Yet another beneficiary of travel restrictions and stay at home mandates was the esports industry. 2019 2018 2017 2016 2015 2014 2013. MA in International Affairs from Washington University in St. Louis.Named WSJ 'Best on the Street' Analyst and Forbes/StarMine's "Best Brokerage Analyst.”FINRA licenses 7, 24, 63, 87, WARNINGThis report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. The emergence of social media is disrupting the industry and players in the traditional industry are switching towards digital platforms, thereby increasing their ads spend on the digital media due to which the industry is significantly benefitted by digital tools and platforms thereby facilitating efficient production, distribution, and consumption of content revolutionizing the market growth. 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. The vouchers allow the consumer to cancel or change travel plans without fees and were a big hit. 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. This study is part of the CMA’s Digital Markets Strategy, which sets out our broad approach to protecting consumers in the digital economy while ensuring robust, competitive digital markets. AVOD service providers include TubiTV, PlutoTV, Vudu, Crackle, Peacock, as well as connected TV device makers such as Roku and Samsung. Based on consensus estimates, fourth quarter revenues are expected to show substantial sequential quarterly improvement from the third quarter, down roughly 12% versus an average 22% decline in the third quarter. The pandemic forced people to work from home and businesses to accelerate their digital transformation. © 2018-2021 Noble Financial Group, Inc. All Rights Reserved. For the most part, media stocks are down modestly in the single digit percentages for the year, except for the Radio industry. Final report. This includes processing personal data for the purposes of the General Data Protection Regulation and the Data Protection Act 2018. For instance, there appears to be a large number of potential bank foreclosures and forced evictions as Covid restrictions on evictions are relaxed. Publishing: Will there be fewer public publishers? Nonetheless, the Publishing industry's transition toward Digital accelerated during the Pandemic. We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. The Television stocks outperformed the general market in the fourth quarter with the Noble TV index up 39%, significantly outpacing that of the general market, as measured by the S&P 500 Index, up 10.8%. 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. 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. Surprising was the rapidity with which Digital advertising declined in 2Q and how quickly it recovered in 3Q (and into 4Q). The GMBL shares increased a strong 55% since our initiation on October 28th. Two Trends to Watch in 2021:   Connected TV Advertising and Retail Media. Reports include data on market segmentation, size and growth in US, UK, Europe, Asia and global markets. Unfortunately, the strong year end performance did not offset the weak performance earlier in the year. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect oftransactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Some analysts point to the relatively healthy advertising environment, excluding Political. Only the non-advertising related stocks, those in the MarTech space, underperformed (+0%). Any opinions expressed herein are subject to change without notice. Consumer habits can take a lifetime to learn – but just a lockdown to lose. Past performance is not indicative of future results. Download the perspectives report (1.1mb) Radio: Why this is among our favorite sectors for 2021? Digital News Report … In its fiscal first quarter end September, revenues surged 51.6%. This market research report provides information about Country Overview (Business Services), Business & Government industry. As such, tax hikes could potentially cut into consumer’s appetite to spend and, subsequently, advertising. Television: Did the M&A market open earlier than expected? While the Pandemic caught many media companies flatfooted without cost mitigation strategies to maintain cash flow, many Publishing companies simply accelerated cost reduction plans already in place. This report explores the use of digital media marketing in the automotive industry. Industry Report - Digital, Media and Entertainment Industry - Are We There Yet? 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. New digital processes are changing how media is created, distributed and monetized. The remaining publicly traded stocks traded below the Noble Radio Index. More recently, the M&A environment seems to remain healthy given that Quincy Broadcasting and Meredith announced plans to sell TV stations. This could disrupt consumer behavior in coming months. Any media enquiries should be directed to press@cma.gov.uk. The global enterprise streaming media market size was valued at USD 15.85 billion in 2017. 