Netflix looks like it's lost its cool: It really is becoming the CBS of streaming

Wired

When Kenya Barris recently said "Netflix became CBS," he wasn't far off. "Netflix is the Kleenex of streaming, a brand so dominant it can stand for the whole of the market," says Kate Knibbs. "(It’s not 'Hulu and chill,' after all.) There are signs that this synecdochal power is waning, though. Shiny new rivals, particularly HBO Max and Disney+, have rolled out their own formidable streaming libraries. Plus, a constellation of smaller streamers have established themselves by catering to niche audiences. Film buffs have MUBI, Ovid, and Criterion; horror fans have Shudder; for anime devotees, there’s Crunchyroll and Funimation; the list goes on. As competitors multiply in the United States, they’re purloining former Netflix staples like The Office and Friends and coming out with features every bit as cinematic as Netflix awards bait like The Irishman. The original streaming giant is finally facing real competition." Financially, Netflix is still in a good place and still dominant. But as Knibbs points out, "since its debut in May 2020, HBO Max has gradually bodied Netflix where it hurts the most: by offering better shows and movies. The HBO originals back catalog is already unparalleled, plus it has been on a roll with creative, fresh shows like I May Destroy You and Hacks. The pandemic spurred parent company WarnerMedia to release its slate of theater-bound Warner Bros. movies on the platform, from Shaka King’s tense, excellent drama Judas and the Black Messiah to the upcoming, long-awaited Dune. While Netflix’s 2021 film slate is nothing to sniff at—there’s new Adam McKay and Jane Campion films coming, for example—it simply doesn’t have the juice from a studio like Warner Bros. behind it. After years secure in its position as the 'it' streaming service, Netflix has, at least temporarily, lost the quality-control crown to HBO Max." Knibbs adds; "Will Netflix get its groove back? It certainly could, perhaps by the time I Think You Should Leave’s third season makes me renew my subscription. But it also might be so big it doesn’t need the zeitgeist, anyways...I’d argue that Netflix may be inching ever closer to occupying the role that CBS did during the heyday of broadcast television—incredibly popular, and yet rarely considered even remotely adjacent to hip. And yes, of course, Paramount+ is literally the CBS of streaming services in that it is owned by CBS—but Netflix is its true spiritual successor, with a vast, entrenched audience. Relevance will be a battle fought over and over in the streaming wars, but this is still ultimately a tussle for the most eyeballs, not the most discerning ones."