The holidays are supposed to be a time of good cheer, unless you work at a media company. Both old media and new media companies are feeling the strain of multi-billion-dollar investments in streaming content that are far exceeding desired profit margins, if making any profit at all. As a result, media companies are halting production of movies, cancelling series, freezing new hires, enhancing scrutiny on travel and entertainment expenses, and laying-off employees. This Insight explores the underlying reasons for these cutbacks.