LionTree’s Post

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Aside from the rapid changes happening in AI and advertising, of course, the pace of change in streaming is moving at an incredibly fast pace. And one of the biggest developing themes right now, which was borne by too much fragmentation and a poor DTC consumer experience is bundling, bundling and more bundling. In our last update, I talked about the sports JV with Disney, Fox and Warner Brothers Discovery, which by the way is now called Venue and is scheduled to launch in the US this fall. Disney announced it's also launching its Disney Plus, Hulu and Max bundle this summer. Pricing is still not finalized. We also now have Comcast Stream Saver bundle which includes Peacock Premium, Apple TV Plus, Netflix standard with ads. Existing customers can get that for $15 per month, which is 30% plus savings. Verizon has also been extremely active with bundles too and just recently announced it's adding more services to its bundled offering. Lastly. It is also been speculated that Amazon Prime and Paramount are exploring bundle as well. Overall, we expect this bundling trend to continue as a way to reduce churn, but not everyone is going to be a winner. Antenna had an interesting analysis recently which concluded that Max will be the biggest beneficiary of bundling offers as its subscribers are less loyal and Netflix is most at risk for cannibalization. More to come on this.