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2021-12-01
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Streaming Wars: Which Video Streaming Stocks To Own?<blockquote>流媒体战争：应该持有哪些视频流媒体股票？</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":603369621,"tweetId":"603369621","gmtCreate":1638367274760,"gmtModify":1638367275112,"author":{"id":3582948757581957,"idStr":"3582948757581957","authorId":3582948757581957,"authorIdStr":"3582948757581957","name":"GrowGrowGrow","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":18,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Grow </p></body></html>","htmlText":"<html><head></head><body><p>Grow </p></body></html>","text":"Grow","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/603369621","repostId":1114310579,"repostType":4,"repost":{"id":"1114310579","kind":"news","pubTimestamp":1638340725,"share":"https://www.laohu8.com/m/news/1114310579?lang=zh_CN&edition=full","pubTime":"2021-12-01 14:38","market":"us","language":"en","title":"Streaming Wars: Which Video Streaming Stocks To Own?<blockquote>流媒体战争：应该持有哪些视频流媒体股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114310579","media":"TheStreet","summary":"Video streaming is growing fast, but we think only a handful of companies will remain most dominant.","content":"<p>Video streaming is growing fast, but we think only a handful of companies will remain most dominant. Today, we discuss which stocks to own in this space.</p><p><blockquote>视频流正在快速增长，但我们认为只有少数公司仍将占据主导地位。今天，我们讨论在这个领域应该持有哪些股票。</blockquote></p><p> The video streaming sector has grown strongly over the past years, mainly driven by the adoption of online entertainment and the “cord-cutting” phenomenon. With huge addressable market and compelling growth prospects, even the more traditional media companies have dipped their toes in this space.</p><p><blockquote>视频流媒体行业在过去几年中增长强劲，主要是由在线娱乐的采用和“剪线”现象推动的。凭借巨大的潜在市场和引人注目的增长前景，即使是更传统的媒体公司也已涉足这一领域。</blockquote></p><p> But which companies stand out and should dominate video streaming in the coming years? And what stocks should investors own to ride the potential upside in the industry? We, at MavenFlix, have our opinions and we will discuss the arguments below.</p><p><blockquote>但哪些公司脱颖而出，应该在未来几年主导视频流媒体呢？投资者应该持有哪些股票才能利用该行业的潜在上涨空间？我们MavenFlix有我们的观点，我们将讨论下面的论点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c02be270ccd648c257ec011db851f66\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"><span>Figure 1: A person choosing content in the Netflix app on the iPad.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：一个人在iPad上的网飞应用程序中选择内容。</span></p></blockquote></p><p> <b>Sector overview</b></p><p><blockquote><b>行业概况</b></blockquote></p><p> The OTT (over the top) market has a 2025 TAM (total addressable market) projected at nearly 130% higher than 2019. The respectable 12%-plus CAGR underscores the attention-grabbing growth potential for the sector over the next 5 years at least.</p><p><blockquote>OTT（over the top）市场2025年的TAM（总目标市场）预计将比2019年高出近130%。令人尊敬的12%以上的复合年增长率凸显了该行业至少在未来5年内引人注目的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b0676b115ed8b06024db734c35c8adc\" tg-width=\"764\" tg-height=\"303\" width=\"100%\" height=\"auto\"><span>Figure 2: OTT total addressable market projection.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：OTT总目标市场预测。</span></p></blockquote></p><p> Most media companies, new or legacy, have positioned themselves to take advantage of this growth opportunity. This is certainly the case of Netflix, Disney and Amazon.</p><p><blockquote>大多数媒体公司，无论是新的还是传统的，都已经做好了利用这一增长机会的准备。Netflix、迪士尼和亚马逊的情况确实如此。</blockquote></p><p> Currently, Netflix is the industry leader, having twice the market share of Disney’s Disney+ service, the third most watched in the US. However, Hulu has become one of Disney's recent yet most relevant acquisitions, shining the spotlight on the Burbank, California-based media giant. It is also worth noting that Disney+ launched as recently as 2019, so the 15% market share here is still impressive.</p><p><blockquote>目前，Netflix是行业领导者，其市场份额是迪士尼Disney+服务的两倍，迪士尼+服务在美国排名第三。