dception
2021-12-22
Woah
Wells Fargo’s Take On Streaming Is Bullish For Amazon Stock<blockquote>富国银行对流媒体的看法看好亚马逊股票</blockquote>
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Here is why.</p><p><blockquote>无论该行业的增长是否如多头预期的那样，亚马逊都可能成为流媒体战争的赢家。原因如下。</blockquote></p><p> Amazon is certainly best known for its e-commerce and cloud infrastructure businesses. But the company has been making inroads into the streaming space for the past several years, standing out as a key player in audio and video.</p><p><blockquote>亚马逊最出名的当然是其电子商务和云基础设施业务。但该公司在过去几年中一直在进军流媒体领域，成为音频和视频领域的主要参与者。</blockquote></p><p> Today, the Amazon Maven looks at how Wells Fargo’s research team sees the sector, and what role Amazon may play in streaming going forward. We also explain why the bank’s view of the industry could be bullish for Amazon stock.</p><p><blockquote>今天，亚马逊专家探讨了富国银行的研究团队如何看待该行业，以及亚马逊在未来的流媒体中可能扮演什么角色。我们还解释了为什么该银行对该行业的看法可能看好亚马逊股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61ff145908b2fb299426cc76b61a21fd\" tg-width=\"1200\" tg-height=\"1200\" width=\"100%\" height=\"auto\"><span>Figure 1: Prime Video logo.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：Prime Video标志。</span></p></blockquote></p><p> <b>Amazon: winner in bull and bear cases</b></p><p><blockquote><b>亚马逊：牛市和熊市的赢家</b></blockquote></p><p> Wells Fargo has recently made a few interesting observations about the streaming space. The bank played “good cop, bad cop” and presented both the bull and bear cases for the industry.</p><p><blockquote>富国银行最近对流媒体领域做出了一些有趣的观察。该银行扮演“好警察，坏警察”，为该行业展示了牛市和熊市的案例。</blockquote></p><p> Optimists at the research shop see “a market evolution that creates far more consumer dollars for video, just as the U.S. channel universe expanded through cable in the 1990s and [culminated] in a TAM expansion of sevenfold over about 30 years”.</p><p><blockquote>该研究机构的乐观主义者认为，“市场演变将为视频创造更多的消费者收入，就像美国频道领域在20世纪90年代通过有线电视扩张，并在大约30年内[最终]TAM扩张了七倍一样”。</blockquote></p><p> This is a typical scenario of a growing pie, probably at the expense of traditional media (think of the cord cutting phenomenon, for example). It is not hard to see how Amazon would benefit from this market dynamic, as the rising tides should lift all boats.</p><p><blockquote>这是一个典型的馅饼不断增长的场景，可能是以牺牲传统媒体为代价的（例如，想想脐带切割现象）。不难看出亚马逊将如何从这种市场动态中受益，因为水涨船高。</blockquote></p><p> But here’s the twist: even if the best-case scenario for the streaming industry does not materialize, Amazon can still benefit. This seems to be Wells Fargo’s opinion, expressed in this quote:</p><p><blockquote>但问题是：即使流媒体行业的最佳情况没有实现，亚马逊仍然可以受益。这似乎是富国银行的观点，在这段引文中表达：</blockquote></p><p> “The bear case sees more of a winner-take-most situation. [...] Internet and mobile-based industries tend to favor first movers, who become incumbents and are well capitalized to grow market share. [...] That case sets up well for Netflix [...], Apple and Amazon.” The argument here is that, should the streaming pie fail to grow as many expect, “the big wigs” in tech and media are likely to push smaller players out. Amazon already has the brand recognition (although maybe less so in streaming) and the cash pile to win the content wars and come out of the inevitable industry consolidation phase as a top player.</p><p><blockquote>“熊案更多的是赢家通吃。[...]互联网和基于移动的行业倾向于先发，他们会成为现任者，而且资金充足以扩大市场份额。[...]这一案例对网飞（...）、苹果和亚马逊来说很好。”这里的观点是，如果流媒体派无法像许多人预期的那样成长，科技和媒体领域的“大假发”很可能会把较小的玩家赶出去。亚马逊已经拥有了品牌认知度（尽管在流媒体领域可能不那么知名）和现金储备来赢得内容战争，并作为顶级玩家走出不可避免的行业整合阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f8d4f3d2e49b9e3f893b61abe20f2995\" tg-width=\"695\" tg-height=\"422\" width=\"100%\" height=\"auto\"><span>Figure 2: US video streaming market share (Q2 2021).