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.)
Today you can instantly distribute media to the entire planet at near zero expense. If you can't make money after a decade you have only yourself or your product to blame. Also, it's not as if once something goes into the public domain all income stops either. With even a small amount of effort creators can continue to successfully package and sell their stuff to the fans even when it's avilable for free. It's worked on me several times in fact.