每经记者｜毕媛媛 每经编辑｜张海妮 截至5月30日晚，2025年年内票房为271.87亿元。 回顾年内电影市场，除《哪吒之魔童闹海》外，电影行业一直处在一种低气压中。反观电影院外，"情绪消费"火热，老铺黄金、泡泡玛特股价屡创新高，消 费者排长队，只为购买心头好。 5月29日晚，泡泡玛特多个新品发售，其中联名正在热映的电影《星际宝贝史迪奇》的"HACIPUPU史迪奇1/8可动人偶"，上线即秒空。泡泡玛特与哪吒的联 名产品也一时卖断货。 图片来源：泡泡玛特小程序截图 《每日经济新闻》记者采访了解到，即便在没有新影视作品推出的情况下，史迪奇相关的主题产品全球零售额在2024财年达26亿美元，而五年前这一数字仅 为2亿美元。如今"星际宝贝史迪奇"成功跻身迪士尼十大畅销人物故事系列，成为消费市场的"顶流"。 从年初的"哪吒"联名款，到近期爆火于全球的LABUBU，再到"史迪奇"，"凶萌经济"正受到越来越多消费者的青睐。 从2亿美元到26亿美元，"凶萌"史迪奇全球吸金 "史迪奇还在锁单中，还有渺茫的机会""史迪奇有原价出的吗？"5月29日晚，泡泡玛特本周新品发售后，史迪奇联名款可动人偶成为热门款，有粉丝在聊天 群里希望能 ...

Investment Ratings - Walt Disney Co. (DIS): Buy-rated with a 12-month price target of $148 [27] - Fox Corp. (FOXA): Buy-rated with a 12-month price target of $61 [29] - Comcast Corp. (CMCSA): Buy-rated with a 12-month price target of $40 [30] - Warner Bros. Discovery Inc. (WBD): Neutral-rated with a 12-month price target of $10.50 [32] - Paramount Global (PARA): Not Rated [34] Core Insights - The report highlights a significant decline in traditional TV viewership, with prime time commercial ratings for broadcast (excluding sports) down 16% year-over-year in 2Q25-to-date [2] - Streaming viewership has reached an all-time high of 44.3%, with YouTube achieving a record share of 12.4% [6][10] - Cable viewership has also seen a slight increase, driven by sports and news programming, with cable share rising to 24.5% [8][9] Summary by Sections TV Viewership Trends - Streaming's share of total TV viewership increased by 0.5 percentage points month-over-month to 44.3% in April 2025 [6][10] - Broadcast share increased by 0.3 percentage points to 20.8%, driven by events like the Men's NCAA Basketball Championship [7][9] - Cable share rose by 0.5 percentage points to 24.5%, supported by strong sports viewership [8][9] Company Performance - In 2Q25-to-date, total day ratings for major networks declined significantly: DIS (-28%), PARA (-30%), WBD (-27%), CMCSA (-32%), while FOX saw an increase of 28% [3][4] - FOX's growth was primarily driven by a 46% increase in viewership at Fox News Channel [3][25] - The report indicates that linear TV has lost approximately 6 percentage points to streaming and other platforms year-over-year as of April 2025 [14] Valuation and Price Targets - The valuation methodologies for the companies include various EBITDA multiples, with DIS at 11X for Parks and Experiences, and FOX at 7.0X for NTM+1Y EBITDA [27][29][30] - The report emphasizes the importance of multi-channel and multi-platform distribution strategies for media companies to sustain growth in streaming engagement [6]

Core Insights - Disney is expanding its flagship streaming service Disney+ and Hulu by introducing new subscriber benefits aimed at retaining existing users and attracting new ones [1][2] Group 1: Disney+ Subscriber Benefits - Disney+ subscribers will receive exclusive perks such as discounts at Disney theme parks, free in-game items, and a $10 credit on the Disney Pinnacle platform [1] - As of Q2 FY2025, Disney+ has approximately 124.6 million subscribers, a slight decrease from 125.3 million in the previous quarter [1] - The peak subscriber count for Disney+ was around 153.8 million at the end of Q3 FY2024 [1] - About 30% of Disney+ subscribers are using the ad-supported plan instead of the Premium (ad-free) option [1] - Management expects a slight quarter-over-quarter growth in Disney+ subscribers for the current Q3 [1] Group 2: Hulu Subscriber Benefits - Hulu subscribers can win tickets to live recordings of "Jimmy Kimmel Live!", Comic-Con, and Lollapalooza starting June 2 [2] - Users who subscribe to both Disney+ and Hulu can enjoy benefits from both platforms [2] - Disney's Executive Vice President, Samantha Rosenberg, emphasized that these exclusive benefits are a way to thank subscribers [2] Group 3: Subscription Pricing and Bundles - Disney+ offers a Basic plan at $9.99/month and a Premium plan at $15.99/month; Hulu's pricing ranges from $7.99 to $17.99/month depending on ad inclusion and Live TV [3] - The Disney Bundle includes Duo Basic (Disney+ with Ads + Hulu with Ads) at $10.99/month and Duo Premium (ad-free versions) at $19.99/month [4] - Existing subscribers can upgrade to the Bundle with automatic deductions applied [4] Group 4: Market Position and Resilience - Analysts believe that Disney+ and Hulu have the capability to withstand the current global tariff battles and are expected to show strong revenue resilience amid a weak macroeconomic environment [4]