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. Q2 2020 revenues were down in the range of 55% to 65%. Our expectation was that this trend would continue. The fundamentals of the television industry substantially improved in the fourth quarter, fueled by an extraordinary and unprecedented influx of Political advertising. The amount Australian consumers spend on games is predicted to be $3.2 billion in 2020, with Don’t worry we won’t send you spam or share your email address with anyone. In our view, the spike in activity will be long lasting as it has significantly enhanced the company's customer acquisition. Viewing habits have been evolving for years, but online video platforms greatly benefited from work at home requirements. Endeavour Silver (EXK)(EDR:CA) - Increasing Estimates Based on Improved Mine Performance, 01/12/2021. Following in the footsteps of Amazon’s fast growing advertising business are retailers like Walmart, Target, eBay and Kroger, all of whom are looking outside their core business for growth and have found it in digital advertising. But this strong performance was below that of many media sectors including TV, up 39%, and Publishing, up 42.3%. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Digital Media market in terms of revenue. As Figure #2 illustrates, there are several companies with relatively low leverage, including Gray Television and Entravision that appear poised for accelerated growth through acquisitions. We are assessing three broad potential sources of harm to consumers in connection with the market for digital advertising: We are inviting comments by 30 July 2019 on the issues raised in the statement of scope, including from interested parties such as online platforms, advertisers, publishers, intermediaries within the ad tech stack, representative professional bodies, government and consumer groups. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. The industry gained mainstream attention as traditional sports content was constrained during the economic shutdown. We highlight one of our favorites, 1800FLOWERS.com. Given the large influx of Political, we believe that there is a lot of noise in the those core advertising numbers. Ion Media was on the market prior to the development of the Covid pandemic early in 2020, but was pulled when economies were closed and Covid mitigation efforts unfolded. While this is up from roughly 3% in the past, it is not a large nut to overcome given the prospects of a rebound in advertising. The improvement is expected to reflect a sizable boost from Political advertising, although Television gets the lion share of Political dollars. Price. Any media enquiries should be directed to press@cma.gov.uk. 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. We place the probability of the Alden Group raising its offer to a range we believe would be reasonable as low. This report casts new light on prevailing narratives about trust, fake news, failing business models and the power of platforms. 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. To put this into perspective, Auto was down as much as 75% in the second quarter. Some companies, like The New York Times, have transitioned well toward a Digital driven model. One of the companies that we follow,1800FLOWERS.com, significantly benefited from the surge in ecommerce and gifting in the midst of the pandemic. Revenue in the Digital Media market is projected to reach US$85,581m in 2021. The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Coronavirus COVID-19. We caution investors, however, not to get over their skis on optimism. Nonetheless, we believe that the revenue trends appear favorable. Finally, there is a looming issue of what the government will do to help pay for the increased Pandemic-related expenses, implying tax hikes may be coming. In the fourth quarter, particularly, media stocks increased on average 40%. Overall, the industry revenue decline for 2020 is likely to be among the weakest in the media space. Political advertising, especially the level at which Political came in, created a substantial amount of noise around core advertising. Investors are focused on the recent offer by the Alden Group for the remaining 68% of the shares of Tribune Publishing that it does not own. TZOO is a online media company that offers entertainment and travel deals. We’ll send you a link to a feedback form. Finally, one of our favorites for 2021 is a marketing services company, Harte Hanks (HRTH). Expect to hear more from this sector in the future. Amazon is the best situated company in this sector and is the main supplier of retailer media outside of China (where retailer media is already well established). Digital Media × Digital Media ... broadly across the sector and provides deep insights into specific markets in the most significant areas of IT and the digital media industry. As such, the Radio stocks represent among our favorite sector for 2021. Request Methodolgy Request Sample Request Customization. There is a generally confident feeling in the digital media and marketing industry around their revenue prospects, despite the impact of the COVID-19 pandemic. We use some essential cookies to make this website work. 