Quarterly Quotes Q3 2019 Featuring Companies Like WarnerMedia, Twitter, Viacom, CBS, Snap, Dentsu, Omnicom and Many More

Insights from Q3 2019 reflect the views immediately prior to the start of what will likely be a tectonic shift in the media industry with the rollout of several highprofile direct to consumer overthetop plays AppleTV and Disney have rolled out with several other highprofile players including NBCUamp8217s Peacock and ATampampTamp8217s HBO Max in the coming monthsamp160 Disney has surpassed expectations with over 24MM subscribers reportedly signed up as of this weekamp160 The impact of this unprecedented time is a recurring theme throughout the calls General economic conditions also play a recurring theme with varying degrees of opinions as to whether or not 2020 will be a slowdown In the agency world the topics of inhousing and progress in both data platforms and client development continue to be the focusWe wish you and your loved ones a wonderful holiday season and much success and prosperity in 2020AgenciesOmnicomPublicisWPPIPGMDC PartnersDentsuMedia CompaniesAmazonATampampTWarner Media Investment DayCBSComcast NBCUDiscoveryDishDisneyFacebookGoogleiHeartMediaNetflixOutfront MediaRokuSiriusXMSnapTwitterViacomOmnicomSummary Omnicom is still very focused on their digital data audience platform quotOmniquot Not raising any major alarm bells about the economy impacting in the short term Omnicom39s PR firms seem to be a drag on revenue currently While Omnicom has downplayed the impact of inhousing it remains a hot industry topic overallGlobal GrowthUS 27 percentCanada 27 percentUK 3 percentAsia Pac 4 percent India Japan and New Zealand had doubledigit growth Australia and China were negative in the quarterEuro Italy the Netherlands and Spain performed well France had negative growth due to loss of a specialty print production client and event business difficultiesNonEuro Czech Republic Poland and Russia did wellLatin America 66 percentMiddle EastAfrica 45 percent primarily due to S AfricaQ3 Stock Trend Source Wolfram AlphaTop QuotequotTurning to our organic growth by discipline advertising and media was up 34 Healthcare had another very strong quarter with growth of 95 percentquot amp8211 John Wren CEOQuotesquotIn the third quarter Omnicom Precision Marketing Group which manages our CRM and digital agencies acquired a majority stake in Smart Digital Smart Digital services and technology platforms are used to deliver largescale real time personalization solutions that enable individual brand experiences and increase loyalty across all consumer touch pointsquotSmart Digital follows on the heels of the group39s acquisition of Credera Credera overlays management consulting and digital transformation on top of existing CRM and digital offerings In a little more than a year Credera has helped us forge stronger relationships and partnerships with many of our multinational clientsquotPer Forrester regarding Omnicom39s data platform Omni 39quotWhen comparing data and technology platforms across the various holding companies the report states that the Omni platform offers the most creative integration of agency platforms It cannot be achieved simply by buying legacy data platforms that weren39t built with the flexibility required to meet the rapidly changing demands of today39s marketers39quotTo date we have scaled Omni by training over 4000 employees worldwide As Forrester eloquently stated in its report it39s a combination of humans and machines that will give CMOs the datadriven execution they desire and agencies the new capabilities they need to remain relevantquotIn the third quarter we deepened and expanded our existing engagements with some of the largest clients including AstraZeneca Novartis Wells Fargo and Unilever We also won several new client engagements from world class marketers during the quarter Kroger the largest grocer in the United States and the secondlargest retailer behind WalMart named DDB New York as its first ever creative agency of record OMD won the global Boehringer Ingelheim animal health account and Allianz named a number of Omnicom agencies for an integrated offering which will include creative media branding and PR quot John Wren CEO OmnicomWhen asked about how advertisers are feeling about the economy and general business tonequotI39d suggest that it39s business as usual There are always macro concerns and they change from quarter to quarter or period to period but there39s always something out there Our folks are focused on our clients39 needs and we don39t see any significant change for themquotI think the US economy is strong I think when we look at our core businesses the ones that we anticipate growth from amp8212 they grew very well amp8212 midsingle digitsWhen asked if they39ve noticed the slowing of media as Publicis stated in their Q3 2019 reportquotI haven39t read the Publicis transcript but our media business continues to perform very well as reflected in our numbers It39s a very vibrant business and we continue to win our fair share amp8212 more than our fair share of accounts In regard to the fourth quarter I think I39ll say something very similar to what I39ve said the last 22 or 23 years of fourth quarters and that is there39s always unidentified projects in the fourth quarter They generally in our case start off looking like they39re 200 million around the end of September and I think all but one of those years with the impact of the Great Recession we39ve been able to fill those gaps through projects and budget releases from clients who might have been holding back as of September 30 So we39re cautiously optimistic as usual and our people are focused on gleaning that revenueWhen asked about inhousing the seeming trend of many marketers taking some or all of their media buying internallyquotI mean technology changes what comes inhouse and what stays out at an agency Oftentimes somebody was doing something with us and they decide to inhouse We follow them inhouse to help them set up and grow and that just enhances the relationship But I think that the most dramatic changes that we39ve noticed on inhousing really has been in the CPG area Others do it but they do it for a while amp8230 and then decide that they can39t do it and come back to usamp8230quot John Wren CEO OmnicomBack to Agency IndexBack to Media IndexWPPSummary Much of the discussion on the call centers around the approval of the sale of a substantial portion of Kantar Q3 showed slow and steady financial improvement however economic headwinds are still prominent in their forecastQ3 Stock Trend Source Wolfram AlphaTop Quote quotWe set out a threeyear plan on December 11th last year to return WPP to sustainable growth I think there are two key objectives in that amp8212 one or two key metrics One was organic growth and the second was leverage and I think you can see in this set of numbers and yesterday39s approval of the Kantar transaction good progress on both And so we really remain on track to deliver our threeyear plan We set out a new vision and offer for the company really the vision to be a creative transformation company and a broader offer covering communications experience commerce and technology a broader offer We will be better positioned to the faster growing parts of our market and what a modern marketing business needs to grow and succeed in today39s environment And I think you can see in the wins in our business the improved retention of clients such as Centrica or the US Marine Corps that are having some success and an increasingly integrated proposition is working with clientsquot amp8211 Mark Read CEOQuotes quotI think pleasingly amp8230 we have to look at it in the context of it being one quarter the improvement was broadbased both geographically and functionally and we saw a continuing improvement in the US business from minus 59 percent to minus 35 percent in the third quarterquotOverall I would point out wins that took place during the quarter amp8212 the creative win at Mondelez the media win at eBay the retention by Wunderman Thompson of its business with the US Marine Corps and the win or extension of our business with Centrica amp8212 that we had much of the business in the UK but not outside the UK It was a hotly contested account during the quarterquotThe second task was really to have a much simpler structure for the group Importantly to eliminate this artificial distinction between analog and digital or creative and digital and to integrate our activities to make it much simpler for clients to access the talent that we have inside the business and frankly make it easier for us to manage the group and sort of cut down some of its sprawling nature VMLYampampR I mentioned before grew positively in both the US and globally in the third quarter and Wunderman Thompson has shown improvements as well in its performance both globally and in the US in the course of the year It39s a much larger company to bring together And so I think it will take more time to see the results there But I think the initial impact is positive and certainly we know we continue to believe in both of those cases that it was the right thing to do as was bringing our healthcare businesses together in the core agenciesquotWe are reiterating our guidance for 2019 of minus 15 percent to 2 percent both including and excluding Kantarquot amp8211 Mark Read CEOBack to Agency IndexBack to Media IndexPublicis Groupe SAQ3 Stock Trend Source Yahoo FinanceSummary A dour earnings call with organic revenue restated downwards However postearnings call Publicis did pick up part of the global Disney business Theme parks Disney which should boost both morale and revenueQ3 organic growth 27 percentQ3 reported net revenue up 173 percentOrganic forecast restated to 25 percent for 2019Top quote quotWe are without a doubt at the hardest part yet of our journey and as is the case with any major structural change things always get worse before they get betterquot Arthur Sadoun CEOQuotesquotOur third quarter shows the two faces of our transformation which have never been so extremequotThe cost of our transition is hurting shortterm organic growth with a negative Q3 below our internal expectations This is leading us to take a very cautious approach and reset our guidance for revenue this year now expected at 25 percentquotOur transformation is starting to show concrete results We are posting a 173 percent growth in our reported revenue shifting the revenue profile of the group towards futurefacing expertisequotWe have clearly identified the challenges affecting our industry and we haven39t lost a second addressing them We are disrupting our traditional operations with data and technology thanks to the acquisition of Sapient and Epsilon to deliver personalization at scale We have streamlined and simplified our organization to seamlessly connect creativity media data and technology Now we are focused on executing our strategy and there are already concrete signs that make us confident for the futurequotFinally this improvement in our activity mix the increased efficiency of our organization thanks to our countryled model and our ongoing cost savings plan gives us a high level of predictability on our margin which we are confident of maintaining at an industryhigh levelquotWe could have chosen the easy route and taken advantage of the status quo to find small pockets of immediate growth Instead we are accepting this painful situation in the shortterm to be better prepared for the futurequot Arthur Sadoun CEOBack to Agency IndexBack to Media IndexIPGSummary Continued revenue growth internationally Canada Continental Europe and LatAm but challenges in the USQ3 Stock Trend Source Wolfram AlphaTop QuotequotWe will be held accountable to meet an elevated set of demands and responsibilities for ethical sourcing collection curation and compliant deployment of data from all sources including