Analysis: Warner Bros Discovery's Zaslav takes over as streaming bubble bursts

Nearly two years after AT&T Inc's WarnerMedia division launched its HBO Max streaming service in May 2020 to challenge market-leader Netflix, Wall Street has grown skeptical of streaming’s long-term prospects, citing the significant and ongoing investments in new content and an uncertain future for even market leaders like Netflix. The reassessment came in January, as the world's largest streaming service forecast modest growth for its first quarter.

“Streaming is an incredibly capital-intensive business. HBO Max has a huge head start in terms of brand, library, and creative abilities. But it’s competitive, so how do you stand out from the competitive crowd?” media analyst Michael Nathanson told Reuters. “How do you make sure you don’t under-invest in linear, in favor of digital?”

Warner Bros Discovery’s chief executive also is stepping into a minefield left by his predecessor, WarnerMedia CEO Jason Kilar, who angered Hollywood’s creative community when the film studio announced it would release its 2021 movies on HBO Max and in theaters on the same day.

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