CLICK HERE FOR REPLAY AND MATERIALSTOPIC TIMESTAMPS0:00 - 19:00 / Slide 10 (Communications Summary Breakdown / Next 3-6 months?)20:25 - 21:34 / Slide 19 (High level thoughts on E-Commerce) 21:15 - 25:00 / Slide 33 - 38 (Stimulus Impact on Incomes/Expenditures) 25:00 - 38:15 / Slide 39 -51 (Consumer savings/expenditure surplus/excess analysis goods/services) 38:15 - 55:55 / Slide 53 -60 (Tracking Stimulus Impact Weekly - Where/when did consumer spend by category?) 55:55 - 1:02:23 / Slide 62 -71 (Real PCE goods/services mix/growth by category incl. comms services) 1:02:37 - Question and Answer
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communications themes 1Q22
We hope you can join us for our 1Q22 themes presentation on Today at 10:00 am ET. We will review the major trends underpinning the internet, media, and cable/telecom space across multiple durations. We will also discuss our positioning, top ideas heading into earnings season, and new ideas we have in the hopper. More importantly, we will run through the latest data updates that help us measure and map the industry. We will contextualize the data with field notes from our conversations with advertising agencies and brands.
In our 4Q21 (October) themes presentation, we previewed the slowdown in digital advertising spend (stimulus impact + data privacy + digital pull forward) and volatile engagement trends that resulted in missed estimates and multiple compression for the group. We also flagged continued risk to cable broadband estimates with growing competition from fixed wireless and fiber. In Media, we saw a risk to Disney+ subscriber estimates, Netflix starting to claw back its share of engagement as production ramps back up and improving MAU trends at Spotify.
On Today's call, we will run through the roadmap for 2022 (timing, catalysts, drivers) - including the potential for a 2H inflection in growth and where we see risks/opportunities both long and short.
Please call or e-mail with any questions.
Andrew Freedman, CFA
Managing Director
@HedgeyeComm