third parties That is why we feel very strongly that what is worth owning is the highest level of capability and expertise in data management That is a significant and increasingly necessary differentiator in today39s world It makes companies like ours a more strategic business partner for our clientsquot Michael Roth CEOQuotesquotWe are pleased to post another quarter of solid financial performance Our growth was led by our media healthcare marketing public relations and sports ampamp entertainment offerings We saw contributions from a broad range of client sectors including healthcare financial services retail tech and telecom and consumer goodsquotAcxiom continues to perform consistent with our plan and we are seeing the benefit of our leadership position in data management capabilitiesquotAt quarter end total headcount was approximately 54300 amp8212 an increase of 57 percent from a year agoquot Frank Mergenthaler Executive Vice President Chief Financial OfficerquotWe also invested in embedding modern digital offerings and expertise into all of our agency brands We pioneered the open architecture model which brings the best agnostic solutions to global clients in a way that moves their brands across the consumer landscape This clientcentric approach is currently deployed across many of our largest clients worldwide Open architecture is enabling clients to reap the benefits of all of IPG39s assets customized offerings that help them address the demands of a fragmented consumer and media environmentquotTo note Acxiom now has a prominent seat at the table with our top open architecture clients That is because clients increasingly recognize that the future of marketing is datadriven Marketers are looking to leverage their own firstparty data coupled with other strategic data sets to create more seamless and connected consumer experiences at scale What that means is that expertise in managing firstparty data and PII at scale is indispensable for a highvalue media and marketing services partner Ultimately we are seeking to achieve peoplebased marketingquotquotBrooklynbased Huge unveiled a new operating model as the agency elevated key leadership roles and streamlined its US offering The agency also saw a number of new business wins in the third quarter including AccuWeather and ecommerce car buying platform RumbleOnquotRGA Ventures announced its Oregon enterprise blockchain venture studio during the quarter The six participating companies presented a demo day this month aimed at building a scalable blockchainbased ecosystemAt Deutsch we recently announced that both New York and LA offices will be led by women CEOs from within that agency The Deutsch LA office was awarded Behr Paint Mattel and global dot com redesign responsibilities for the Almond Board of California while NY secured Reebok Michelob Ultra and Budweiser and JampampJ39s AttuneIn response to a question about the global movement to legislate and protect privacyquotI don39t think it is a secret that with GDPR we see it already in place I think it39s in January in California and other states have adopted similar requirements which is why by the way we support the Business Roundtable position on our federal GDPR I mean it39s not easy to do it on a statebystate basis Each of the states are going to require different things and therefore amp8230 39is a great deal of additional work for our clients as well as us and if we had a federal legislation that covers it it39s an important issue I think it39s pretty clear that it39s here to stay and regulation in this area is importantquot Michael Roth Chairman ampamp CEOIn response to a question regarding growth of addressable advertisingThere is a shift moving from TV to digital We see that in terms of having TV and linear TV pass digital in terms of total spend So all of this is frankly why we bought Acxiom and why we isolated certain aspects of that in Kinesso So the value proposition that we can bring to our clients in terms of addressable is finding the right individuals amp8212 to think of it as looking for individuals not just groups of people and on a cleanse basis So yeah I think it39s happening in the marketplace and we add value when those issues come up So when clients ask about it that39s good for us because if we can be in front of our clients showing our capabilities it adds to the relationship significantlyIn response to a question regarding the implications of a possible recessionquotI don39t see any signs of a 20082009 recession right now and even with the talk a lot of people are talking about if there is a recession it is going to be a recession light amp8212 whatever that means But in 20082009 marketing dollars there was no capital I mean it was a whole different world I think we39ve taken the position already That39s why we39re able to expand margins like you are seeing amp8212 becausewe match revenue and expense very carefully All of our agencies have very strong disciplines that before they had headcount it has to be associated with revenue Well the fact that we are doing the dispositions on those countries that were not necessary to be in all leads itself to margin expansion efficiencies and protecting our PampampL in the event that a recession comesquot Michael Roth Chairman ampamp CEOBack to Agency IndexBack to Media IndexMDC PartnersSummary Still very much in the rebuilding phase and some good account winsQ3 Stock Trend Source Wolfram AlphaTop Quote quotWe39re taking smart actions that will organize our offerings reduce our costs capitalize on our strengths and enhance our gotomarket capabilities During the second quarter we announced the alliance between MDC Media Partners and Gale bringing our media agencies and our sophisticated data analytics more closely together The new team is effectively reuniting media with creativeQuotesquotIn terms of performance the significant cost reduction actions taken in late 2018 and throughout this year in tandem with prudent financial management helped deliver a 6 percent increase in adjusted EBITDA on a yeartodate basis Revenue softness was driven by the clients in media healthcare and one of the global creative agenciesquotWe39re addressing all of the issues as part of the New World plan and are seeing a rebound in new business in some of those areas Although revenue was down for the quarter net new business was again solid at over 30 million with several notable wins including Nature39s Bounty at Done Vodafone Global and expanded assignments with Ancestrycom and Anomaly international creative duties with Electrolux Group and FampampB and Qualcomm and Allison PartnersquotIn addition last quarter we reported that we won HaagenDazs global creative duties with FampampB and we39ve since further expanded this relationship to a new General Mills brand with another MBC agency This momentum has continued into Q4 with 72andSunny39s fantastic win of Audi global creative duties announced just this morning on top of Doner39s recent win of three of Johnson ampamp Johnson39s most recognizable brands Tylenol Listerine and Zyrtec The latest Doner achievement is not only a significant win for MDC but since it was one together with the Stagwell Group39s Code and Theory it39s an indicator of the potential success that can come from such collaborationquotWe39re about to enter the next phase of our plan with the formation of two additional multiagency networks led by two of our flagship agencies Together with the combination of MDC Media Partners and Gale we expect to reduce our 25 reporting units by halfquotWe expect to complete our full New York transformation by the end of 2020 and generate future annualized cost savings of about 10 million amp8211 Mark Penn CEOBack to Agency IndexBack to Media IndexDentsuSummary AsiaPac is weighing down the overall business and US is showing signs of strength in large part driven by the win of a portion of Proctor ampamp Gamble businessQ3 Stock Trend Source Yahoo FinanceTop Quote quotClients are expecting much more services but what allows us to have a robust win rate is the combination of our capability The fact that we can deliver idealed datadriven and techenabled offerings to clients with the strong data and analytics products we39ve been able to make since our acquisition of Merkle And these are the things that make us more competitive in the pitch environmentquot amp8211 Timothy Andree executive officer ampamp directorQuotes quotThere are no green shoots of recovery in the Chinese and Australian markets both of which continue to severely impact the regional and group performancequotquotIn the international business in order to futureproof our business and serve clients more effectively we have streamlined and consolidated our offering around three lines of business creative media and CRM These lines of business have been designed around client needs and will ensure we are set up to help clients win keep and grow their best customers by being datadriven techenabled and ideasled 2020 is a year of transition and by 2021 we will be operating under these three lines of business and be truly integrated by designquotamp8211amp8230Our entire CRM and data business is really leading our growth If you look at the numbers in the Americas where Merkle as a brand has its highest percentage of business it really accounts for the lion39s share of the growth and momentum we have in the market Merkle cannot really be compared as a business or an offering to Acxiom or Epsilon which are largely just data businesses Merkle has always been even and has continued to be since our acquisition a doubledigit organic growth businessamp8230 Merkle is in the peoplebased marketing business which is currently in high demand from clients and in the highestgrowing sectors of ad tech mar tech and commerce implementationquotBut the uplift in the US I attribute in September largely to the coming online of the PampampG North America win in our media business that came on stream in July and then built momentum and reached really the kind of consistent level in Septemberquot amp8211 Timothy Andree executive officer ampamp directorIn response to a question requesting a split of the DAN revenue across the three units of media creative and CRMquotIn terms of the split of the international business across those three lines of business in round numbers 50 percent in the media line of business 25 percent in creative and 25 percent in CRMquot amp8211 Nick Priday Executive OfficerIn response to a question about the current pitch environmentquotThe current announced pitches amp8230 have been announced by clients totaling about JPY 47 billion in size of media billings And of that about 75 percent of those opportunities are offensive pitches amp8212 opportunities for us with 25 percent being cases where we39re the incumbent Our expectation and it39s only an expectation but based upon our assessment of the market we expect 2020 and 2021 for that pitch pipeline to grow and to be larger than it currently is However also looking at the mix we expect that the defensive pitches may have a slightly higher percentage as we look at 2020 and 2021 based upon our existing contracts amp8230 with clientsquotOf course a large portion of our media business for example still remains to be regular pitching for local multimarket media accounts which really accounts for about 40 percent of our mixquotThe pitch environment pricing does play an element of it but where clients are expecting more than that it is total value for their dollars They39re expecting much more addressability in their capability Data plays a bigger role So in that respect pricing is always a factor There39s always that aggressive competitive nature of that business But in the end the type of business we want to win is not where we39re the lowest bidderquot amp8211 Tim Andree executive officer and directorIn response to a question regarding the impact that Google is making in