Staying at home has resulted in sharp increases in streaming-video consumption, as well as entertainment companies moving some of their big releases from movie theaters to on-demand video. This has upended the entertainment landscape, creating challenges and opportunities for content creators, distributors and exhibitors. In this episode, Brett Feldman of Goldman Sachs Research, Adam Agress of Goldman Sachs Asset Management, and Alekhya Uppalapati of the Investment Banking Division explore these topics and how the entertainment industry is rapidly evolving.
This is the first episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and how industries are responding.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Welcome to exchanges deep dive. The battle for our screens for part many series on our exchanges of Goldman Sachs pot cast on Jake's. You would go ahead of corporate communication to the firm that ten
Mc has made our real lives workshop, accelerating our dependence under vices and online platform for entertainment, work
in social connection with that comes a new chapter in the competition for digital lies in this for part, many serious, with a drop to experts from across Bowman sets about how our online behaviors changed. How companies responding to that shift. In what trends from the pandemic made me to state. The first episode will focus on entertainment, you'll hear about changes in streaming. A movie theatre from Brett fell, then in our research division at an aggressor, asset management division and elect you pull the law potty from our investment bank. After listening, this one be sure to check out the other three episodes of a battle first means many serious about more social connection.
in technical regulation hope
my first up years heat.
Mary and bread, children from Rome exacts me search to give us the day
on streaming trends, breakfast
taking the time to join us. So, let's start by setting the stage this
endemic is obviously changed. A lot about the way we're all going about our daily lives, including the way that we get our entertainment house.
you ve seen it impacts the way that people are getting entertained and what number watching decades that yeah thanks
good question. So one of the key things or pay attention to is core to cutting, which is people cancelling their cable and satellite tv subscriptions and just a frame what's going on here on an annual basis. Every quarter for the last
eight years we have seen the total universe of pay tv subscribers decline from a peak of a little over a hundred million households early in twenty twelve,
eighty five million households, as at the most recent quarter
represent an aggregate decline of about thirteen percent over that period, which doesn't sound too severe at about one or two percent decline every year over that period. But you have to realise half of those
its fibre losses have occurred during just the land
Twelve months with the set
quarter this year been worst ever for report coming with the universe declining by nearly eight percent on a year and your based
That means that in the second quarter of this year, nearly
two million households cancelled
people or satellite tv subscription or another way thing.
You know about. It is that twenty two
two thousand household caught the cord every single day,
Obviously, why are you doing this? Their streaming war?
During the initial phase of the walk down data,
a state. Streaming usage was up a hundred percent year on year.
people are getting rid of their pay tv services because they have more streaming options available to them. That's right.
Obviously streaming has been a major source of the shifted Eric. I met that we're. Seeing are there some numbers it? You would put around the contacts to put some context around the growth that we ve seen and strain it yeah. I mean you cover Netflix. You know this, but just in the most recent quarter, INA downloads, that up Rob twenty five percent year on year and
we have also seen their party data suggesting that consumers have increased in number extremely services they subscribe to. Just during a locked down about twenty five years,
which means they went from three to four, but there's still a fairly
difficult increase over a short period of time. But I think that also was what interesting is that it's really not just be
additional video business that has seen some disruption here as digital platforms grow, particularly as digital platforms become more important. During this lock down period, the movie business has been dramatically reshaped by the endemic justified,
weeks ago, aim cease theatres, which is the water cedar chain in the world, and universal pictures reached the new agreements or universal now has the right to release its movies exclusively in aimed cedars first few. Seventeen day sets effectively three
begins in the theatre for context,
historical model has been movies would be exclusively in theatres for seventeen ninety days, which means it
Eighteen days after a new movies released, you could theoretically purchased that
watch it in your living, and we have seen it
been during the pandemic, because of fears have been closed instead of the major studios, it had no choice but to go ahead. Take some of their content and release.