然而，Hulu已成为迪士尼最近但最相关的收购之一，让这家总部位于加州伯班克的媒体巨头成为焦点。另外值得注意的是，Disney+最近于2019年推出，因此这里15%的市场份额仍然令人印象深刻。</blockquote></p><p> Among the top 3 companies, only Netflix is exclusively dedicated to the streaming service (after having been primarily a DVD mail-in service for a while, a decade or two ago). Amazon, at the other end of the spectrum, has a very different business model. One could argue that Prime Video is merely a means to an end: to attract consumers to the Prime ecosystem, which in turn supports Amazon’s e-commerce efforts.</p><p><blockquote>在排名前三的公司中，只有网飞专门致力于流媒体服务（在一二十年前，有一段时间主要是DVD邮寄服务）。另一方面，亚马逊有一个非常不同的商业模式。有人可能会说，Prime Video只是达到目的的一种手段：吸引消费者加入Prime生态系统，这反过来又支持亚马逊的电子商务努力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d70acd5af0c604b314e6c0a0ab6144f\" tg-width=\"679\" tg-height=\"378\" width=\"100%\" height=\"auto\"><span>Figure 3: US video streaming market share (Q2 2021).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：美国视频流媒体市场份额（Q2 2021）。</span></p></blockquote></p><p> <b>Valuation: are streaming companies expensive?</b></p><p><blockquote><b>估值：流媒体公司贵吗？</b></blockquote></p><p> When thinking of technology companies and stocks, many already assume high valuation multiples. However, this is not always the case. The likes of Disney and Amazon have a diversified business model that transcends video streaming, which is why these companies have very different multiples.</p><p><blockquote>当想到科技公司和股票时，许多人已经假设了高估值倍数。然而，情况并非总是如此。迪士尼和亚马逊等公司拥有超越视频流的多元化商业模式，这就是为什么这些公司的市盈率非常不同。</blockquote></p><p> Disney, for example, is trading at the smallest forward P/E of 27 times. Meanwhile, Amazon has the largest premium relative to peers, at about 2.5 times Disney’s earnings multiple.</p><p><blockquote>例如，迪士尼的预期市盈率最低，为27倍。与此同时，亚马逊相对于同行的溢价最大，约为迪士尼市盈率的2.5倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b1a5268439175fa2279a02b2b3be8fb\" tg-width=\"540\" tg-height=\"249\" width=\"100%\" height=\"auto\"><span>Figure 4: DIS, AMZN and NFLX price-to-earnings.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图4：DIS、AMZN和NFLX市盈率。</span></p></blockquote></p><p> Maybe counterintuitively to some, the companies with the highest multiples among the three above performed best in 2021. Netflix stock, in fact, beat the returns of the S&P 500. But because past performance is not an indication of future results, many understandably believe that NFLX is expensive now, following the uptrend of the past year.</p><p><blockquote>也许与某些人的直觉相反，上述三家公司中市盈率最高的公司在2021年表现最好。事实上，Netflix股票的回报率超过了标普500。但由于过去的表现并不代表未来的结果，因此可以理解的是，许多人认为NFLX现在价格昂贵，遵循过去一年的上升趋势。</blockquote></p><p> For investors who prefer to invest in better value stocks that are still exposed to the streaming segment, one natural choice would be DIS. Shares accumulate double-digit losses in 2021, which could mean a good margin of safety and the potential to ride an eventual rebound rally.</p><p><blockquote>对于更喜欢投资仍投资于流媒体领域的价值更高的股票的投资者来说，DIS是一个自然的选择。2021年，股价累计下跌两位数，这可能意味着良好的安全边际以及最终反弹反弹的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b95c0e573337319653509a1e3122287\" tg-width=\"611\" tg-height=\"366\" width=\"100%\" height=\"auto\"><span>Figure 5: AMZN, DIS and NFLX year-to-date returns.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图5：AMZN、DIS和NFLX年初至今的回报。</span></p></blockquote></p><p> <b>Our take</b></p><p><blockquote><b>我们的看法</b></blockquote></p><p> The streaming segment should continue to grow in the coming years. While many tech and media companies will likely continue to invest in this space, we believe that only a few companies will come out clear winners and concentrate the greatest number of subscribers.</p><p><blockquote>流媒体领域在未来几年应该会继续增长。虽然许多科技和媒体公司可能会继续投资这一领域，但我们相信只有少数公司会成为明显的赢家并集中最大数量的订户。</blockquote></p><p> In our view, any of the three companies listed above will likely continue to dominate the video streaming market. Netflix has the brand recognition; Disney has the legacy content; and Amazon has the deep pockets to be the most relevant in the space.</p><p><blockquote>我们认为，上述三家公司中的任何一家都可能继续主导视频流媒体市场。网飞拥有品牌认知度；迪士尼拥有遗留内容；亚马逊财力雄厚，是该领域最相关的公司。