the overall agency business in addition to consultanciesquotWe don39t see ourselves being directly disintermediated in a large way from Google media It39s true with some smaller clients and D2C clients do go to Google and some of the social media platforms first But in large scale that39s not impacting our business largely because amp8230 the role that we could play that Google can39t it is to manage the entire media and marketing ecosystem and balance out in a strategic way the client39s investment When clients go directly to Google Google39s recommendation is for them to buy more Google And so that has not been a big impact on our business amp8230In many ways we partner in developing products with Google to help benefit our clients And so I don39t see that as a particularly impactful concern of direct disintermediation of media going to Google in our marketsquotquotIn regard to the consultancies you know that we compete daily against the consultants Our Merkle and Isobar brands compete and win regularly against them Our approach is far more about growing the top line and having deep consumer insights in how consumers behave And then those insights can play themselves into full execution Where I think the consultants have largely focused less on execution more on strategy as well as more on bottom line efficiency So I think39 everyone39s evolving They39re formidable competitorsquot Timothy Andree Executive Officer and DirectorBack to Agency IndexBack to Media IndexMEDIA COMPANIESAmazonATampampTWarnerMedia Investment DayCBSComcast NBCUDiscoveryDISH NetworkDisneyFacebookGoogleiHeartMediaNetflixOutfront MediaRokuSiriusXMSnapTwitterViacomAMAZONSummary While advertising is only a very small portion of the overall revenue and an even smaller part of the earnings call it is growing and they seem happy with performance to dateQ3 Stock Trend Source Wolfram AlphaTop QuotequotYes so let me start with the first question on advertising So other revenue which is principally advertising grew 45 percent this quarter up from 37 percent last quarter and the biggest thing in there is advertising and advertising grew at a rate higher than that 45 percent amp8211 Brian Olsavsky CFOQuotesquotSo it39s still early and what we39re focused on really at this point is relevancy making sure that the ads are relevant to our customers helpful to our customers And to do that we use machine learning and that39s helping us to drive better better and better relevancyquotWe are very happy with the progress in the advertising business and continue to focus on advancing advertising experiences that are helpful for customers helping them to see new products We want to empower our businesses to find attract and engage these customers And it39s increasingly popular with vendors sellers and thirdparty advertisers Brian Olsavsky CFOampgtquotI think specifically on the advertising side and the opportunity with that we are continuing to see some increased adoption One of our areas of focus is expanding our video and OTT offerings for brands It39s still early in this space but we39ve done a few things with IMDb TV live sports things like adding more inventory through Fire TV apps amp8230 adding more OTT video supply through Amazon Publisher Services or APS integrations and streamlining access for thirdparty apps and really just making it easier for advertisers to manage their campaigns and provide better resultsquotI have to start with the fact that we did recently introduced 20 new Fire TV products so that includes amp8230 the first Fire TV Edition sound bar Fire TV Cube Dave Fildes Director of Investor RelationsBack to Media IndexBack to Agency IndexATampampTSummary Pay television subscribers to traditional MVPD DirecTV UVerse fell off a cliff in Q3 2019 with a loss of over 13 million subscribers HBO Max was a large focus and in fact a full investor39s day summary of the WarnerMedia Investor39s Day follows below was dedicated to formally introducing HBO MaxQ3 Stock Trend Source Wolfram AlphaTop Quote quotThird we were convinced that the value of premium content would increase significantly over time as consumer demand continued to grow and new forms of distribution emerged and I think you39ve already seen that with some of the multiples paid for media companies after we did our deal Vertically integrating content and distribution is the future and we39re seeing it across the boardquot Randall Stephenson CEOquotSince 2012 we39ve made a series of strategic investments and those investments have been aligned around two overarching trends First consumers will continue to spend more time viewing premium content and second businesses and consumers will continue to demand more connectivity more bandwidth and more mobility When we began pursuing this strategy we saw an emerging world in which consumption of video and other premium content was no longer bound to your living room And everything we expected has arrived and it has arrived sooner than we or anyone else anticipated And now the foundational elements of our investment thesis are clearer than ever It all starts with advanced highcapacity networksquotOver the last 18 months we39ve been putting all this capacity into service and the performance results have been dramatic ATampampT now has the fastest and most reliable wireless network in the US We39ve also been undertaking the most aggressive fiber deployment program in the US since 2015 with over 20 million locations passed Over the next 3 years our strong spectrum position will allow for lower capital intensity and that bodes well for growing operating marginsquotThe second essential element is direct customer relationships and we have about 170 million of them across mobile pay TV and broadband And that number reaches 370 million when you include our digital properties such as cnncom Bleacher Report and Otter MediaquotGaining scale in linear pay TV was the core rationale behind our DirecTV acquisition We realized the satellite business was mature and we anticipated subscriber losses However the content savings quickly turned our Uverse pay TV business from loss to a profit And since we bought DirecTV it has generated healthy cash flows of over 4 billion per year or a total of 22 billion in cash by the end of this yearResponding to a question if ATampampT has hit peak subscriber loss in TVquotBut as we get into next year then you39ll have the satellite then you39ll have the software platforms And ATampampT TV is the standardized software platform and that will be our primary vehicle for going to market particularly pairing it with our fiber product and our broadband product And then HBO Max becomes the workhorse for our video product as we move into next year And all of the muscle and as you can see and as you articulated the range of investment is going behind HBO Max This is a product that39s going to be very different from anything else that you39ve seen in the market so far This is not Netflix this is not Disney this is HBO Max and it39s going to have a very unique position in the marketplace And I would tell you we feel very comfortable at these investment levels that we can do something very significant in the market and drive some significant subscriber gains This is going to be a meaningful business to us over the next four or five years And we39re talking a 50 million subscriber business And I39m really really enthusiastic about thisquotBut HBO Max becomes the SVOD platform for ATampampT as we move forward into the future And what you should expect is as we get into the future this won39t be day one amp8230Through the platform amp8230 we also deliver live stream TV So you want an SVOD service HBO Max great Over time we look forward to bringing the live element into HBO Max as well And so this thing gets more and more simplified and we ultimately get down to where we have two products the traditional satellite which will be there for a long time and then our streaming product which will be premised on the HBO Max platformquotAnd we have been on a very aggressive plan for deploying fiber And we put in a very short period of time 20 million locations passed with fiber And we are somewhere between 20 percent and 25 percent penetrated in that footprint and in the next couple years are going to be about penetrating It39s really about penetration That doesn39t mean we39re stopping fiber deployment 5G requires us to continue deploying fiber We have business customers who have expectations and we deploy fiber into business locations And what that does is create capillaries that we then expand off of And so you39re going to continue to see the capillary of fiber in this company expand It39s just not going to expand at the pace we39ve been going on It39s been on a torrid pace I would suggest it39s been the most aggressive in the United States Now it39s time to reap the rewards of what we39ve done and let39s go penetrate the marketquotBut the most powerful video bundle we have with our mobile business is HBO in terms of what it does to churn and retention And the reason I think that39s very exciting is now think about HBO Max and taking that product to a different level And it39s going to be something different And now bundling that with our mobile business and the impacts on churn we believe are going to be very very powerful And so we39re very excited about putting wireless with HBO Max HBO Max is a natural bundle with obviously our video business whether it39s DirecTV or ATampampT TV It39s a great bundle with our broadband business particularly the fiber business So we39re really bullish right now on how HBO Max gets leveraged across the footprintquotBack to Media IndexBack to Agency IndexWarnerMedia Investment Day HBOMaxSummary In addition to the Q3 earnings call for ATampampT an informationpacked twohour program was dedicated the following day to fully introduce WarnerMedia39s HBOMax streaming service This very much played like a major Upfront note that there is a clear announcement of an advertisingsupported service around a year following the launch of HBOMax HBOMax will be released in May and is priced on the high end at 1499monthTop quote quotIn the era of Amazon Apple Google and Netflix scale is no longer defined by distribution to a quarter of US consumers It39s a global gamequot John Stankey CEO WarnerMediaQuotesquotThere are three pillars needed for success in streaming Premier content a technology platform and marketing ampamp distribution Only ATampampT enters this space with solid footing in all threequotquotWhy is the launch of HBO Max so important Just like cable introduced the rise of niche networks to grow audience general entertainment streaming is the next great opportunity to aggregate and grow audiencequotHBO Max will have a positive and immediate impact on the stickiness of our wireless and pay TV and broadband offerings A reduction of 1 basis point of wireless churn is equal to 100 million in revenuequotLess than a year after we launch we plan to expand the Max platform to include an AVOD option offering consumers access to even more content with greater flexibility on how we price and monetize these customer relationships This is where Xandr employs data from ATampampT39s customer database along with innovative ad formatsquotProgrammatic and targeted advertising associated with high quality content is a winning combinationquotToday we have approximately 10 million HBO subscribers that include TV mobile and HBO Now subscribers served by WarnerMedia On day one we39ll provide a frictionless opportunity for these HBO subscribers to sign up and get HBO Max immediatelyquotOur customers ATampampT interact with us more than 32 billion times annually and we have more than 170 million direct customer relationships across mobile payTV and broadbandquotWe intend to reach 50 million subscribers domestically by 2025quotWe are prioritizing our international expansion in LatAm and EuropequotAs a