Why Wall Street Is Dumping Streaming Companies Despite Record Viewers
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- čas přidán 13. 05. 2024
- Wall Street is bearish on streaming, but data show Americans are watching and spending way more. Companies like Paramount, NBCUniversal and Warner Brothers Discovery have been dumped by Wall Street investors, as asset managers lose faith in streaming’s ability to turn a profit. But data show that Americans are doubling down on streaming - spending and watching more than ever.
I’ll explain what’s happening in the streaming world and why legacy media companies could be in trouble.
Chapters:
0:00 The streaming trend
0:45 Why Wall Street is dumping streamers
2:15 The data
3:17 Streaming service mergers
I’m Dion Rabouin, a WSJ reporter covering markets and the economy. I’ll be diving into all things finance, from the popular and well-known - like crypto and stocks - to the complex and intricate - like leveraged loans, derivatives and private equity. Subscribe to join me as I take a deep dive into what’s making money move and why it matters.
#Streaming #Netflix #DionRabouin
Well that was bound to happen when all of these streaming services started adding up more than the damn cable bill.
That brief time when everyone was licensing their shows and movies to Netflix instead of launching their own streaming services was magical.
One could "churn" by switching service (or 2nd streaming service) every month or two.
@@MakerInMotion probably that happened because they created their content for cable first and streaming was an afterthought, just few extra bucks from the same content.
...but now that the content is created for streaming, the streaming has to pay the bills.
its crazy to me i havent touched tv in 30 years now
Geez-can we just bring back “cable”? Having so many subscriptions is ridiculous.
I appreciate CZcams providing free content.There is so much quality contents on CZcams that I think is not enough for one lifetime. For this reason , I don't need any streaming service.
Probably not for thousands of lifetimes worth.
too much content
If there was 720.000 hours worth of material on any topic, that is 82 years(=30,000days).
So if you had 1000 content creators uploading 30 days worth of content. That is a lifetime worth of content.
Granted it wouldn’t be interesting to see the same game played by 1000 people. -At some point it wouldn’t really be unique.
It's not completely free. You don't have to pay a subscription, but if you don't thn you pay by watching the adverts. If it wasn't for the adverts, CZcams would have to charge a subscription to everybody.
Newsflash. Netflix is trash too. Quantity over quality. Too many garbage shows and movies.
And then canning the few good shows in favor of the trash
@@connormclernon26 I think their model says they need to keep existing subscribers while adding subscribers. So after two seasons of a hit show, how long do you continue if its viewership levels off or declines?
Newsflash. The general public doesn't care about quality.
honestly id rather see MORE quantity. they gotta stop spending $100+ million on shows. let little teams make lots of shows for less, most will be crap, some will be good, but we will likely get MORE good shows overall
@@adamh1228 Sounds good. They say that low-budget films don't do well at the theater, so why not make them for streaming?
Eventually it will all consolidate into one or two companies and we’ll be back to commercials and high cost packages
Or maybe 3, since Disney w/Hulu is currently 3rd with less than 200 million subscribers. I can't see them giving up exclusive straight-to-streaming content with the Star Wars and Marvel brands, even if they're losing money.
But the others I imagine might go to a "library" situation, where you sign up for a nominal fee just to watch old stuff the big 3 are done paying for. Or special events like the 2024 Olympics on Peacock.
The question will then become, how much are you willing to pay with commercials and how much without? And will you stream more than one company, or churn (switch) between them month-to-month.
For what you need all this shit anyway?Just trhow your TV out of your house!
You are wise.
last time I got a call from the cable company asking me to pick any ten streaming services from a tier, I said, "you may not be old enough to remember this, and I was just a kid myself.. but let me tell you how cable worked in 1984... and then you can tell me if anything has changed since then..."
A few streaming services are already including advertisements for their paid subscribers. Ridiculous.
People have realised they'd rather have DVDs.
Blueray sells are also increasing. Subscription fatigue will grow stronger and stronger.
Cable and Satellite TV could make a comeback too.
Fr I've been stocking up on bluray
@OmariRose1 Or even just plain old DVDs. Most of my collection is DVDs and not Blurays and I'm glad I own them. 😊
I literally just went to the salvation army and picked up a Blu-ray DVD player that works great for $10. Had to buy an $8 remote for it on Amazon but it's great. I've been stocking up on DVDs by going to thrift stores. And I love it.
