Having worked in the industry, less than you might think. Licensing cost generally sets a price floor. The single mindedness on maximizing revenue growth is driven by VC or stock market forces.

In the earlier days, licensing was used as a club to knock out a bunch of early competitors, but that quit being as useful once enough sets if companies with deep pockets came into the streaming industry.

This is truly one of the most Taco Bells of all time.