result of our global efforts we plan to reach 7590 million premium worldwide subscribers by 2025 across the US Latin America and Europequot John Stankey CEO WarnerMediaquot40 percent of the total viewing of HBO this year has been in digitalquotHBOMax will launch domestically in May of 2020 and will include the HBO service and library bundled together with a large offering of original new content appealing to all the younger demos plus a choice slate of acquired programming and titles from the extensive Warner Bros libraryquotIn 2018 120 million people engaged with HBO content Around the world it reaches over 150 countriesquotNielsen tells us that the average search time on SVOD is eight to nine minutes HBO recently introduced the concept of 39quotRecommended by Humans39quot and we39re going to adapt that idea for HBOMax so we never have to rely solely on an algorithm to serve our customers the best contentquotHBO Max will begin with 10000 hours of content While less than some of our competitors we actually think that the value proposition improves when you narrow the options removing much of the filler no one watches anywayquotThe median age of linear HBO is only 49 but that drops to 36 when you look at HBO Digital where the younger audience is growing quicklyquot Bob Greenblatt Chairman of WarnerMedia EntertainmentquotHBO shows will continue to have what they39ve always had great writing casting direction incredible production value but most importantly context They all have something to say about the world we live inquotBreakout Chernobyl39s masterful storytelling helped it surpass 13 million viewers It39s now our mostwatched miniseries of all time 39Euphoria39 quickly became our second most dsseries behind only 39Game of Thrones39 With over 9 million viewers the first installment of 39Leaving Neverland39 now ranks as HBO39s highest rated documentary of alltimeWarnerMedia announced the following shows to be included on HBOMaxquotRunquot a new comedy executive produced and gueststarring Phoebe WalkerBridge the Emmy winner for quotFleabagquotquotThe Outsiderquot based on a Stephen King novelquotThe Undoingquot with Nicole Kidman Hugh Grant and Donald Sutherland a chilling thriller by David E KelleyquotLovecraft Countryquot from Jordan Peele and JJ Abrams A 195039s period piece that turns into 39quotone of the scariest thrill rides you39ve ever seen39quotA reboot of quotPerry Masonquot starring Mathew Rhys of quotThe AmericansquotquotAvenue 5quot a scifi comedy from the creator of quotVeepquot Armando Iannucci starring Hugh Laurie and Josh GadquotI Know This Much is Truequot with Mark Ruffalo based on Wally Lamb39s bestsellerquotThe Plot Against Americaquot starring Wynonna Ryder and John TurturroquotI want to highlight three big events for 2021 We have Joss Whedon39s highly anticipated new fantastical series quotThe Neversquot We have Kate Winslet as a complicated Pennsylvania detective in a limited series called quotMare of Eastownquot and we have something totally delightful for fans of quotDownton Abbeyquot Julian Fellowes39 quotThe Gilded Agequot set in opulent New York in 1885 with a dream cast that includes Christine Baranski Cynthia Nixon and Amanda Peet And I haven39t even mentioned our big slate of documentaries and doc series that will take us into so many other compelling worlds Casey Bloys President of Programming HBOquotOur research tells us there is a subscription opportunity of 75 million potential domestic in these demos and we39re going after themquotWe see that only a handful of individual titles drive more than 2 percent usage among the thousands of content hours available on those services Further of the thousands of titles available it39s the top 100 that drives half the total usage An SVOD service may have 35000 hours of content but half of their usage is driven by only the top 100 titlesquotThe top ten licensed comedies on competitive streamers account for 80 percent of the total licensed comedy viewingquotBreadth of choice is important but content that matters to viewers is the real point of differentiationquotWe are overjoyed to extend our license to all 50 seasons of the show Sesame Street which we will curate during the year plus we39ll have the next five seasons of new episodes too HBOMax will have streaming exclusivity on the whole gang We have lots of new Sesame Street content including the next season of quotEsmee and Royquot a new series called quotMechaBuildersquot plus a great new special quotMonster at the End of This Storyquot And not to be left out of the latenight wars we have a new talk show starring a furry red monster and no I am not talking about Conan O39Brian It39s none other than Elmo quotThe Not Too Late Show with ElmoquotquotHBOMax will have an outstanding offering with over 1800 movies featuring half of the top 50 box office titles of the year in the HBO service alone Top Warner Bros franchises available across our first year include the full set of quotThe Hobbitquot quotLord of the Ringsquot and quotThe Matrixquot trilogies Plus over half of the top 20 horror movies of all time anchored by the most successful modern horror franchise quotThe Conjuringquot which has generated over 2 billion in worldwide box office Both quotGremlinsquot films will be available and the Lego movies will be added in time for the summer breakquotI want to take a minute to talk about one of the most valuable assets of this company DC which has been part of Warner Bros since 1969 From quotBatmanquot quotWonder Womanquot and quotSuicide Squadquot to quotShazamquot and quotAquamanquot the top grossing DC title of all time HBOMax will have all DC releases of the last decade available within the first year of launch including every Superman and Batman movie from the last forty years The current box office smash quotJokerquot will be available at HBOMax at launch through the HBO servicequotFriendsquot will now be calling HBOMax its exclusive SVOD homequotWe have another group of friends and one of the biggest shows for 12 years quotThe Big Bang Theoryquot This is the first time that all 279 episodes will be seen in any streaming platform and HBOMax has them exclusivelyquotToday I am happy to announce that HBOMax will be the exclusive SVOD home of Trey Parker and Matt Stone39s brilliant animated satire quotSouth Parkquot HBOMax will offer over 300 episodes which is 23 seasons all available shortly after launch and 3 new seasonsquotWe recently announced an exclusive landmark deal with one of the most acclaimed animation studios in the world Studio Ghibli for their entire catalog of 21 of the most revered Japanese animation classics which have never before been offered on any streaming platformquotWe39ll have 31 Max Originals series in our launch year Combined with HBO that39s 69 series on HBOMax in 2020 We39ll grow our Max Originals to 50 series in 2021 Combined with HBO that39s a total of 88 series in 2021quotquotWe know you like to binge and on HBOMax you can binge previous seasons and library content to your heart39s desire but not new content Kevin Reilly chief content officerquotThe Warner Bros Animation Studio and Cartoon Network are both in the family and we are in business with them in several ways Starting with Cartoon Network we39ll have fun new episodes of the quotThe Fungiesquot and quotTig n39 Seekquot We are bringing back their number one franchise quotAdventure Timequot with four brand new hilarious specials made exclusively for Max We also have a delightful new animated series quotLittle Ellenquot from Ellen DeGeneres with her as a 7yearold girl growing up in New Orleans quotGremlins Secrets of the Mogwaiquot is the origin story of those naughty little creatures who we all know and love We are also developing an inspired new series from visionary Robert Zemeckis called quotTooned Outquot which merges animation and live action with a cast of Looney Toons characters you can only see on MaxquotWe also have inventive content for older kids in the unscripted area such as quotCraftopiaquot with YouTube superstar Laura DIY and quotKarmaquot a fastpaced challenge game where how the kids treat each other affects their chances of winningquotAnnouncing new originals targeted to MillennialGen ZquotTokyo Vicequot starring Ansel Elgort and directed by Michael MannquotLoveLifequot with Anna Kendrick in her first seriesThe rebootrevival of quotGossip GirlquotNew episodes of DC fan favorite quotDoom PatrolquotquotDC Superhero Highquot from Elizabeth BanksquotGrease Rydell HighquotIssae Rae39s quotRap Shtquot a look at the Miami music scenequotCollege Girlsquot for Mindy KalingquotThe Flight Attendantquot starring Kaley Cuoco and produced by Greg BerlantiquotStrange Adventuresquot by Greg BerlantiquotGreen Lanternquot by Greg BerlantiquotUnpregnantquot from Greg Berlanti based on the novel by Jenni Hendriks and Ted CaplanquotWe have the futuristic quotStation Elevenquot based on a novel we love It39s produced and directed by Hiro Murai from the award winning quotAtlantaquot quotMade for Lovequot is a quirky dark comedy about a husband using cutting edge technology to control his wife39s mind We are adapting the sweeping book quotAmericanahquot into a series starring the incomparable Lupita Nyong39oquotWe also have quotCircequot a fantasy epic based on the recent bestselling book about one of the most evocative goddesses in ancient Greece And last but not least a new sciencefiction epic from Ridley Scott quotRaised by Wolvesquot This is one you simply haven39t seen before It focuses on a rogue female AI that will stop at nothing to raise her childrenquotMovies are important to our original programming mix so we39ll start building this focusing on five to 10 originals per year We made a twopicture deal with Reese Witherspoon and her company Hello Sunshine who have cornered the market on telling fresh contemporary stories from a female perspectivequotWe are also thrilled to be working with one of the great contemporary filmmakers Stephen Soderbergh who brought us quotLet Them All Talkquot starring the legendary Meryl StreepquotWe have the one of a kind Melissa McCarthy starring in quotSuperIntelligencequot about a woman whose romantic life is selected for observation by artificial intelligencequotFinally we have quotBobbie Suequot featuring Golden Globe winning quotJane the Virginquot star Gina Rodriguez as a brilliant young lawyer who upends a conservative law firmquot Sara Aubrey Max Original ContentquotWe just commissioned 80 brand new original shorts Looney Toons aimed at today39s audiencequotWe also own the HannaBarbera characters The Flintstones Scooby Doo Yogi Bear Magilla Gorilla Top Cat QuickDraw McGraw all of whom will be in series movies and digital shorts in the platform We even have a brand new original series called quotJellystonequot where all these original characters come togetherquotWe entered into a longterm arrangement to bring the next 10 Warner Brosproduced CW shows to HBOMax after they premier on the networkquotRick and Morty with over 1 billion SVOD views The past seasons will be available on HBOMax at launch and the newest season will be available in the first year after premiering on Adult SwimquotOver 100 unscripted series We have additional new footage from quotThe Bachelorquot We have over 100 hours of Impractical JokersquotRizolli ampamp Isles The Closer Major Crimes The Alienist The West Wing Dr Who will be on HBOMaxquot Michael Quigley Library and AcquisitionquotWhen you are streaming dragons and white walkers you have to be prepared for just about anything like streaming five million concurrent users across 22 device platforms on a Sunday night iStreamPlanet the undisputed leader in live streaming is also part of this company In 2018 over 4 billion live stream minutes passed through this platform like the Super Bowl the Olympics NCAA and FIFA World Cupquot Tony Goncalves Otter Media CEOquotThe average person looking for