2025-05-20-Jefferies-在数据中继续畅游迪士尼+保持发展势头（2025年4月）_19页_1mb

报告摘要

Equity Research Summary: Media & Entertainment May 20, 2025

Key Highlights and Findings

Disney+ (DIS+) continues strong momentum with a 40% year-over-year increase in web visits, driven by films like Moana 2, Andor, and Daredevil, along with bundling with Hulu. DIS+ app downloads and user metrics are solid but lagging growth in web visits. Analysts recommend Hold for DIS.
Universal Orlando theme parks show record growth, with web visits up 70% year-over-year and notably surpassing Disney World for the first time in three years ahead of the Epic Universe launch. This suggests strong demand and potential share gains, despite broader macro challenges.
Netflix (NFLX) is struggling comparatively, with web visits declining 8% year-over-year and missing recent momentum from periods like Q1. However, it remains the leader in subscriber volume, accounting for a significant proportion of streaming traffic, and analysts recommend Hold.
Streaming Performance: DIS+ leads in year-over-year growth for web visits, while NFLX holds dominance in overall volume. Competitors like HBO Max and Tubi show gains due to content events such as The Last of Us. Rapid streamers (FAST) are growing fastest in download and user metrics.
Valuation and Risks: Analysts assign ratings including Hold and Buy for companies like DIS and NFLX, based on EBITDA, P/E, and other metrics. Risks include subscriber fatigue, content costs, and macroeconomic headwinds.
Overall Summary: Despite challenges in certain segments, DIS+ and Universal Orlando are outperforming. NFLX needs improved content to reignite growth, but remains relevant in streaming.