经济学人下载:6500亿美元的狂欢--美国娱乐业投资热潮(3)

Amid the debris and deals the outlines of a new business model are becoming clear. It relies on broadband and devices, not cable-packages, and overwhelmingly on subscriptions, not advertising. Unlike in search or social media, no firm in television and video streaming has more than a 20% market share by revenues. The contenders include Netflix, Disney, at&t-Time Warner, Comcast and smaller upstarts. Three tech firms are active, too—YouTube (owned by Alphabet), Amazon and Apple, although their collective market share is still small. The music industry is also contested, with the biggest firm, Spotify, having a 34% market share in America.
在一片废墟和交易中，一种新商业模式的轮廓正变得越来越清晰。它依赖于宽带和设备，而不是有线电视套餐，绝大多数依赖于订阅，而不是广告。与搜索和社交媒体不同，没有一家公司在电视和视频流媒体领域的市场份额超过20%。竞争者包括Netflix、迪斯尼、美国电话电报公司-时代华纳、康卡斯特和一些小的后起之秀。三家科技公司也很活跃——youtube(由Alphabet所有)、亚马逊和苹果，尽管其市场份额仍然很小。音乐产业也面临竞争，最大的公司Spotify在美国占有34%的市场份额。

Disruption has created an economic windfall. Consider consumers, first. They have more to choose from at lower prices and can pick from a variety of streaming services that cost less than $15 each compared with $80 or more for a cable bundle. Last year 496 new shows were made, double the number in 2010. Quality has also risen, judged by the crop of Oscar and Emmy nominations for streamed shows and by the rising diversity of storytelling. Workers have done reasonably. The number of entertainment, media, arts and sports jobs in America has risen by 8% since 2008 and wages are up by a fifth. Investors, meanwhile, no longer enjoy abnormally fat profits, but those who backed the right firms have done well. A dollar invested in Viacom shares a decade ago is worth 95 cents today. For Netflix the figure is $37.
颠覆带来了经济上的意外之财。首先考虑消费者。在更低的价格下，他们有更多的选择，可以从各种各样的流媒体服务中挑选，每项服务的成本低于15美元，而有线捆绑服务的成本在80美元以上。去年共制作了496部新剧，是2010年的两倍。从奥斯卡和艾美奖的流媒体节目提名，以及叙事方式的多样性来看，电视剧的质量也有所提高。工人们做得还算合理。自2008年以来，美国的娱乐、媒体、艺术和体育行业的工作岗位增加了8%，工资也增加了五分之一。与此同时，投资者不再享有异常丰厚的利润，但那些支持正确公司的人做得很好。十年前投资维亚康姆1美元的股票现在价值95美分。Netflix的股票是37美元。