Secondly, on streamed platforms, that twenty two
Then, if consumers heed to stream of first
movie during the pandemic and of those who did. Ninety percent said that they would do it again and studios
are clearly aware this. It was just looking
what Disney had announced they intend to do they having wide action. Remake of no one would have been released earlier this year. Instead, it
the decision that they are not going to release it in beaters unless cedars happened to be open, but they're not open in the. U S and it's gonna be available for purchase for twenty nine. Ninety nine
lucidly on the Disney plus streaming Firefox. You have to be a subscriber Disney passed to have the right to purchase.
He's gonna be a really interesting. Experiments
Disney has already seen is that if they release the actual content directly and exclusively on the Disney,
plus it does seem to help. They seem to have had a lot of success in Hamilton, which was open
to being the theatres next year. A movie
at the Disney plus earlier this year and data
Eurostat Disney was downloads, were seventy four percent higher before that content became available and were seen in across all the others to use it well, Comcast release Trolls water directive bringing beyond the man Disney also brought out of a stout rapid, Disney plus
Spongebob Movie is gonna, be going directly to premium video on demand for these by fire come early next year, just
put some numbers around this other, throwing out you a hundred million dollars,
that's how much revenue universal generated when they relieved trolls world war directly as he pray
video on demand purchase instead of taking the theatres as intended, because it Peters Workload
when you do that, you actually making
Fire margin is a studio, so we
estimate that you
versus tat about seventy five million dollars of those rental bees, as their revenue in
for them to have had the same revenue. Success with trolls opinion be released in the theatres they would. It
do about double. In other words, we would have had to do over a hundred fifty million dollars a box office in order to keep about sex.
Five million for themselves, so I think that what is
We have learned so far and granted the lockdown is unique period. Is it they don't even need to replicate?
the commercial success of their movies that they would have seen the theatres in order to have the same financial returns to them as the studio
That's fascinated are obviously streaming in movies were saying the ship at a pretty meaningful way, but one of the other bigger beneficiaries. I have to imagine as been gaining you. Do you see this across a lot of points in your coverage, covering both
the networks as well as many other platforms, create these games. What are you saying there yeah? That's a great
point you're right. We don't just look at the media companies. The also closely follows him of the network operators rising, which is the largest wireless provider in the country, said that they saw a one hundred percent increase in gaming.
Its network back in April, which is for an end of lockdown period. There is also some data suggesting that consumers spent over nineteen billion dollars on mobile games injustices
a quarter of this year alone, as the largest quarter ever and is not just the
Eddie gamers who are part of that casual gaming seems to be
about forty percent year on year for the first half of this year and is not just the game,
on the game in five forms that are more popular just early this year, twelve million concurred players ended a Travis Scott concert on fortnight.
we're going to the gaining platforms, not just for gaming entertainment would increasingly for other forms of digital entertainment as well. Well, at its not just
people watching the games. You also have the people watching the gamers firearms like TAT.
and others and seeming hundreds of millions of ours globally up over a hundred percent this year. For daring to spend an egg just to be able to watch people play games drain so
this is a market that, even before the pandemic was set to grow massively with me,
you're news streaming service is launching over the first half of this year, what
straining market look like for a consumer whose gotta try and figure out this out
so. There are over three dozen streaming video services that consumers can subscribed exactly considerably more than three dozen we say: look at this and cut it off at three dozen, because is becoming too clutter,
price range from free for adds border services to maybe fifteen dollars or will lessen fifteen dollars a month. First attrition video on demand services. It can go up to thirty five.
eighty five dollars a month. If you want to live channel borders as somebody it resembles cable, but that you stream it through the internet or you got
This ban may be two hundred great hours per year. If you looking first sports
civic streaming patent so
The recent report we had we created this interactive exhibit help show our clients how they
potentially narrow down. The table streaming service they would want, based on what you're looking for looking
live to be your premium content sports are not having watch add. But the point is
is that, no matter how much
try to narrow down the screw. You end up with too many options
none of them are directly probable. So it's still a very confusing environment out there for the consumer
I can only imagine where do you think about that, though, how many of these services are people willing to pay for before they hit subscription vittie? Let's go back and just
It is on the video market and go back to setting a stage just to think about. What's going on when you ask why people
in accord with extremely more there, also by definition, watching less regular tv and in this
a quarter of this year during the lockdown when everyone was home and they had nothing else to do, but to look at the screen broadcast primetime readings were still down twenty six.
