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《巴克莱-美股-互联网和媒体行业-媒体集合：迪士尼的ott机会-20170818-barclays-internet & media media muster disney s ott opportunity》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、EquityResearch18August2017Internet&MediaINDUSTRYUPDATEMediaMuster:Disney’sOTTU.S.Cable&SatelliteCommunicationsOpportunityPOSITIVEUnchangedQuantifyingDisney’sOTTwallet:DisneyrecentlyannouncedplanstolaunchaDisneyU.S.MediabrandedOTTserviceintheUStargetedatkids.WebelievetheDisneyservicecouldNE
2、UTRALhaveabetterchanceofsuccessthanmostotherproductslaunchedbyothermediaUnchangedcompaniesbecauseof:(1)Disney’sbrandassociationinthekidsgenre,(2)deeplibraryofcontentandfranchises,(3)nonoverlappingpremiumcontentrelativetoDisney’sU.S.Cable&SatelliteCommunicationstelevisionoffering,and(4)majo
3、rityownershipofBAMTech.However,despitetheseKannanVenkateshwaradvantages,webelievetherevenueopportunityrelativetoDisney’sownsizecouldbe+12125287054relativelysmall,at~1bnannually,aswedetailinthenote.Thisrevenueestimatedoeskannan.venkateshwar@barclays.comnotassumeanychangeinconsumptionpattern
4、sonDisney’slegacyplatforms.WealsoBCI,USassumeDisneycouldbeassuccessfulinpenetratingitsbaseasNetflixhasbeeninDivyaunshDivatiapenetratingtheoverallpayTVmarket.Moreover,Disneycouldalsoloserevenuesofup+12125269947to$250mmbeforeitgetstothisendstate.Furtherupsidetothisopportunitycouldbedivyaunsh
5、.divatia@barclays.comdrivenbyDisney’sabilitytogrowtheserviceoutsidetheUS.However,wenotethatBCI,USDisneylaunchedDisneyLifeintheUK,whichissimilarinconcepttotheplannedUSShelleyYangservice,butcutitspricesharplyrecently,presumablytodrivedemand.+12125260416AppleProgrammingbudget-toolittle,toolat
6、e:Basedontherecentnewsflow,Appleshelley.yang@barclays.comisbudgeting$1bnfororiginalprogrammingthisyear.ThecompanyislookingtoeitherBCI,USacquireorproducearound10televisionshows.Inouropinion,thisislikelytobetooU.S.Medialittletoolate.Wenotethatthe$1bnallocatedforprogrammingspendisroughlyhalft
7、hatofHulu,whichismuchsmallerthanbothNetflixandAmazonandasmallfractionofthe~$55bnspentbymajormediacompaniesandOTTservicesforcontentannually.BarclaysBankPlcand/oranaffiliateisprovidinginvestmentbankingservicestoSkyPlcinrelationtotheirpotentialacquisitionbyTwenty
