The CEO of Liberty Media presented a doomsday scenario for streamers along with much of the television industry at the company’s investor day gathering of analysts. Greg Maffei blamed the impending casualties on the escalating and costly streaming wars.
The Hollywood Reporter quotes Maffei saying: “OTT will drain linear TV first, but OTT players will drain each other in a circular fire squad, in our judgment.”
“As he discussed the current streaming wars involving Hollywood and Silicon Valley, Maffei pointed to mounting challenges for the scripted video space, including a glut of original content and competitors chasing ‘illusory global growth,'” THR adds.
Said Maffei: “Our focus now is a more attractive space, where we are spending our time and dollars: audio.”
Maffei suggested the numbers make more sense in audio, where the costs of production and distribution are lower.
Meanwhile, Liberty Media Chairman John Malone touted the increasing profitability of TV sports content.
Malone is quoted saying: “Sport rights still have an enormous amount of market power, like all live entertainment. It’s unique, exclusive, timely and can still attract large audiences.”
We encourage readers to click on the link above to THR for more of the quotes in the full report.