I’ve quit watching movies & shows.
I read books. And watch/listen to CZcams lectures & interviewings.
Nerd!
I appreciate you sticking with CZcams, though!
Sounds miserable to me
Libraries are great resources! Free books, magazines, internet use, DVDs, CDs, vinyl records.
Oh and don't forget microfiche film of newspaper articles from over 100 years.
I quit cable in 1998 when I went to college. Would rent from Mom or Pop store or go to a cinema for a film.
Then I started pirating media bc it all got so expensive, streaming seemed cool when Netflix started it, now all the streamers are full of crap content I could care less about.
Back to the written word and making more art I go. Tra la la
@@Grippybananas Whatever you say, Bernard Marx😂 😂😂😂
Not a fan of monopolies. Remember when we actually enforced laws against these things?
ironic because I dumped Netflix over a year ago and I haven't missed it in the slightest.
I'm about to dump Netflix at the end of this month after not having watched a single show on it in a few months. I used to share my Netflix account and cost with a few other friends using the family plan, but since Netflix cracked down on sharing, it is no longer worth it.
I got rid of cable with the idea that I would subscribe to some streaming platform. That was more than three years ago. I find enough intersting things on CZcams that I haven't found it necessary to subscribe to any service. I have plenty of books and many favorite movies and TV shows on DVD and Blu-ray. Getting rid of cable was one of the best things I've ever done, it saves me 250.00 a month. I'm certainly not looking to start that shit up again with streaming.
We're only spending more because the rates are going up before your eyes. Is it really sustainable or fair that every month we pay $50 for internet, $70 for cable, $100 for a cell phone, *and* buy a bunch of $5-$15 streaming platforms?
That's $300-$500 a month for some families. How did media companies ever survive before this?
You never had cable before? That’s like $100
@@trappedinamerica7740 I mean... I have for the past 11 years.. it's what I'm on now and what I quoted the price from. :)
the total bill of $70+$50+fees is *way* more than $100
@@trappedinamerica7740streaming services are worse
should we donate money to those poor greedy corporations? your hace such a kind heart
@@rerikm when did I defend corporations?
Too many subscriptions, and people are finally saying enough is enough and it’s about time
Im not an anlyst but the picture its clear, at least for me. People start to understand that pay 100$ for all platforms its to expensive. So they start to shift between services back and foward attempting to save some bucks. And that shifting is the major problem for that businesses where in order to mantain a quality service they cant shift between infrastrutctures providers. Yes 3 paltfrom or less its the right spot for this market. Fragmentation can only results in massive failure across the streaming market.
But but competitive...lol nope consolidation an monopoly or bust has always been the model.
capitalism literally incentivises monopolies lol.. only way to control that is over-regulation which goes against capitalism mantra....@@thorinbane
@@thorinbane Not monopoly but oligopoly (a few businesses). I can envision 3 main streaming services providing new, exclusive content. The rest would send their stuff to those three first. Once it's old, then they would be available on their own library streaming services.
Back in the day Blockbuster would charge more for "new releases" even if they'd been out for a couple months. If you wanted something a couple years old, you were charged less. If you wanted something really old, (e.g. Alfred Hitchcock) they likely didn't have it so you had to go to the mom-and-pop store.
Sony Pictures plan is likely first the $20 rental, then Netflix for "new releases," then to Disney+/Hulu for a couple years. Probably Peacock and Paramount+ might become the "Mom-and-Pop" streaming service of old stuff the big guys don't want to pay for because the demand is low.
Just as I predicted years ago: Consolidation to 1 or 2, then become as rapacious as the cable companies.
They’ve already begun to do the cable company’s tiering-ad laced or pay more. More tiering is coming. A tier with access to series/shows for more. A new movie tier for more. Etc.
its crazy to me i havent touched tv in 30 years now for gaming and if the world was more peaceful id probably not even care about news people underestimate the appeal of stability
The end is nigh. I shared basically every streaming service among my scattered family. We all had access to it all without paying for it all individually. Then they started doing away with sharing. I was getting tired of having to Google whatever I wanted to watch just to see where it was streaming anyway (usually to find it nowhere, and then going "nowhere" to watch it). At this point I don't even bother trying to figure out where I'm supposed to watch a thing, I just go "nowhere" first.
