After losing over $50 billion on a series of failed forays into content production and distribution, AT&T was forced to start selling stakes in its recently acquired media assets or risk weakening its monopolistic grip on telecom and internet delivery.
COVID-19 has decimated global content pipelines by halting film production, canceling greenlit projects, and closing cinemas. However, the present disruptions have only accelerated transformations that were well underway.
Amazon Studios has relied on traditional distribution practices to foster greater collaboration with gatekeepers in Hollywood. However, after playing second fiddle to Netflix for the better part of a decade, Amazon is changing its theatrical strategy stateside.