For years, entertainment company executives happily licensed classic movies and television shows to Netflix. Both sides enjoyed the spoils: Netflix received popular content like Friends and Disney’s Moana, which satisfied its ever-growing subscriber base, and it sent bags of cash back to the companies.

But about five years ago, executives realised they were “selling nuclear weapons technology” to a powerful rival, as Disney chief executive Robert Iger put it. Studios needed those same beloved movies and shows for the streaming services they were building from scratch, and fuelling Netflix’s rise was only hurting them. The content spigots were, in large part, turned off.