美国有线电视行业市场前景及投资研究报告-培训课件外文版2024.6

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MARKETSCableTVintheUnitedStatesCHAPTER

01OverviewPayTVpenetrationrateintheUnitedStatesfrom2005to2023PayTVpenetrationintheU.S.2005-2023100%88%87%87%90%80%70%60%50%40%30%20%10%0%86%85%84%82%82%79%78%75%74%71%66%64%2005201020112012201320142015201620172018201920202021202220233Description:Accordingtothemostrecentdata,64percentofadultsintheUnitedStateshadsomesortoflivepayTVserviceviaacable,DBS,telco,orinternet-deliveredvMVPDasofSeptember2023.ThepayTVpenetrationratefellby20percentagepointsbetween2014and2023,andwilllikelycontinuetodropasconsumersincreasinglyoptforvideostreamingservicesubscriptions.ReadmoreNote(s):UnitedStates;2005to2023;1769respondents;18yearsandolderSource(s):LeichtmanResearchGroupLeadingcablenetworksintheUnitedStatesfrom2021to2023,bynumberoftotalviewers(inmillions)LeadingcablenetworksintheU.S.2021-2023Numberofviewersinmillions2023202220211.50.00.51.02.02.53.0FOXNewsESPNMSNBCHallmarkChannelTBSINSPHistoryUSANetworkTLCCNNFoodNetworkDiscoveryChannel4Description:Theleadingad-supportedcablenetworkintheUnitedStatesin2023rankedbynumberofviewerswasFOXNews,withabout1.9millionofviewersinthepresentedperiod.RankingsecondandthirdrespectivelywereESPNandMSNBC,followedbyHallmarkChannelwhichaveragedaround800,000viewers.ReadmoreNote(s):UnitedStates;2021to2023;2yearsandolderSource(s):IndieWire;NielsenEstimatedrevenueofU.S.providersofcableandothersubscriptionprogrammingfrom2005to2022(inbillionU.S.dollars)RevenueofU.S.cableandpayTVproviders2005-202210093.4992.4291.4289.1908070605040302010085.9386.2584.7482.0674.469.363.659.8854.8751.2549.4944.9340.9137.372005200620072008200920102011201220132014201520162017201820192020202120225Description:In2022,AmericancableandpayTVprovidersgeneratedatotalrevenueofaround92.42billionU.S.dollars,adecreasefrom93.5billionU.S.dollarsin2021.Therevenuegrewconsistentlybetweenthetimeframeof2005to2018,beforeitdeclinedforthefirsttimein2019.ReadmoreNote(s):UnitedStates;includesalltaxableemployerfirmsSource(s):USCensusBureauRevenuegeneratedbyprovidersofcableandothersubscriptionprogrammingintheUnitedStatesfrom2010to2022,bysource(inmillionU.S.dollars)U.S.cableandpayTVprovidersrevenue2010-2022,bysourceAdvertisingandprogramrevenue(licensingofrightstobroadcastspecialityprograms)Airtime(advertisingandprogramcontent)Allotheroperatingrevenue10090807060504030201005.885.86.474.564.2728.26.065.434.0129.054.2827.3828.7728.774.4625.2626.0627.314.062.8326.732.4825.0623.1123.4321.1758.25201858.56202157.18202255.78201754.93202053.47201653.25201950.75201543.39201439.79201336.43201233.62201131.2220106Description:In2022,U.S.cableandpayTVprovidersgeneratedaround57.18billionU.S.dollarsinadvertisingandprogramrevenue.Incomparison,itgenerated28.77billionU.S.dollarsfromadvertisingonairtime.

ReadmoreNote(s):UnitedStates;2010to2022;includesalltaxableemployerfirmsSource(s):USCensusBureauEstimatedexpensesofU.S.providersofcableandothersubscriptionprogrammingfrom2007to2022(inbillionU.S.dollars)ExpensesofU.S.cableandpayTVproviders2007-2022706058.0857.8455.0153.1150.9950.9751.3548.235040302010045.2541.2838.6436.8334.1231.6831.9329.0720072008200920102011201220132014201520162017201820192020202120227/statistics/185416/expenses-of-us-cable-and-pay-tv-providers-since-2005TheannualexpensesofcableandpayTVprogrammingprovidersintheUnitedStatesin2022wasestimatedat57.84billionU.S.dollars.Thismarkedadecreasefromthepreviousyear,whentheexpensesamountedtoover58billionU.S.dollars.

