. This is like saying Walmart will eventually sell every brand in its stores, which is clearly not true. Differentiated retail opportunities provide different experiences and allow for price discrimination, especially when it comes in an all-you-can-eat subscription plan. Technically speaking, a stream is a stream, but HBO's entire $3bn/yr business is proof that content has different value. Also, I don't believe it's clear that it's a winner-takes-all category. We're maybe in the first mile of the marathon, though Netflix has a huge lead. So long as there are viable aggregation competitors to Netflix that are willing to pay premium prices for exclusive access to content as a means to acquire subscribers/customers, Warner and other distributors/studios will sell exclusivity. Based on this comment [1], it sounds like Netflix chose not to renew. [1] http://www.slate.com/blogs/browbeat/2013/04/30/netflix_queue_to_become_netflix_list_maybe_also_many_movies_no_longer_streaming.html http://www.slate.com/blogs/browbeat/2013/04/30/netflix_queue...