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

7、 cannibalization)and flat for International(end of some wholesale entitlements against underlying growth).Notable August content includes Are You Sure?!,a travel reality show featuring BTS members Jimin and Jung Kook.Yesterday,Disney announced that it would be introducing a pricing increase,schedule

8、d to go into effect on October 17th.Disney+with ads will now cost$9.99/month with ads(currently$7.99),while the ad-free option will now cost$15.99/month(currently$13.99)Hulu worldwide downloads were down 2%m/m in July(vs+13%in June).On a y/y basis,July downloads declined 10%,returning the service to

9、 a double digit y/y decline after being down 3%last month.New original content to Hulu in July included Marvels Hit Money,Unprisoned,and Season 12 of Futurama.July DAUs were down 3%(UCAN down 3%,ROW flat),while MAUs were flat for the third consecutive month.On a y/y basis,DAUs were down 14%and MAUs

10、were down 9%.We estimate F3Q24 Hulu SVOD net adds of+0.5m.Notable August content includes Season 2 of Reasonable Doubt and Season 4 of Only Murders in The Building.Yesterday,Disney announced that it would be introducing a pricing increase,scheduled to go into effect on October 17th.Hulu with ads wil

11、l now cost$9.99/month(currently$7.99),while the ad-free option will now cost$18.99(previously$17.99).Netflix July global DAU declines worsened to-11%Y/Y(vs.-8%Y/Y in June).July global DLs declined-12%Y/Y(vs.-3%Y/Y in June),but absolute DL data improved M/M.We believe viewership trends were solid in

12、July,led See page 31 for analyst certification and important disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Invest

13、ors should consider this report as only a single factor in making their investment decision.Media&InternetStreaming Download and User Data Tracker:Peacock Sees Record Downloads on Olympic Coverage;Disney+has Second Straight Month of Strong Growth2David Karnovsky,CFAAC(1-212)622-North America Equity

14、Research07 August 2024J P M O R G A Nby Beverly Hills Cop:Axel F,A Family Affair,Find Me Falling,Vanished into the Night,Supacell S1,Cobra Kai S6,Vikings:Valhalla S3,&Desperate Lies.Looking ahead,the 3Q content is shaping up well&we expect Saving Bikini Bottom:The Sandy Cheeks Movie(well-known franc

15、hise,8/2 debut),Joe Rogan:Burn the Boats(live,8/3 debut),The Umbrella Academy S4(returning series,8/8 debut),Emily in Paris S4 P1(returning series,8/15 debut),The Union(Mark Wahlberg,8/16 debut),Breathless(Spanish drama series,8/30 debut)&The Deliverance(horror film,8/30 debut)to generate solid enga

16、gement.Prime Video July global DAU growth accelerated to+7%Y/Y(vs.+6%Y/Y in June)despite tough Y/Y comps.July global DL declines eased to-14%Y/Y(vs.-15%Y/Y in June),&absolute DL data improved M/M.Looking ahead,we expect Batman:Caped Crusaders S1(animated series,8/1 debut),Jackpot!(John Cena,8/15 deb

17、ut),&The Lord of the Rings:The Rings of Power S2(returning series,8/29 debut)to generate strong viewership.Paramount+global downloads were down 3%m/m in July,though we note ROW was up 6%after six consecutive months of decline(UCAN down 7%).New releases in July included Season 2 of Kamp Koral:SpongeB

18、obs Under Years,Mafia Spies and the streaming premiere of IF.The service also simulcast select WNBA games that also aired on CBS.DAUs and MAUs were both down 3%,in-line with the past two months.We estimate 2Q24 P+net losses of 2m.Peacock July downloads increased 190%m/m and 166%y/y driven by the Oly

19、mpics.July downloads were the highest since November 2022 levels,which were supported by Telemundos live broadcast of the World Cup.Peacocks strength is encouraging following a strong June that included a variety of live sports,new shows,the debut of Kung Fu Panda 4,and an annual plan promo of$19.99

20、 which ran the first 2 weeks of June.Peacocks broadcast of the Paris Olympics has driven a substantial reversal in platform metrics versus the slowdown following the close of the NFL season that we attribute to slowing incremental penetration,tier/service level changes,and a potential pull forward i

