[NBCUniversal's YouTube deal](https://www.cnbc.com/2026/07/30/nbcuniversal-youtube-deal-streaming-wars.html) is being framed as the "next chapter" of streaming wars — but what nobody's talking about is the accounting nightmare hiding inside platform aggregation. When you license content to YouTube instead of owning the distribution, you've outsourced your customer relationship AND created a revenue recognition minefield.

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