something to watch ondemand burns about nine minutes per session searching Twenty percent of those people give up and wander away without watching anything On top of that roborecommendations only result in 26 percent of viewers watching what the algorithms recommend Data by itself is not the answer We think you still need those human elements that make entertainment so enjoyable personality connection emotions We believe the big opportunity here is to blend the smart use of data with real human touch and to present them via novel product experiences and ways that are elegant trustworthy and seamless Andy Forssell Executive Vice President ampamp General ManagerquotWe expect to release updates every six to eight weeks to stay ahead of the curve in this highly competitive environmentquotWe will launch HBOMax with all the bells and whistles in our playbook That goes beyond television commercials and billboards We will mobilize our innovative marketing teams across our entire company to drive audiences to HBOMaxquotHBOMax will retail for 14 99 amp160Current HBONow billed subscribers will get immediate access to HBOMax in May at no extra chargequotWe value both our current subscribers and distribution partners and intend to make it easy for them too Those over 30 million HBO subscribers should be able to download the app login and watch We are in active discussion with our distributors and we have an agreement with ATampampT to distribute HBOMax and we look forward to working with our distributors so they can also get HBOMax in front of their customersquotWe will utilize this unique foundation to give the ATampampT subscriber base many options to learn about subscribe to and trial our offering ATampampT today is the number one distributor of HBO in the US Those existing ATampampT and DirecTV HBO subscribers will have immediate access to HBOMax at no extra charge Now ATampampT customers without HBO who subscribe to premium video mobile and broadband packages will be offered bundles with HBOMax included at no extra charge In addition the HBOMax app will be preloaded on both ATampampT TVconnected settop boxes and Android phones And on top of all that wireless and broadband subscribers will also be able to use their existing credentials to sign in to HBOMaxquotOur goal is to bring one of the richest collections of content on a directtoconsumer basis for everyonequot Tony Goncalves Otter Media CEOBack to Media IndexBack to Agency IndexCBSIn Q3 CBS was focused on finalizing the merger with Viacom which officially was completed on 1242019 but that did not seem to be a distraction as they increased production generated higher revenue from retrans negotiations and licensing of content to other content distributors aka Netflix Advertising revenue yeartoyear was down on Q3 but that was mainly due to 2019 not being a political year Network advertising grew a modest 2 percent while digital advertising across platforms grew a healthy 19 percentQ3 Stock Trend Source Wolfram AlphaTop Quote quotStarting next September Nielsen39s measurement of outofhome viewing will be included in our ratings so we will have an opportunity to monetize this viewing for the very first time The NFL offers a great example here Nine weeks into the season the NFL on CBS is off to a strong start up 6 percent year to date When you factor in outofhome viewing we get an additional 11 percent lift to that increase It is a significant lift in ratings For example the Super Bowl had an over 10 percent lift and that means that39s over 11 million people watch that were not in the rating national news is also another one Believe it or not daytime content is also a big liftquot amp8211 Joe Ianniello President ampamp Acting Chief Executive OfficerQuotes quotBefore we discuss our thirdquarter results I want to give you an update on our merger with Viacom As you may have heard our S4 has been declared effective and we are on track to close in just a few weeksquotSo with our balanced schedule of new and established hits throughout the week we can already predict that CBS will finish the season in May of 2020 as America39s most watched network for the 12th consecutive year We will also finish the year NUMBER ONE in late night yet again And we39re very pleased to have reached multiyear contract renewals with both Stephen Colbert and James CordenquotOur frontloaded content investment is the key reason we are driving sustained revenue growth across directtoconsumer content licensing advertising and our linear distribution revenue And in terms of dollars the biggest increase during the third quarter came from a revenue source that39s been at the forefront of our growth plan retrans reverse comp and virtual MVPDs which were up 18 percent despite CBS being off the air with ATampampT for more than 20 percent of the quarteramp160amp160Plus about 50 percent of our retrans footprint and about 30 percent of our reverse comp footprint are coming up for renewal next year which means we will have another strong year of healthy gains from retrans and reverse comp in 2020 as we continue to reset the value of our content to current market ratesquotD2C revenue was up over 39 percent for both the quarter and year to date as consumers shift from traditional bundles to skinnier bundles to CBS All Access and to Showtime OTT we are getting paid higher rates per sub Even with the headwinds of the traditional MVPD business when you include subs from virtual MVPDs and our directtoconsumer platforms our overall subs at CBS and Showtime grew 4 percent yearoveryear which means consumers are actively seeking out our content as they select the platform of their choicequotWe are currently creating an alltime high of 94 shows up 20 percent from a year ago and that39s up more than 120 percent from what we did just five years agoquotOur underlying network advertising revenue was up 2 percent for the quarter and 2 percent yeartodate as wellamp160And the momentum continues here in the fourth quarter with strong scatter pricing and steady advertiser demandquotI am pleased to announce today that we have a deal in place with Viacom to add more AVOD channels on Pluto starting tomorrow And we continue to look at our content to see how we can expand our reach of our CBS properties on a growing number of platformsquot Joe Ianniello president ampamp acting chief executive officerOn CBS AllAccessquotWe launched a new original series on All Access Why Women Kill starring Lucy Liu which was just renewed for a second season and helped drive subs for us during the quarter Next we had a summer reality show Love Island which launched on the CBS Television Network and attracted a much younger audience on All Access where more than a third of the viewers binge the show So this represents an example of our ability to expand our reach across multiple platforms In addition combined streams from the NFL and the SEC are up nearly 60 percent over last year39s strong growthquotWe are also very excited about a new development for All Access We will now have exclusive live marquee sports for the very first time The UEFA Champions League including a UEFA Europa League and the newly created UEFA European Conference League will be coming to CBS and CBS Sports platforms with all matches available on All Access and select games airing on broadcast We will now have more than 400 matches per year spanning nine months across the calendar Joe Ianniello president ampamp acting chief executive officerOn ShowtimequotDuring the third quarter we launched three new critically acclaimed series The Loudest Voice City on a Hill and On Becoming a God in Central Florida and these original series are helping drive sub growth at Showtime OTT And there39s more to come with a big programming lineup that rolls right into next year Here in the fourth quarter we have Shameless Ray Donovan and a brandnew version of The L Word And in 2020 we have a number of new shows with lots of star power including Penny Dreadful City of Angels starring Nathan Lane The Good Lord Bird starting Ethan Hawke and Your Honor starring Bryan Cranstonquot Joe Ianniello President ampamp Acting Chief Executive OfficerOn the political yearquotBy early next year we will have our local versions of CBSN in all the major CBS markets where we have local news operations so we can benefit from a more robust multiplatform approach as we head into the next election cycle As we39ve said before we expect 2020 to be a recordsetting year for political ad salesquot amp8211 Joe Ianniello President ampamp Acting Chief Executive OfficerOn Advertising RevenuequotAdvertising was down 7 percent from last year when we had record political spending As you heard underlying network advertising was up 2 percent for the quarter and 2 percent year to date And digital advertising for network content across platforms grew 19 percent Operating income for the third quarter of 2019 was 581 million compared to 736 million last year which included an increase in nonsports programming of more than 20 percentquotquotAt the CBS Television Network scatter is up more than 30 percent from Upfront pricing here in the fourth quarter and we are seeing strong increases in all entertainment and news daypartquotTech and pharma are our strongest categories And while it39s early we have seen the beginnings of what we believe will be a very hot political marketquotAs we renegotiate deals that recognize the fair value of our content we are on track to reach our target of 25 billion in retrans and reverse comp revenue in 2020 And as we continue to accelerate the growth of our directtoconsumer services with our investment in premium content we are also confident we will reach 25 million subscribers combined on CBS All Access and Showtime OTT in 2022 In summary for the first nine months of the year we have achieved record revenue for the CBS CorporationquotWe are positioning CBS and ultimately now ViacomCBS for continued growth across our key revenue streams in advertising content licensing and affiliate and subscription fees and we are set up for particularly strong growth in our biggest revenue opportunity our directtoconsumer servicesquotamp8211 Chris Spade Chief Financial OfficerBack to Media IndexBack to Agency IndexComcast NBCUSummary Strong report across the board with actual cable and broadband growthQ3 Stock Trend Source Wolfram AlphaTop Quote quotI think in terms of the overall ecosystem and the promotional intensity amp823039 it39s not too surprising to me I think you39ve got the 3 biggest media companies amp8212 Disney Time Warner and NBCUniversal amp8212 all launching streaming platforms And this is a moment in time and a lot of people are being very very aggressive about it And I would anticipate that to happen until at some point there39ll be an inevitable slowing down and shakeout and the market will get a little bit more rational But I think it39s a moment in time and consumers are making their choices of apps and viewing habits and you want to be aggressive to get in there and make sure that your service is one of the consumers39 handful of favorite servicesquot Stephen Burke Senior Executive Vice President CEO NBCUniversalQuotesquotStarting with broadband amp8212 it goes without saying the utility and demand for highspeed and reliable internet access are ever increasing We see this in our customers39 behavior amp8212 monthly data usage more than doubled in the last 3 years amp8212 and our power users are connecting nearly 20 devices in their homes dailyquotAnd with Flex we just added a fourth pillar streaming designed to meet the growing needs of customers who only consume video overthetop Flex enables these streamers to quickly and easily search access and enjoy content across their favorite apps on the TV using our awardwinning voice remote It39s a wonderful product and now we are providing it to our broadbandonly customers for freequotCable added 379000 broadband customers