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：美国视频流媒体市场份额（Q2 2021）。</span></p></blockquote></p><p> <b>Does it matter for AMZN stock?</b></p><p><blockquote><b>这对AMZN股票重要吗？</b></blockquote></p><p> Of course, a separate question is whether being a winner in the streaming space is something that could even benefit Amazon stock and its investors directly. From a P&L perspective, it is a stretch to think that the Prime family of streaming services can put much of a dent on the bottom line, considering the high content costs.</p><p><blockquote>当然，另一个问题是，成为流媒体领域的赢家是否会让亚马逊股票及其投资者直接受益。从损益的角度来看，考虑到高昂的内容成本，认为Prime流媒体服务系列会对利润造成很大影响是牵强的。</blockquote></p><p> But as we explained a few months ago, streaming can be the hook that incentivizes consumers to sign up for Prime service — and this is good for Amazon’s much larger e-commerce division. Think of former CEO Jeff Bezos’ quote: “when we win a Golden Globe, it helps us to sell more shoes”.</p><p><blockquote>但正如我们几个月前解释的那样，流媒体可能是激励消费者注册Prime服务的诱因——这对亚马逊规模大得多的电子商务部门来说是件好事。想想前首席执行官杰夫·贝索斯的名言：“当我们赢得金球奖时，它有助于我们卖出更多的鞋子”。</blockquote></p><p> So, one indirect (but arguably more meaningful) way to measure the success of Amazon’s efforts in streaming is to look at the company’s Prime user base. It has been growing at a very healthy pace of double since 2018, to 200 million, which is good news for AMZN bulls.</p><p><blockquote>因此，衡量亚马逊在流媒体领域努力成功的一种间接（但可以说更有意义）的方法是查看该公司的主要用户群。自2018年以来，它一直以非常健康的速度增长一倍，达到2亿，这对AMZN多头来说是个好消息。</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>Wells Fargo’s Take On Streaming Is Bullish For Amazon Stock<blockquote>富国银行对流媒体的看法看好亚马逊股票</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\">\nWells Fargo’s Take On Streaming Is Bullish For Amazon Stock<blockquote>富国银行对流媒体的看法看好亚马逊股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-22 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon could be a winner in the streaming wars, whether or not the industry grows as much as bulls expect. Here is why.</p><p><blockquote>无论该行业的增长是否如多头预期的那样，亚马逊都可能成为流媒体战争的赢家。原因如下。</blockquote></p><p> Amazon is certainly best known for its e-commerce and cloud infrastructure businesses. But the company has been making inroads into the streaming space for the past several years, standing out as a key player in audio and video.</p><p><blockquote>亚马逊最出名的当然是其电子商务和云基础设施业务。但该公司在过去几年中一直在进军流媒体领域，成为音频和视频领域的主要参与者。</blockquote></p><p> Today, the Amazon Maven looks at how Wells Fargo’s research team sees the sector, and what role Amazon may play in streaming going forward. We also explain why the bank’s view of the industry could be bullish for Amazon stock.</p><p><blockquote>今天，亚马逊专家探讨了富国银行的研究团队如何看待该行业，以及亚马逊在未来的流媒体中可能扮演什么角色。我们还解释了为什么该银行对该行业的看法可能看好亚马逊股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61ff145908b2fb299426cc76b61a21fd\" tg-width=\"1200\" tg-height=\"1200\" width=\"100%\" height=\"auto\"><span>Figure 1: Prime Video logo.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：Prime Video标志。</span></p></blockquote></p><p> <b>Amazon: winner in bull and bear cases</b></p><p><blockquote><b>亚马逊：牛市和熊市的赢家</b></blockquote></p><p> Wells Fargo has recently made a few interesting observations about the streaming space. The bank played “good cop, bad cop” and presented both the bull and bear cases for the industry.</p><p><blockquote>富国银行最近对流媒体领域做出了一些有趣的观察。该银行扮演“好警察，坏警察”，为该行业展示了牛市和熊市的案例。