Netflix launched Clips today (link), short-form vertical video content within its mobile app, joining Disney+ (Verts), ESPN (Verts), Peacock (Clips), Paramount+ (Clips), and CNN (Shorts). We believe the strategy behind almost all of these products, including Netflix, is dead wrong and misses the far larger opportunity in mobile vertical video content. Last November, we highlighted…
Revenue growth is hard to find in US Connectivity, and only two names in our coverage are positioned to deliver it over the next 5 years: T-Mobile and AT&T. T-Mobile has the price, the brand, the network, and the spectrum. AT&T has the only bundle worth owning, anchored by the country’s most aggressive fiber buildout…
The strength and consistency of Meta’s advertising growth illustrates how important AI has been to optimizing ad targeting following the disruptions caused by Apple’s IDFA/ATT privacy changes back in 2021. Meta continues to expand the use cases for its heavy AI investment across its core products, enabling ad buyers to generate the creative used in…
Q1 2026 earnings marks a major milestone for Roku, with the company surpassing 100 million active accounts and beginning to break out platform revenue into advertising revenue and subscription revenue (as we detailed in our March 10th lightning here). Heading into Q1 2026 earnings, we thought it would be helpful to lay out five key…
Last week, the NFL met with the FCC to showcase how its decades-long commitment to broadcast television distribution remains vibrant and relatively stable, even as the league expands reach via streaming to offset a shrinking MVPD/vMVPD ecosystem. What stood out in the NFL’s FCC presentation (link) was how irrelevant all non-sports programming is to broadcast…
Disney is refreshing its approach to earnings calls by seeking analysts’ long-term strategic questions for management to address on its upcoming earnings call, rather than taking live questions. We applaud this shift and expect it to lead to a more valuable discussion. Last month (link), we laid out three bold moves Disney’s new CEO, Josh…
Earlier today, Front Office Sports reported (link) that the NFL was finalizing an agreement with YouTube to expand to five games in the coming season, up from one game last season, adding the four games freed up by ESPN’s acquisition of the NFL Media assets earlier this year. We suspect YouTube was eager to acquire…
Nineteen editions in and this quarter delivered: a record Hall of Shame, AI mentions at an all-time high, and a Trade Desk analyst lineup that had us genuinely laughing out loud. The macro was quiet, probably for the last time. Here’s everything that mattered. We reviewed 80 calls this quarter, down one sequentially. Rivian joined…
Here are our ten key questions for Netflix management on tonight’s Q1 2026 earnings discussion (our Q4 2025 questions can be found here). 1) The $72 Billion Question. You were prepared to a write a $72 billion cash check to acquire Warner Bros. studio and HBO up until last month when you got outbid and walked…
Over the past few weeks we spent time doing autonomy field work in Texas, getting in the cars and trucks rather than just reading the announcements. Austin. Dallas. Arlington. A Giga factory. A Class 8 truck and a Permian Basin command center. A lot of miles in a lot of vehicles and one that did…
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