Netflix, Disney+, and Max all now have ad-supported tiers. The original streaming thesis—pure subscription, no ads, unlimited content—is dead.

The economics: subscriber growth has plateaued, price increases face resistance, and pure subscription models can't achieve the scale Wall Street demands. Ad-supported streaming is essentially a return to the broadcast television model—just with better targeting data.

The second-order implication: this changes what content gets made. Ad-supported tiers favor broad, brand-safe programming over prestige niche content.

The takeaway: The streaming revolution is quietly becoming cable 2.0.

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