Summer 2019 is over and team LightShed has emerged from our two-month hiatus (read about our transition, here). We have had plenty of time to take a step back and reevaluate the state of the TMT world. We are excited to finally share some of our thoughts. We look at the broad TMT landscape using…
Welcome to LightShed Partners. While today is day one for our new venture (press release, link), you will find that not much has changed. Our founding team has been largely together for well over a decade. You know each of our partner’s personalities well – from Rich’s colorful “dog on a bone” persona, to Walt’s…
Technology, Media and Telecom Analysts Richard Greenfield, Walter Piecyk and Brandon Ross Join Together to Form Independent Research Firm, LightShed Partners NEW YORK, September 10, 2019 — LightShed Partners (“LightShed”), a new technology, media and telecommunications (“TMT”) independent research firm, today launches a tiered subscription research business to bring institutional investors thought-leading, thematic research analyzing…
“Rich, Walt and Brandon have always pushed to provide unique and thematic views; while we will miss having them on our platform, we are happy to be aligning with their new efforts.” NEW YORK–(BUSINESS WIRE)–BTIG has announced today that it plans to strategically partner with a new TMT venture led by Richard Greenfield, Walter Piecyk and Brandon Ross, BTIG…
Ahead of tomorrow’s Q2 2019 Netflix Earnings Interview, we wanted to lay out our top 8 questions/issues we have for management (for a look at our key questions heading into Q1 2019, see our April 16, 2019 blog, link): 1) TAM & Long-Term Pricing: When we first met Netflix, you talked about a US TAM of 60-80 million with a…
If Game of Thrones, Big Little Lies, Westworld, Veep, True Detective, Succession and Chernobyl did not get you to subscribe to HBO or HBO Now at $15/month, we are a bit skeptical that adding in Friends will suddenly make you want to sign up for HBO Max at $16-$17/month – nor will a new Gremlins…
We have been fascinated by the disruptive potential of non-profit Locast since it launched in early 2018. Locast has the potential to stymie retransmission consent fee growth, as well as to accelerate cord-cutting, as it helps consumers address the “sports hole” that exists within SVOD offerings without the need to subscribe to increasingly expensive vMVPD offerings:
The legacy media industry is so fearful of Netflix’s growing global scale and power that one company after another is reclaiming previously licensed programming and laying plans for their own direct-to-consumer streaming services (SVOD and/or AVOD). Legacy media’s hand is being forced by the realization that the bloated multichannel bundle will not hold; cord-cutting is set…
Facing mounting pressure about a mmWave focused 5G spectrum policy, the FCC announced this week that it would vote on a new order that it claims would “open up valuable mid-band spectrum” that “will advance U.S. leadership in 5G”. No, FCC Chairman, Ajit Pai wasn’t referring to C-Band spectrum. Instead, he was talking about the…
Since upgrading Snapchat to BUY in March 2019 (link), our conviction in the company’s recovery has meaningfully increased. In turn, we are increasing our financial forecasts and raising our one-year target price to $20 from $15, based on 25x projected 2022 Adjusted EBITDA, discounted back 1 1/2 years at 15%. We believe street expectations for…
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