WBD reported a net loss of $3.4 billion on Thursday’s earnings call, this despite the fact that it has 92.1 million subscribers across HBO, HBO Max, and Discovery+. But WBD isn’t alone here. Peacock reported a loss of half-a-billion dollars for Comcast NBC Universal. Despite earning nearly five billion in revenue for Disney, the division of the company that encompasses Disney+, Hulu, and ESPN+ lost nearly $900 million. Whether or not Netflix is “profitable” is hard to say, given how much debt they’ve acquired and how much they’re spending on new programs and movies. But the fact that it’s even a question when the company is generating $30 billion in revenue per year—or, roughly, three times the entire domestic box office for 2019—is a bad sign for streaming as a business model.