In the second quarter, either
if you exclude sports, because obviously there is no sports to watch their- was broadcast
these were still down fifteen percent
year on year in the second quarter and by the way tat with news ratings, been up. Eighty six percent, some, what's my point, PETE work.
Clearly watching a lot less television. The reason its relevant. The reason why I was back to your question as it. Even though people are still watching a lot less television, there are still
as I said earlier, eighty five million paid
the households out there there each pain
about ninety dollars a month in the service, which means,
even in this corner cutting environment, about nine
A billion dollars a year is being paid for subscription traditional television. On top of that
advertisers are still spending about sixty billion dollars a year on tv advertising. That means that there is about
weird and fifty billion dollars a year revenue being generated in the traditional pay tv market. That is a huge amount of money that could potentially be reallocated and other forms of digital entertain the wire
when she was a great when people aren't subscribe to all these different services there. Still Spain
in collectively ninety billion dollars a year and pay GB that could potentially be spent on other subscription, video services or other forms of subscription Digital Ebner payments and advertising
can still go ahead. Subsidized an additional six
a billion dollars worth of ad supported digital content?
what you gradually take that money at the traditional pay tv ecosystem when Subscriber basin dealership is declining and move it.
Where did the services that people are currently adopting so noted
crazy thing that you might have room for more subscription based services. Will you can probably afford it and advertising?
probably Ford you reach? You want as platforms, even if you're not going to pay for yourself,
Definitely makes sense, but obviously the numbers are there. So when you look at all of those
writers. Three dozen, in your mouth alone, have you figure out which ones are gonna survive? What does it take for one of those platforms to get
the scale of the escape velocity that they need,
be able to get too in order to make it in a world that dominated by
Companies like nets Lakes and Disney yeah
The question is loathing it. We spent considerable man, I'm thinking about, because when you have such a fragmented and confusing landscape, you really have to have a clue
full of key success factors as inner came in company in order to rise above that noise, and we ve identified five backers than they all start with a letter b conveniently so we call them the five key success factors other five, these of direct consumer,
What they are, the first one is brand you if you dont, have a widely recognised brand, particularly globally recognised brand during an initially have a lot of difficulty, rising above the clutter others.
Back in his breath, meaning distribution. You have to be able to reach consumers wherever they are, not just in the: U S but globally. The third is build, meaning have to have production capabilities. If you dont have the ability to create content,
you're gonna be trying to purchase it in a market where there is significant demand and significant cost inflation. For that content, we thinking about
we wish you need a deep content library. He does. You know people typically sign up for services because the original concept, but they tend to stick around because of the library content at last.
you need a strong balance sheet. They cost a lot of money to build these platforms and have because you're not typical.
Just trying to reach you: U S Army in short, you're, trying to reach a global audience himself. It really. These are the attributes you need, if you think you might try to become the next Netflix. The point you made earlier we agreed Disney is probably the only stand alone. Traditional media company that I think is clearly demonstrated that they possess all five of these characteristics. It back
can make the case at their number one, and all
categories and while people don't notice, the Disney already has over a hundred million people who subscribe to a sum of extremely service from them. After that,
It's a lot harder. I think many
The traditional media companies are gonna find it is very difficult in order to scale up and have success in a market dominated by companies like networks in Disney. We happen to think vacancy bs might have more of a fighting chance and people give them. But I was
that is really no consensus among investors yet around who else can get to that level of scale? So one of the other big areas of entertainment, that's been impact. It and its environment is theme parks. When, obviously, that's a big part of it,
these business- it's big part, universals business ass. You see been arcs adjusting to all of this, and is there a future? Where were you back in pact parts and standing in long lines for turkey legs and bright umbrella customers?
