Rob Lowe: How Netflix, Hulu changed acting biz

While over-the-top streaming services have changed the way consumers receive their content, they have also fundamentally changed the acting industry, award-winning actor Rob Lowe said Thursday.

"In the old days, it used to be that [if] your show got canceled, it was a death sentence. Yesterday, 'The Mindy Project' apparently was canceled [and it's] not going to be a death sentence for them," Lowe told CNBC's "Fast Money Halftime Report."

According to multiple reports, the show's producers are in talks with Hulu to continue the now-defunct Fox show. Hulu declined to comment.

"That all happened in the course of a day. You can have a show that everyone's excited about, but maybe isn't a great fit and instead of canceling it, the network can lay it off to Netflix, like they did with the Tina Fey show."

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"Unbreakable Kimmy Schmidt," a show produced by actress Tina Fey, began streaming on Netflix on March 6.

"It's almost like a social safety net for creative people," Lowe added.

DISCLOSURE: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.