With the dust settled on another round of quarterly reports, VIP has analyzed the results and determined that the value of the Pay TV industry, at least for publicly traded companies, was $61.473 b…
Despite bullish statements from senior leadership about continuing to increase these fees, VIP’s view is that the breaking point is coming. With high fees a consistent reason for cord cutting for years, increasing the costs for a dwindling base does not make sense. This will be of particular concern to shareholders of companies deriving a majority of TV revenue from distribution, namely AMC , AT&T and Sinclair .
When compared to 2019, the majority of media companies saw increases in affiliate and retransmission revenues. Of note are the three firms who saw a decline in revenues versus the prior year. AMC’s affiliate revenues were down by $23m, Comcast’s cable group was down by $27m, and Viacom’s combined cable and international affiliate group saw a decline of $91 million.
The majority of media companies also saw a year-over-year increase in advertising revenues. Five saw these revenues fall. For ViacomCBS and AT&T , a significant portion of blame can be laid at the COVID-19 pandemic, which saw the cancellation of the reliable ratings bonanza in the NCAA’s March Madness tournament. Of particular concern is the decline for AMC Networks, meaning domestic revenues saw a fall in both advertising and affiliate fees.. This was worth $24.
The majority of TV providers see MVPD service contributing less than half of total revenue, with the shift to broadband service offering a bulwark to the anticipated long-term decline of MVPD subscriptions. The lone exception is Dish. The company bid for the future back in 2015 with the first VMVPD service in Sling TV, but with recent subscriber counts declining, the decision to develop a 5G mobile service is the company’s move to diversify before revenues shrink too far.
The massive amount of money generated by Pay TV shows just why big tech has been entering the TV market, be it via promoting access to traditional TV channels à la Google’s YouTube TV, snapping up sports rights like, or creating a content service like Apple TV+.
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