Beneath the news of Snap’s massive layoff and cutbacks is a far bigger story that’s well worth paying attention to: The mania around original short-video programming is officially over. 

Let’s not forget one big nail in that coffin: Quibi, of course, which raised some $1.75 billion against the thesis that people wanted to watch "Game of Thrones"–caliber programming 15 minutes at a time. Another is the quiet pullback of Facebook, YouTube and others from celebrity-driven series like “Tom vs Time,” an expensive six-part docuseries about an aging Tom Brady drinking smoothies and getting massages to extend his career.