If you follow the entertainment industry, you should be well aware of the fundamental shifts afoot. On the heels of Nick Bilton’s sobering Vanity Fair article Why Hollywood as we Know it is Already Over, comes another indictment on old Hollywood. The Wall Street Journal’s Netflix: The Monster That’s Eating Hollywood (subscription required) by Joe Flint & Shalini Ramachandran reveals the rising tensions between the old and new guard of entertainment.

“Netflix is public enemy No. 1,” said Bert Salke, the head of Fox 21 Television Studios, where Ms. Flynn was a vice president, according to a Netflix legal filing.

The ongoing legal battle is just one sign of the escalating tensions between Netflix and Hollywood as the streaming-video company moves from being an upstart dabbling in original programming to a big-spending entertainment powerhouse that will produce more than 70 shows this year.

At a time when most network audiences are stagnant or in decline, Netflix continues to post impressive subscriber growth—particularly international subscribers which will soon outnumber those in the US. All of which means that when it comes to paying for new content development, Netflix can pull out the big guns.

Netflix’s spending on original and acquired programming this year is expected to be more than $6 billion, up from $5 billion last year, more than double what Time Warner Inc. ’s HBO spends and five times as much as 21st Century Fox’s FX or CBS Corp’s Showtime. It spent close to $10 million an episode on “The Crown,” a lavish period drama about a young Queen Elizabeth II.

They’ve also offered a presumed $120 million for Martin Scorsese’s The Irishman, starring De Niro, Pesci, and Pacino—double what the traditional studios had offered. They’ve paid $40 million for two upcoming Chris Rock comedy specials and supposedly $60 million for three from Dave Chapelle.

[Netflix’s] shock-and-awe spending—combined with that of Amazon and other new players—is driving up costs industrywide and creating a scarcity of people and equipment.

“You just can’t compete with someone coming in with fresh money, low overhead and a lot less baggage than you,” said Darrell Miller, an entertainment lawyer at Fox Rothschild LLP. One veteran television executive likened Netflix’s onslaught to Genghis Khan’s.

If you’re a filmmaker and wondering what all of this means to you, it’s time to start smiling. Competition among distributors will increase demand for that which they compete for—great content—which means increased demand for great stories and storytellers.

Watch the 5-minute interview with WSJ’s Shalini Ramachandran below, or if you’re a WSJ subscriber, read the full article.