'The star takeaway from first-quarter results was confirmation of the many early data points suggesting that COVID and social distancing were accelerating the shift to streaming' says Credit Suisse analyst Douglas Mitchelson
Credit Suisse's Douglas Mitchelson says earnings season confirmed that COVID-19 and social distancing"were accelerating the shift to streaming."
"Cumulatively, since the start of the COVID crisis, we have taken $19 billion, or 35 percent, out of our media earnings before interest, taxes, depreciation and amortization [estimate for the year]" to $35.8 billion, he explained. That includes such companies as Walt Disney, whose theme parks have been hit hard by the pandemic, Fox Corp. and ViacomCBS.
And he highlighted one clear open issue, writing: "The key advertising debate remains whether TV advertising will rebound post-crisis, or whether TV is the next print advertising, losing share to digital this recession just as newspaper did during the Great Recession."
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