The media and entertainment industry is witnessing major shifts as companies double down on streaming, live events, and global expansion strategies. ESPN has lost about 35 million subscribers over the last decade, prompting Chairman Jimmy Pitaro to outline plans to win them back. Paramount has committed $7.7 billion to secure exclusive UFC rights, outbidding Netflix and signalling aggressive investment. Meanwhile, “Yellowstone” creator Taylor Sheridan is partnering with billionaire Ross Perot Jr. to launch a film studio in Texas. On the cultural front, Taylor Swift announced a new album on her boyfriend’s podcast, while Paramount has unexpectedly become a meme stock.
YouTube Eyes Oscars as Netflix Dominates Streaming Blockbusters
One of the biggest surprises is YouTube’s interest in acquiring broadcast rights to the Oscars. Traditionally aired on Disney’s ABC, the Academy Awards are being courted by multiple players including NBCUniversal, Netflix, Amazon, and CBS. YouTube’s bid, following its acquisition of NFL Sunday Ticket and other live events, signals its ambition to transform its image from piracy hub to mainstream live-event destination. While ABC retains broadcast rights until 2028, the bidding war highlights the growing convergence of streaming, live programming, and Hollywood’s most prestigious event.
Netflix continues to dominate streaming with blockbuster films. Happy Gilmore 2 achieved the biggest opening weekend for a streaming movie with 2.9 billion minutes watched in the U.S., translating to 24 million viewers. Alongside KPop Demon Hunters, now on track to become the most-watched Netflix original, the platform rivalled output from Disney, Warner Bros., and Universal. Despite debates about cultural relevance, Netflix is proving its strength in producing summer hits.
Korean Content Leads as Paramount Rebuilds and Spotify Expands into Video
At Paramount, new CEO David Ellison is reshaping the company by investing in bold deals while planning cost cuts. Alongside renewing South Park for $1.25 billion and recruiting talent from Netflix, Ellison intends to trim linear TV programming, sell non-core assets, and cut jobs to streamline operations.
Elsewhere, Spotify struck a deal with publisher Kobalt to introduce premium music videos in the U.S., signalling another push into video. South Korea continues to dominate regional entertainment exports, with 88% of domestic streaming viewership coming from local content, while the U.S. lags at 8%. Across the industry, consolidation, global competition, and digital pivots are defining the future of entertainment.
Summary:
The media industry is undergoing rapid transformation as ESPN battles subscriber losses, Paramount invests $7.7 billion in UFC while restructuring under David Ellison, and YouTube eyes Oscars rights. Netflix dominates streaming with record blockbusters, Spotify expands into music videos, and South Korea leads global content exports, shaping entertainment’s competitive future.
