You likely use at least one streaming service, such as Netflix, HBO Max, Hulu, or Disney+. At first glance, the streaming landscape appears crowded with choices. In reality, however, most major streaming platforms are controlled by a small number of powerful corporations. While platforms are consumer-facing services, the corporations behind them often operate across multiple industries, including film production, television, and technology. This concentration may soon intensify, as Netflix, the world’s largest streaming service, has announced an offer to acquire Warner Bros., the American film studio behind HBO Max. If the deal is approved, the streaming market would become even more concentrated, reinforcing its status as an oligopoly—a market structure in which a few firms dominate.
Netflix currently has more than 300 million paid subscribers across 190 countries, making it the largest streaming platform worldwide. Unlike several of its competitors, Netflix has mainly grown by producing its own original content rather than leaning on a legacy film studio or an established franchise library. For example, Amazon Prime Video operates as part of a broader membership service focused on online shopping, while Disney+ launched with extensive content from an established film company, controlling the franchises of Disney, Marvel, and Star Wars. Netflix, on the other hand, is a streaming-focused company that has never owned an established film studio.
Acquiring Warner Bros, the studio behind well-known franchises such as Harry Potter and Batman, would mark a major shift in Netflix’s business model. The acquisition would allow Netflix to vertically integrate content production, intellectual property ownership, and global distribution under a single corporate umbrella, fundamentally changing how the company competes within the industry. No other streaming service combines Netflix’s massive global subscriber base with full ownership of a major Hollywood studio, giving Netflix a level of market power unmatched by its competitors.
Still, the outcome of the deal remains uncertain. Paramount has entered the fray with a competing bid, a hostile takeover attempt. Both bids are reportedly valued in the tens of billions of dollars, highlighting the massive financial scale of the acquisition. While the Warner Bros. board has supported Netflix’s proposal, the final decision rests with shareholders and is subject to regulatory review.
If the acquisition moves forward, Netflix’s content library could expand significantly, and the availability of Warner Bros. titles across competing streaming platforms may change. Overall, the situation reflects a broader trend of consolidation within the streaming service industry—particularly Netflix’s moves to solidify its position not just as a leading service, but the industry’s dominant force.
