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When a major exclusive drops—say, the finale of Succession on HBO Max (now Max) or the release of a Taylor Swift concert film on Disney+—it creates a temporary monoculture. Because the content is locked behind a specific paywall, the discussion becomes a shared secret. Social media explodes with spoiler warnings. News cycles are dominated by Easter eggs.

We are currently witnessing the rise of "subscription fatigue." The average American household now pays for four separate streaming services. When WandaVision is on Disney+, Ted Lasso is on Apple TV+, Reacher is on Amazon Prime, and The Last of Us is on Max, the consumer is forced to manage a complex portfolio of entertainment entitlements. xxxbpxxxbp exclusive

Just as cable bundled channels, streaming services are now bundling each other. Verizon offers Netflix and Max together. Disney is bundling Disney+, Hulu, and ESPN+. Amazon Prime allows you to subscribe to Paramount+ and AMC+ as "Channels." We are watching the fragmentation consolidate into micro-conglomerates. When a major exclusive drops—say, the finale of