</blockquote></p><p> Optimists at the research shop see “a market evolution that creates far more consumer dollars for video, just as the U.S. channel universe expanded through cable in the 1990s and [culminated] in a TAM expansion of sevenfold over about 30 years”.</p><p><blockquote>该研究机构的乐观主义者认为，“市场演变将为视频创造更多的消费者收入，就像美国频道领域在20世纪90年代通过有线电视扩张，并在大约30年内[最终]TAM扩张了七倍一样”。</blockquote></p><p> This is a typical scenario of a growing pie, probably at the expense of traditional media (think of the cord cutting phenomenon, for example). It is not hard to see how Amazon would benefit from this market dynamic, as the rising tides should lift all boats.</p><p><blockquote>这是一个典型的馅饼不断增长的场景，可能是以牺牲传统媒体为代价的（例如，想想脐带切割现象）。不难看出亚马逊将如何从这种市场动态中受益，因为水涨船高。</blockquote></p><p> But here’s the twist: even if the best-case scenario for the streaming industry does not materialize, Amazon can still benefit. This seems to be Wells Fargo’s opinion, expressed in this quote:</p><p><blockquote>但问题是：即使流媒体行业的最佳情况没有实现，亚马逊仍然可以受益。这似乎是富国银行的观点，在这段引文中表达：</blockquote></p><p> “The bear case sees more of a winner-take-most situation. [...] Internet and mobile-based industries tend to favor first movers, who become incumbents and are well capitalized to grow market share. [...] That case sets up well for Netflix [...], Apple and Amazon.” The argument here is that, should the streaming pie fail to grow as many expect, “the big wigs” in tech and media are likely to push smaller players out. Amazon already has the brand recognition (although maybe less so in streaming) and the cash pile to win the content wars and come out of the inevitable industry consolidation phase as a top player.</p><p><blockquote>“熊案更多的是赢家通吃。[...]互联网和基于移动的行业倾向于先发，他们会成为现任者，而且资金充足以扩大市场份额。[...]这一案例对网飞（...）、苹果和亚马逊来说很好。”这里的观点是，如果流媒体派无法像许多人预期的那样成长，科技和媒体领域的“大假发”很可能会把较小的玩家赶出去。亚马逊已经拥有了品牌认知度（尽管在流媒体领域可能不那么知名）和现金储备来赢得内容战争，并作为顶级玩家走出不可避免的行业整合阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f8d4f3d2e49b9e3f893b61abe20f2995\" tg-width=\"695\" tg-height=\"422\" width=\"100%\" height=\"auto\"><span>Figure 2: US video streaming market share (Q2 2021).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：美国视频流媒体市场份额（Q2 2021）。</span></p></blockquote></p><p> <b>Does it matter for AMZN stock?</b></p><p><blockquote><b>这对AMZN股票重要吗？</b></blockquote></p><p> Of course, a separate question is whether being a winner in the streaming space is something that could even benefit Amazon stock and its investors directly. From a P&L perspective, it is a stretch to think that the Prime family of streaming services can put much of a dent on the bottom line, considering the high content costs.</p><p><blockquote>当然，另一个问题是，成为流媒体领域的赢家是否会让亚马逊股票及其投资者直接受益。从损益的角度来看，考虑到高昂的内容成本，认为Prime流媒体服务系列会对利润造成很大影响是牵强的。</blockquote></p><p> But as we explained a few months ago, streaming can be the hook that incentivizes consumers to sign up for Prime service — and this is good for Amazon’s much larger e-commerce division. Think of former CEO Jeff Bezos’ quote: “when we win a Golden Globe, it helps us to sell more shoes”.</p><p><blockquote>但正如我们几个月前解释的那样，流媒体可能是激励消费者注册Prime服务的诱因——这对亚马逊规模大得多的电子商务部门来说是件好事。想想前首席执行官杰夫·贝索斯的名言：“当我们赢得金球奖时，它有助于我们卖出更多的鞋子”。</blockquote></p><p> So, one indirect (but arguably more meaningful) way to measure the success of Amazon’s efforts in streaming is to look at the company’s Prime user base. It has been growing at a very healthy pace of double since 2018, to 200 million, which is good news for AMZN bulls.</p><p><blockquote>因此，衡量亚马逊在流媒体领域努力成功的一种间接（但可以说更有意义）的方法是查看该公司的主要用户群。