Hi Prithvi

What I meant is the idea I described in the essay, that traditionally pay TV has been multiple bundles — episodes bundled into series, series bundled into networks, networks bundled into a pay TV package, and then the package sold bundled with the underlying physical distribution. You can imagine strong and weak forms of unbundling. The strongest would be buying individual episodes. The weakest is what’s happening now: you can buy different programmers’ packages. I.e., just Disney+ or Discovery + or Paramount+ or Netflix, etc., or combine them in the virtual bundle of your choosing. So, you’re right that the strongest form of unbundling is not happening, but the bundle is being unwound to a degree.

As we saw with music and the unbundling of the album, unbundling a bloated bundle that overserves consumers’ needs reduces aggregate industry-wide revenue. But there can still be winners and losers in this environment — Netflix and Disney can still win.