21、n demand after the platforms exclusive NFL Playoff game in January.It will be interesting to watch subscriber retention on the platform in the coming months following the conclusion of the Olympic games on August 11th.Note,on July 18th Peacock raised prices($2/month)for new customers to$7.99/month f

22、or Peacock Premium and$13.99/month for Peacock Premium Plus(ad-free).Prices will increase for existing customers on August 17th which could impact paid subscriber net adds(on higher churn)in the coming months.June UCAN DAUs were up 35%m/m and 56%y/y while MAUs increased 4%m/m and 8%y/y reflecting Ol

23、ympics-driven engagement.July engagement(DAUs over MAUs)reached a record high in July,well above the previous record high from June.Max global downloads were down 18%in July m/m as the service faced difficult comps from EMEA launches and the Season 2 premiere of House of the Dragon.We believe the mo

24、nth would have seen further decline if the service was not streaming the Olympics in European markets.Content in July included the continuation of Season 2 House of the Dragon,the Olympics(Europe),Hard Knocks:Offseason with the New York Giants,Kite Man:Hell Yeah!,and Love Lies Bleeding as part of WB

25、Ds deal with A24.DAUs were down 14%m/m,the first seq.decline since September 2023,while MAUs were down 12%.New content in August will include Hard Knocks:Training Camp with the Chicago Bears,the finale of House of the Dragon,and Season 3 of Industry.We estimate 2Q24 net adds of 1.5m(domestic-0.5m,in

26、ternational+2.0m).Pluto worldwide downloads were up 18%in July(June+17%),as ROW and UCAN were up 20%and 12%,respectively,with total downloads remaining heavily skewed toward ROW.Downloads were up 2%y/y,marking an increase for the first time since August 2023 and implying that service has mostly lapp

27、ed difficult comps driven by previous international launches.New channels on Pluto in July included The Wild Wild West and 3David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NBig Brother.DAUs were up 2%(ROW up 3%,UCAN flat),while MAUs were up 6%.Nielsen Gauge d

28、ata for June shows Pluto at 0.8%of TV viewing time,down 10 bps from May,While Tubi and Roku Channel were at 2.0%and 1.5%,respectively.Tubi worldwide downloads were up 16%m/m in July,with UCAN down 4%and ROW up 82%as it benefitted from the service launching in the United Kingdom.New Tubi originals in

29、cluded Camp,Sinister Surgeon,and Twin Lies as well as new episodes of its reality series House of Heat.Films added to the library included Jurassic World:Fallen Kingdom,the Fast and Furious series,Friday,and The Wedding Singer.Nielsen Gauge data for June indicated Tubi at 2.0%,up 20 bps m/m and in-l

30、ine with Disney+for the second month in a row.On a y/y basis,downloads were down 16%.MAUs were up 2%m/m,while DAUs were up 1%.Fox during F4Q24 earnings reported Tubi TVT and MAUs of+17%y/y and 81m,respectively.Fubo downloads were down 13%m/m in July,given the tough comps from the start of the UEFA E

31、uros(June 14th)and Copa America(June 20th).Both tournaments were carried by Fox and therefore unavailable on most DTC SVOD services,which likely drove incremental subscription to vMVPD services including Fubo.July downloads were still up an encouraging 38%y/y potentially benefitting from the broadca

32、st of the Olympics and marketing partnerships with numerous MLB teams(although we suspect this tailwind could be fading as we enter the back half of the MLB season).Total DAUs were down 8%m/m in July while MAUs declined 7%m/m vs.tough June comps.On a y/y basis UCAN DAUs were up 22%y/y.We would highl

33、ight that UCAN DAUs were up 30%y/y in June,which could suggest upside to our 2Q North American subscriber growth estimate of+10%y/y(vs guidance of 9-11%).July engagement remained steady m/m and in-line with the last several months.AMC+downloads were down 13%in July,marking the fifth straight month o

34、f declines,with UCAN down 14%m/m and ROW up 5%.New content on AMC+in July included Season 4 of Snowpiercer,new episodes of Orphan Black:Echoes,and Mammals.MAUs and DAUs were both down 5%m/m in July.Bally Sports downloads were down 11%m/m,its third straight month of decline since the beginning of the