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. The question will be whether the Alden Group will increase its offer to levels that reflect the intrinsic value of the company. Fortunately for advertisers, advertising on demand (AVOD) services have also benefited from a migration of consumers to their platforms. Broadcasters that have digital, podcasting, and diversified operations, likely will perform better than those industry averages. Product Type. Digital Media includes the design and production of multimedia and games for platforms including PC, console, online and mobile. The TV stocks typically do better the year prior to an election year, up an average 22%. In our view, the sale of television stations will support public market valuations in the TV group. To put the Political advertising numbers into perspective, for most broadcasters, Political advertising accounted for nearly 30% of total Q4 broadcast revenues. Revenues rebounded from the disastrous second quarter, fueled by record breaking Political advertising. Back to top. Digital News Report 2018. Many companies managed through the pandemic either with government loans or concessions on debt covenants. Our revenue estimate anticipates that the average TV company will report revenue declines in the range of 9.2%. 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. The only stock that outperformed the group in both the fourth quarter and full year performance was Entravision. Businesses were required to close offices and shut down brick and mortar outlets and find ways to conduct business virtually. 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. Release Year. The shift to digital is bringing a transformation in the way this industry has been functioning for quite some time. Connected TV (or CTV) advertising is relatively small, but its future is bright. For more risk tolerant investors, we encourage investors to take a look at eSports Entertainment, one of the few compelling growth segments of the media industry, focused on the gaming space. Refer to end of report for Analyst Certification & Disclosures. As we look forward toward 2021, we view the shares of Tribune as among our favorite plays. In addition, the company significantly reduced headcount through a large employee buyout in November. The fundamentals of the Publishing industry varies by company and depends upon which side of the Digital divide the company is on. The robust margins are expected to reflect the high margin Political advertising and the significant cost reduction efforts by companies striving to maintain cash flow during the Pandemic. BA in Business Administration from Westminster College. Digital Media Recruitment (UK) - Industry Report report is published on November 1, 2020 and has 40 pages in it. Most are now building the technology in-house to further expand profit margins in this sector. 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?". 3 July 2019: The CMA has launched a market study into online platforms and the digital advertising market in the UK. As costs, competition, and subscription fatigue grow, their choices today could shape the industry for the next decade. As such, our current favorites are Entravision and Gray Television. With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Digital Media market to help players in achieving a strong market position. Connected TV (CTV): Forced to stay at home, consumers have migrated to subscription video on demand (SVOD) platforms such as Netflix and Disney+. In addition, the strong fundamentals over the past several quarters have significantly improved its financial position, which should allow the company to make future revenue growth investments. Our 2021 Radio revenue estimate is 7.3%. On the stock front, for investors that were fortunate enough to buy media stocks during the midst of the pandemic, the returns were very strong. 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.. There, despite the 33.5% increase in stock prices for the fourth quarter, the Radio stocks are still down a whopping 37%. In our view, the company has a large cash position to fund accretive acquisitions. Despite challenges with the anticipated pace of the advertising recovery and the tough year earlier comparisons, we remain constructive on the television stocks. Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc. In our view, a value representing a 10% to 15% discount to our price target would be a reasonable take-out valuation. This report is not to be relied upon as a substitute for the exercising of independent judgement. USD 0.00 - … The FLWS shares increased 5.6% in the fourth quarter, contributing to 12 month performance of an astonishing 84.5% gain. As such, broadcast networks turned toward esports to fill the programming void. In our view, there is a lot of noise around core advertising given the unprecedented amount of Political advertising. Comparatively, in 2016, Political advertising accounted for roughly 11% of total Q4 broadcast revenue. As we look toward 2021, we anticipate that revenue trends will significantly moderate, especially since Digital revenues represent almost 50% of revenues for many Publishers. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. But, revenue will be lumpy. The general economy is still reeling from store and restaurant closures and other restrictions. 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). The industry has managed with the relatively high 6 times handle before. Global North America Europe South Asia, Middle East & North Africa Africa. Scripps made a gutsy move to buy Ion in the midst of the pandemic and in spite of the lack of visibility on the economic and advertising recovery. ID: DMR297267 | Research Report | 23 June 2020 | Global | 107 | Maia Research . Digital Advertising Recovers Quickly; Gaming and Podcast M&A Ramp Up. As such, we view GMBL as among our favorites in 2021. We recommend that the government passes legislation to establish a new pro-competition regulatory regime. 