Below is a complimentary Communications Pro research note written by Hedgeye Communications analysts Andrew Freedman and Billy Zegras.

This fall, the gains broadcast made were almost entirely due to sports programming - a testament to the strength of sports in the entertainment landscape.

Nielsen reports that the NFL and MLB World Series were the main drivers here, and sports viewing across the broadcast rose 15%. The rise in broadcast and cable in the fall was mirrored by a decline in streaming, which still remained rather resilient thanks to Suits on Netflix and Peacock and hit programs on Disney+, Bluey and Elemental.

Relating this back to Disney, though, the new app they're testing that combines Hulu and Disney+ should provide some tailwinds for their streaming numbers going forward. A streamlined product with more of what people want will help retention and engagement and hopefully also bridge any gaps that media companies have from the lack of content being produced all summer. We likely won't see any tangible effect from this new approach until 2Q24, however, given the timeline for launch.

Communications | Chart of the Day: "The Gauge" Streaming Report - comms

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