Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Lionel Bonaventure/AFP/Getty Images

Steven Spielberg made waves this week when he suggested a rules change that would disqualify movies from Oscars consideration that debut on streaming services or only appear in a short theatrical window. He argued they should be eligible for Emmy Awards instead.

Why it matters: Members of the creative community pushed back, arguing that Spielberg was attempting to preserve the old guard. Netflix tweeted in response that it gives people better access to movies and gives filmmakers more opportunities. Its film "Roma" received 3 Oscars this year, but was passed up for "Best Picture."

Between the lines: The tension between the theater industry and Netflix has been intense, as Netflix needs to play nice with theaters, even if its product competes with them.

Expand chart
Data: Motion Picture Association of America and Macrotrends; Chart: Naema Ahmed/Axios

The big picture: It's not just theaters Netflix is battling against, but the entire Big Media establishment.

Driving the news: Matthew Ball, former head of strategy at Amazon Studios, is out with a new post Tuesday that explains why it'll take years for traditional media companies to produce service that will be truly competitive to Netflix in the OTT (over-the-top) streaming video space.

What he's saying: 2019 is supposed to be the year Big Media comes after Netflix, but it isn't. And 2020 won't really be either.

  • Disney+ will inevitably steal watch time from Netflix, but it will be years until it's a threat and is unlikely to ever steal subscribers.
  • WarnerMedia is stuck in licensing agreements that will limit its appeal. Its real offering won't launch until H2 2020, and it seems unlikely to make the big decisions (like taking Friends off Netflix) needed to win. And even then, it will only affect Netflix in only select markets.
  • NBC's ad-supported streaming service will compete with Netflix globally, but ad-supported content tied to the pay-TV ecosystem will make it hard for the service to compete meaningfully with Netflix for consumer time spent. 
  • Hulu is Netflix's fastest-growing competitor, but its library of content is expected to shrink as its owners (NBCUniversal, WarnerMedia) invest in their own services. In addition, Hulu is far from being able to replicate its U.S. library of network content internationally, and it will take 1–2 years to deploy Disney-Fox IP for their originals.
  • Apple and Amazon aren't technically "Big Media," but neither will knock Netflix off its throne. Apple won't spend rigorously enough to seriously compete with Netflix. Instead, it will eat growth from other new streaming entrants. Amazon's Prime Video, like Hulu, hasn't slowed Netflix's momentum, even after years of competing in the market.

The bottom line: Ball argues that Netflix will experience setbacks, like losing library content to Disney and other networks as they pull their titles. But because of its massive user base, it can justify paying enormous amounts of money for content, so it won’t even lose all of its licensed titles in the short-term. Overall, its "licensed content crisis" is overhyped.

Go deeper

Drought, record heat wave in West tied to climate change

People on Folsom Lake in Granite Bay, California, U.S., June 16, 2021. Photo: David Paul Morris/Bloomberg via Getty Images

The prolonged and widespread heat wave in the West, along with the region's increasingly severe drought, is a sign of how climate change has already tilted the odds in favor of such extremes, studies show.

Why it matters: The rapidly growing Southwest, in particular, is also the nation's fastest-warming region. The combination of heat and drought could lead to a repeat, or even eclipse, the severity of 2020's wildfire season in California and other states.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

What to watch as infrastructure talks heat up

Illustration: Annelise Capossela/Axios

A mix of Beltway action and extreme weather events have brought the fault lines in infrastructure talks and their planetary stakes into sharper focus.

Catch up fast: Senate Democratic leaders pledged to seek big climate measures in a multitrillion-dollar, Democrats-only package that faces a very narrow political path.

Kendall Baker, author of Sports
4 hours ago - Sports

The sports stock market

Note: Michael Jordan's card is for baseball; Data: Alt; Table: Andrew Witherspoon/Axios

Shohei Ohtani's trading card value has risen 781% since the start of 2021, the highest year-to-date return of any athlete on Alt, a sports card exchange that aims to bring more liquidity to alternative assets.

Why it matters: The trading card market is the closest thing we have to a stock market for sports.