the most for a third quarter in 10 years This drove our best total customer net additions on record for any quarter contributing to a 34 percent yearoveryear increase in customer relationships And we39re also increasing the value of our relationships EBITDA per customer relationship grew 32 percent And what is even more impressive our net cash flow per customer relationship grew 13 percentquotNBC plays number one in primetime among adults ages 18 to 49 for the sixth consecutive 52week season Telemundo was number one in Spanishlanguage weekday prime for the third consecutive season On top of all this the teams at NBCUniversal and Sky are jointly producing and delivering content For example we39ve greenlit our first coproductions shared over 1000 hours of sports content and are creating a global news channelquot Brian Roberts CEO ComcastquotOverall cable revenue increased 4 percent to 146 billion in the third quarter led by the increase in total customer relationships as well as higher ARPU Total customer relationships increased 34 percent yearoveryear to 312 million including 309000 customer net additions the best on record This growth was driven by 379000 highspeed internet customer net additions the highest third quarter net additions in 10 years We39ve added 13 million broadband customers over the last 12 months Overall our connectivity businesses residential broadband and business services continue to drive cable growthamp8230 Our revenue in these businesses collectively reached 67 billion in the quarter up 93 percent yearoveryearquot Michael Cavanaugh Senior Executive Vice President CFOquotRegarding Peacock we announced about a month ago the name and listed a fair number of shows that we39re going to have on the service I think the most important thing to think about as you39re thinking about Peacock and its role inside NBCU and broader Comcast is we39re not doing the same strategy that Netflix and people chasing Netflix have adopted We39re primarily working with the existing ecosystem and doing a lot of AVOD activity And what that39s going to do we think is cut the investment pretty substantially because I think we39re going to get to cruising altitude much more quickly than a subscription service We39re also playing to our strengths We happen to be part of a company that has 55 million video customers and is the biggest provider of television advertising in the United States So we39ll have a mix of originals exclusive acquisitions like The Office and a lot of nonexclusive product as well Importantly we39re going keep selling to other companies If you take movies for example we plan to keep selling into the premium window We39re not taking all of our movies off of premium platforms like HBO or Sky or other platforms around the worldquotWe39re planning on launching in April We39re going to use the Olympics as sort of an afterburner after our launch and then we39ll be adding content pretty significantly throughout 2020quotWe have not closed the revenue gap in terms of retransmission consent which leads into your next question about the cable channels We have a lot of deals expiring in the next 12 to 24 months and channels like Telemundo that have made big strides MSNBC is another one MSNBC is solidly beating CNN almost every night and by a fair margin And CNN has a much higher affiliate fee than we do I think you can expect to see us make some real progress therequot Stephen Burke Senior Executive Vice President ampamp CEO NBCUniversalBack to Media IndexBack to Agency IndexDiscovery NetworksSummary Strong Q3 performance with strength in ratings with TLC While Discovery is embracing OTT and launched Food Networks Kitchen they are still debating on their overall strategyQ3 Stock Trend Source Wolfram AlphaTop Quote quotAs women over the past year around America have put their TV sets on they can choose to watch movies scripted series they could watch anything they want but more have chosen to watch our programing than any other media company which makes us the number one media company for women in the United Statesquot David Zaslav CEO and PresidentQuotesquotWe envisioned a major opportunity to not only enhance their position globally but also to carve out a differentiated directtoconsumer strategy A few weeks ago we launched another key component of that strategy with Food Network Kitchen a worldclass customer experience in the kitchen with live and ondemand cooking classes with the most celebrated chefs from around the globe We worked closely on all elements of the product with our partner Amazon over the last year to get it off the ground We are very pleased with the product and very excited about the opportunity of value creation it presentsquotWe generate roughly 8000 hours of original content annually alongside a library of titles in every language that aggregate several hundred thousand It39s a huge competitive advantage especially as we watch our industry peers on the premium scripted side pay whatever it takes to amass enough content for a slice of the fragmenting entertainment space within the directtoconsumer market We are not in that series scripted and movie side of the entertainment business It39s crowded it39s aggressive it39s expensive and it39s riskyquotIn addition our strategy of pivoting into sports has made us the largest producer of live sports outside the USquotFood Network Kitchen is also the first new product to launch on our owned and operated tech stack and it is becoming increasingly apparent that owning and operating our own tech architecture is a distinct competitive advantage and one that should allow us to further scale opportunities across multiple verticals meaningfully driving global functionality efficiencies and speed to marketquotThe team at TLC has done an extraordinary job turning around and building that network Just two years ago it was the ninth or tenth network in America for women Today it continues to be the number one adsupported cable network in primetime for women ages 25 to 54 and women ages 18 to 49quot amp8211 David Zaslav CEO and PresidentquotIn the third quarter Discovery again achieved healthy operating performance delivering 3 percent US advertising growth 6 percent US affiliate growth and 10 percent international advertising growth which included a full quarter of impact from the consolidation of the three networks acquired from UKTV which added about 300 basis points of growth and 8 percent international affiliate growthquotFor US advertising growth is expected to be again in the lowsingle digit range driven by the typical dynamics in pricing digital monetization the health of the market and of course the impact from ratings which remains the greatest variable impacting US ad revenue growth While ratings of some key networks have been challenged in the third quarter we have doubled the amount of premier content on the Food Network for the holiday season and we are excited about our programing slate for the remainder of the year such that our Q4 estimate of lowsingle digit growth could turn out to be conservative In addition we expect to continue to benefit from increased viewership on our GO platform further growth from our datadriven Engage product as well as upward CPM pressure from innovations such as Discovery Premiere all of which are contributing to our top peer performance and revenue growth despite the noted ratings headwindsquotUS affiliate is projected to increase in the three percent to five percent range for the fourth quarter And we reaffirm our fullyear guidance for US affiliate revenue growth in the midsingle digit range As you know in the fourth quarter we will lap our initial inclusion in certain virtual MVPDs such as Hulu and Sling TV Accordingly implicit in this projection is a sequential decline in our core subscriber growthquotWe expect international advertising growth in the midsingle digit range driven by share growth in our top markets and contributions from our digital investments Contribution from the consolidated UKTV lifestyle business is projected to again add two to three percentage points of growth While the balance of our international advertising business remains healthy there are some increasingly more challenging markets such as Mexico and Argentina creating an overall more volatile picture and one that we will keep a close eye on during the remainder of the quarterResponding to a question on directtoconsumer plansquotAs you know we39ve really shied away from these seven or eight players that are rock 39em sock 39em fighting it out in this entertainment area It39s getting more and more expensive And we believe that three or four of them are going to make it And it39s going to be a lot of carnage and very very difficult They39re great companies and good luck to themquotWe really have two strategies one is the people will have three of those or maybe four of those but then they still love golf they still love natural history and science We together with everything we got from the BBC now have a definitive collection of content with Planet Earth amp8212 Blue Planet Space Ocean Science amp8212 that if you think about when we were younger a family would buy World Book or Encyclopedia Britannica because every family and every child should see it We have a collection of natural history and science content not just in scale and having the majority of it that exists in every language but a collection of content that every family and every child should watch which is very differentiated from watching scripted sic series and moviesquotWe have Chip and Joanna Gaines and we39ll be launching in 2020 with them with directtoconsumer And we have cycling and cars and so we39re going in these nichesquotWe39re looking at the strength of our IP in the US in the aggregate and 39amp8211amp8230 are talking to consumers about how much they love it We see through our GO platform how young the people are that are using it and how much time they39re spending with it And we39re now looking at how do we take that content We39re already doing it independently Is there an opportunity for us to take that content on a broader basis to reach amp8212 to mount an attack on those that are not existing cable subscribers That39s the full ecosystem That39s what everyone is looking to do and needs to do which is take the great IP and reach everyone We want everyone to watch our content amp8211 David Zaslav CEOquotFor those of you who have the app Food Network Kitchen which I hope is everybody on this call we have Alex Guarnaschelli Marc Murphy Rachael Ray Jeffrey Zakarian and Bobby Flay over the next five days Bobby Flay I think is doing three classes on Sunday The consumer demand on the classes has been so high so far that we39re actually going to make two changes We39re going to expand the number of live classes from 25 per week to 40 We39re also happy to announce the opening of a brandnew Food Network Kitchen studio in Los Angeles So we39re going to double We have this Food Network Kitchen here in New York We39re going to double our capacity by opening up a studio in Los Angeles That will allow us to serve customers all across the US well but also allow us frankly to add more and more classes over time So the live and ondemand classes we39re very pleased with so farquotDavid mentioned the partnership with Amazon has just been terrific Most consumers in the US will be on Amazon between now and the end of the year as we have this big holiday shopping season and I39m happy to say Food Network Kitchen will be featured prominently across the site And that includes all the Alexa devices and it also includes the very popular Fire TV So Fire TV has millions of customers right now and if you tune into Fire TV front and center is Food Network Kitchenamp8230 So we feel like we39re on the right track at this point and netnet we39re very pleased with the first couple of weeks of results amp8211 Peter Faricy CEO Global