Welcome back to What I’m Hearing+, my new weekly column on the streaming industry and the analytics behind it all. Early Emmys ratings are starting to roll in—5.92 million, according to Nielsen, marking a 25 percent drop compared to last year and a 42 percent drop compared to 2018, when SNL’s Colin Jost and Michael Che hosted the awards show on a Monday. Yikes! We’ll see if NBC comes out with any numbers from the Peacock stream. Meanwhile, I’ll be in Chicago for the next week and have some free time if any readers want to meet up and trade stories.

In tonight’s email: Richard Plepler, Kara Swisher, John Lasseter, Ted Sarandos, and Bobs Iger and Chapek.

But first…

1. HBO’s Emmy dominance: The most thanked person in the room last night wasn’t God; it was Casey Bloys. HBO took home 12 of the night’s big awards—three times as many as the next winner (Apple and Disney) and four times as many as Netflix. It’s not all bad news for Netflix and Ted Sarandos, of course. Although HBO picked up the most trophies, Squid Game was...

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At first blush, these numbers seem pretty extraordinary. That 25 million figure represented 2.5x the number of viewers that tuned in for HBO’s House of the Dragon premiere, according to HBO’s own self-reported ratings boast just two weeks earlier. Streaming isn’t zero sum, but the comparisons were irresistible, and incredibly favorable for Amazon: In the great game of shows, Rings of Power was all but appointed the victor...