</blockquote></p><p></p><p> Knowing which stock to invest in will depend quite a bit on each investor’s preferences: e.g. richly valued vs. cheaper, or diversified vs. pure-play.</p><p><blockquote>知道投资哪只股票在很大程度上取决于每个投资者的偏好：例如，估值高与更便宜，或者多元化与纯粹的投资。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Streaming Wars: Which Video Streaming Stocks To Own?<blockquote>流媒体战争：应该持有哪些视频流媒体股票？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStreaming Wars: Which Video Streaming Stocks To Own?<blockquote>流媒体战争：应该持有哪些视频流媒体股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-01 14:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Video streaming is growing fast, but we think only a handful of companies will remain most dominant. Today, we discuss which stocks to own in this space.</p><p><blockquote>视频流正在快速增长，但我们认为只有少数公司仍将占据主导地位。今天，我们讨论在这个领域应该持有哪些股票。</blockquote></p><p> The video streaming sector has grown strongly over the past years, mainly driven by the adoption of online entertainment and the “cord-cutting” phenomenon. With huge addressable market and compelling growth prospects, even the more traditional media companies have dipped their toes in this space.</p><p><blockquote>视频流媒体行业在过去几年中增长强劲，主要是由在线娱乐的采用和“剪线”现象推动的。凭借巨大的潜在市场和引人注目的增长前景，即使是更传统的媒体公司也已涉足这一领域。</blockquote></p><p> But which companies stand out and should dominate video streaming in the coming years? And what stocks should investors own to ride the potential upside in the industry? We, at MavenFlix, have our opinions and we will discuss the arguments below.</p><p><blockquote>但哪些公司脱颖而出，应该在未来几年主导视频流媒体呢？投资者应该持有哪些股票才能利用该行业的潜在上涨空间？我们MavenFlix有我们的观点，我们将讨论下面的论点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c02be270ccd648c257ec011db851f66\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"><span>Figure 1: A person choosing content in the Netflix app on the iPad.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：一个人在iPad上的网飞应用程序中选择内容。</span></p></blockquote></p><p> <b>Sector overview</b></p><p><blockquote><b>行业概况</b></blockquote></p><p> The OTT (over the top) market has a 2025 TAM (total addressable market) projected at nearly 130% higher than 2019. The respectable 12%-plus CAGR underscores the attention-grabbing growth potential for the sector over the next 5 years at least.</p><p><blockquote>OTT（over the top）市场2025年的TAM（总目标市场）预计将比2019年高出近130%。令人尊敬的12%以上的复合年增长率凸显了该行业至少在未来5年内引人注目的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b0676b115ed8b06024db734c35c8adc\" tg-width=\"764\" tg-height=\"303\" width=\"100%\" height=\"auto\"><span>Figure 2: OTT total addressable market projection.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：OTT总目标市场预测。</span></p></blockquote></p><p> Most media companies, new or legacy, have positioned themselves to take advantage of this growth opportunity. This is certainly the case of Netflix, Disney and Amazon.</p><p><blockquote>大多数媒体公司，无论是新的还是传统的，都已经做好了利用这一增长机会的准备。Netflix、迪士尼和亚马逊的情况确实如此。</blockquote></p><p> Currently, Netflix is the industry leader, having twice the market share of Disney’s Disney+ service, the third most watched in the US. However, Hulu has become one of Disney's recent yet most relevant acquisitions, shining the spotlight on the Burbank, California-based media giant. It is also worth noting that Disney+ launched as recently as 2019, so the 15% market share here is still impressive.</p><p><blockquote>目前，Netflix是行业领导者，其市场份额是迪士尼Disney+服务的两倍，迪士尼+服务在美国排名第三。然而，Hulu已成为迪士尼最近但最相关的收购之一，让这家总部位于加州伯班克的媒体巨头成为焦点。另外值得注意的是，Disney+最近于2019年推出，因此这里15%的市场份额仍然令人印象深刻。</blockquote></p><p> Among the top 3 companies, only Netflix is exclusively dedicated to the streaming service (after having been primarily a DVD mail-in service for a while, a decade or two ago). Amazon, at the other end of the spectrum, has a very different business model. One could argue that Prime Video is merely a means to an end: to attract consumers to the Prime ecosystem, which in turn supports Amazon’s e-commerce efforts.</p><p><blockquote>在排名前三的公司中，只有网飞专门致力于流媒体服务（在一二十年前，有一段时间主要是DVD邮寄服务）。另一方面，亚马逊有一个非常不同的商业模式。有人可能会说，Prime Video只是达到目的的一种手段：吸引消费者加入Prime生态系统，这反过来又支持亚马逊的电子商务努力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d70acd5af0c604b314e6c0a0ab6144f\" tg-width=\"679\" tg-height=\"378\" width=\"100%\" height=\"auto\"><span>Figure 3: US video streaming market share (Q2 2021).