SWC75
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How Everyone Got Lost in Netflix’s Endless Library
Ten years after Silicon Valley remade TV, it’s become clear how the streaming revolution distorted our collective viewing habits — and sense of the culture.
"What Netflix was doing was creating a sort of flywheel, where new debt helped create new shows, and new shows brought in new subscribers, and new subscribers brought in more cash — but it needed to continue selling bonds over and over to oil the content-subscriber treadmill, to such an extent that by 2019, it had about $15 billion in long-term debt. It earned the nickname Debtflix in the business press, which wondered if all this borrowing was sustainable."