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<\/span><\/figcaption><\/figure>By Jennifer Saba
<\/strong>
NEW YORK: AT&T<\/a> has streaming ambitions, it is just not getting the Wall Street cred. Competitors Walt Disney<\/a>, ViacomCBS and Discovery have reaped huge gains in market value thanks to Netflix-like video services. The U.S. telecom firm has had success taking HBO direct-to-consumers too, but shareholders aren't any better off since it launched the product.

The company led by John Stankey rolled out HBO Max<\/a> in May pitching it to subscribers who might blanch at paying for traditional TV. Popular series like \"Game of Thrones\" and \"Friends,\" and exclusive movies such as \"Godzilla vs. Kong\" are part of HBO Max's appeal. The idea is that even if people ditch their expensive cable package, they will continue to pay for HBO Max.

So far, the streaming service and traditional HBO counted around 60 million subscribers worldwide at the end of 2020, overshooting internal targets by two years. Last week, AT&T bumped up its 2025 forecast and is now expecting at least 120 million people worldwide to pay for either service.

Since the pandemic, homebound consumers have flocked to streaming products including those on offer from Disney<\/a>, ViacomCBS and Discovery. They are being rewarded handsomely in the market. Collectively, the three media companies added more than $250 billion to their market capitalizations in the past 12 months.

AT&T has been left behind. Take the value of each incremental Disney streaming service subscriber. The Magic Kingdom's market value increased almost $185 billion in a year. By the end of 2024, it should more than double its subscribers to 350 million. That suggests each new subscriber is worth around $1,000 - in the middle of ViacomCBS and Discovery using the same calculation. Apply that to the 60 million subscribers HBO expects to nab in four years, and AT&T's value should have increased more than $60 billion this past year.

Instead, the telecom's market value lost more than $25 billion. There are moving parts. Not all of the increase at Disney is attributable to streaming, necessarily, and ditto the poor performance at AT&T. Still it suggests AT&T's other businesses, like its landline-phone service or cellphone division, are dragging it down. Almost three years ago AT&T bought HBO parent Time Warner<\/a> for $109 billion as part of a transformational strategy to marry content with distribution. Right now, investors aren't buying it.
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观点:AT&T的流估值死区

近三年前美国电话电报公司(AT&T)以1090亿美元收购时代华纳HBO父母作为转型战略的一部分,将内容和分布。现在,投资者并不买账。

  • 更新2021年3月19日凌晨07:57坚持
阅读: 100年行业专业人士
读者的形象读到100年行业专业人士
由詹妮弗·萨巴
纽约:美国电话电报公司(AT&T)流的野心,只是没有得到华尔街的信誉。竞争对手华特迪士尼,ViacomCBS和发现中获得了巨大的市场价值的增长,得益于Netflix-like视频服务。美国电信公司已经成功在HBO直接面向消费者,但股东没有任何更好,因为它推出产品。

该公司由约翰Stankey推出HBO马克斯推销给用户5月可能漂白支付传统电视。流行系列,如“权力的游戏”和“朋友”,和专属电影如“哥斯拉和香港”是HBO马克斯的吸引力的一部分。我们的想法是,即使人们抛弃他们的昂贵的电缆包,他们将继续支付HBO马克斯。

广告
到目前为止,流媒体服务和传统HBO数约6000万全球用户在2020年底,超出两年内部目标。上周,美国电话电报公司提升了其2025年预测,现在预计至少有1.2亿人在世界范围内支付服务。

大流行以来,回家乡的消费者蜂拥至流媒体产品包括那些提供迪斯尼,ViacomCBS和发现。他们被奖励丰厚的市场。总的来说,这三个媒体公司又增加了超过2500亿美元的市值在过去的12个月。

AT&T一直落后。把每一增量迪斯尼流媒体服务用户的价值。魔幻王国的一年市值增加了近1850亿美元。到2024年底,应该3.5亿用户的两倍多。表明每个新用户的价值在1000美元左右——ViacomCBS和发现中使用相同的计算。应用到6000万用户HBO预计将在四年,nab和AT&T的价值应该增加超过600亿美元去年。

相反,电信的市值损失了超过250亿美元。有移动部件。并不是所有的增加在迪斯尼归因于流,必然,同上AT&T的表现不佳。还是它表明AT&T的其他业务,如固定电话服务或手机部门,拖下来。近三年前AT&T HBO父母买的时代华纳以1090亿美元作为转型战略的内容和分布。现在,投资者并不买账。
  • 发布于2021年3月19日07:54点坚持
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\"\"
<\/span><\/figcaption><\/figure>By Jennifer Saba
<\/strong>
NEW YORK: AT&T<\/a> has streaming ambitions, it is just not getting the Wall Street cred. Competitors Walt Disney<\/a>, ViacomCBS and Discovery have reaped huge gains in market value thanks to Netflix-like video services. The U.S. telecom firm has had success taking HBO direct-to-consumers too, but shareholders aren't any better off since it launched the product.

The company led by John Stankey rolled out HBO Max<\/a> in May pitching it to subscribers who might blanch at paying for traditional TV. Popular series like \"Game of Thrones\" and \"Friends,\" and exclusive movies such as \"Godzilla vs. Kong\" are part of HBO Max's appeal. The idea is that even if people ditch their expensive cable package, they will continue to pay for HBO Max.

So far, the streaming service and traditional HBO counted around 60 million subscribers worldwide at the end of 2020, overshooting internal targets by two years. Last week, AT&T bumped up its 2025 forecast and is now expecting at least 120 million people worldwide to pay for either service.

Since the pandemic, homebound consumers have flocked to streaming products including those on offer from Disney<\/a>, ViacomCBS and Discovery. They are being rewarded handsomely in the market. Collectively, the three media companies added more than $250 billion to their market capitalizations in the past 12 months.

AT&T has been left behind. Take the value of each incremental Disney streaming service subscriber. The Magic Kingdom's market value increased almost $185 billion in a year. By the end of 2024, it should more than double its subscribers to 350 million. That suggests each new subscriber is worth around $1,000 - in the middle of ViacomCBS and Discovery using the same calculation. Apply that to the 60 million subscribers HBO expects to nab in four years, and AT&T's value should have increased more than $60 billion this past year.

Instead, the telecom's market value lost more than $25 billion. There are moving parts. Not all of the increase at Disney is attributable to streaming, necessarily, and ditto the poor performance at AT&T. Still it suggests AT&T's other businesses, like its landline-phone service or cellphone division, are dragging it down. Almost three years ago AT&T bought HBO parent Time Warner<\/a> for $109 billion as part of a transformational strategy to marry content with distribution. Right now, investors aren't buying it.
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