I like how you think! More people are going back to the old way of going “nowhere” for content because these companies have lost their ever-loving minds.
The subscription model is not sustainable, especially with inflation
You mean subscriptions like cable?
netflix is still 10x cheaper than old traditional cable bills. If you just had netflix and youtube, that's 80% of all media you will ever need
The new content on streaming is terrible. The most popular shows are the “Classics”, like Seinfeld and Friends. Unprofitable growth is a cancer on any corporate structure
Im quitting all the streaming services myself you tube may be the last due to even with premium I'm stuck watching an ads incorporated in the show. So just like netflix and prime video I'm refusing to pay them to watch commercials. If I have to watch commercials the streaming should be free.
Curiosity stream and obviously some youtube, thank you Firefox for making it bearable. Prime with commercials and CZcams pushing it's terrible premium pay business that hurts smaller channels and promotes the garbage intry to stay away from. No Netflix, no Disney, if I am going to have a few commercials I watch tubi. Don't mind it compared to how obnoxious the CZcams model is without my ad blocker.
Why you thanking firefox though?
@@nuhashahmed7692 Becuase if you have firefox it has extentions that work, namley ublock origin. Get rid of LOTS of ads. Not all but the internet feels like it did 15 years ago.
What is the point of giving them a higher stock price when they will just increase the prices for consumers?
We have Netflix and to be honest, its not a must have for us - the content just isn't that compelling. We ditched Disney plus because only the kids watched it and even then, not much.
I did see that it is coming close to more streaming subscribers, maybe this year, than traditional cable though some have the same parent company.
Time to buy.
Keep doing your thing brother!
I don't even bother with watching anything anymore. Everything sucks now. All the good stuff was the old stuff.... And I've already got all that... In reserves. This industry might peak the newer generations interest, but I'm happy in my old bubble.
Get your favorite shows on Blu-ray or DVD and you’re set, don’t expect the new shows to be better than the “old ones”.
Where is Amazon prime video
Great perspective
Why, thank you, Ms. Ro.
Awesome content bro!
Succinct helpful review. Thanks!
Glad it was helpful. Thanks for watching!
I never thought streaming was a good idea for the consumer. Don't people find the constant switching of subscriptions bothersome? You have to be a TV addict to be happy to wade through all the crap offered.
Have they tried making good TV?
Thank you for the insight! lol i kinda predicted that streaming companies would potentially merge but we'll see. It's cable all over again which I don't blame em!
I can't see them merging in the traditional sense of Universal and Paramount combining as companies or even into one jointly-run streaming service. I think it will reduce to the top 3 that continues making exclusive content while paying for shows and movies from the other guys for a limited time (year or two).
The rules of profit in television haven't changed in 80 years, you make money from syndication and advertising, not by owning the network. Expecting profit from streaming is like calling a toll road passive income; it generates revenue, but its maintenance is extremely expensive.
The rules have changed for television; that's why there were strikes in 2023- duh. People weren't getting money for programs in syndication anymore; they go to streaming instead which didn't pay.
Next I can't see maintaining a streaming service as particularly expensive. It's the "exclusive content" that's killing them. You pay $100 M for a Marvel streaming show and wonder, how much of your subscriber revenue paid for that? Max (HBO-Discovery) has finally figured that out and wants to seriously reduce spending on "exclusive" content that wasn't first shown on Discovery or HBO, as well as make money from the other streaming services by licensing their WB movies.
Wait, you are that voice? I honestly would never have guessed! I normally just listen to WSJ videos and never watch them.
Customers should get the channels and content we want -- not pay for blocks of 20 to 50 mediocre channels. That's been possible for over 15 years. Until this inequity is fixed, customer churn will continue.
What about a meta streaming service that allows you to sample shows from multiple services for one low fee?
The failure of some of the streaming services may have to do with a failed vision/expectations, bad marketing, and turning off consumers. HBO, for example, it was prividing movies for free, such as Dune Part 1, on their service. Movies were going straight to streaming instead of going to the theater. This was a bad idea. Disney +, it could have been successful just marketing its catalog it already has, just marketing Disney. It has kept making shows that turn off consumers, and kill its Intellectual Properties. It is bad marketing. Paramount wasn't far behind Disney on that front.
Streaming is not entertainment
They can do whatever they want,I am 100% certain I have never and will never pay for any of these "services".
