By Hernan Lopez.
Companies mentioned: Amazon, Disney, Meta, Netflix, Skydance, Spotify, TikTok, WBD, YouTube
Questions answered: How far behind Netflix are HBO Max and Paramount+ on lifetime revenue per subscriber? How much is Netflix likely paying Skydance each year for its shows? How long would it take Skydance DTC to catch Netflix, even growing 20% a year? Where does Skydance find its next growth engine once synergies are banked?
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Skydance is off to the races. Much of the commentary has focused on one question: “How can Ellison pull off what Zaslav couldn’t, especially with a higher debt load?”
Short but partial answer: Skydance starts with a far stronger set of assets. Its TV library is now arguably best in class. It starts with two already profitable general entertainment streamers, including the most premium brand. And it has the most-watched US broadcast network, with sports rights that give it leverage.
On the flip side, for most of its four-ish-year life, WBD wasn’t fighting with AI...