Core Viewpoint - The Walt Disney Company is poised for potential growth in the near term after recovering from a decline related to tariff uncertainties, with shares returning to a previously stable level [1]. Group 1 - The company's shares have quickly recouped losses and returned to a level that has historically acted as support [1].

Economic Indicators - The U.S. Consumer Confidence Index rebounded to 98 in May, significantly above the Zacks Consensus Estimate of 86, after five months of decline [1] - The Present Situation Index rose to 135.9 in May from 131.1 in April, while the Expectations Index climbed to 72.8 from 55.4, although it remains below the recession threshold of 80 [4] - 44% of respondents expect stocks to rise over the next 12 months, up from 37.6% in April, and 19.2% expect more jobs in the next six months, compared to 13.9% in April [5] Consumer Discretionary Stocks - Investment in consumer discretionary stocks is expected to be fruitful, with five stocks highlighted: Netflix Inc. (NFLX), The Walt Disney Co. (DIS), Charter Communications Inc. (CHTR), Roku Inc. (ROKU), and Roblox Corp. (RBLX), all carrying a Zacks Rank 2 (Buy) [3] Netflix Inc. (NFLX) - NFLX beat the Zacks Consensus Estimate for earnings in Q1 2025, maintaining healthy engagement levels despite trade-related challenges [8] - The company launched its Ad Suite in the U.S. on April 1, with plans for international expansion, which is expected to drive subscriber and ARPU growth [9] - NFLX has an expected revenue growth rate of 14% and earnings growth rate of 27.7% for the current year, with a 3% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [11] The Walt Disney Co. (DIS) - DIS reported steady Q2 fiscal 2025 results with year-over-year revenue and earnings growth, driven by domestic parks and experiences [12] - The company expects double-digit percentage operating income growth in fiscal 2025, with ESPN achieving significant viewership growth [13] - DIS has an expected revenue growth rate of 3.8% and earnings growth rate of 15.1% for the current year, with a 4.6% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [15] Charter Communications Inc. (CHTR) - CHTR's Q1 performance benefited from a 33.5% year-over-year increase in mobile service revenues, adding 514K new mobile lines [16] - The launch of satellite-based services through a collaboration with Skylo is expected to drive growth [17] - CHTR has an expected revenue growth rate of 0.3% and earnings growth rate of 13.2% for the current year, with a 5.1% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [19] Roku Inc. (ROKU) - ROKU benefits from increased user engagement, with the Roku OS being the 1 selling TV OS in the U.S. and streaming hours on The Roku Channel up 82% year over year [20] - The company has an expected revenue growth rate of 10.5% and earnings growth rate of 80.9% for the current year, with a 39.3% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [21] Roblox Corp. (RBLX) - RBLX operates an online entertainment platform, offering tools for users to explore and create 3D digital worlds [22] - The company has an expected revenue growth rate of 22.5% and earnings growth rate of 2.1% for the current year, with a 4.1% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [23]

Group 1 - Disney has released another successful movie, contributing to its strong performance in the second quarter [2] - The market has high expectations for Disney's movie releases, indicating a positive outlook for the company [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2]