ReadmoreNote(s):UnitedStates;2007to2022Source(s):USCensusBureauAirtimerevenueofprovidersofcableandothersubscriptionprogrammingintheUnitedStatesfrom2010to2022(inmillionU.S.dollars)AirtimerevenueofU.S.cableandpayTVrevenue2010-20223529.0528.7728.773025201510528.227.3127.3826.7326.0625.2625.0623.4323.1121.17020102011201220132014201520162017201820192020202120228Description:In2022,cableandsubscription-basedprogramminggeneratedanestimatedrevenueof28.77billionU.S.dollarssellingairtime.The2021figuremarkedthehighestgeneratedrevenueintheperiodfrom2010to2021.

ReadmoreNote(s):2010to2022;includesalltaxableemployerfirmsSource(s):USCensusBureauLicensingrevenueofprovidersofcableandothersubscriptionprogrammingintheUnitedStatesfrom2010to2022(inbillionU.S.dollars)LicensingrevenueofU.S.cableandpayTVproviders2010-20227058.2558.56605040302010057.1855.7854.9353.4753.2550.7543.3939.7936.4333.6231.2220102011201220132014201520162017201820192020202120229Description:In2022,cableandsubscription-basedprogramminggeneratedanestimatedrevenueof57.18billionU.S.dollarslicensingprotectedcontentintheU.S.However,thehighestannuallicensingrevenueofAmericancableandpayTVprovidersintheUnitedStatessince2010wasrecordedin2021,whenitamountedto58.56billiondollars.ReadmoreNote(s):UnitedStates;2005to2022;includesalltaxableemployerfirms;revenuesfromlicensingofrightstobroadcastspecialityprogrammingprotectedbySource(s):USCensusBureauLeadingadvertisersoncableTVnetworksintheUnitedStatesin2022,byadspend(inmillionU.S.dollars)LargestadvertisersoncableTVnetworksintheU.S.2022SpendinginmillionU.S.dollars0100200300400500600700800Procter&GambleWaltDisneyCo.BerkshireHathawayAbbVie746485427423Amazon387PepsiCo363WarnerBros.DiscoveryProgressiveCorp.ComcastCorp.InspireBrands33730129727910Description:In2022,Procter&Gamblespent746millionU.S.dollarsonadvertisingoncableTVintheUnitedStates.ThecompanyrankedastheleadingadvertiseroncableTVnetworksinthecountry.TheWaltDisneyCompanycamesecondwithadexpendituresof485milliondollars.ReadmoreNote(s):UnitedStates;2022;measuredmediaonlySource(s):AdvertisingAge;Pathmatics;VivvixCHAPTER

02CablenewsLeadingcablenewsnetworksintheUnitedStatesinNovember2023,bynumberofprimetimeviewers(inthousands)TopcablenewsnetworksU.S.2023,bynumberofviewersPrimetimeAged25-542,0001,8001,6001,4001,2001,0008001,7251,1405406004001992001091220FoxNewsMSNBCCNN12Description:InNovember2023,FoxNewswasthemostwatchedcablenewsnetworkintheUnitedStatesandcontinuestodowellintermsofitsprimetimeaudience,with1.72millionprimetimeviewersinthatperiod.FoxNewsviewersinthe25-54demographicamountedto199thousand,whilstMSNBChadjust109thousand.WhenlookingatFoxNewsviewerscomparedtoCNN,theoverallaveragenumberofprimetimeviewerswasnotablydifferent.CNNhasbeenlosingviewersinrecentyears,[...]