自2018年以来，它一直以非常健康的速度增长一倍，达到2亿，这对AMZN多头来说是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/media/wells-fargos-take-on-streaming-is-bullish-for-amazon-stock\">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":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/media/wells-fargos-take-on-streaming-is-bullish-for-amazon-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179125434","content_text":"Amazon could be a winner in the streaming wars, whether or not the industry grows as much as bulls expect. Here is why.\nAmazon is certainly best known for its e-commerce and cloud infrastructure businesses. But the company has been making inroads into the streaming space for the past several years, standing out as a key player in audio and video.\nToday, the Amazon Maven looks at how Wells Fargo’s research team sees the sector, and what role Amazon may play in streaming going forward. We also explain why the bank’s view of the industry could be bullish for Amazon stock.\nFigure 1: Prime Video logo.\nAmazon: winner in bull and bear cases\nWells Fargo has recently made a few interesting observations about the streaming space. The bank played “good cop, bad cop” and presented both the bull and bear cases for the industry.\nOptimists at the research shop see “a market evolution that creates far more consumer dollars for video, just as the U.S. channel universe expanded through cable in the 1990s and [culminated] in a TAM expansion of sevenfold over about 30 years”.\nThis is a typical scenario of a growing pie, probably at the expense of traditional media (think of the cord cutting phenomenon, for example). It is not hard to see how Amazon would benefit from this market dynamic, as the rising tides should lift all boats.\nBut here’s the twist: even if the best-case scenario for the streaming industry does not materialize, Amazon can still benefit. This seems to be Wells Fargo’s opinion, expressed in this quote:\n\n “The bear case sees more of a winner-take-most situation. [...] Internet and mobile-based industries tend to favor first movers, who become incumbents and are well capitalized to grow market share. [...] That case sets up well for Netflix [...], Apple and Amazon.”\n\nThe argument here is that, should the streaming pie fail to grow as many expect, “the big wigs” in tech and media are likely to push smaller players out. Amazon already has the brand recognition (although maybe less so in streaming) and the cash pile to win the content wars and come out of the inevitable industry consolidation phase as a top player.\nFigure 2: US video streaming market share (Q2 2021).\nDoes it matter for AMZN stock?\nOf course, a separate question is whether being a winner in the streaming space is something that could even benefit Amazon stock and its investors directly. From a P&L perspective, it is a stretch to think that the Prime family of streaming services can put much of a dent on the bottom line, considering the high content costs.\nBut as we explained a few months ago, streaming can be the hook that incentivizes consumers to sign up for Prime service — and this is good for Amazon’s much larger e-commerce division. Think of former CEO Jeff Bezos’ quote: “when we win a Golden Globe, it helps us to sell more shoes”.\nSo, one indirect (but arguably more meaningful) way to measure the success of Amazon’s efforts in streaming is to look at the company’s Prime user base. It has been growing at a very healthy pace of double since 2018, to 200 million, which is good news for AMZN bulls.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2334,"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/691304739"}
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