We view the TZOO shares as a compelling play on a return toward "normalcy" as the Covid vaccines open economies and travel restrictions are lessened. Unique visitors and Digital subscriptions accelerated as travel-restricted consumers sought news and information about Covid and the Presidential elections. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision. Two Trends to Watch in 2021: Connected TV Advertising and Retail Media. During its third quarter conference call, The Trade Desk (TTD) noted that “our CTV spend grew more than 100% year-over-year in the third quarter as advertisers follow consumers to streaming platforms. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. In January 2020, it was reported that he spent $300 million and $500 million in February. Appendix B: summary of responses to our interim report consultation (1.7.20), Appendix D: profitability of Google and Facebook (1.7.20), Appendix E: ecosystems of Google and Facebook (1.7.20), Appendix F: the role of data in digital advertising (1.7.20), Appendix G: the role of tracking in digital advertising (1.7.20), Appendix H: default positions in search (1.7.20), Appendix I: search quality and economies of scale (1.7.20), Appendix J: Facebook Platform and API access (1.7.20), Appendix K: consumer controls over platforms’ data collection (1.7.20), Appendix L: summary of research on consumers’ attitudes and behaviour (1.7.20), Appendix M: intermediation in open display advertising (1.7.20), Appendix N: understanding advertiser demand for digital advertising (1.7.20), Appendix O: measurement issues in digital advertising (1.7.20), Appendix Q: exploitation of market power (1.7.20), Appendix R: fees in the adtech stack (1.7.20), Appendix S: the relationship between large digital platforms and publishers (1.7.20), Appendix T: our approach to assessing data remedies (1.7.20), Appendix U: supporting evidence for the code of conduct (1.7.20), Appendix V: assessment of pro-competition interventions in general search (1.7.20), Appendix W: assessment of pro-competition interventions in social media (1.7.20), Appendix X: assessment of pro-competition interventions to enable consumer choice over personalised advertising (1.7.20), Appendix Y: choice architecture and Fairness by Design (1.7.20), Appendix Z: assessment of potential data-related interventions in digital advertising markets (1.7.20), Appendix ZA: assessment of potential pro-competition interventions to address market power in open display advertising (1.7.20), Press release: New regime needed to take on tech giants (1.7.20). Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc. Nonetheless, some of the strongest performers in the industry in the fourth quarter were the larger radio groups including Cumulus Media, up 62.9%; iHeart Media, up 57.5%; and, Entercom, up 52.2%. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. As costs, competition, and subscription fatigue grow, their choices today could shape the industry for the next decade. These declines have been offset somewhat by virtual MVPDs (multi-channel video providers) such as Hulu, Sling TV, and FuboTV. Even though Political was at record levels for Radio in 2020, it still accounted for only 4% of total 2020 Radio revenues. We believe that the TPCO shares stand on its own with significant cash flow and a large cash position. Global Digital Media Production Software Market Report 2020 has complete details about market of Digital Media Production Software industry, Digital Media Production Software analysis and current trends. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. On demand viewership and growing consumer inclination toward web-based media and mobile apps have further initiated a “chain reaction” that is eventually expected to bring a major transformation in the entertainment industry. We caution investors, however, not to get over their skis on optimism. In addition, as we look forward toward the first quarter 2021, there will be some tough year earlier comps from the large influx of Political advertising from the Democratic primaries. Nonetheless, the Publishing industry's transition toward Digital accelerated during the Pandemic. We highlight one of our favorites, 1800FLOWERS.com. We believe that most companies will be able to quickly pare down debt and debt to cash flow levels will drop to be an average 6 times by the end of 2022. What makes the numbers so extraordinary is that Retransmission revenues in Q4 2016 were roughly 25% of total broadcast revenues and in Q4 2020 represented about 32%. While we anticipate continued improved revenue trends, we are not as sanguine about the advertising recovery in 2021, which we discuss later in this report. Our favorite picks for 2021 focuses on two companies that have the financial flexibility to pursue acquisition fueled growth. This report is not to be relied upon as a substitute for the exercising of independent judgement. Within the traditional media sectors, the publishing stocks performed the best, up nearly 34% for the year. Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. A year ago we wrote that over the previous decade online advertising as a share of all advertising had more than tripled to 50%, up from just 15% of advertising at the start of the decade. Refer to end of report for Analyst Certification & Disclosures. Publishing: Will there be fewer public publishers? This report find that the of social media for news has started to fall in a number of key markets after years of continuous growth. The stock prices likely reflect this reality (which is discussed later in this report). This follows the surprising offer from E.W. © 2018-2021 Noble Financial Group, Inc. All Rights Reserved. Fortunately for advertisers, advertising on demand (AVOD) services have also benefited from a migration of consumers to their platforms. In 2012, Canada employed 50,000 employees in the digital media industry, generating $7.5 billion in annual revenue. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The average consensus revenue growth is expected to be 13.5%, a revenue growth estimate that does not anticipate that the industry revenue in 2021 achieves that of 2019. Only the non-advertising related stocks, those in the MarTech space, underperformed (+0%). Optimism grows as core advertising, which excludes Political advertising, seems stronger than what many analysts anticipated for the fourth quarter. The strongest revenue growth quarter will be the second quarter, which will be up against the easy comps from the year earlier depth of the pandemic. What we could not foresee then was that a global pandemic that would redefine how we went about our everyday life. The COVID-19 pandemic has accelerated and amplified ongoing shifts in consumers’ behaviour, pulling forward digital disruption and forcing industry tipping points that wouldn’t have been reached for many years. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. Global Digital Media Industry 2019 Research report is spread across 137 pages and provides exclusive vital statistics, data, information, trends and competitive landscape details in this niche sector. Industry Report - Digital, Media and Entertainment Industry - Are We There Yet? This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..RESEARCH ANALYST CERTIFICATIONIndependence Of ViewAll views expressed in this report accurately reflect my personal views about the subject securities or issuers.Receipt of CompensationNo part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the publicappearance and/or research report.Ownership and Material Conflicts of InterestNeither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.\, NOTE: On August 20, 2018, Noble Capital Markets, Inc. changed the terminology of its ratings (as shown above) from "Buy" to "Outperform", from "Hold" to "Market Perform" and from "Sell" to "Underperform." In our view, the sale of television stations will support public market valuations in the TV group. Expect to hear more from this sector in the future. This report casts new light on prevailing narratives about trust, fake news, failing business models and the power of platforms. Investors should only consider this report as single factor in making an investment decision. Online Media Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025. As such, investors who are optimistic that 2021 advertising returns to 2019 levels, may be like children on a long road trip asking "are we there yet?". Revenues rebounded from the disastrous second quarter, fueled by record breaking Political advertising. GENERAL DISCLAIMERSAll statements or opinions contained herein that include the words "we", "us", or "our" are solely the responsibility of Noble Capital Markets, Inc.("Noble") and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Channelchek is provided at no cost to be used for information purposes only and not as investment advisement. We continue to view the FLWS shares among our favorites in the ecommerce space. We recommend that the government passes legislation to establish a new pro-competition regulatory regime. This group benefited from the larger cap stocks in the industry, New York Times and News Corp. Our estimate is below that of consensus estimates that anticipate modest full year 2021 revenue decline on average 1%. We believe that analysts are getting ahead of their skis. Enterprise Streaming Media Market Analysis Report By Solution, By Service, By End Use (BFSI, IT & Telecom, Healthcare), By Deployment, By Application, By Enterprise Size, And Segment Forecasts, 2019 - 2025. Consumer habits can take a lifetime to learn – but just a lockdown to lose. Overview. BA in Business Administration from Westminster College. Investors turn their attention to the likely buyers, Gray Television and private equity firm, Apollo Capital. The second quarter should reflect much stronger revenue trends given the easy comparable a year earlier, the midst of the economic shutdowns from the Covid pandemic. This year’s report adopts a new format which highlights the views of digital leaders on the key issues facing the news industry and combines this with five forward-looking contributions from the Reuters Institute. While television fundamentals appear to be still affected by the economic fallout from the Covid pandemic, the deal activity in the industry has picked up. Consensus revenue estimates for the first quarter