ReadmoreNote(s):UnitedStates;November2023;live+samedaydataSource(s):Adweek;NielsenLeadingcablenewsnetworksamongadultsaged25to54intheUnitedStatesfrom2017to2023,bynumberofprimetimeviewers(inthousands)U.S.cablenews:numberofprimetimeviewers2017-202320172018201920202021202220237006005004003002001000644521468463390371361357352341335323281271256218212171132125124FOXNewsCNNMSNBC13Description:In2023,theleadingcablenewsnetworkintheUnitedStateswasFoxNews.Thenetworkhadanaverageof212thousandprimetimeviewersintheprimetimedemo(adultsaged25to54yearsold)inthatyear,onceagainoutperformingMSNBCandCNNbyasignificantmargin.Thatsaid,2023markedthefirsttimeFoxNewssawitsratingsfallbelow300,000.ReadmoreNote(s):UnitedStates;2017to2023;25to54yearsSource(s):D;NielsenLeadingcablenewsprogramsintheUnitedStatesin2023,byaveragenumberofviewers(inmillions)U.S.cablenewsprograms:averagenumberofviewersin2023Averagenumberofviewersinmillions1.0

1.50.00.52.02.53.03.5TheFiveJesseWattersPrimetimeHannity2.892.492.36SpecialReportwithBretBaierTheIngrahamAngle2.071.9614Description:"TheFive"wastheleadingcablenewsprogramin2023,averaging2.89milliontotalviewersthatyear."JesseWattersPrimetime"rankedsecond.Allshowsrankinginthetopfivein2023werebroadcastbyFox.

ReadmoreNote(s):UnitedStates;2023;2yearsandolderSource(s):D;NielsenLeveloftrustinnewsreportedbyselectedbroadcastnewsmediaorganizationsintheUnitedStatesasofApril2023TrustinbroadcastnewsorganizationsintheU.S.2023ShareofrespondentsVerytrustworthy/trustworthy0%Neithertrustworthynotuntrustworthy20%

40%Untrustworthy/veryuntrustworthyDon'tknow100%60%80%120%TheWeatherChannel62%22%8%9%PublicBroadcastingService47%44%23%24%18%24%11%ABC8%BBCCBSNBCCNN43%43%42%27%25%14%24%24%33%35%23%31%20%16%8%24%22%20%22%22%28%10%6%6%39%38%38%FoxNewsNationalPublicRadio(NPR)18%11%18%26%30%30%MSNBCC-SPANNewsmax36%34%29%26%25%24%22%21%22%OneAmericaNewsNetwork(OANN)AlJazeera22%24%15Description:DataontrustinthenewsreportedbyselectednewsmediaorganizationsintheUnitedStatesrevealedthatasofApril2023,FoxNewswastheleasttrustednewsoutletoverall,with35percentofrespondentsadmittingthattheyfeltFoxNews'reportingwasuntrustworthyorveryuntrustworthy.RespondentsweremostunsureaboutNewsmax,OneAmericaNewsNetwork,andAlJazeera,witharoundathirdsayingtheydidnotknowwhethertheyfoundnewsfromtheseorganizations[...]

ReadmoreNote(s):UnitedStates;April3to9,2023;1,516respondents;18yearsandolderSource(s):YouGovTimespentbycablenewscoveringanti-transviolenceintheUnitedStatesin2021and2022(inminutes)Cablenewscoverageofanti-transviolenceintheU.S.2021-20222021202225020015019110510050299420CNNFoxNewsMSNBC16Description:AmericancablenewschannelMSNBCspentoverthreehourscoveringviolenceagainsttranspeopleintheUnitedStatesin2022,makingthisthecablechanneldedicatingthemostairtimetoanti-transviolence.Conversely,FoxNews'coverageofanti-transviolenceamountedtojustnineminutes.ThesourcenotedthatwhilstMSNBC'sandCNN'scoveragewassubstantiallyhigherthanusual,coverageofClubQaffectedthesefigures,andMSNBCwastheonlynetworktorunanysegments[...]

ReadmoreNote(s):UnitedStates;January1toDecember31,2021andJanuary1toDecember31,2022;6a.m.tomidnightSource(s):MediaMattersforAmericaMostusednewssourcesforinformationaboutthe2024presidentialelectionintheUnitedStatesasofJune2023Newssourcesusedfor2024presidentialelectionnewsintheU.S.202350%45%40%35%30%25%20%15%10%5%46%42%41%38%24%20%20%16%0%17Description:AccordingtoasurveyheldintheUnitedStatesinthesummerof2023,televisionwasthemostusedsourcetokeepuptodatewithnewsaboutthe2024presidentialelection,withover40percentofadultssayingtheywatchednewsfromTVnetworks,localTVstations,orcablenewschannelstokeepinformed.Socialmediafollowedcloselybehind,whereasnewspapersandradioweretheleastpopularoptions.