Core Insights - The live-action animated film "Lilo & Stitch" has achieved remarkable success, grossing $340 million globally in its opening weekend, surpassing "Mission: Impossible 8" and potentially becoming the first $1 billion blockbuster in North America this year [1][3] - Disney has successfully turned around its fortunes after the disappointing performance of the live-action "Snow White," which had a production budget of $250 million and only grossed $204 million globally [4] Box Office Performance - "Lilo & Stitch" earned $183 million in North America and $340 million globally, breaking the previous record set by "Top Gun: Maverick" for the same release period [3] - The North American box office for the Memorial Day weekend reached $325 million, setting a new record [3] Audience Demographics - The film attracted a diverse audience, with 60% of ticket buyers being female, significantly higher than the usual demographic [3] - Nostalgia played a key role in the film's success, particularly among teenage girls and young women who grew up with the original animated version [3] Critical Reception - Audience ratings for "Lilo & Stitch" are high, with a CinemaScore of "A" and a 94% audience score on Rotten Tomatoes, indicating strong viewer approval [4] - However, critical reviews are mixed, with a 69% "Fresh" rating on Rotten Tomatoes and a 53 Metacritic score, suggesting that while audiences enjoy the film, critics have reservations [5] Disney's Strategy - The success of "Lilo & Stitch" is attributed to Disney's decision to stay true to the original animated film rather than making radical changes, contrasting with their approach in other recent live-action adaptations [6] - The film's light-hearted family theme and lack of cultural baggage made it more appealing to audiences, suggesting a potential path for future Disney adaptations [6]

Core Viewpoint - YouTube is increasingly becoming a significant competitor to traditional streaming services and entertainment studios, leading to legal disputes over talent poaching and employment contracts [1][2]. Company Developments - YouTube has hired Justin Connolly, former president of platform distribution at Walt Disney Co., which has resulted in Disney suing both YouTube and Connolly for breach of contract [2][4]. - Connolly was responsible for Disney's distribution strategy and negotiations for licensing deals, including those with YouTube [3][9]. - Disney is seeking a preliminary injunction to enforce Connolly's employment contract, which is set to last until at least March 2027 [4][10]. Industry Context - YouTube accounted for 12% of U.S. TV viewing in March, surpassing other streaming services like Netflix, and generated an estimated revenue of $54.2 billion last year, making it the second-largest media company after Disney [7]. - YouTube's diverse content library includes over 20 billion videos, with more than 20 million videos uploaded daily, combining user-generated and professional content [8]. - The competitive landscape is intensifying, with other streaming services like Netflix acknowledging YouTube as a strong competitor [9].

Core Insights - The Zacks Focus List is a curated portfolio of 50 stocks aimed at long-term investors, expected to outperform the market over the next 12 months [3][5] - The Focus List has demonstrated strong past performance, with a cumulative return of 2,519.23% from February 1, 1996, to March 31, 2021, compared to the S&P 500's return of 854.95% [5] - The methodology for selecting stocks in the Focus List relies heavily on earnings estimate revisions, which are critical for predicting future growth and profitability [6][7] Focus List Performance - In 2020, the Focus List gained 13.85% on an annualized basis, outperforming the S&P 500's return of 9.38% [5] - The portfolio's historical performance reinforces its value as a starting point for investors [5] Stock Selection Methodology - Stocks are chosen based on the Zacks Rank, which utilizes earnings estimate revisions to identify potential winners [8][9] - The Zacks Rank is based on four main factors: Agreement, Magnitude, Upside, and Surprise, which are recalculated nightly [9] Case Study: Walt Disney Company - Walt Disney Company reported revenues of $91.4 billion in fiscal 2024 and was added to the Focus List at $85.98 per share, with shares increasing by 29.25% to $111.13 since then [11] - Eight analysts have revised Disney's earnings estimate higher for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.24 to $5.72, and an average earnings surprise of 16.4% [12]

Core Viewpoint - The article compares Walt Disney (DIS) and Pearson (PSO) to determine which company presents a better investment opportunity for value investors, highlighting DIS as the more favorable option based on various financial metrics and rankings [1][3]. Valuation Metrics - DIS has a forward P/E ratio of 19.32, while PSO has a forward P/E of 19.92, indicating that DIS may be more attractively priced relative to its earnings [5]. - The PEG ratio for DIS is 1.63, compared to PSO's PEG ratio of 2.63, suggesting that DIS offers better value when considering expected earnings growth [5]. - DIS has a P/B ratio of 1.84, while PSO's P/B ratio is 2.13, further supporting the notion that DIS is undervalued relative to its book value [6]. Rankings and Grades - DIS holds a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to PSO, which has a Zacks Rank of 4 (Sell) [3]. - DIS has received a Value grade of B, while PSO has a Value grade of C, reinforcing the assessment that DIS is the better investment choice for value investors [6].