yeah. Well, I'm in tee marks are intrinsically an analog experienced right. You gotta, be there in person. Sign of yours ever gonna be a digital virgin up. That is when the reasons why we do you think that the companies that are leaders in this category, most notably Disney boat, as you pointed out, ass, a universal. I think an ultimate
and it's gonna, get back to their fighting shape whenever we are fully through this pandemic. You know what you think
people sitting around talking about what they want to do as soon as they can do things. I imagine a lot of families are saying we're going to head down to Orlando and go see Mickey as soon as we possibly can
that's another example of where there can be a cross over between accompanies digital business and their analogue businesses, which is
you gotTa Disneyworld, some others attractions. Your seen are attraction
based on their content like star wars,
what you're gonna see as you can see more of its high it
We not only be theatrical films, which may actually stowbody theatres to some degree in the future series
on the same franchising exclusive to their shrinking back warm and then the next
experience a real experience. You can have around the same exact content when you go to their ports
and it may even created degree of operating in advertising efficiency where you can use the audience at this logging on a regular basis to watch your key franchise continent
singing platform to alert them it. We now have a new real, wide experience. You can go in and haven't you got out far apart, and I do think that the next step in some of these platforms, particularly for companies like Disney
on more than one business is to evolve
in politics, not just from a platform.
watch a movie or tv show, but maybe to become any commerce platform. It sends you seen Disney experiment that with malign were the same, even though your already subscribers and the service, we are giving you the opportunity to purchase another experience from us early premiums,
here. Is my son. I think there's gonna be a huge, then for them, if he finds out that their customer based very interested in that rate, breadth
so much for taking the time to join us and fastening happy. Do it
thanks heathen bread
here, but the other side of streaming how movie tears responding in the ship?
balance of power in the industry from Adam Progress in Goldman Sachs Asset Management. My name's on a meagre us, I work Goldman Sachs in the sea, I M J division or the Goldman Sachs Ass, the management division. My team focuses on investing capital in equities in I specifically focused on the media consumer sector
they covered the buggy industry was already seeing pressure from consumer preference. Ships tour
streaming services. So
you seen our span on training services go up substantially at the same time were seeing volumes of ticket sales declining over the last two decades. Really, since two thousand and two ticket sales lines are down about twenty percent and even in two thousand nineteen, it was down five percent. So the movie industry is seen that boy pressure but has been able to offset it, would price increases, but you know it
the consumer preferences are shifting and people are increasingly watching more tv at home. Through these streaming services, you seen studio, profitability be pressured as a result, because the same
streaming services are investing heavily in content in driving up the cost of films and
really came two I had last year, wing Netflix started introducing premium feature films, so historically, Netflix really focused on spread the tv and then
who does in nineteen added to die? Some really well done premium feature film, such as the Irishman marriage story, to pokes. In fact, Netflix had twenty four hours for nominations. Last year, the most of any studio soul,
clear that Netflix was starting to go after the movie industry. Even
he covered in that streaming was something that was gonna, be a compare threat for the movie industry going forward. So, even though the streaming services are clear, compelled threat to the movie industry seem feeders actually do reasonably well over the last.
