Even just a few years ago, many of us naively believed that streaming services would act as constantly-growing libraries of content that we could return to whenever to watch shows at will. Then, last year, Warner Bros. Discovery fired the first big shot in The Great Write-Down. Disney followed suit last month and now says there's more to come, Variety reports.
Following the removal of shows and movies like Willow, Y: The Last Man, Dollface, and the Mysterious Benedict Society, Disney is expected to incur a content impairment charge of $1.5 billion, meaning that the company can remove that much from its tax sheet. That's an impossible number to ignore--that's savings equivalent to a handful of Marvel movies. As a result, Disney is reportedly continuing to review content on both Disney+ and Hulu, and "currently anticipates additional produced content will be removed from its DTC and other platforms, largely during the remainder of its third fiscal quarter." That will likely equate to about $400 million more in impairment charges related to produced content (primarily meaning scripted television and film).
Since the early days of Netflix creating streaming content for its platform, streaming services have been growing and growing their libraries. So many people have joined streaming services, though, that growth is slowing significantly; there just aren't as many new customers as there used to be. It's about retaining existing users and bringing back others that have switched to other services.
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