35、 MLB season.DAUs and MAUs were both down 8%m/m.F1 TV downloads were up 6%m/m following Junes 21%decline,helped by the British,Hungarian,and Belgian Grands Prix.DAUs and MAUs were down 1%m/m.Kayo downloads were-2%m/m,a fourth straight month of decline after benefitting from the start of the NRL and A

36、FL pre-season.DAUs and MAUs were both down 5%m/m.BINGE downloads were up 4%m/m,a solid result after Junes+50%.DAUs and MAUs were both up 2%m/m.4David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NDisney+Figure 1:Disney+Monthly Downloads Y/Y%-100.0%-50.0%0.0%50.0

37、%100.0%150.0%200.0%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 2:Disney+Monthly DAUs Y/Y%-100.0%-50.0%0.0%50.0%100.0%150.0%200.0%UCAN DAUsROW DAUsSource:Sensor Tower5David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 3:Disney+DAUs as a%of MAUs10

38、.0%12.0%14.0%16.0%18.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUsSource:Sensor Tower 6David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NHuluFigure 4:Hulu Monthly Downloads Y/Y%-110.0%-90.0%-70.0%-50.0%-30.0%-10.0%10.0%30.0%UCAN DownloadsROW DownloadsSource:Sensor

39、 TowerFigure 5:Hulu Monthly DAUs Y/Y%-100.0%-80.0%-60.0%-40.0%-20.0%0.0%20.0%UCAN DAUsROW DAUsSource:Sensor Tower7David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 6:Hulu DAUs as a%of MAUs12.0%14.0%16.0%18.0%20.0%22.0%UCAN DAUs as%of MAUsROW DAUs as%of

40、MAUsSource:Sensor Tower8David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NNetflixFigure 7:Netflix Monthly Downloads Y/Y%-40.0%-30.0%-20.0%-10.0%0.0%10.0%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 8:Netflix Monthly DAUs Y/Y%-30.0%-20.0%-10.0%0.0%10.0%

41、20.0%UCAN DAUsROW DAUsSource:Sensor Tower9David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 9:Netflix DAUs as a%of MAUs10.0%13.0%16.0%19.0%22.0%25.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUsSource:Sensor Tower10David Karnovsky,CFAAC(1-212)622-North Americ

42、a Equity Research07 August 2024J P M O R G A N Prime VideoFigure 10:Prime Video Monthly Downloads Y/Y%-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 11:Prime Video Monthly DAUs Y/Y%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%UCAN DAUsROW

43、 DAUsSource:Sensor Tower11David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 12:Prime Video DAUs as a%of MAUs0.0%5.0%10.0%15.0%20.0%25.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUsSource:Sensor Tower12David Karnovsky,CFAAC(1-212)622-North America Equity Rese

44、arch07 August 2024J P M O R G A N MaxFigure 13:Max Monthly Downloads M/M%-80.0%-30.0%20.0%70.0%120.0%170.0%220.0%270.0%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 14:Max Monthly DAUs Y/Y%-20.0%-10.0%0.0%10.0%UCAN DAUsSource:Sensor Tower13David Karnovsky,CFAAC(1-212)622-North America Equity

45、Research07 August 2024J P M O R G A NFigure 15:Max DAUs as a%of MAUs-1.0%1.0%3.0%5.0%7.0%9.0%11.0%13.0%15.0%UCAN DAUs as%of MAUsSource:Apptopia 14David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A N Paramount+Figure 16:Paramount+Monthly Downloads Y/Y%-150.0%-50.

46、0%50.0%150.0%250.0%350.0%450.0%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 17:Paramount+Monthly DAUs Y/Y%-5%45%95%145%195%UCAN DAUsROW DAUsSource:Sensor Tower15David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 18:Paramount+DAUs as a%of MAUs8.0%

47、8.5%9.0%9.5%10.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUsSource:Sensor Tower16David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NPluto TVFigure 19:Pluto TV Monthly Downloads Y/Y%-80%-50%-20%10%40%70%100%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 20:Plu

48、to TV Monthly DAUs Y/Y%-30%-20%-10%0%10%20%30%UCAN DAUsROW DAUsSource:Sensor Tower17David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 21:Pluto TV DAUs as a%of MAUs0.0%2.0%4.0%6.0%8.0%10.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUsSource:Sensor Tower18David

