2019-09-02 Bloomberg Businessweek

WHO STANDS TO WIN IN THE WORLD

OF STREAMING?

I AM BEN SWINBURNE

Head of U.S. Media Research

TowatchBen’sMorganStanleyMinute on

“TheAgeofStreaming,”goto morganstanley.com/streaming.

These materials are not a research report. The information and opinions in these materials were prepared bytheemplo ley

& Co. LLC, including the Morgan Stanley Research Department, and its affiliates (collectively “Morgan Stanley”).These

for informational and discussion purposes. Morgan Stanley does not undertake to update these materials andtheconcl y

change without notice. For additional disclaimers and disclosures please visit: morganstanley.com/streaming.

© 2019 Morgan Stanley & Co. LLC. Member SIPC. CRC 2684373 09/19

The TV and film industry has changed

dramatically in just eight years. Today,

three of the top-funded entertainment

companies are actually Internet companies.

The number of streaming subscriptions has

doubled in the last two years and has the

potential to double yet again over the next

three to five years. With ever-expanding

consumption habits at play, the companies

that can deliver compelling content on a

global scale stand to fare best.

ees of Morgan Sta

aterials are solely

ons discussed m