Source: Evan Shapiro: Media War & Peace
The collapse of streamer acquisition deals has eviscerated the mid-budget indie film market, which once found reliable buyers in Netflix, Amazon, and Apple. Without these platforms absorbing 30-50% of production slates annually, filmmakers are reverting to fragmented financing—equity crowdfunding, pre-sales to foreign territories, and direct fan investment—which is slower, riskier, and fragments creative control across multiple stakeholders. This structural break squeezes individual projects and shifts which stories get made, favoring tent-pole franchises or ultra-low-budget content platforms can distribute cheaply and narrowing the middle class of cinema.