The Cable TV Autopsy

For decades, cable companies were bundling's greatest champions. You paid $150/month for 200 channels but watched maybe 12. The bundle used mainstream channels to subsidize niche ones, and customers couldn't opt out. Then streaming arrived and proved people would happily pay $15 for the one channel they actually watch.

Streaming's unbundling saved consumers money — until it didn't. Now the services are rebundling: Disney+, Hulu, and ESPN+ sold as one package. Once enough people unbundle, the savings shrink the market, and providers stitch the pieces back together at a single price. The cycle repeats.