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Rigorous Fearless Independent

Tom said "This could mean that Disney + has the potential to grow its subscriber base by 50% by reaching more households interested in more adult programs under the Star tab. " 

Disney + 's economic model was largely based on synergies with theme parks, cruises or cinemas, even if these activities are very weakened at the moment by the health crisis. With these new Fox content, Disney + is becoming a subscription video service "which can better find its economic balance on its own."

Tom said “The biggest problem Disney has is also its biggest advantage — everyone knows its name and probably has a warm, fuzzy childhood feeling about it. But what are they going to do with American Horror Story? Is Twisty the Clown going to sully your memories of going to Disney World and meeting Mickey Mouse?”

He added “While streaming services like Spotify destroyed the album, streaming services like Netflix just reinforce the idea that what a TV show is, how long it is and the rhythm of it, have been optimised over 60 years. A few years ago Netflix was talking about using data to make TV shows. Now that’s completely turned around. They’ve hired people who know how to make television — the distribution method changed, but the people making it are the same people who always have.”

BT: A bumpy road

15 February 2021

BT’s December quarter results were mixed, with revenue growth improving but EBITDA growth worsening, and next quarter will be hit by the effects of lockdown 3 on mobile, with B2B likely to be hit by business failures following the end of furlough.

BT has maintained/nudged up its financial guidance regardless, and there are plenty of positive longer-term signs, with subscriber growth strong in the quarter, pricing pressure easing, and full fibre roll-out and adoption progressing nicely.

Overall, we expect the road to continue to be bumpy, but a recovery by 2022/23 still seems very plausible, ultimately driven by the wholesale and retail benefits of full fibre, and perhaps helped if it can get ‘Digital’ right, a particular challenge historically for BT.