Few years, because they ve been able offset the buying declines with price increases at both the ticket level on concessions and then also offering some premium services like better
seating studios have struggled more though, because they haven't had those assets and if you exclude Disney, which is the largest studio, the remaining studios, all combined made less than half of the top three years in two thousand. Nineteen, so was clear. The theatres we're getting a bigger piece to the pie, and part of that is the historical economic relationship between two years movies. Here,
get more than half the profits of a movie ticket sales, despite having spent no money on them
option for the marketing expenses which all are spent by the studios and so really the theaters of had the leverage they've had exclusive rights to distribution. For up to three months after movies released and so a studios, a really not had any offsets to the volume declines that has suffered the industry, and so
you're not going into Kobe. We were already seen tension between gaiters and movie studios, but I think, with the onset of the pandemic, you ve seen a real shifting dynamics in the industry.
the reason being that today, with the pandemic going on here, is a closed answered. The studious really need to figure out creative wasted distribute their contents are groups the investments made in the movies they produced, and so there really looking at different avenues of distribution beyond the theatres in order
demonetized as movies history
thirdly, as I mentioned before, heaters have had ninety day exclusivity on any movie released during Kobe, you ve seen studio, served to explore other distribution avenues to other
actions outside here. Distribution are on the man, video which we have all experienced at home in that usually happens about three or four months after movies release the tears. What work
sport today is more premium on the man which enables the consumer to watch the film at home for twenty dollars or more in and around when the movies being released in the ears and the other option for studios is distributing on their own streaming services. Most. This studios are associated with large conglomerates that have streaming services. Great examples of this are Disney
Studios with Disney plus Warner brothers, but HBO Max Paramount
on CBS Access and Universal studios, which has access to Comcast Peacock, and so
You don't today backing for the studios. They have multiple ways: they can distribute the films
theater shuttered, the theater companies really have little leverage to stop them from doing so, and the first example. This was with trolls world tour, which is produced by Universal studios, which they released on demand at the same time that was released in theaters at the time in the spring, theaters were already being shut down to really the only way to watch. The movie was video on demand, and so universal studios offered rolls at home viewing for about twenty dollars per viewing, and it ended up being a huge success for universal studios. You gross over a hundred million dollars of revenue from this video on the man and why
less than the bureau's revenue that trolls original movie made in fears. It actually was more profitable for universal studios because they get a much bigger cut. The profit from video on demand, sulphur
purchased at home. They make
percent of the revenue, while in gears they get less than half in some other gross revenue is lower, still more profitable for universal studios
and as a result, they said that they were going to explore doing more video on demand releases simultaneously with year releases which
rough of a lot of feathers within each year industry. In fact, AMC came out and said that if universal were to do that, they would not care universal films going forward and there was always see a lot of back and forth, but they do come to a watershed agreement in recent weeks, and I believe this new agreement between Universal AMC could set a new standard in the industry
and the idea is that movies will be exclusively distributed and cares for seventeen days instead of ninety days, which is the first three way
friends of a release, and after that time, aid can be released.
premium, video on demand, which has to be twenty hours or more for viewing, and that here
we'll get some share of the profits from the premium. Video on demand will no longer have exclusive any beyond that seventeen day window and
We think this is definitely a one for the studios. They spend a lot of money marketing of film when it is first releasing gears and then
it ends up, knocking top a mind, win its released. The regular video on demand three or four months later,
with this enables them to do as leverage all that investment aid to fry
ties it at home at a much higher level when it
still relevant to consumers, and so this will be an added streamer revenue for the studios at much higher margins and should help them become more profitable, especially on the more marginal films and so big.
Some are cowards. Can it back the theatres? I think I m C believes that, because of them
offered share their kid offset the cannibal position from people watching more at home versus gaiters, but the extent to which people are going to want to watch films more at home is unknown.
