In early 2013, Netflix’s Chief Content Officer, Ted Sarandos, gave the following quote in a GQ interview: “The goal is to become HBO faster than HBO can become us” By the end of 2013, HBO and Netflix had similar subscriber bases in the US, 30 mm HBO and 33 mm Netflix, with HBO’s revenues slightly higher…
Revenue and EBITDA generally in line. Margins 20bps better, delivering slight upside to EBITDA, which was $3.9 million above consensus.
2019 guidance range is below consensus for both revenue and EBITDA 6 days after the CEO announced his retirement. The deferred revenue that is now getting amortized over a longer period is non-cash. Our peers should not even be including this in the EBITDA they use to value the company, in the first place. This…
Tower leasing revenue growth of 13.9% was a deceleration from 21.2% growth last quarter and was below our +16.6% growth estimate.
We increased our price target of SoftBank’s ADR to $60 from $50 primarily because of increased target valuations for ARM and SoftBank’s domestic telecom business. SoftBank’s new $5.5 billion share repurchase plan has excited investors, but the company is approaching an even larger potential catalyst within the next 30-45 days as US regulators conclude their…
As we draw closer to a regulatory decision on T-Mobile’s proposed acquisition of Sprint, we are increasingly indifferent about the outcome for T-Mobile shareholders. Sprint’s churn is on the rise and their market share of customer decisions is declining for both post-paid and pre-paid. This has a negative impact on what we were expecting T-Mobile…
We expect Live Nation to report its second consecutive year of mid-teens AOI growth (ex-1x events) when it reports earnings on Thursday. It is the same story for LYV, which continues to leverage its scale and vertical integration to take share in the growing experience economy. While growth has been steady, there have been seemingly…
Adjusted AFFO/Share of $2.33, which excludes pre-paid rent, topped our $2.24 estimate likely on the impact from the Tata settlement.
The vast majority of Snapchat ads are now sold programmatically (over 85%), which has clearly led to a drop in advertiser quality. We have been taking screenshots of the sponsored stories we see within Snapchat’s Discover section our team has seen over the past week. We have embedded a two minute video to the right that showcases…
Releasing movies direct to a streaming service such as Netflix or Amazon or with a short theatrical window (one month or less) is in the very early days, as we explained in our February 20th blog (link). Legacy media companies can try to protect the sequential release pattern of releasing movies in theaters, then home…
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