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Thanks to a first-mover advantage and the enormous size of the U.S. audience, American TV networks and Hollywood studios were able to recoup the investment they laid out for film and TV programs domestically, meaning that any money they made in international markets was pure profit. This allowed them to engage in predatory pricing, rolling out programming in foreign markets at cut rates that kneecapped other countries' domestic film and television industries. 🧵 2/12