. Those companies have begun attempting to turn themselves into entities that look more like Netflix in recent years with the development of global streaming services such as Disney+ and Starz. So far, investors have balked at giving traditional entertainment companies the same valuation multiple as Netflix.
Still, Hastings said it was possible for traditional media companies to compete with Netflix -- if they're willing to focus completely on streaming. He applauded Disney for while noting WarnerMedia did not put its new blockbuster "Tenet" directly on HBO Max. It remains to be seen if either company will continue to put new movies directly on streaming services after pandemic quarantines are lifted across the globe.
"All it takes is focus and commitment," said Hastings. "Let's look at Warner. They did not put 'Tenet' on the HBO Max service, but Disney did put 'Mulan' on it. So you'd say Disney's incrementally more committed to their service than Warner. So it's a matter of degree. I'm sure they have good reasons in those cases. We'll see."
Hastings also predicted traditional media companies will continue to consolidate in an effort to compete with Netflix, such as Disney's acquistion of the majority of Fox and Viacom's merger with CBS. "I think you'll also see continued combinations of the existing players, just like you saw with Fox and Disney coming together," Hastings said. "Typically you bulk up to take on the other guys."
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