49、 Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A N Peacock TVFigure 22:Peacock TV Monthly Downloads Y/Y%-150%-100%-50%0%50%100%150%200%UCAN DownloadsSource:Sensor TowerFigure 23:Peacock TV Monthly DAUs Y/Y%-50%0%50%100%150%200%UCAN DAUsSource:Sensor TowerFigure 24:

50、Peacock TV DAUs as a%of MAUs0.0%3.0%6.0%9.0%12.0%15.0%UCAN DAUs as%of MAUsSource:Sensor Tower19David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NTubiFigure 25:Tubi Monthly Downloads Y/Y%-30%-10%10%30%50%70%90%UCAN DownloadsROW DownloadsSource:Sensor TowerFigur

51、e 26:Tubi Monthly DAUs Y/Y%-50%-30%-10%10%30%50%70%90%UCAN DAUsROW DAUsSource:Sensor Tower20David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 27:Tubi DAUs as a%of MAUs8.8%9.0%9.2%9.4%9.6%9.8%UCAN DAUs as%of MAUsSource:Sensor Tower21David Karnovsky,CFAAC

52、(1-212)622-North America Equity Research07 August 2024J P M O R G A N fuboTVFigure 28:fuboTV Monthly Downloads Y/Y%-100%-50%0%50%100%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 29:fuboTV Monthly DAUs Y/Y%0%10%20%30%40%50%UCAN DAUsSource:Sensor Tower22David Karnovsky,CFAAC(1-212)622-North Am

53、erica Equity Research07 August 2024J P M O R G A NFigure 30:fuboTV DAUs as a%of MAUs12.3%12.4%12.5%12.6%12.7%12.8%12.9%13.0%UCAN DAUs as%of MAUsSource:Sensor Tower23David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A N AMC+Figure 31:AMC+Monthly Downloads Y/Y%-120

54、%-70%-20%30%80%130%180%230%280%UCAN DownloadsSource:Sensor TowerFigure 32:AMC+Monthly DAUs Y/Y%-50%0%50%100%150%200%250%300%UCAN DAUsSource:Sensor Tower24David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 33:AMC+DAUs as a%of MAUs6.8%6.9%7.0%7.1%7.2%7.3%7

55、.4%7.5%UCAN DAUs as%of MAUsSource:Sensor Tower25David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A N Bally SportsFigure 34:Bally Sports Monthly Downloads Y/Y%-100%-50%0%50%100%150%200%250%300%UCAN DownloadsSource:Sensor TowerFigure 35:Bally Sports Monthly DAUs Y

56、/Y%-100%-50%0%50%100%150%200%UCAN DAUsSource:Sensor Tower26David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 36:Bally Sports DAUs as a%of MAUs7.4%7.6%7.8%8.0%8.2%8.4%8.6%UCAN DAUs as%of MAUsSource:Sensor Tower27David Karnovsky,CFAAC(1-212)622-North Amer

57、ica Equity Research07 August 2024J P M O R G A N F1 TVFigure 37:F1 TV Monthly Downloads Y/Y%-200.0%-100.0%0.0%100.0%200.0%300.0%400.0%500.0%UCAN DownloadsROW DownloadsSource:Sensor TowerFigure 38:F1 TV Monthly DAUs Y/Y%-50.0%0.0%50.0%100.0%150.0%200.0%UCAN DAUsROW DAUsSource:Sensor Tower28David Karn

58、ovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A NFigure 39:F1 TV DAUs as a%of MAUs9.5%10.0%10.5%11.0%11.5%12.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUsSource:Sensor Tower9.5%10.0%10.5%11.0%11.5%12.0%UCAN DAUs as%of MAUsROW DAUs as%of MAUs29David Karnovsky,CFAAC(1-212)62

59、2-North America Equity Research07 August 2024J P M O R G A N Kayo SportsFigure 40:Kayo Sports Monthly Downloads Y/Y%-100%-50%0%50%100%150%ROW DownloadsSource:Sensor Tower30David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A N BINGEFigure 41:BINGE Monthly Download

