TV’s Streaming Bubble Has Burst, Writers Are Striking, and “Everybody Is Freaking Out”

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TV’s Streaming Bubble Has Burst, Writers Are Striking, and “Everybody Is Freaking Out”
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“I’m worried about that pipeline,” says a former studio executive. “You get to a ‘White Lotus’ because HBO nurtured Mike White and ‘Enlightened.’ You get to an ‘Everything Everywhere All at Once’ because A24 nurtured the Daniels.”

of streaming didn’t always reward the people who actually mined the gold. Back in 2017, around the time thatemerged as a global hit for Hulu and became the first streaming show ever to win the top drama Emmy, one of its writers, John Herrera, was working a second job. The good news was that he still heard some solid gossip from Hollywood insiders. Orto be more accurate: They were talking to each other in the back of his Lyft.

To be fair, everybody is learning to curb their enthusiasm. “Wall Street changed the rules of the game,” says Marc Guggenheim, a veteran showrunner. Instead of chasing subscriber growth with great content, streamers are now directed to focus on profitability. “Overnight, all the streamers will suddenly be measured by a completely different yardstick that they weren’t built to meet.

The financial pressure on streamers has caused a parade of panic. “Everyone in the industry is freaking out, because things are getting cut left and right,” says a former studio executive. “What’s being cut big-time is development. And that’s where most of this town is.How often have you heard that?” It takes time and care to bring truly original shows into the world.

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