I'm amazed that people didn't see this coming as the end game of the "cut the cord" transition... This was always where it was going to end up. Netflix proved the concept, but it ends up that having an early-mover advantage doesn't matter when you don't own your product, just the platform. But of course what people are actually paying for is the product. And it's been shown time and again that people are willing to put up with "good enough" platforms as long as it has the product they want.

It's the downside of all "content platform" plays. There's nothing stopping a new platform from taking over YouTube or Facebook or Twitter. All it takes is the actual content producers moving to a different platform and poof there it goes.