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| Good morning! It's earning report season, so we're getting a lot of data this week about how all the streamers fared in Q2, and it's pretty much the same story across the board. Ad revenue is still down, if maybe recovering slightly. Subscriber rates are still going up but far slower than during the peak streaming boom. And management teams are putting the most positive spin possible on the strikes, praising the content they've still got in the pipeline while noting how much money they're saving by not paying any writers or actors. We also got the first bit of insight on Max's plans for live sports, which apparently include a higher-cost tier with access to MLB, NHL, and NBA games. We'll keep you posted as that picture becomes clearer over the next few months. Thanks for reading! We'll see you back here tomorrow. Lon
p/lon-harris | |
| 1 | | Paramount Global announced its second quarter earnings this week. Paramount+ grew by under 1 million net new subscribers in Q2; it now has 61 million subscribers in total. More: - DTC revenue bested forecasts with $1.66 billion, up 40% over Q2 2022; traditional TV revenue was down just 2%, which also beat expectations.
- Theatrical revenues dipped significantly below last summer's results, with "Transformers: Rise of the Beasts" and "Mission Impossible - Dead Reckoning Part One" unable to match the breakout success of "Top Gun: Maverick."
- CEO Bob Bakish noted that the company has a lot of content that was completed prior to the writers' and actors' strikes, including the Martin Scorsese film "Killers of the Flower Moon," the horror prequel "A Quiet Place: Day One," and the holiday feature "Dear Santa" with Jack Black; CFO Naveen Chopra also teased a fresh line-up of Paramount+ originals, many of which are ready to launch ahead of 2024.
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| 2 | | CW owners Nexstar reported their second-quarter earnings on Tuesday, with the network posting a loss of $78 million. Overall, Nexstar -- which owns a number of TV stations across the US -- turned a profit of $153 million in Q2. More: - Nexstar acquired a majority stake in The CW in October 2022, making direct year-to-year comparisons impossible.
- CW posted an $83 million loss in Q1 of this year.
- Nexstar CEO Perry Sook told investors the company is pursuing a "Moneyball" strategy in terms of CW content, hoping to drive a lot of growth and revenue from low-cost acquisitions, reality content, and sports programming.
- The company's total TV ad sales hit $413 million in Q2, down 17.4% year-over-year.
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| 3 | | DAILY CALENDAR TUESDAY, AUGUST 8 ONLY MURDERS IN THE BUILDING: The acclaimed mystery-comedy series stars co-creator Steve Martin, Martin Short, and Selena Gomez as residents of the same Manhattan apartment building who reinvent themselves as a true crime podcasting trio. Season 3, which debuts today, introduces Paul Rudd and Meryl Streep to the cast. [Hulu] HARD KNOCKS: TRAINING CAMP WITH THE NEW YORK JETS: HBO's sports docuseries takes viewers behind-the-scenes with various NFL teams through training camp, as they prepare for the upcoming football season and select their starting line-ups. The new 18th season sent camera crews to Florham Park, NJ, to profile the New York Jets. Liev Schreiber narrates. [Max] DESTINATION NBA: A G LEAGUE ODYSSEY: 2023 documentary from The Ringer and Religion of Sports, following the journeys of five different prospects through the NBA's developmental league over the course of the 2022-2023 season. The film also features insights from former G League stars turned NBA players Seth Curry, Spencer Dinwiddie, Gary Payton II, and Jalen Green. [Amazon] NEVER SEEN AGAIN: True crime series from executive producer Tyler Perry, in which the family members and friends of missing persons relate stories about their lost loved ones and seek help and additional information from members of the viewing public. Season 4 debuts today on Paramount+. [Paramount+] YOU ARE HERE: Four-episode travel series in which actor Colman Domingo visits four cities that were pivotal to his development as an artist and individual, with an eye toward specific locations that hold special meaning in his life. The series includes trips to Savannah, Philadelphia, New York, and Chicago. [AMC+] THE SEVEN DEADLY SINS: GRUDGE OF EDINBURGH: PART 2: Japanese anime fantasy film, based on the "Seven Deadly Sins" manga by Nakaba Suzuki. Part 1 of the two-part feature was released in December of 2022. The series is set in a fantastical version of the European Middle Ages and follows a young prince on a dangerous journey to uncover his true powers. [Netflix] ZOMBIEVERSE: Debut reality competition series from Korea, in which a group of contestants -- who were told they're participating in a reality dating series -- instead find themselves navigating through Seoul during a simulated zombie apocalypse. [Netflix] | | | |
| 4 | | According to a report from CNBC, Max will add a dedicated sports hub later this year, timed to coincide with Major League Baseball's (MLB) playoff season. Max will apparently simulcast MLB games along with content from the NBA, NHL, and NCAA via the hub. More: - It's likely that Max will charge an additional monthly fee for full access to the sports hub, though no specific pricing was disclosed.
- The Max sports hub will also feature segments produced by Bleacher Report, such as highlights and interviews; the hub will likely feature Bleacher Report branding.
- Time Warner acquired Bleacher Report in 2012; it's currently a subsidiary of Warner Bros. Discovery.
- During the company's recent Q2 earnings call, CEO David Zaslav teased that new announcements regarding live sports were coming soon.
