Parrot Analytics’ Brandon Katz looks at why, in the race for subscribers, some streamers are just more original than others.

As traditional sources of licensed programming dry up, more middle-tier media companies are creating their own shows, whether it’s the NBA’s L.A. Clippers or Sinclair Broadcast Group. They’re seeking to fill holes caused by streaming, cord-cutting, and other shifts in the TV industry.

A look at some of the red flags on the red N’s horizon, all of which sort of flow from each other like some TV-centric set of matryoshka dolls.