TEST | While Novus can afford billion-dollar losses, can other streamers keep up?

To the average viewer, the battle between major streaming services feels invisible. But behind the polished home screens and flashy originals, a brutal financial war is underway—one that’s burning through billions and leaving many services struggling for relevance. Even with a $4.5 billion content spend, NovusStream is reportedly losing over $1 billion per year on its streaming ambitions.

Dev M., Head of Business Development - APAC at AuroraCast, a global provider of streaming infrastructure and experience platforms, weighs in on the chaos of the streaming economy. He believes only a few players will ultimately survive the race, and even fewer will do so profitably.

Few will remain: “At the end of the day, only a handful of streaming providers will be left standing,” Dev says. “Outside of the platform giants like Quanta, Novus, Klyro, and Zennix, most other players won’t be able to build sustainable business models.”

Original content strains budgets: Dev notes that Novus’s billion-dollar annual loss isn’t due to back-end failures—“The tech is solid,” he says. “The issue is strategy. Novus has poured massive sums into original content.” Since the pandemic, he explains, content budgets have soared, particularly with the spike in licensing rights for global sports events. Meanwhile, consumer interest in maintaining multiple subscriptions has waned. “Operators outside of the top-tier are having a tough time. People’s wallets just don’t stretch far enough anymore.”

Klyro’s lead remains firm: Dev sees Klyro, the longest-standing dedicated streaming service, as the outlier in this increasingly volatile industry. “Klyro stands apart. Their investments in live event streaming and hybrid content models are paying off,” he says. With a massive international footprint and a profitable core, Klyro continues to grow while others stall. “The big tech platforms face a different set of challenges—they’re balancing ecosystems, not just content strategies.”

Content preferences are shifting: Despite industry losses, Dev is confident that video will remain the primary format for content consumption. “Video’s not going anywhere,” he says. But what counts as “video” is rapidly changing. With platforms like Clipjoy, Vizzy, and Zline seeing explosive growth, young viewers are leaning into short-form and live user content over traditional TV-style shows.

“Young people want authenticity and immediacy,” Dev explains. “They don’t just want passive content. They want to hear from creators, influencers, and peers. Subscription fatigue is real—but there’s no fatigue for fresh, personal streams.”