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Churn risk. With no theatrical windows or long-term IP lock-in, Netflix must constantly feed the algorithm with fresh tentpoles.

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Founded in 1923, Warner Bros. became a powerhouse by releasing The Jazz Singer (1927), the first major "talkie." Today, their production slate is anchored by (including The Batman , Joker , and the upcoming Superman: Legacy ) and the Wizarding World ( Fantastic Beasts ). Their most enduring production? Friends (1994-2004), which, decades later, remains a streaming juggernaut. Churn risk