Recently several streaming services have shut down because of money issues. These services had relied on investors to pay the bills, but in 2024 that money is running out. This is leaving many smaller streaming services without major backers like Disney or NBCUniversal wondering how they will become profitable or find new investors.
In 2023, Peacock lost $2.75 billion and is expected to continue to lose money in 2024. Paramount+ lost $1.6 billion in 2023. Thankfully both companies have major backers helping to cover the costs.
Live TV services are also struggling to become profitable. Fubo, which launched in 2015, has yet to become profitable. To give it more time Fubo recently swapped debt it had to repay soon for debt it had years until it needed to pay back. Fubo has slowly been improving its profitability, but for now they have yet to make a profit since launching 9 years ago.
Only a few streaming services are profitable right now. One of the profitable streaming services in 2024 is Netflix. Most streaming services can only dream of the profits Netflix is making.
In the early days of streaming investors spent billions on different services in hopes one would help get them in on what was seen as the future of TV. Investors started pulling back in 2022, but in 2024 Cord Cutters News has been told increasingly to become more careful about investing in streaming services.
Add in the drop in ad revenue and now many streaming services are also being impacted by lower revenue than expected.
Because investors are becoming more careful about how they spend their money this has left multiple smaller streaming services scrambling to find ways to become profitable before their money runs out. Now the question is how to do that, which is something many have been unable to figure out.
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