资源描述：
《巴克莱-美股-有线电视和媒体q2业绩预览-2017.7-cable and media q2 2017 ott chartbook & model updates》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch14July2017CableandMediaINDUSTRYUPDATEQ22017OTTChartbook&ModelU.S.Cable&SatelliteCommunicationsUpdatesPOSITIVEUnchangedMediaConsumptionPatternShiftsAccelerating:ThepaceofgrowthofbroadbandU.S.MediaonlyhomesisacceleratingwithaproportionateimpactonpayTVhousehold
2、s.Also,NEUTRALsomenewtrendsarestartingtoemergewhichcouldresultinthepaceofdeclinesinUnchangedtelevisionviewershipacceleratingfurther.WenotethatthenumberoftelevisionsintheUSisstartingtofallwhichislikelytohaveamaterialeffectonconsumptionpatternsifForafulllistofourratings,pri
3、cetargetandsustained.Whilevideocanalsobewatchedonsmartphones,computersandtablets,aearningschangesinthisreport,pleaseseeTVhasjustonepurposeforthemostpart,premiumvideo,whileotherscreensmaketableonpage2.consumptionofpremiumvideoanactivitythatisfungiblewithotherformsofU.S.Med
4、iaentertainment.Beyondthis,thecoredemographicwhichdrivesalargeproportionofKannanVenkateshwartelevisionviewership(A50-64)isnowstartingtoseeviewershipshifttoOTTplatforms.+12125287054CableEarningsPreview:Webelievekeyfocusareasare:(1)VideoandHSDnetadds–kannan.venkateshwar@bar
5、clays.compotentiallyincreasedchurnduetopromotionbytelcos,althoughbroadlyexpectedbyBCI,USnow.Inthecomingquarters,impactfromYouTubeTVandHulucouldbemoreShelleyYangpronounced,especiallyduringFootballseasonwhenbothYouTubeTVandHulucould+12125260416+12125260416promotemoreaggress
6、ively.However,thereislikelytobealagbeforeimpactoftheseshelley.yang@barclays.comproductsisfeltacrosslegacyecosystemsduetotrialperiods(consumerscouldBCI,USsubscribetobothlegacypayTVandOTTbundlesduringthefreetrial);Charter’sDivyaunshDivatiachangeinaccountingforBHsubscouldals
7、oresultinsomevariationinexpectations;+12125269947(2)ARPU–thisislikelytobecomemoreimportantaswegointothenextcoupleofdivyaunsh.divatia@barclays.comquartersandinto2018.WithAT&TandVZ’spromotions,YouTubeandHulu’sentry,BCI,USandCharter’slaunchofaskinnybundle,videoARPUscouldseep
8、ressureinthecomingquarters.WhileComcastcouldoffsetsomeofthispressurewithwireless,webelieveweareg