ReadmoreNote(s):UnitedStates;June2023;2,000respondents;18-64yearsSource(s):MagidAssociates;RTDNACHAPTER

03LeadersNumberofComcastvideosubscribersintheUnitedStatesfrom1stquarter2014to4thquarter2023(inmillions)Comcast:noofvideosubscribersintheU.S.2014-202330252015105019Description:SimilartootherpayTVoperators,Comcastlostasubstantialnumberofsubscribersinrecentyears.Inthefourthquarterof2023,thecompanyrecordedabout14.1millionpayTVsubscribers,downbyovertwomillioninjustoneyear.

ReadmoreNote(s):UnitedStates;Q12014toQ42023Source(s):LeichtmanResearchGroup;TVTechHouseholdreachofselectedComcastcablenetworksintheUnitedStatesasofDecember2023(inmillions)ComcastCorporation'snetworkshouseholdviewers2023807171717070707060504030201006459472118USANetworkE!SyfyBravoMSNBCCNBCOxygenGolfChannel

UniversalKids

UniversoCNBCWorld20Description:DataonthehouseholdreachofselectedComcastcablenetworksintheUnitedStatesasofDecember2023showedthattheUSANetworkreachedapproximately71millionhouseholdsacrossthecountryinthatyear,downbyfourmillionfrom2022.E!andSyfyalsohadareachof71million,bothdownbyaboutfourmillionfromthepreviousyear.ReadmoreNote(s):Worldwide;asofDecember31,2023Source(s):Comcast;NielsenNumberofCharterCommunicationsvideosubscribersfrom2015to2023(inmillions)NumberofCharter'svideosubscribers2015-20232017.421816141210817.241716.6116.1416.215.8315.1514.1264202015*2016**201720182019202020212022202321Description:In2023,CharterCommunicationshad14.12millionresidentialvideosubscribers.Thiswasadecreaseofaboutonemillionfromthepreviousyear,yetnearlythreemillionfewerthanthehighestvaluerecordedof17.42millionin2015.

ReadmoreNote(s):UnitedStates;2015to2023;residential+businessclientsSource(s):CharterCommunicationsNumberofAlticevideosubscribersintheUnitedStatesfrom2ndquarter2016to4thquarter2023(inmillions)Altice:noofvideosubscribersintheU.S.2014-20234.03.53.02.52.01.51.00.50.0Q2

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Q4201620162016201720172017201720182018201820182019201920192019202020202020202020212021202120212022202220222022202320232023202322Description:Asofthefourthquarterof2023,Alticehadaround2.26millionpayTVsubscribersintheUnitedStates.Thisfigureisdownfrom2.44millionsubscribersinthecorrespondingquarterofthepreviousyear.

ReadmoreNote(s):UnitedStates;Q22016toQ42023Source(s):LeichtmanResearchGroup;TheWrapPriceofselectedTVandstreamingservicesprovidinglivesportscontentintheUnitedStatesasof2024(inU.S.dollars)PriceofTVandstreamingservicesprovidinglivesportscontentintheU.S.2024TVbundleParamount+PeacockNewJV1401201008012097847360404020990CMCSACHTRHuluLiveTVYouTubeTVStreaming23Description:IntheU.S.,averagemonthlypricesontelevisionservicesthatprovidelivesportcontentvariesdependingontheprovider.In2024,consumersoftraditionalcablecompanieslikeComcastandCharterspentthehighestamountpermonth,at120and97U.S.dollars,respectively.Meanwhile,streamingTVserviceslikeHuluLiveTVandYouTubeTVcostless.ThenewsportsjointventureofDisney,WarnerBros.Discovery,andFoxisexpectedtocostaround40U.S.dollarsonamonthlybasis.

