From a Hacker News perspective, I wonder what this means for engineers working on HBO Max. Netflix says they’re keeping the company separate but surely you’d be looking to move them to Netflix backend infrastructure at the very least.
This is a very common narrative to this news. But coming into this news, I think the most common narrative against streaming was essentially "There is not enough consolidation." People were happy when Netflix was the streaming service, but then everyone pulled their content and have their own (Disney, Paramount, etc.)
"why should I watch TV on the fiddly computer when I can just pop a disc in?" or "why should I turn on Netflix when there's clearly stuff on cable TV?" -- that was Netflix's competition in those days. Because there was competition, they had to lower prices and improve service to win consumers.
Now, that competition is being destroyed. Rest assured, Netflix will use this market power to extract more from the consumer.