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Brown tells the story of Disney's transition from Netflix's biggest content supplier to its most dangerous competitor. Disney pulled its content from Netflix, launched Disney+, and reached 100M subscribers faster than any streaming service in history.
Canon
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Brown argues Iger's decision to pull content from Netflix required courage: it meant giving up $300M+/year in guaranteed licensing revenue and spending $2B+/year on Disney+ content, with no certainty the service would succeed.
Highlights
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Disney's content library — Marvel, Star Wars, Pixar, Disney Animation, National Geographic — is the deepest moat in entertainment, and Netflix had been renting it
Brown traces how Netflix paid Disney billions to license its content library, which drove much of Netflix's growth. When Disney pulled the content in 2019 and launched Disney+, Netflix lost its most valuable content while Disney gained a direct-to-consumer channel.