ReadmoreNote(s):UnitedStates;2024;forecastSource(s):NextTV;WellsFargoCHAPTER

04ConsumerbehaviorLeadingbroadcastandcableprimetimetelecastsintheUnitedStatesin2023,bytotalnumberofviewers(inmillions)MostwatchedprimetimetelecastsintheU.S.2023Totalviewersinmillions020406080100120140SuperBowlLVII:KansasCityvs.Philadelphia(Fox)AFCChampionship:KansasCityvs.Cincinnati(CBS)NFCPlayoff:SanFranciscovs.Dallas(Fox)114.9653.4845.86NFCPlayoff:Philadelphiavs.NYGiants(Fox)28.8727.08NFLPlayoff:Cincinnativs.Baltimore(NBC)NFLThursdayNightSpecial:Detroitvs.KansasCity(NBC)NFLSundayNightFootball:KansasCityvs.NYJets(NBC)NFLThursdayNightSpecial:SanFranciscovs.Seattle(NBC)NFLSundayNightFootball:SanFranciscovs.Dallas(NBC)NFLSundayNightFootball:GreenBayvs.KansasCity(NBC)25.0425.0225.0124.523.8125Description:IntheUnitedStates,in2023,theleadingbroadcastandcableprimetimetelecastbynumberofviewerswastheSuperBowlLVIItelecast,airedonFebruary12,2023.SecondwastheAFCChampionship:KansasCityvsCincinnati,witharound53.5millionviewers.ReadmoreNote(s):2023;liveandsame-dayratingsSource(s):Nielsen;VarietyLeadingadsupportedbroadcastandcablenetworksamongadultsaged18to49intheUnitedStatesin2023,byaveragenumberofviewers(in1,000s)MostwatchedTVnetworksamongadultsaged18-49intheU.S.2023Numberofviewersinthousands01002003004005006007008009001,0009941,100FoxNBC931ABC798CBS676ESPN654UnivisionTNT440386TelemundoTBS296251USA22326Description:In2023,Foxhad994,000averageviewers,makingittheleadingad-supportedTVnetworkintheUnitedStatesamongadultsinthe18to49demographicgroup.NBCrankedinsecond,with931,000averageviewers,followedbyABCwithnearly800,000averageviewers.ReadmoreNote(s):UnitedStates;December26,2022toDecember3,2023;18-49yearsSource(s):Nielsen;VarietyMostcommonTVsubscriptionbrandsintheU.S.asofDecember2023MostcommonTVsubscriptionbrandsintheU.S.2023Shareofrespondents0%5%10%15%20%25%AT&TU-VerseComcastSpectrumTVDirecTV23%16%16%9%YouTubeTVDishVerizonFiosCox8%6%6%4%OptimumBroadstripeEPIX3%1%1%1%1%MediacomCableSlingTVOther5%Don'tknow1%27Description:WeaskedU.S.consumersabout"MostcommonTVsubscriptionbrands"andfoundthat"AT&TU-Verse"takesthetopspot,while"SlingTV"isattheotherendoftheranking.ReadmoreNote(s):UnitedStates;JanuarytoDecember2023;5557respondents;18-64years;respondentswhopayforaTVsubscription(Media&digitalmedia,Videogames)Source(s):ConsumerInsightsPreferenceofcable/satelliteTVvs.videostreamingservices/appsintheUnitedStatesasofMarch2023,byagegroupPreferenceofpayTVvs.videostreamingintheU.S.2023,byagegroupCable/satelliteTVbox70%Streamingservice/app80%70%60%50%40%30%20%10%0%72%71%67%64%56%53%51%50%49%45%38%35%31%31%29%27%24%23%22%21%20%18-24years

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70yearsandolder28Description:AccordingtoaMarch2023survey,olderpeoplefromtheU.S.werethemoretheypreferredcableandsatelliteTVoverstreamingplatforms,withoverhalfofrespondentsaged60yearsandolderpreferringpayTVboxes.Bycontrast,nearlythreeinfourconsumersaged18to24yearspreferredstreamingservices.ReadmoreNote(s):UnitedStates;March9to16,2023;3092respondents;18yearsandolderSource(s):DeepIntent;SavantaLead