This point in tears will lose that concession revenue, that's very profitable, for them were people attended years, and so I think it is a big question mark going forward how effective years, but I think, once the category
the bag. This is
between the standard and you're, gonna see more studios and heaters from the similar agreements. Another example of premium video and the man is Disney, who recently announced that they're gonna break them all and release blue line, which is one of their larger future films planned for twenty twenty on Disney Plus and so on September. Fourth you're gonna be able to watch MILAN on Disney plus four thirty dollars per viewing. It will also be released in theatres where they are open around the world, although there are very few seers open at this time of the United States. While dizzy has said, this is a one off. I think it could give them information about a new business model where the valise simultaneously and Disney plus for a premium, and
Why this is particularly exciting for Disney is not only will they get the thirty dollar premium from the video, but it could drive
subscriber growth, where there is a lot of value ad,
So this new approach by Disney is a pretty big threat to the terrorist acts. In this example, they,
Judar Journey the profits with this year's for any
premium, video on demand revenue, and so I think it's gonna push. The fears
making more agreements faster, because Disney is such a powerful studio and if they show that they can go around the theatres and still be profitable, it's a real threat to the industry, and so
would have been possible prior to CO bid. I think everyone has the real look at how they were in their businesses and more than ever studios have lots of options on how they distribute their films and so
That's wrong all that the theatres had on the way the industry in the past is starting the lucid, and I think the real implications that this going forward is those companies with scale have a clear advantage and because of that, they have the most option allergy around how they distribute their films weathers through their own streaming services through
video on demand through third parties for three years
so increasingly, they're gonna have leverage and the able to reinvest in their businesses and grow the most. I think the biggest question mark is four years through its own clear how much cannibalism and they'll be as a result of a short and window, and if the volumes decline, it'll be less relevant of distribution channels for the studios and therefore he could see the studio pushing
the streaming video on demand, and so I think there are having to rethink their business. I think you need to make sure they get a piece of that streaming revenue going forward to survive, but I think that industry could struggle going forward as a result. These changes in the industry, one interesting dynamic, is recently the deal J. Emotion to end the nineteen forty paramount consent agreement that was was concentric resigned over seven years ago. That said, that movie studios cannot on fears and the reason for that is from a comparison,
employing they didn't want. This, too, used to control the distribution. The advent of streaming the course decide that was no longer relic
so now, content owners can on theaters and one interesting, dynamic cookies. Some of these large studious decide that they actually want to own the distribution physically and buy some of the tears and make that into a whole experience into itself. That could drive brand awareness and create a whole three hundred and sixty consumer experience, and so no one's discussed doing that. But it is something that could happen
where is your vertical integration? And if the fear companies get into trouble as a result of similar financial pressures that something that could be explored by some of the larger studios, thanks Adam and now, for our final perspective on this topic, moving to hear from Unlucky Opel a party in our time.
media and telecom group or TM tea in the investment banking division alike, is gonna, get us a snapshot and deal activity and what she's hearing from her corporate clients welcome a gap,
streaming. Services are realising a big tail wind odyssey through Kobe, more people home our shipping companies growing and evolving in this environment, with such outside
You're right I mean streaming. Engagement has reached unprecedented levels. Throughout this period I saw
start recently that during the airship has doubled it during Kobe versus pre, covert, securing
and march to middle of May streaming was at twenty billion.
Plus hours versus ten billion hours during that same period, and my nineteen, which is pretty remarkable and we ve seen them.
You know not only for subscription video platforms is Netflix and Disney, but also for the user generated platforms. District Talkin twitch on Youtube.
Apparently, we bad over
a billion seven hours watching life's dream content on twenty May, which was nearly double. How much was spent in December. Some very interesting changes across our ecosystem
Interestingly, the streaming spaces also evolved over the last few months and were seeing increased competition from new entrants, with a variety of different business. Models for good
ample and the subscription video on demand. Sprite ADHD launched HBO Max in May that service
accumulated already over four million account activation.