123movies 😂
Pirate? Or use family's and/or friends' plan? Or don't watch streaming at all? I don't think it's the 2nd or you wouldn't be 100% certain.
Like some others here, I have Amazon Prime and CZcams, and I read books. Once in a blue moon I go watch a movie at the theater, as well.
There's a limit to how much you can make through subscriptions and advertising, and many, in fact most, consumers have pretty limited budgets for entertainment and to a lesser degree _education._ People only have so much _time_ and money to watch, listen, or read during the day.
The problems mentioned above point to the limits of the Internet in general as a distribution and advertising channel.
My guess is any channel or Internet outlet will see considerable advantage to making content easier to access and use, especially for more _mature_ people. Many of us aren't as tech savvy as we should be, or _would like to be._ There's an educational opportunity here, as well.
I am hoping Paramount Global survives as a total entity. We just got the Star Trek band back together when Viacom re-merged with Paramount. Paramount+ benefits from that unity.
You’re kinda ignoring issues with content here… Netflix & Tubi might survive as libraries for the older shows that people actually watch. Others not so much.
The problem with streaming is the business model. Too many times there have have been movies/shows I wanted to see but the only way to see it was to subscribe to the only streaming service in which that content was on. Hey, wanna buy a loaf of bread? Great, but you can only buy it at this one store. And you have to pay the store a monthly fee in order to get in the door.
I see what you did with the “Walk down Wall Street”!
Great video!
I LOVE when people find the Easter eggs!!!!!
We need investors to invest in needs - not just wants. Nominal growth make money, but does not make value outside of itself anymore. Why do we allow this…?
Streaming is horrible….especially for musicians……haven’t bought an album or dvd in over 20 yrs……it’s seems like it’s all disposable….doesnt hold any sentimental or any value at all
Cuz CZcams 😎
10000000% more entertainment to find and enjoy.
you forgot to say "not financial advice"
streaming is a financial black hole for these production companies. they spend millions on all these shows and the only way they can make money off em is to pray that the shows are good enuff to draw in and retain new subs. which most of the time are not. and the producers like wb or disney are stuck w unprofitable shows because they keep em exclusively to their platforms and thus can't sell em around to make syndication money.
Streaming sucks. I never liked cable, but at least I only have one bill with cable.
I'd be skeptical if a Paramount/WBD merger could get done with the Biden Administrations anti-merger policies. That's a good thing, btw
Viewers don't equal profits..
Everyone wants their own service but provide no good content
full circle.
If I had to guess its going to be HBO, Netflix, Hulu, then maybe a niche market streamer or two.
Thank you to our host for this research and presentation using graphics
Thank you for watching.
Blue graph on a black background!??
Thanks for the video. This popularly stated narrative is a half-baked false reasoning to condone forming monopolies. Warner Brother could much more easily get an exclusive licensing deal for Paramount's streaming content instead buying Paramount outright to form another overly powerful monopolistic corporation.
I don’t think WBD acquiring Paramount is a good idea. Too much debt on both companies already. But I like the idea of them creating content for other platforms and just being a studio again. Maybe seeking out fresh IP for content creation too would be a way forward. Having seen Skydance and Sony taking a sniff at Paramount also shows that there is more than a little bit of interest in Paramount.
The only way the number of competitors shrinks in the future will be from regulations. The amount of internet providers is more likely to shrink in the future. I only have 2 companies providing fiber in my area.
Streaming was always meant to save you money. But now it's adding up to be more than cable.
Streaming services worked when there was just two. Lol Netflix. Hulu.
This dude looks like if Magnitude from Community graduated, got his life together, and went to business school
The reason why you have this issue is that they have been betting on sales and rentals of movies.
When you do the math between bigroom theaters costs vs home rentals, you can see the cost is 5 to 15X more expensive to do theaters.
Yes, people lose that movie-going experience, but not by much when many have theater-level set-ups and sometimes with 5 to 20 people depending on event.
Take all of that and add competition and the willingness to wait for it to just stream per subscription and you get resistance to buying or renting movies.