DirecttoConsumerBack to Media IndexBack to Agency IndexDISH NetworkSummary On the plus side positive news from Dish as the company had a net subscriber gain due to improved subscription to Sling TV however the Sling TV subscribers are less valuable at this time and therefore it hit overall revenue The call did give some clarity on Dish39s views on the upcoming year of directtoconsumer OTT services in addition to clarity on why Dish walked away from Regional Sports NetworksQ3 Stock Trend Source Wolfram AlphaTop Quote quotI39d like to first congratulate our team here for a solid quarter It39s the first period since the fourth of 203917 that we39ve been able to announce total payTV net sub growthquot amp8211 Erik Carlson President and CEOQuotesquotWe ended the third quarter with 148000 total payTV net additions Now I recognize that we lost 66000 net subs on DISH TV but this is notable progress Now we39ve realized yearoveryear growth in our DISH TV gross additions 416000 subscribers chose DISH in the third quarter compared to a year ago with 294000 growth addition The trend39s not accidental Obviously there are both headwinds and tailwinds in the third quarter and it39s fair to conclude that we both benefited and amp823039 were impacted by programming disputes across the industry Again we39re adding the right customers in the right geographies and in aggregate additions in the quarter which represents the highest average credit scores that we39ve seenquotOn the Sling side we saw 214000 net additions largest growth we39ve seen since we started publicly announcing Sling StatquotWe39re pleased to see the FCC issued its order this week approving the proposed TMobileSprint merger The framework established by the FCC will facilitate and accelerate DISH inventory as a new nationwide facilitiesbased provider Our goal is to spur competition and drive America39s leadership in 5G amp8212 all of the benefit of American consumers and industry With regard to our announced acquisition of Sprint39s prepaid business including Boost Wireless we39re moving forward assuming that the TMobileSprint merger will close Should the merger receive approval we39re confident in our day one plan for Boost for its team its partners and its customers we will be readyquotJD Power named DISH number one in overall customer satisfaction among national TV providers for the second year in a row amp8212 the top honors in our category earning the top ranking in all four geographic regions and that39s the first for a company in our industryResponding to the relatively small loss of subscribers in light of Dish losing the Regional Sports Networks RSNs to SinclairquotDISH39s consumers are a little bit different So as many of you know in regional sports there39s different zones and people in the cities tend to pay more for regional sports than people in the rural areas but contractually Sinclair wants to go a little different route there And so there was a lot of complications The biggest complication was sic Disney themselves who had contracted the negotiations out but didn39t extend the contract We lost the highest value regional sports customers because the months of August and September are the highest viewed months for regional sports by a long shotquotSo to beat down during that period of time they felt that was negotiating leverage against us And so that39s why they did it In my opinion because we lost our best customers amp8230 we couldn39t pay as much money to put regional sports back up again So because our cost output for those viewers would go up and you39re in a situation amp8230 we39d rather have a deal We like Sinclair We39ve had a longterm relationship with Sinclair We like the company We like the people there We39d rather have regional sports but we39re as a company we39re not going to subsidize We39re not going to subsidize regional sports And so there are economics that may not work for them but there are economics We know what the economics are for us We actually analyze stuffamp160 The other thing is you have to look at the macro environmentAnalyst adds that Disney is taking programming off of Dish and moving it to Disney PlusquotAnd that doesn39t increase their value to us right So obviously that has to be taken into consideration during negotiations Additionally I would imagine that even regional sports even teams themselves will probably stream directly and our customers get HBO a different way today They don39t have to get it from us They can pirate it They can use codesharing They can get it through another distributor or they can get from Amazon Our customers will be able to get regional sports and local channels when that comes up with Sinclair They39re just going to get it a different wayquotBut having said that we like to strike agreements that are good for both companies and you have to make us leave kicking and screaming But HBO did that and refused to negotiate a deal 39that we would not lose a significant amount of money on They had a strategic reason because they wanted to grow subs at DIRECTV And they have Game of Thrones coming up so they had a valid strategic reason for wanting to do that That reason may not be out there anymore but that they certainly did that and Sinclair now unfortunately amp8212 given Disney39s decision not to extend the contract amp8212 is in a situation where 39they39ve got to make decisions But if everybody has regional sports and we don39t and trust me the vast vast vast majority of our customers don39t watch a single second of any regional sports on our network That39s an advantage for us if that39s the strategy we have to go down because we won39t have to increase the prices to our consumers And I know what39s going to happen Sinclair will start running amp8212 I39ve been through this so many times Sinclair will start running adds saying you can39t get this hockey team on DISH and you can get it on our competitors and we39ll run an ad that says you39re paying more from our competitors because we don39t have that hockey team that you don39t watch All right And so it will be more mindless stuff but that39s way things go and we accept that that39s probably the logical thing that happened in this businessquot amp8211 Charlie Ergen CoFounder and Chairman of the BoardResponding to a question about an on again off again rumor of a DishDirecTV mergerpartnershipquotThere is industrial logic for DISH and DIRECTV to be doing some things together There is industrial logic for DISH and ATampampT will be doing things together but when somebody put the guns to your head with HBO and as you will new to carry HBO you39re going to lose money that39s not a door opener for us as a company And this merger with TMobile and Sprint we39re focused on thatquot amp8211 Charlie Ergen cofounder and Chairman of the BoardResponding to a question regarding the impact HBO Max could have on discussions with ATampampTquotHBO Max amp8212 it39s interesting because I don39t know everything they39re going to do with HBO Max but I think it39s going to be a good product I think that it will be tougher for linear distributors because well HBO was requiring at least from us guaranteed contract with a certain number subs and obviously that39s difficult to do when you39re competing against HBO themselves particularly if they dig in with a lot of the programing on HBO Max It certainly will give leverage to distributors and future negotiations And so it39s going to be really interesting to see how content providers navigate because people aren39t going to watch more TV amp8212 I mean are not materially more And there is lots of great programing out there and they39re going to spend about the same amount of money and it39s going to be a lot of miles And the best product in the country today is Netflix and I think you heard Hastings talk a little bit about engagement and that39s the key metric and it39s not just Netflix The fact that they39re kind of a virtualized network as we39ve learned about it they39ve actually got most of their stuff on the cloud so they39re actually more flexible and they deliver content cheaper than anybody can do it So you got to follow them and where it goes I don39t know but I think it can take a couple of years to settle outquot amp8211 Charlie Ergen CoFounder and Chairman of the BoardBack to Media IndexBack to Agency IndexDisneySummary This is the earnings call that preceded the launch of Disney on 1112 Disney launched with over 10 million subscribers although many of those came in via free sevenday trial and free oneyear accounts based on Verizon Unlimited Wireless subscriptions There were also significant tech glitches on the first day which was considered a black eye given Bob Iger39s acquisition of BAMTech was made precisely to avoid those type of tech challenges Nevertheless it39s considered to have surpassed expectations Overall the Disney business is strongQ3 Stock Trend Source Wolfram AlphaTop Quote quotAnd I think what we39re trying to do as a company is not to look at the apps as entities unto themselves but look at the apps as part of a broader production creativity distribution monetization play What I mean by that is if you look at Disney or Disney Plus you obviously have films that are monetized and two windows First one is the theatrical window then what I39ll call the home video window and then they move on to this SVOD platform39 which is also a place monetizing the vast libraryquotThe same thing can be said for the television programing that we39re creating although a lot of it for Disney Plus will be original or exclusive to Disney Plus although there39s nothing to keep us from then putting some of it on maybe a Disney Channel down the road but we39re not looking at any of these the isolated way I talk about Hulu But I also talked about it in the context of ABC of FX and at Freeform interestingly enough if you look at current viewing patterns of some of our hit shows on ABC Grey39s Anatomy The Good Doctor would be two examples quotThey are on ABC Live Then they go through that Live Plus 3 Live Plus 7 or Live Plus 8 cycle Ultimately they end up on Hulu By the end of the run of a show after one month often these shows have tripled in terms of their consumption once they39re made available on Hulu and that39s only a month It could be on Hulu for years to come amp8211 Robert Iger CEOQuotesquotAs you know we began this process with the acquisition of BAMTech which gave us the means to implement our DTC strategy putting us into the market quickly and ensuring we have the technology to deliver a quality experience Our first effort was ESPN Plus which was an immediate hit with sports fans when it launched last year and continues to deliver steady growth I39m pleased to announce that as of today ESPN Plus has over 35 million paid subscribers were drawn toward unique and growing mix of original content like the legendary NFL PrimeTime with Chris Berman now exclusively on ESPN Plus and exclusive live events including UFC College Sports domestic and international soccer and Top Rank BoxingquotBeginning in March Hulu will become the official streaming home for FX Networks FX on Hulu will include all seasons and more than 40 FX series and will offer episodes of current and new FX series immediately after the air on the linear network Additionally FX will produce original series exclusively for FX on Hulu starting with four new series in 2020 Devs from Alex Garland Mrs America starring Cate Blanchett A Teacher starring Kate Mara and The Old Man starring Jeff Bridges and John LithgowquotAt launch Disney Plus users will have immediate access to more than 500 movies including all of our beloved titles and more than 7500 episodes of library television content including 30 seasons of Simpsons By year five this growing collection will include more than 620 movies and more than 10000 television episodes along with countless shorts and features At launch it will offer 10 