The race for direct-to-consumer video supremacy has emerged as the dominant media story of the moment. Analysts have lapped up a succession of announcements in recent months by would-be SVOD contenders, including Disney+, WarnerMedia’s HBO Max and mobile-only platform Quibi. An arms race is under way to secure the finest content and most bankable talent.

As commentators ponder how many subscriptions consumers might be willing to take on, the spotlight has turned to OTT’s early pioneers – especially in light of Netflix’s surprising drop in US subscriber numbers.