Today, on demand has usurped cable's throne. "Channels" such as Netflix, Amazon, and Hulu are now publishers as well as distributors, producing original shows in addition to serving up other publishers' media. And as the volume of these titles grows, we can see how the new format has changed the way these stories are told.
A story is an account of something that changes.
In its simplest form, that's all that it is. Some define stories as entertainment, but that merely skims the surface of why people crave, devour, and want to share them. A story is about the world or people who change around us, and the subsequent effect; whether it's through a lesson learned, a moral told, or even a cautionary warning (tragedies are usually about something or someone who needs to change, but fails).
There's a reason why works of art are called compositions. They are by definition composed, with a structure that the creator felt best represented that work.
While I doubt anyone would fault a painter who sketches out her subject beforehand, or a songwriter who includes a chorus between his stanzas, the term "formula" has a negative connotation in storytelling. All formulae have the same purpose: to ensure clarity of message. Yet for other mediums they are considered tools of the craft, while for stories they are considered unscrupulous.