anticipate TV industry revenues falling 3.6% on average, which we believe to be optimistic. Any recipient of this report that wishes further information regarding the subject company or the disclosure information mentioned herein, should contact Noble Capital Markets, Inc. by mail or phone.Noble Capital Markets, Inc.225 NE Mizner Blvd. Final report, appendices, glossary and quantitative research report published. As such, we view GMBL as among our favorites in 2021. Download the perspectives report (1.1mb) But, revenue will be lumpy. Given that the company raised cash flow expectations, we have raised our price target to $20.75. But, we anticipate that 2021 will be bumpy. In our view, the spike in activity will be long lasting as it has significantly enhanced the company's customer acquisition. We believe that the TV stocks will be buoyed by the M&A market. As such, our current favorites are Entravision and Gray Television. The amount Australian consumers spend on games is predicted to be $3.2 billion in 2020, with The EVC shares were up a significant 82.9% in the fourth quarter and 6.1% for the full year. Retail media is display or search ads that appear on retailer platforms and direct users to products available for purchase there. Both benefited from strong digital audience growth and digital revenue growth. Recall the unprecedented amount the Michael Bloomberg spent on the primaries? Digital, Media & Entertainment Industry Report, Outperform: potential return is >15% above the current price, Market Perform: potential return is -15% to 15% of the current price, Underperform: potential return is >15% below the current price. At traditional media companies, revenues moderated substantially, while at online advertising companies, revenues returned to mid-teens growth (+13%). Product Type. Before and since COVID-19 hit, consumers loaded up on paid media subscriptions and sampled free services. There is a 96% correlation to advertising and discretionary spending. While the multiple may appear high based on most recent trading multiples over the past five years (excluding 2020), the valuations appear to be compelling considering the strong double digit cash flow growth that is expected in an advertising recovery. Many companies raised Q4 guidance to reflect the strong Political advertising. The improving revenue and, subsequently, cash flow trends will be a welcome relief to many Radio companies with stretched balance sheets. Importantly, many in the industry are reengineering cost structures. Digital Media in the United Kingdom industry profile provides top-line qualitative and quantitative summary information including: market size (value 2012-16, and forecast to 2021). These companies outperformed the Radio Index and many companies across the media spectrum. New digital processes are changing how media is created, distributed and monetized. Download a PDF of the full report to learn more about the impacts of media industry trends, key actions to take, and critical questions to ask. Most investors are happy to see 2020 in the rearview mirror. While many TV companies will focus on debt reduction given recent acquisitions, we believe that those with flexible balance sheets will turn toward M&A to enhance longer term growth potential. In terms of fundamentals, the media industry performed slightly better in the second half than the dire predictions made in the midst of the pandemic. We believe that the TV stocks will be buoyed by the M&A market. Digital Media includes the design and production of multimedia and games for platforms including PC, console, online and mobile. But, for investors fortunate enough to buy the shares during the depths of the travel restrictions in March 2020, the shares have nearly tripled from a low of $3.65. Furthermore, we believe that the esports will follow the trajectory of traditional sports into sports betting. The perceived momentum currently may not be as robust into 2021. As Figure #5 illustrates, the Radio stocks had a strong rebound in the fourth quarter, up 33.5%, as measured by the Noble Radio Index. In addition, the esports industry went mainstream as broadcast networks sought content. We also use cookies set by other sites to help us deliver content from their services. In our view, the estimates do not appear to fully reflect the absence of Political advertising, nor the lingering local economic impact from the pandemic. In our view, there is a lot of noise around core advertising given the unprecedented amount of Political advertising. eMarketer projects that marketers will spend $17.4 billion on advertising on ecommerce sites in 2020, a 38% increase over 2019. This is largely due to the fact that the industry does not have as difficult Political comps as others. This includes processing personal data for the purposes of the General Data Protection Regulation and the Data Protection Act 2018. The percentage relationships, as compared to current price (definitions), have remained the same. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months, ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCESenior Equity Analyst focusing on Basic Materials & Mining.
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