That is a serious problem too: "wait for it to stream" mentality. Back in the day it was "Wait for it to come out on home video." The example I use is _Austin Powers_ was in the theater at the beginning of May, then a new video rental in mid-October or 5+ months. It's odd that people can pay $20 to watch a movie that's still in theaters. But going to no-additional-charge streaming is probably a lot less than 5 months. In order to increase theater revenue, studios have to both individually and collectively delay the time between theater release and streaming.
amazon RUINED prime video with ads. They turned prime into freevee. Ads every 5 minutes. I stopped watching, it is so bad. 2024 is the year of price gouging.
This guy is certainly getting paid by Streaming companies to point this out. Nice try. Already sold mine with decent profits before falling
Apparently you are not aware streaming services are tanking bud !! Even Hollywood is freaked out !
C'mon how many of you are sailing the high seas...fess up!
I’m literally going back to cable soon 😅
😂
"Few dozen others", I dont think there are literally 36 streaming service options
DirecTV Stream
CZcams TV
Fubo
Philo
Hulu + Live TV
Sling TV
LG Channel Plus
NBC News Now
Spectrum TV
Pluto.tv
Xumo
KlowdTV
Frndly TV
Vidgo
Max
AMC+
Lifetime Movie Club
Paramount+
History Vault
Peacock
Disney+
Disney+ Star
Showtime
Hallmark Movies Now
Starz
MGM+
Netflix
Hulu
Crackle
Popcornflix
Vudu
Discovery+
Fearless.li
Vimeo
PantaFlix
Volta
Roku
Damn you really showed him 😂
@@DionRabouinWSJ damn, I got pwned
the us government needs to break up the IP from the streaming. I already wrote my representatives. the spotify/Apple Music model
What do u mean?
@@nickjones3860 NBC own the streaming platform AND the rights to "the office" and other tv shows. We need to separate the streamers from the content creators. The content creators can license to the highest bidder, or anybody that pays the price to license. Streamers bid and try to host as much content. it makes the streamers more competitive and less monopolistic. If NBC has a streaming platform, why would they let Netflix host NBC shows? They don't. That's why we have a dozen streaming platforms. nobody that owns IP wants to share with others. That is why we need to break them up. Imagine streaming music and every record company had their own streaming service. A streaming platform the the Beatles, and another for Taylor Swift. We don't have that because the companies that stream music and the companies that license music are separated. We need the government to intervene and separate the streaming platforms from the IP owners.
This analysis doesn’t even mention the content side of the streaming platform losses, and there is no discussion of the rapid rise in the costs of all the platform subscriptions.The Netflix exceptionalism is not explained. We are just told investors like them. It’s like the WSJ lives in a world without real double digit inflation, horrifying corporate mismanagement and growing chaos in Hollywood after multiple strikes and massive ongoing layoffs.
You're criticizing a 4-minute video for not being a 15-minute video.
@@DionRabouinWSJ Should've made a 15min video then
@@DionRabouinWSJ I appreciate how long it takes to make and edit a decent CZcams short. You’re attempting to introduce someone to a very complex problem with economic, corporate management, and cultural dimensions. I think you need a minimum of ~10 minutes to give people a basic high level overview of why the streaming services haven’t worked out like the received wisdom of 2020 predicted. WSJ is not the only ones addressing this subject on CZcams so the bar is not low. Significant wealth is in the process of being destroyed so the topic is worth the trouble.
Netflix is number one with over 200 million subscribers. Amazon Prime is under 200 million, assuming their numbers aren't just people who want free shipping. Disney+ and Hulu together have under 200 million subscribers, just below Prime. But Disney is spending a lot of money on exclusive content just to be number 3. There are ratings in the form of minutes viewed for streaming shows and movies, so one can see that people are watching Netflix shows.
As to length of time, maybe one could start with a 4+ minute video, then for more information direct them to that 15-minute video. I don't want to jump into an hour-long video on a subject until I've seen a 15-minute video previously. This one is backwards to me. I've been watching longer videos that include the streaming "wars," but thought I'd watch a shorter video to see what I agree and disagree with and whether there's new information.
@@DionRabouinWSJ
Your 4 minute video is fine. Please don't drag out every 4 minute subject into a boring 15 minute video. Just ignore these nerds commenting here asking for a much longer vid. Fools. If anything, I wish you had trimmed this 4.5 min vid down a bit more. I like your strategy of making good quality 3 to 5 minute vids. I think a lot of people don't want to watch 15-60 minute vids on CZcams.
