When Paramount reports Q4 2023 tonight, we expect management to be excited about the success of recent live events on CBS including Super Bowl LVIII, NFL Playoffs and Grammys, on top of the recent performance of their movie One Love. But these are distractions from the far larger issues that have the entire company’s employee…
Disney and Charter Established Streaming in the Liner Bundle Back in September, Disney and Charter reached a landmark affiliation agreement that enabled Charter Spectrum Select tier subscribers to access the ad-supported tier of Disney+ at no additional charge (in the process, Disney agreed to allow Charter to drop several of Disney’s smaller linear TV networks…
Over the past few years, Warner Bros. Discovery shares have fallen dramatically as management lowered 2023 earnings guidance projections several times, despite the help of dramatic cost-cutting efforts and an aggressive shift to licensing content to third-parties such as Netflix (versus keeping all their content for their own vertically-integrated streaming service, Max). Below is a…
We downgraded Iridium to Neutral from Buy on the slower growth outlook. We do not assign price targets to Neutral rated stocks. Iridium offers a less compelling narrative with top-line service revenue growth of 5% at the midpoint versus our baseline estimate of 8% growth. If we adjusted their growth outlook for an accounting change on…
The #1 multiple choice question we keep getting from investors and industry executives is whether the new sports bundle from Disney/ESPN, Fox and Warner Bros. Discovery, what we dubbed the “Winners’ Bundle” last week (link), will: There are plenty of sports fans that have cut the cord (MVPD/vMVPD) who are looking to access broadcast and…
Interactive experiences are a crucial part of media’s present and especially future. While the video game industry growth has flatlined since the end of Covid, younger demos are active in games and quietly spending more and more time hanging out in “metaverse” experiences. That is evident simply looking at Roblox results, with that company continuing…
Yesterday evening Disney’s ESPN, FOX and Warner Bros. Discovery announced (link) a new joint venture to launch a sports-focused vMVPD in fall 2024, that we will call the “Winners’ Bundle” until an official name is released. The joint venture will be 1/3 owned by the three partners, enabling the same creative financial engineering that was a…
Our excitement for Snap last April was a bit early (link), as the company’s recovery did not begin to materialize until well into the second half of 2023. Snap has made remarkable progress in the past 10 months improving advertising measurement and targeting, expanding their partnership with creators and reprioritizing revenue growth (versus growing DAUs in…
Broadband subs are declining and ARPU is waning. And, while Charter management acknowledges the competitive issues, they continue to believe fixed wireless competition is “temporary” and fiber overbuilds will be “rational”. We are not convinced. It is true that T-Mobile and Verizon will add fewer home broadband subs in 2024, but they aren’t going away.…
The iPhone still represents over half of Apple’s revenue. There are reasonable questions on what growth, if any, this dominant product offers going forward. Apple bulls have again turned their eyes to Services revenue as the supporting growth engine for the company. But given its relative size, we examine how fast Services needs to grow…
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