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：美国视频流媒体市场份额（Q2 2021）。</span></p></blockquote></p><p> <b>Valuation: are streaming companies expensive?</b></p><p><blockquote><b>估值：流媒体公司贵吗？</b></blockquote></p><p> When thinking of technology companies and stocks, many already assume high valuation multiples. However, this is not always the case. The likes of Disney and Amazon have a diversified business model that transcends video streaming, which is why these companies have very different multiples.</p><p><blockquote>当想到科技公司和股票时，许多人已经假设了高估值倍数。然而，情况并非总是如此。迪士尼和亚马逊等公司拥有超越视频流的多元化商业模式，这就是为什么这些公司的市盈率非常不同。</blockquote></p><p> Disney, for example, is trading at the smallest forward P/E of 27 times. Meanwhile, Amazon has the largest premium relative to peers, at about 2.5 times Disney’s earnings multiple.</p><p><blockquote>例如，迪士尼的预期市盈率最低，为27倍。与此同时，亚马逊相对于同行的溢价最大，约为迪士尼市盈率的2.5倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b1a5268439175fa2279a02b2b3be8fb\" tg-width=\"540\" tg-height=\"249\" width=\"100%\" height=\"auto\"><span>Figure 4: DIS, AMZN and NFLX price-to-earnings.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图4：DIS、AMZN和NFLX市盈率。</span></p></blockquote></p><p> Maybe counterintuitively to some, the companies with the highest multiples among the three above performed best in 2021. Netflix stock, in fact, beat the returns of the S&P 500. But because past performance is not an indication of future results, many understandably believe that NFLX is expensive now, following the uptrend of the past year.</p><p><blockquote>也许与某些人的直觉相反，上述三家公司中市盈率最高的公司在2021年表现最好。事实上，Netflix股票的回报率超过了标普500。但由于过去的表现并不代表未来的结果，因此可以理解的是，许多人认为NFLX现在价格昂贵，遵循过去一年的上升趋势。</blockquote></p><p> For investors who prefer to invest in better value stocks that are still exposed to the streaming segment, one natural choice would be DIS. Shares accumulate double-digit losses in 2021, which could mean a good margin of safety and the potential to ride an eventual rebound rally.</p><p><blockquote>对于更喜欢投资仍投资于流媒体领域的价值更高的股票的投资者来说，DIS是一个自然的选择。2021年，股价累计下跌两位数，这可能意味着良好的安全边际以及最终反弹反弹的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b95c0e573337319653509a1e3122287\" tg-width=\"611\" tg-height=\"366\" width=\"100%\" height=\"auto\"><span>Figure 5: AMZN, DIS and NFLX year-to-date returns.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图5：AMZN、DIS和NFLX年初至今的回报。</span></p></blockquote></p><p> <b>Our take</b></p><p><blockquote><b>我们的看法</b></blockquote></p><p> The streaming segment should continue to grow in the coming years. While many tech and media companies will likely continue to invest in this space, we believe that only a few companies will come out clear winners and concentrate the greatest number of subscribers.</p><p><blockquote>流媒体领域在未来几年应该会继续增长。虽然许多科技和媒体公司可能会继续投资这一领域，但我们相信只有少数公司会成为明显的赢家并集中最大数量的订户。</blockquote></p><p> In our view, any of the three companies listed above will likely continue to dominate the video streaming market. Netflix has the brand recognition; Disney has the legacy content; and Amazon has the deep pockets to be the most relevant in the space.</p><p><blockquote>我们认为，上述三家公司中的任何一家都可能继续主导视频流媒体市场。网飞拥有品牌认知度；迪士尼拥有遗留内容；亚马逊财力雄厚，是该领域最相关的公司。</blockquote></p><p></p><p> Knowing which stock to invest in will depend quite a bit on each investor’s preferences: e.g. richly valued vs. cheaper, or diversified vs. pure-play.</p><p><blockquote>知道投资哪只股票在很大程度上取决于每个投资者的偏好：例如，估值高与更便宜，或者多元化与纯粹的投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/streaming/others/streaming-wars-which-video-streaming-stocks-to-own\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","AMZN":"亚马逊","DIS":"迪士尼"},"source_url":"https://www.thestreet.com/streaming/others/streaming-wars-which-video-streaming-stocks-to-own","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114310579","content_text":"Video streaming is growing fast, but we think only a handful of companies will remain most dominant. Today, we discuss which stocks to own in this space.