For Netflix it is worse than selling at cost. They were sourcing most of their content from the companies they were putting out of business. It was unsustainable at any cost.

Until Netflix, TV production was funded by Networks paying for first run rights. The re-run/steam right were worthless unless you could get big re-run deals. So they got the rights for next to nothing and destroying the networks that paid for the content in the first place.

>That costs money to make,

I agree that high quality costs something, but anyone familiar with modern media should be aware that the relation between cost and quality is not 1 to 1.

Red Notice would be an example, and interestingly enough, an argument against the idea that consumers want high quality content. Sometimes consumers just want content that will be exactly what they think it will be, no more and no less.

I generally agree with you, though I would say now we are finding out if it's sustainable or not. Remember that for the past 2 years, TV Studios have been on lock down and the only stuff Netflix was really releasing was stuff that was nearly done before covid. Netflix has tons of cash that _they couldn't spend_, but now they can.