CZcams has a huge audience and budget. I think CZcams could purchase an entire library of content, from someone like Peacock.
Then have all the content on CZcams, present it like a new type of content. We already have Shorts, why not Episodes?
But i think the key difference would be profit-model. Rather than Netflix and Spotify which has a cap for profits. You get $6.99-20.00 per month regardless of how much consumers use. Instead have more advertising, which can grow profits without a cap. Personally, i would watch a high quality tv show on CZcams and be fine with like 3 ads for preroll and a few adverts, like on traditional television.
Additionally, CZcams could also give a boost in adsense to Content Creators who make content on those tv shows. Video essays, reviews and reactions, etc. i feel like high quality fandom, can bring a lot of extra audience members in and also encourage discovery long after a tv show is off the air.
Netflix tends to underadvertise, dump the whole season and leave shows that under perform. Many broadcast tv shows got bigger audiences over time. Breaking Bad is a great example.
What do
You think?
Didn’t mention Disney+….. 😂
Comcast has been getting hit because of their legacy cable business
Definitely. And because their streaming service lost $825 million.
You think it’s bad now. Wait what happens in a year or two.
look at Uber it started out being cheaper than a cab us much as 3x to 4x cheaper than buying a cab. fast forward to 2024 they got all these tiers where if you choose the basic option you got to wait a few freakin hours to get any where then like free to play gaming theres all these micro transactions to pay and the uber eats thing is even worse as they turned into a lootbox scheme too to order your food. Like they really just copy and pasted from free to play gamings playbook. Air bnb good idea at first. any one greedy sees this and they game the system and drains the fk out of what it was original intention. it blows the horses scrotum. all this greed.
All they need to do is have a conference and talk about AI and they'll get hot again.
Nice young lad, but his tie needs to be shorter. All the best!
this is youtube/tiktok eating everyone's lunch, genz doesn't watch television
the law of big 3. Bi g 3 phone networks the n cellular net works. big 3 auto makers history repeats itself. There's the big 3 rule you can find it fast food genres. and other food conglemerates, in oil industry. etc. nad in tech its more like two for mobile devices, but yet agin for commercial operating systems it's really 3. ios, android os and windows os. eventually they always either die and burn or join together to become a juggernaut. or a megazord like corporate version of Power Rangers. lol
Shirt is too tight at places.
What's going on with this guy's tie?
Squared up
Paramount actually has solid programming, if only they would overhaul their dogshit app so it doesn't constantly freeze up or crash. Or look terrible.
This is a complaint about Paramount that analysts have shared as well.
Their app is clearly underdeveloped. I wouldn’t be surprised if it’s the result of some exec giving a team of developers 1 week to shovel out barely functional garbage.
As someone in tech myself, it’s obvious very little time and effort was put into the design, especially their search engine and layout.
Legislation concerning price, password sharing and other consumer issues is coming.... along with more transparency regarding actual views and above-the-line residuals. It's tricky and investors don't see a return for a while down the road.
lol congress can’t pass anything but a raise
Great video i cant get past your ill fitting collar, and the worst tie ive ever seen tied. Please learn how to tie a half windsor, and do up your top button. Its distracting
Do I rememebr Quibi? AH Yes, it died in a Quibi.
This is great stuff.
youtube is 👑
Ahoy!
Ahoy hoy!
They keep splitting up , at this point it's so INCONVENIENT, im going back to downloading videos.
I don't want ten different streaming services!!
I don't want your TERRIBLE user interface and I don't want to be spied on.
Roku locking MY TV till I agreed to a Eula was the last straw!!
If CZcams was spun off of Google/Alphabet it would completely dominate the industry
it does not matter how many subscribers you have if you are not making a profit. the problem is that they spoiled subscribers with no ads so no that they realize the subscription is not enough they are going to have a hard time convincing them to pay and watch ads.
Nobody wants another Disney. The bigger they are the more they drop the ball
As a long term Paramount Global investor, Shari Redstone is a very bad for the share price! Her father always had high dividends and high stock price for investors!
3 MONTH STOCK PRICE HISTORY IS TOO SHORT TO BE MEANINGFUL--become better informed
y’all so tech savvy but can’t figure out how to watch things free
Wall Street is the worst thing that has happened to this world
Except, there are not a "few dozen others".
The answer is that these streamers have forgotten their audience and have becoome political activists
Garbage