1、North America Equity Research07 August 2024J P M O R G A NMedia,Entertainment and AdvertisingDavid Karnovsky,CFA AC(1-212)622-Douglas Wardlaw(1-212)622 Ted Karakostas(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 Serv

2、ices,Cable&SatelliteSebastiano C Petti AC(1-212)622-Nikhil Aluru AC(1-212)622-Jerome Darling(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 dat

3、a on the iOS App Store and Google Play across most apps on a daily basis in 90+countries.The companys data for July was released on August 1st;below please find exhibits for select SVOD,AVOD,and vMVPD platforms.Overall trends in July included a very strong performance from Peacock,which had the most

4、 downloads since July 2022 driven by the Olympics.Disney+saw a second straight month of 20%-plus download growth,likely helped by new content and Hulus integration as a tile on the service.Disney+worldwide downloads were up 23%m/m in July(vs.+33%in June),marking its second straight month of strong g

5、ains,with UCAN up 2%m/m and ROW up 34%.The service premiered Descendants:The Rise of Red,a straight-to-streaming movie that saw 6.7m views in its first three days on the service,driving it to become Disney Televisions most viewed film on the platform.Other content in July included the finale of Star

6、 Wars:The Acolyte and Bluey Minisodes.On a y/y basis,global downloads were up 21%(UCAN down 1%,ROW up 32%),the strongest y/y increase we have on record.DAUs were up 5%m/m(UCAN up 2%,ROW up 7%),with MAUs also up 5%.We estimate DIS F3Q24 core Disney+subs to be-0.5m,with-0.5m for UCAN(Charter churn and