Final answer:
The global streaming industry has internationalized and internalized through strategic partnerships, such as Netflix's alliances and content deals with media empires. Despite concerns about their impact on free speech, these conglomerates dominate global media distribution.
Step-by-step explanation:
The internationalization of the global streaming industry through partnerships and alliances is exemplified by companies like Netflix. When Netflix transitioned from its mail-order DVD service to online streaming, it embraced technology that catered to evolving customer preferences, as the population's inclination shifted towards streaming video content. This pivot was in response to the competitive landscape, which saw a surge in available substitutes such as Vudu, Amazon Prime, Hulu, and Redbox, showing that consumers had diverse tastes and preferences in the early 2010s.
However, Netflix experienced missteps by underestimating the elasticity of demand and the convenience factor of physical DVDs, offered by services like Redbox. Nevertheless, with strategic partnerships and content deals, Netflix was able to expand internationally, leveraging the existing infrastructure and content creation engines of media empires like VIACOM. This approach allowed Netflix to adapt to local tastes and navigate different regulatory environments, thus aiding in both internationalization and internalization of the streaming market.
Aligned with this strategy, media giants have faced criticism for shaping the flow of information, raising concerns about the impact on free speech and the open communication of events. Nonetheless, the ascent of a few multinational conglomerates as media empires has established a new status quo in global mass media distribution and production.