Netflix paid $15 billion for Paramount's back catalog access. Disney's real asset isn't Marvel—it's the vault.

This episode explains why legacy content libraries are now the most valuable assets in media. The economics: library content has zero marginal production cost, generates perpetual licensing revenue, and provides catalog depth that reduces churn.

The streaming wars are really a library acquisition war. Studios that sold their libraries in the 2010s made a catastrophic error.

The takeaway: What this means for content strategy going forward.

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