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Barry Diller warns FAANGs are threatening to “undermine the entertainment industry”

Media mogul says he's worried about too much concentration

Billionaire media mogul Barry Diller is the latest figure to express his worries about the rise of the FAANGs.

Speaking to Bloomberg TV, Diller said he worries that tech companies like Amazon and  Netflix are consolidating power, threatening to undermine the way the entertainment industry works.

“I’ve always thought concentration — too much concentration — is bad,” Diller said. “Television programmes and movies are turned into fuel for subscription services, rather than products in themselves.”

Diller described Amazon’s operating model as “absolutely antithetical, in a way, to what the business model of entertainment has been, which is you put on a show and people like it and the audience comes and they pay you. 

“Their business model is to sell subscriptions to Prime, and just as a subsidiary they give you good stuff on the side.”