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. 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. In addition, there was a notable acceleration in the move toward ecommerce. The second biggest Digital Media market is Europe with a market volume of US$33.8 billion in 2019 and Video Games being the biggest segment. The company's swift decision to focus on travel vouchers allowed it to significantly improve its financial position and avert a devastating travel marketplace. Additional response to Statement of Scope published. Additional information is available upon request. The TZOO shares are down modestly for the year. 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. Sponsored product advertising is the most prevalent form of retail media advertising, and it is estimated that Amazon has a 75% share of this market. Media enquiries. Importantly, many in the industry are reengineering cost structures. Why this is one of our favorite sectors for 2021? This group benefited from the larger cap stocks in the industry, New York Times and News Corp. 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. Filter By. Cash flow for the industry should improve as cost mitigation efforts flow through to a full year of operations. In January 2020, it was reported that he spent $300 million and $500 million in February. In addition, the esports industry went mainstream as broadcast networks sought content. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. But, this industry is not without risks. The improving revenue and, subsequently, cash flow trends will be a welcome relief to many Radio companies with stretched balance sheets. If there is a silver lining to the advertising struggles of 2020, it is that we foresee the “mother of all easy comparisons” in 2Q 2021 combined with the benefits of vaccine distribution which should enable the beginnings of an economic recovery. Furthermore, we believe that the esports will follow the trajectory of traditional sports into sports betting. Given that the company raised cash flow expectations, we have raised our price target to $20.75. Don’t include personal or financial information like your National Insurance number or credit card details. Again, the online advertising marketplace was bifurcated, with online advertising at Google (+10%) and Facebook (+22%) growing a combined +14%, while online advertising from all others increased by 7%. 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. Furthermore, the average Radio stock is trading at roughly 9 times enterprise value to depressed 2021 cash flow estimates. If 2020 surprised us in two ways, it was 1) the rapidity with which advertising declined in 2Q, and 2) how quickly it recovered in 3Q (and into 4Q). We are inviting comments on our report, including on our proposal not to make a market investigation reference at this stage, by 5pm on 12 February 2020. 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. Channelchek is provided at no cost to be used for information purposes only and not as investment advisement. We also use cookies set by other sites to help us deliver content from their services. Information Services (III) - Raising PT As Share Price Continues Upward Trajectory, 01/12/2021. To put this into perspective, Political advertising for Television accounted for as much as 30% of total revenues. Scripps to buy Ion Media on September 24. The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions. Tribune Publishing is a good example of this. Digital Media. UK Digital Media Recruitment Industry Overview. Each of these companies has the requisite scale to compete for advertising dollars, as well as first-party customer data. 1 July 2020: We have published the final report of our market study into online platforms and digital advertising. Investors turn their attention to the likely buyers, Gray Television and private equity firm, Apollo Capital. Ecommerce sites have the advantage of first party shopping and intent data plus attribution capabilities for measurement and optimization. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. 17 January 2020: The CMA has published a notice (served 10 January 2020) of a penalty imposed on AppNexus Europe Limited under section 174A of the Enterprise Act 2002. The GCI shares began the upward trend following the company's 10Q filing on November 2, as investors concerns over the company's high debt leverage were assuaged. While traditional advertising mediums such as TV (-35%), radio (-48%), outdoor (-37%) and newspaper (-44%) advertising really struggled in 2Q 2020 (just after the pandemic started), online advertising (-3%) held up remarkably well. This page provides information and data on the Digital Media sector, which is one component of the Information and Communications Technology (ICT) industry. Despite the double digit revenue growth for Digital advertising and subscriptions for some Publishers, total revenues are expected to decline in the range of 20%. Market Research Customer Research. In 2012, Canada employed 50,000 employees in the digital media industry, generating $7.5 billion in annual revenue. Another Year of Strong Stock Price Returns in the Internet and Digital Media Sectors. Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints.

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