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1、North America Equity Research10 September 2025J P M O R G A NMedia,Entertainment and AdvertisingDavid Karnovsky,CFA AC(1-212)622-Douglas Wardlaw(1-212)622 Kiscada A Hastings(1-212)622-Internet-Large Cap/Mid&Small CapDoug Anmuth AC(1-212)622-Bryan M.Smilek(1-212)622-Telecom Services,Cable&SatelliteSe

2、bastiano C Petti AC(1-212)622-J.P.Morgan Securities LLCToday,we update our streaming video download and user data tracker.We are highlighting data from Sensor Tower,which analyzes mobile app download,revenue,and advertising data on the iOS App Store and Google Play across most apps on a daily basis

3、in 90+countries.The companies data for August was released on September 1;below,please find exhibits for select SVOD,AVOD,and vMVPD platforms.Downloads in August among the major platforms were generally lower,consistent with seasonality observed in prior years,while DAUs were also mostly down.Wed ex

4、pect an uptick in September aligned with the start of the NFL and college football seasons followed by the return of fall shows.Disney+worldwide downloads were up 3%m/m(UCAN flat,ROW+4%)in August,with intl.returning to growth after a double-digit decline last month.August included the premiere of Ey

5、es of Wakanda,The Proud Family:Louder and Prouder,as well as the streaming debut of Thunderbolts.On a y/y basis,downloads were down 38%(UCAN-13%,ROW-43%).DAUs were down 5%m/m while MAUs were down 2%(UCAN-2%,ROW-1%).September includes the streaming premiere of Lilo and Stitch,that grossed over$1b at

6、the global box office,as well as the premiere of The Rich Eisen Show.Hulu worldwide downloads were down 1%m/m(UCAN-1%,ROW+1%)in August.August included the premiere of Alien:Earth,Season 14 of King of the Hill,and The Twisted Tale of Amanda Knox.King of the Hill reportedly drove 1.2b minutes of strea