60、s Y/Y%-100%-50%0%50%100%150%ROW DownloadsSource:Apptopia31David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A N Analyst Certification:The Research Analyst(s)denoted by an“AC”on the cover of this report certifies(or,where multiple Research Analysts are primarily r

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62、ysts personal views about any and all of the subject securities or issuers;and(2)no part of any of the Research Analysts compensation was,is,or will be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst(s)in this report.For all Korea-based Resea

63、rch Analysts listed on the front cover,if applicable,they also certify,as per KOFIA requirements,that the Research Analysts analysis was made in good faith and that the views reflect the Research Analysts own opinion,without undue influence or intervention.All authors named within this report are Re

64、search Analysts who produce independent research unless otherwise specified.In Europe,Sector Specialists(Sales and Trading)may be shown on this report as contacts but are not authors of the report or part of the Research Department.Important Disclosures Company-Specific Disclosures:Important disclos

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67、the duration of the price target indicated in this report,we expect this stock will perform in line with the average total return of the stocks in the Research Analysts,or the Research Analysts teams,coverage universe);and Underweight(over the duration of the price target indicated in this report,we

68、 expect this stock will underperform the average total return of the stocks in the Research Analysts,or the Research Analysts teams,coverage universe.NR is Not Rated.In this case,J.P.Morgan has removed the rating and,if applicable,the price target,for this stock because of either a lack of a suffici

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70、ected total return is compared to the expected total return of a benchmark country market index,not to those Research Analysts coverage universe.If it does not appear in the Important Disclosures section of this report,the certifying Research Analysts coverage universe can be found on J.P.Morgans Re

71、search website,https:/.Coverage Universe:Karnovsky,David:AMC Networks(AMCX),Cinemark(CNK),Clear Channel Outdoor(CCO),Disney(DIS),Endeavor(EDR),FOX(FOXA),IMAX(IMAX),Interpublic Group of Companies(IPG),Lamar Advertising Co.(LAMR),Liberty Formula One(FWONK),Lionsgate Entertainment(LGFa),Live Nation(LYV

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73、),Warner Music Group(WMG)Anmuth,Doug:Airbnb(ABNB),Alphabet(GOOG),Alphabet Inc.(GOOGL),A(AMZN),Booking Holdings(BKNG),Chewy(CHWY),Criteo(CRTO),DoorDash(DASH),Expedia Group,Inc.(EXPE),Fiverr(FVRR),Instacart(CART),Lyft(LYFT),Meta Platforms Inc(META),Netflix Inc(NFLX),Peloton(PTON),Pinterest(PINS),Reddi

74、t(RDDT),Snap Inc.(SNAP),Spotify(SPOT),TripAdvisor,Inc.(TRIP),Uber Technologies(UBER),Vacasa(VCSA),WEBTOON(WBTN),ZipRecruiter(ZIP),eBay,Inc(EBAY),trivago(TRVG)Petti,Sebastiano C:AT&T(T),Altice USA(ATUS),BCE Inc(BCE.TO),Cable One(CABO),Charter Communications(CHTR),Cogent Communications(CCOI),Comcast(C

75、MCSA),EchoStar Corporation(SATS),Frontier Communications(FYBR),Gogo(GOGO),Lumen Technologies Inc(LUMN),Rogers Communications(RCIb.TO),Sirius XM Holdings Inc(SIRI),T-Mobile US Inc.(TMUS),TELUS(T.TO),Telephone&Data Systems(TDS),US Cellular(USM),Verizon Communications(VZ),Viasat(VSAT),iHeartMedia(IHRT)

76、Aluru,Nikhil:fuboTV(FUBO)J.P.Morgan Equity Research Ratings Distribution,as of July 06,2024Overweight(buy)Neutral(hold)Underweight(sell)J.P.Morgan Global Equity Research Coverage*49%38%13%IB clients*49%46%34%JPMS Equity Research Coverage*48%41%11%IB clients*69%66%50%*Please note that the percentages

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79、ity Valuation and Risks:For valuation methodology and risks associated with covered companies or price targets for covered companies,32David Karnovsky,CFAAC(1-212)622-North America Equity Research07 August 2024J P M O R G A Nplease see the most recent company-specific research report at http:/,conta

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