Streaming services like Netflix have not just changed how audiences watch TV and movies, but also what is watched (Kostovska et al., 2020). Further, streaming services have not only introduced a new cultural impact, but some content has introduced social cognitive impacts to previously protected audiences by regional jurisdictions (Wang & Parris, 2021). Government policy and regulatory systems in the audio-visual industry have been disrupted by the shift in the industry, where normative principles of localism, diversity, and quality are no longer covered by traditional cultural or media policies (Kostovska et. al, 2020). As a result, some countries in the European Union, for example, have introduced entirely new regulatory practices, as well as a Netflix "tax" to account for the digital economy that streaming services represent, recapture lost revenue from depleted traditional media sources, and regulate the decentralization impact to local society (Kostovska et. al, 2020).

As more governments start examining their audio-visual standards and introducing policies to regulate content, how do Netflix and other streaming services will adapt and adjust to prevent newer and more regional services from disrupting their hold on the market? Need an explanation with citations and references.