Redbox (RDBX): Can This SPAC Transition from DVDs in Front of 7-11 Stores to a Force in AVOD?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Thematic (Sector/Industry)

Poland Consumer discretionary / Thematic (Sector/Industry)

Over the past 10 years, subscription video on demand has transformed from an add-on repository of older rerun content to a primary or secondary viewing platform with high-quality, first-run programming. Although <a href="https://www.smartkarma.com/entities/20451" target="_blank" data-smartkarma-citation="entities:20451:1">Netflix Inc (NFLX US)</a> has emerged as a winner in the SVOD marketplace so far, we have reservations about its ability to meet or exceed market expectations around future subscriber growth and margin expansion, and we reiterate our $73 fair value estimate for this narrow-moat firm.Our report examines the SVOD market, rapidly changing video-viewing trends, and opportunities for SVOD players both in the U.S. and internationally. In short, we see increased competition and the availability of broadband as constraints on Netflix's future growth. In the U.S., we see threats from <a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409:1">Amazon.Com Inc (AMZN US)</a>, Hulu, and a growing list of niche SVOD providers as dampeners on Netflix's ability to add subscribers.We prefer investing in SVOD on the media side, particularly with wide-moat firms like <a href="https://www.smartkarma.com/entities/15439" target="_blank" data-smartkarma-citation="entities:15439:1">The Walt Disney Co (DIS US)</a> and <a href="https://www.smartkarma.com/entities/7746" target="_blank" data-smartkarma-citation="entities:7746:1">Twenty First Century Fox Inc (FOX US)</a>, as both firms can sustain their moats in the face of the ongoing changes across the media landscape. In Australia, we see no-moat <a href="https://www.smartkarma.com/entities/708" target="_blank" data-smartkarma-citation="entities:708:1">Nine Entertainment Co Holdings Ltd (NEC AU)</a> as the best stock for gaining exposure to SVOD expansion.Analysts: Neil Macker et al

Over the past 10 years, subscription video on demand has transformed from an add-on repository of older rerun content to a primary or secondary viewing platform with high-quality, first-run programming. Although Netflix Inc (NFLX US) has emerged as a winner in the SVOD marketplace so far, we have reservations about its ability to meet or exceed market expectations around future subscriber growth and margin expansion, and we reiterate our $73 fair value estimate for this narrow-moat firm.Our report examines the SVOD market, rapidly changing video-viewing trends, and opportunities for SVOD players both in the U.S. and internationally. In short, we see increased competition and the availability of broadband as constraints on Netflix's future growth. In the U.S., we see threats from Amazon.Com Inc (AMZN US), Hulu, and a growing list of niche SVOD providers as dampeners on Netflix's ability to add subscribers.We prefer investing in SVOD on the media side, particularly with wide-moat firms like The Walt Disney Co (DIS US) and Twenty First Century Fox Inc (FOX US), as both firms can sustain their moats in the face of the ongoing changes across the media landscape. In Australia, we see no-moat Nine Entertainment Co Holdings Ltd (NEC AU) as the best stock for gaining exposure to SVOD expansion.Analysts: Neil Macker et al

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

덜 활용되는 스트리밍: 전 세계 SVOD 도입을 향해 나아가는 길에 넷플릭스가 아닌 미디어 주식을 선호합니다.