Most content isn’t funded through a VC model though but a more traditional publishing one where you get advanced the money to make the content with a contract that lets the publisher recoup first and then take a percentage of revenue.
Netflix is a publisher in this context but only sells through its own channels so is more analogous to console manufacturers in games. Their problem is basically having a low barrier for competitors to enter and they all own more compelling first-party content.
Most VC funded companies are doing more than producing content or are opening markets. Which isn’t to say the games investment hype cycle hasn’t been very silly lately but it’s more often a bet on technology and/or a potentially emerging market.
Netflix is a publisher in this context but only sells through its own channels so is more analogous to console manufacturers in games. Their problem is basically having a low barrier for competitors to enter and they all own more compelling first-party content.
Most VC funded companies are doing more than producing content or are opening markets. Which isn’t to say the games investment hype cycle hasn’t been very silly lately but it’s more often a bet on technology and/or a potentially emerging market.