\nThe video streaming sector has grown strongly over the past years, mainly driven by the adoption of online entertainment and the “cord-cutting” phenomenon. With huge addressable market and compelling growth prospects, even the more traditional media companies have dipped their toes in this space.\nBut which companies stand out and should dominate video streaming in the coming years? And what stocks should investors own to ride the potential upside in the industry? We, at MavenFlix, have our opinions and we will discuss the arguments below.\nFigure 1: A person choosing content in the Netflix app on the iPad.\nSector overview\nThe OTT (over the top) market has a 2025 TAM (total addressable market) projected at nearly 130% higher than 2019. The respectable 12%-plus CAGR underscores the attention-grabbing growth potential for the sector over the next 5 years at least.\nFigure 2: OTT total addressable market projection.\nMost media companies, new or legacy, have positioned themselves to take advantage of this growth opportunity. This is certainly the case of Netflix, Disney and Amazon.\nCurrently, Netflix is the industry leader, having twice the market share of Disney’s Disney+ service, the third most watched in the US. However, Hulu has become one of Disney's recent yet most relevant acquisitions, shining the spotlight on the Burbank, California-based media giant. It is also worth noting that Disney+ launched as recently as 2019, so the 15% market share here is still impressive.\nAmong the top 3 companies, only Netflix is exclusively dedicated to the streaming service (after having been primarily a DVD mail-in service for a while, a decade or two ago). Amazon, at the other end of the spectrum, has a very different business model. One could argue that Prime Video is merely a means to an end: to attract consumers to the Prime ecosystem, which in turn supports Amazon’s e-commerce efforts.\nFigure 3: US video streaming market share (Q2 2021).\nValuation: are streaming companies expensive?\nWhen thinking of technology companies and stocks, many already assume high valuation multiples. However, this is not always the case. The likes of Disney and Amazon have a diversified business model that transcends video streaming, which is why these companies have very different multiples.\nDisney, for example, is trading at the smallest forward P/E of 27 times. Meanwhile, Amazon has the largest premium relative to peers, at about 2.5 times Disney’s earnings multiple.\nFigure 4: DIS, AMZN and NFLX price-to-earnings.\nMaybe counterintuitively to some, the companies with the highest multiples among the three above performed best in 2021. Netflix stock, in fact, beat the returns of the S&P 500. But because past performance is not an indication of future results, many understandably believe that NFLX is expensive now, following the uptrend of the past year.\nFor investors who prefer to invest in better value stocks that are still exposed to the streaming segment, one natural choice would be DIS. Shares accumulate double-digit losses in 2021, which could mean a good margin of safety and the potential to ride an eventual rebound rally.\nFigure 5: AMZN, DIS and NFLX year-to-date returns.\nOur take\nThe streaming segment should continue to grow in the coming years. While many tech and media companies will likely continue to invest in this space, we believe that only a few companies will come out clear winners and concentrate the greatest number of subscribers.\nIn our view, any of the three companies listed above will likely continue to dominate the video streaming market. Netflix has the brand recognition; Disney has the legacy content; and Amazon has the deep pockets to be the most relevant in the space.\nKnowing which stock to invest in will depend quite a bit on each investor’s preferences: e.g. richly valued vs. cheaper, or diversified vs. pure-play.","news_type":1,"symbols_score_info":{"AMZN":0.9,"DIS":0.9,"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1962,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/603369621"}
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