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2021-12-22
Up up and way
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>无论该行业的增长速度是否如多头预期的那样快，亚马逊都可能成为流媒体大战的赢家。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>亚马逊无疑以其电子商务和云基础设施业务而闻名。但该公司在过去几年中一直在进军流媒体领域，作为音频和视频领域的关键参与者脱颖而出。</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，这位亚马逊专家将探讨富国银行研究团队如何看待该行业，以及亚马逊未来在流媒体领域可能扮演的角色。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徽标。</span></p></blockquote></p><p> <b>Amazon: winner in bull and bear cases</b></p><p><blockquote><b>亚马逊：牛市和熊市案例的赢家</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了一些有趣的观察。该银行扮演了 “好警察，坏警察”的角色，为该行业提出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>该研究所的乐观主义者认为，“市场的演变将为视频创造更多的消费者美元，就像美国频道世界在 20 世纪 90 年代通过有线电视扩张，并在大约 30 年内[最终]将 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越来越大的场景，可能是以牺牲传统媒体为代价的（例如，想想剪线现象）。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，亚马逊仍然可以从中受益。这似乎是富国银行的观点，用这句话来表达：</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>“熊市案例更多的是赢家通吃的局面。[...] 互联网和移动行业往往倾向于先行者，他们会成为现有企业，并拥有雄厚的资本来扩大市场份额。[...] 这种情况对 Netflix [...]、苹果和亚马逊来说都是有利的。”这里的论点是，如果流媒体蛋糕没有像许多人预期的那样增长，科技和媒体领域的 “大假发 ”很可能会把规模较小的玩家挤出去。亚马逊已经拥有品牌认知度（尽管在流媒体方面可能不太那么好）和现金储备，可以赢得内容战争，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：美国视频流市场份额（2021年第二季度）。</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可以直接使亚马逊股票及其投资者受益。从损益的角度来看，考虑到高昂的内容成本，认为流媒体服务的主要系列会对利润造成很大影响是一种牵强的想法。</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 服务的诱饵--这对亚马逊规模更大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，就能帮助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成功与否的一个间接（但可以说更有意义）方法是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，翻了一番，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>无论该行业的增长速度是否如多头预期的那样快，亚马逊都可能成为流媒体大战的赢家。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>亚马逊无疑以其电子商务和云基础设施业务而闻名。但该公司在过去几年中一直在进军流媒体领域，作为音频和视频领域的关键参与者脱颖而出。</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，这位亚马逊专家将探讨富国银行研究团队如何看待该行业，以及亚马逊未来在流媒体领域可能扮演的角色。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徽标。</span></p></blockquote></p><p> <b>Amazon: winner in bull and bear cases</b></p><p><blockquote><b>亚马逊：牛市和熊市案例的赢家</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了一些有趣的观察。该银行扮演了 “好警察，坏警察”的角色，为该行业提出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>该研究所的乐观主义者认为，“市场的演变将为视频创造更多的消费者美元，就像美国频道世界在 20 世纪 90 年代通过有线电视扩张，并在大约 30 年内[最终]将 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越来越大的场景，可能是以牺牲传统媒体为代价的（例如，想想剪线现象）。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，亚马逊仍然可以从中受益。这似乎是富国银行的观点，用这句话来表达：</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>“熊市案例更多的是赢家通吃的局面。[...] 互联网和移动行业往往倾向于先行者，他们会成为现有企业，并拥有雄厚的资本来扩大市场份额。[...] 这种情况对 Netflix [...]、苹果和亚马逊来说都是有利的。”这里的论点是，如果流媒体蛋糕没有像许多人预期的那样增长，科技和媒体领域的 “大假发 ”很可能会把规模较小的玩家挤出去。亚马逊已经拥有品牌认知度（尽管在流媒体方面可能不太那么好）和现金储备，可以赢得内容战争，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：美国视频流市场份额（2021年第二季度）。</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可以直接使亚马逊股票及其投资者受益。从损益的角度来看，考虑到高昂的内容成本，认为流媒体服务的主要系列会对利润造成很大影响是一种牵强的想法。</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 服务的诱饵--这对亚马逊规模更大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，就能帮助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成功与否的一个间接（但可以说更有意义）方法是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，翻了一番，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":3948,"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":10,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/691970018"}
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