All roads lead to cable

The latest edition of The Stepback newsletter examines the evolving landscape of the entertainment industry, specifically focusing on the shift from pure streaming models back toward traditional cable-like structures. As streaming platforms struggle with profitability and user retention, many are pivoting toward FAST (Free Ad-supported Streaming TV) channels. This strategy mirrors the linear programming model that defined the cable era, effectively recreating the bundled experience that streaming was originally meant to disrupt. The analysis highlights how the industry is coming full circle, with platforms increasingly relying on ad revenue and curated content blocks to maintain engagement. By examining the history of Netflix and the current market trends, the newsletter suggests that the future of digital entertainment is becoming indistinguishable from the legacy systems it once sought to replace, signaling a significant shift in how consumers access and consume media content in the modern digital age.