The ad supported Side Comcast launched their peacock platform in July, where they had already ten million sign up by the end of cute. You and he said
quibble. Earlier this year, launching its mobile first hybrid, add flash
in video on demand platform, so you're, a number of new entrants to the ecosystem, with
I also see that consumers have been using this period to really sample a broad variety of streaming services so and many of the streaming services offered free trials as part of that bad
percent of you, ass private households reported that they subscribe to
This one new, oh geez, harass since covert, began and and
Roughly, seventy percent of people who signed up for a free trial had actually subscribed to one of the services that they ve tried. Logging there
One thing I would note that the rise of mud and live streaming, video services and the continued growth in DNA have all increase competition across the streaming ecosystem.
even more critical to deliberate high quality content to Dr Weir tension, and how is that high quality content defined its inner, sometimes at in the form of new, when exclusive large budget?
productions and hands out in the form of will
well known library, content, and sometimes it's in the form of going really deep, in particular, for the goals that consumers might be interested in soda
demand for high quality content, oversee user generated content. People may have more time on their hands to generate content, but it's awfully hard to produce new content right now and then in big production.
down in a lot of traditional Hollywood for sure how's that production.
Shut down or slow down affecting the industry. That needs more content right now
People underestimate the size and the complexity of the production process. Justice.
Think about the number of people at takes working together to produce
incredible content that we as a consumer. I get to experience whether to dinner or cable, tv or screwing certain says it's a big effort to safety.
Clearly the priority as these new production get into play, but also note that there is increased,
Expensive is required as part of those new protocols daily Kobe Testing,
etc, and there's going to be new safety rules that require attention on.
a covert safety officers to enforced as protocols, frequent cleaning up of areas may put man potentially limiting thumbing hours and creating zones to separate crews that they can already socially distance or wear masks doubts. I think it is
coming back over the course of the next couple of months here, but it sure
we're going to be in a more complicated and more expensive endeavour to do so.
So, given the rapid growth, we shouldn't sector yet usually means that will see some deal activity or what kinds of deals you think will be seeing in the sector as we go forward.
You know this
streaming companies out there than one may say. Most platforms have been built organically within the large media companies, for example,
What is new, Disney class see me Asshole access, HBO, Mass Keegark. Of course, those companies may have done some acquisitions for technologies etc. To build those platforms, there have been a few platforms.
Been acquired over the last several years, combat PLUTO tv
it's got to be earlier this year, but really
say over the last four years, the large transactions have been
the form of large media companies could, as they continue to focus on direct consumer and o t t focusing on acquiring the premium ip those required to retract.
Since drivers as they continue to scale. So, of course, the Disney
tax measure HIV Time Warner Discovery scraps have been the most power.
When in transactions over the last few years, so you also cover the theatre industry, obviously been very hard head due to combat any kind of place. We gather and is having challenges
I think that an she's gonna evolve and in what might look like going forward as we get the pandemic behind us yeah. But this house
from the major studios has been constant motion since the pandemic to cope with,
a big franchise sounds which is banned in fact ass in furious very early on be pushed into later in the year or even into twenty twenty one, and of course,
I'm down in bypassing the theatrical window entirely going directly to streaming university
there's began to reopen there's a huge focus on safety for consumers, so an see rebels in a mark I anathema
is everyone's unbailed new cinema, safe protocols to really make sure that their universally applying a new set of protocol similar to the production industry, as I talked about, but also into the actual consumer experience of that in across the movie theater earth. For example, these protocols are gonna, make masts mandatory and for social distancing, update, airfield treasure and sell to get our tragically modify concessions, among other things. So
larry. Attention is focused on U S subscribers, and that is the core for many of these businesses, but described briefly a kind of how the internet
Our growth looks like for strict dance,
their question. Look: international expansion remains a key grove factor for all the streaming platforms. Netflix is a perfectly
the ample they added over twenty million, not subscribers. In the first half of twenty twenty two now have over a hundred and ninety million subscribers globally thankful, again
a great deal from your backing
with this episode. Exchanges deep guide, the battle for our screens. Thanks for listening- and please turn into our next episode in this many serious about our work from home life has changed our productivity in what we can expect from working in a post pandemic world.
This project was reported throughout the month of August and September in the year,
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Transcript generated on 2021-07-02.