- MLB games will not be exclusive to the Max platform; WBD may also air the games on cable's TBS network.
- The MLB playoffs begin on October 3.
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| 5 | | Florida-based company Virtual Dining Concepts (VDC) and its subsidiary, Celebrity Virtual Dining, have filed a lawsuit against YouTuber Jimmy "MrBeast" Donaldson. The company claims that Donaldson has failed to keep his contractual obligations, and are also alleging international tortious interference. More: - Last week, Donaldson filed suit against VDC, claiming that the company's MrBeast Burger ghost kitchens were serving customers low-quality, "inedible" food, and thus damaging his reputation.
- VDC now claims that Donaldson has cost them damages in the "nine-figure range."
- Donaldson's legal team declined to comment on the story.
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| 6 | | Viewership for the HBO sports drama series "Winning Time: The Rise of the Lakers Dynasty" has dipped as the show enters is second season. 629,000 total viewers tuned in for Sunday's Season 2 premiere episode across both cable networks and the Max streaming platform. More: - Around 900,000 viewers tuned in for the Season 1 debut of "Winning Time" back in March 2022; by the Season 1 finale, that number was up to around 1.6 million same-day viewers.
- According to HBO, new episodes tend to draw 10-20% of their total viewership on Sunday nights, so "Winning Time" may still go on to find more of an audience throughout the week.
- Season 1 episodes averaged around 1.2 million viewers total on premiere nights, and 6 million viewers over time.
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| 7 | | Fox Corp. reported its Q4 earnings on Tuesday, with overall ad revenue down 4% year-over-year to $1 billion. Ad revenue was up on the Tubi streaming service, making up for a significant decline on the broadcast side. More: - Cable ad revenue was hit by a drop in overall political advertising during the quarter, along with the loss of anchor Tucker Carlson's popular Fox News show.
- It's unclear exactly how much of an impact the loss of Carlson had; Fox CEO Lachlan Murdoch told investors that Fox News' popularity as the leading cable news network "was never at risk."
- Total revenue hit $3 billion for the quarter.
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- Apple dropped a trailer for the upcoming horror series "The Changeling," starring LaKeith Stanfield as a new father whose wife (Clark Backo) suddenly vanishes with their infant; the series, based on Victor LaValle's novel, arrives on September 8.
- McDonald's is teasing an upcoming promotional collaboration with the Disney+ series "Loki."
- A number of former "Gilmore Girls" actors spoke with Rolling Stone about the show's continued success on Netflix, and why residual payments are such a gamechanger for working actors; Sean Gunn was the first "Gilmore" veteran to call attention to the lack of Netflix residuals for the cast.
- Ahead of the Season 2 premiere of Peacock's "Killing It," NBCU will air and stream Season 1 episodes for free on a variety of platforms, including YouTube and TikTok.
- A screening of Netflix's "Sly," a documentary profile of actor and filmmaker Sylvester Stallone, closes out the Toronto International Film Festival (TIFF) on September 16.
- The Television Critics Association (TCA) announced the winners of its 2023 TCA Awards, including HBO's "Succession," which picked up prizes for Program of the Year and Outstanding Achievement in Drama; the TCA Awards ceremony was canceled in June due to the WGA Strike.
- Disney+ released a batch of new character posters promoting "Ahsoka," the "Star Wars" spinoff series arriving on August 23.
- Priya Dogra, Warner Bros. Discovery's chief for Europe, the Middle East, and Africa (EMEA) plans to exit the company after 14 years; she won't be replaced, with the full EMEA team now reporting to her former boss, Gerhard Zeiler.
- Archewell Productions -- the company co-founded by Prince Harry and Meghan Markle -- grabbed the rights to Carley Fortune's novel "Meet Me at the Lake," which it plans to adapt into a series for Netflix.
- European media company RTL Group -- which owns the production and distribution group Fremantle -- posted $3.4 billion in revenue for the first half of 2023, a 5.1% dip from the first half of 2022; the company's streaming services, RTL+ and Videoland, grew considerably over the period, with subscriptions up 34% to 6 million.
- JetBlue announced a new partnership with Peacock; all passengers will get access to a library of content from the NBCU streamer, while current subscribers can access the full library via "Fly-Fi" internet connections.
- Due to the ongoing writers' strike, the syndicated game show "Jeopardy!" will return in the fall with repeat questions and a "second-chance tournament" for contestants who have made previous appearances.
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Term of the Day Product-led growth (PLG): Product-led growth (PLG) is a marketing and sales strategy that focuses on using the product itself as the primary driver of growth. Question of the Week Do you think the 9-to-5 workday still relevant in today's modern workplace? Join the conversation |
INSIDE STREAMING LEADERBOARD (ALL-TIME) |
 | Writer | | Lon Harris is the writer and editor of Inside Streaming and was the very first person to ever write an Inside newsletter. He lives in Los Angeles, California, and also writes about TV and film for Fandom, Screen Junkies, Rotten Tomatoes, Gamma Ray and others. Plus he has a Game of Thrones podcast called "Casterly Talk" and competes on The Movie Trivia Schmoedown as "The Professor." | | This newsletter was edited by Eduardo Garcia | |
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