Nomura Securities on U.S. Media: NATPE Conference Takeaways

Nomura Securities on U.S. Media: NATPE Conference takeaways

Analyst, Michael Nathanson, said, "NATPE Conference takeaways: 1) Bullish on Local TV: Local TV Advertising is shaping up to be stronger than expected in 2012 with political spend likely to hit record numbers, and we would not be surprised if final numbers ended up in the $3.5bn (or higher) range; 2) The Best Content is King: Premium content continues to increase in value with content owners looking to move “upstream” with these shows and rights; 3) Netflix Has Open Ice: We expect Netflix (Nasdaq: NFLX) to continue to push strongly into original content, and find it hard to imagine that others will get into the scripted business to the same scale as them; 4) Measure This?: Measurability issues remain especially in regards to mobile and over-the-top content consumption; 5) Virtual MSO: The topic du jour continues to be what a possible virtual MSO will look like, how it might work and whether or not it will really happen."

More details on #3) Netflix Has Open Ice

"As anticipated, there was much discussion around Netflix. We expect Netflix to continue to push strongly into original content. However, we find it hard to imagine that others will get into the scripted business to the same scale as them (with Hulu a possible wildcard). While media companies and investors eagerly await the next big check written from the likes of Google (YouTube) (Nasdaq: GOOG), Amazon (Nasdaq: AMZN), Apple (Nasdaq: AAPL), Yahoo (Nasdaq: YHOO) or Facebook, we believe Netflix remains in a league of their own, because they are the only business that is 100% about video..."

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