Part 5/10:
However, the situation took a sharp downturn with the advent of streaming. By fundamentally undermining established revenue streams, particularly physical purchases, streaming models began to erode Hollywood's financial foundation. Many major studios, in a bid to remain competitive, hastily pivoted towards streaming, blissfully unaware of the long-term ramifications. The promise of a direct-to-consumer model seemed appealing, especially to leaders like Bob Iger of Disney, who admired Netflix's blooming success. Disney believed it could replicate that success with its content library, opting to launch Disney Plus as a direct competitor to Netflix.