original movies specials and series exclusive to the platform including The Mandalorian Within a year of launch the amount of original content on Disney will increase to more than 45 series specials and movies and will expand to more than 60 original projects per year by yearfivequotConsumers can directly subscribe to the service for 699 a month or 6999 a year at disneypluscom And starting November 12 they can access the service through a growing variety of partners and platforms including Apple Google Microsoft Sony and Roku And today we39re pleased to announce additional distribution partnerships with Amazon Fire Samsung and LG Disney Plus will also be available in a bundle with ESPN and adsupported Hulu for 1299 a monthquotOur studio had another great quarter and a phenomenal year In the fourth quarter operating income was up 79 percent driven by growth in worldwide theatrical due to the performance of The Lion King Toy Story 4 and Aladdin in the quarter compared to Incredibles 2 and AntMan and the Wasp last year The increase in operating income was partially offset by about a 120 million loss at the 21CF studio business which was driven by the performance of Ad Astra The Art of Racing in the Rain and Dark Phoenix The loss from the 21CF Studio business was about 100 million higher than the loss we estimate the business generated in Q4 last yearquotTurning to media networks operating income was down 3 percent due to declines at cable and broadcasting though results came in better than what we expected at the time we reported Q3 earnings Lower cable results reflect a decrease at ESPN partially offset by the consolidation of the 21CF cable businesses At ESPN higher programming and production costs driven by contractual rate increases for NFL college sports and MLB programing and higher marketing expenses related in part to the launch of the ACC Network more than offset growth in affiliate revenuequotESPN39s domestic linear advertising revenue was down two percent in the fourth quarter and so far this quarter ESPN39s domestic cash ad sales are pacing up three percent compared to last year At broadcasting results in the quarter were adversely impacted by lower program sales compared to last year We sold two Marvel series Daredevil and Iron Fist during Q4 last year and we didn39t have comparable sales in the fourth quarter of this year We also had lower sales of Blackish in the quarter compared to last year The difficult program sales comp coupled with higher programming expenses at the ABC Television Network and lower TV station ad revenues were largely offset by the consolidation of the 21CF broadcasting business and higher affiliate revenuequotAd revenue at the ABC Network was up modestly in the quarter Quartertodate prime time scatter pricing at the ABC Network is running 47 percent above Upfront levels Total media affiliate revenue was up 18 percent in the fourth quarter and reflects the consolidation of 21CF and growth at both cable and broadcasting The increase in affiliate revenue was driven by 15 points of growth from the acquisition of 21CF and seven points from higher rates partially offset by a fourpoint decline due to a decrease in subscribersquotFirst we expect our directtoconsumer and international segment to generate about 800 million in operating losses for the quarter We expect the continued investment in our DTC services specifically Disney which will launch in just a few days and the consolidation of Hulu to drive an adverse impact on the yearoveryear change in segment operating income of our directtoconsumer businesses of approximately 850 millionquotWell Hulu is a significant driver of advertising revenue and we will continue to be particularly as we grow Hulu out to essentially the guidance that we had given back in Investor Day that basically ad supported Hulu and has very high ARPU Which is one of the reasons that it39s being bundled with ESPN Plus and Disney for that 1299 price because the value of an adsupported Hulu subscriber given the advertising revenue that it drives is very very high ESPN there are also opportunities for growth but probably the biggest opportunity is on the Hulu frontquotThe demographics were far broader than a lot of people expected them to be This is well beyond kids and family clearly where this is a fourquadrant product with adult men and women as well as kids and families watching or using the servicequotAs it relates to your first question which I guess is consumer choice consumer confusion I think a lot about it as it relates to sic website consumption patterns and even the current app patterns where no two people use the same websites or the same set of apps amp8230Obviously a lot of overlap with the most popular ones and then there39s a lot of fragmentation I think you39re going to see that in these of good videocentric or programcentric apps where they39re going to be halves and lesser halves they39re going to be a lot of them available and they39ll have varying levels of consumption and the viewer or the consumer will be able to navigate basically relatively easily because they39re easily too easy to find Hopefully they39ll be easy to buy or use and they39ll be easy essentially place on mobile devices and on desktops and I actually think that if you39re thinking about just these TV and movie apps or whatever you want to describe them they39re probably going to be fewer of them Then there are apps for games and apps for in everything else that you39re doing internally use So I know it39s not a concernquotDo you believe think though that brands will matter As we39ve been saying as a company for a long time if you39re in a list of choice for sports and you have ESPN on as your name or other kind of product and says Disney or the other brands I think that immediately rises to the top of the list in terms of consumers39 interest And because of the recognition factor and they trust they have in these brands amp8211 Robert Iger CEOBack to Media IndexBack to Agency IndexFacebook Summary The political season and the impactchallenges of Facebook was the overriding topic of Q3 While other social networks like Twitter have announced that they will not take political ads Facebook has been adamant that they will continue to accept political ads but put a more vigorous review process in place to ensure that fake news is not used in the processamp160 Yearoveryear revenue was up 43 percent and Facebook gave credit to the success of the Oculus Quest VR headset for this boostQ3 Stock Trend Source Wolfram AlphaTop Quote quotAd revenue grew 28 percent yearoveryear and we saw strong performance in all regions and on both Facebook and Instagram Mobile ad revenue was 164 billion contributing approximately 94 percent of total ad revenuequot amp8211 Mark Zuckerberg Founder and CEOQuotesquotThere are now 28 billion people using Facebook Instagram WhatsApp or Messenger and around 22 billion people using at least one of our services dailyquotWe launched a number of new exciting products like Facebook Dating in the US which is doing quite well Threads for Instagram our camera first experience to share with your close friends Facebook News our dedicated product for news that we built in partnership with news publishers and we introduced Horizon a new social experience for VR We also released hand tracking technology for Oculus and Oculus Link so your Quest is basically now a Rift tooquotToday is certainly a historical moment of social tension and I view an important role of our company as defending free expression Now this has never been absolute and of course we take our responsibility to prevent harm very seriously too I think we invest more in getting harmful content off our services than any other company in the world Those who follow us closely know that we have more than 35000 people working on safety and security and that our budget for this work is billions of dollars a year amp8212 more than the whole revenue of our company at the time of our IPO earlier this decade And we39re going to keep on investing more herequotBut while we work hard to remove content that can cause real danger I think we also need to be careful about adopting more and more rules that restrict the way that people can speak and what they can say Right now the content debate is about political ads amp8212 should we block political ads with false statements or should be block all political ads Google YouTube and most Internet platforms run these same ads Most cable networks run these same ads and of course national broadcasters are required by law to run them by FCC regulations And I think that there are good reasons for this In a democracy I don39t think it39s right for private companies to censor politicians or the news And although I39ve considered whether we should not carry these ads in the past and I39ll continue to do so on balance so far I39ve thought that we should continue Ads can be an important part of that voice especially for candidates and advocacy groups that the media might not otherwise cover so that they can get their message into debatesquotSome people accuse us of allowing the speech because they think that all we care about is making money and that39s wrong I can assure you from a business perspective the controversy that this creates far outweighs the very small percent of our business that the political ads make up We estimate that these ads from politicians will be less than 5 percent of our revenue next year So the reality is that we believe deeply that political speech is important and that39s what39s driving thisquotWe don39t let any of our newsfeed or Instagram feed teams set goals around increasing time spent on our services We rank feeds to encourage meaningful social interactions helping people connect with friends family and their communities We39ve taken many steps over the years to fight clickbait and polarization and now we39re even testing removing like counts on Instagram and FacebookquotLast year you39d probably remember that we made a series of changes that emphasized friends and family and reduced time spent on our services The one change removed 50 million hours of viral video watching a day and we did this knowing it would mean that people would spend less time on our appsquot3939quotSo over the next year of campaigns we39re going to be at the center of the debate anytime there39s content or policies on any of our services that people believe could advantage or disadvantage their side This may lead to more investigations and the candidates are going to criticize us I expect that this is going to be a very tough year We try to do what we think is right but we39re not going to get everything right This is complex stuff and anyone you said that the answers are simple hasn39t thought long enough about all the nuances and downstream challengesquot amp8211 Mark Zuckerberg Founder and CEOquotWe39re continuing to invest in people and technology so that we can disrupt networks of bad actors find and remove that content and stop fake accounts before people see them We39re also making political advertising on Facebook more transparent than anywhere else In 2018 we started requiring ads about social issues elections or politics to get authorized before running And this quarter we strengthen those requirements to ask for even more information Helping people understand who is trying to influence their vote without becoming arbiters of political truth ourselves is critical to empowering people and keeping them safequotEarlier this year we reached an important settlement with the National Fair Housing Alliance the ACLU the Communication Workers of America and others to restrict targeting options for housing employment and credit ads Now advertisers in these areas are required to use a new buying process and by the end of the year people will be able to view all current housing ads in the United StatesquotMessaging is one of the fastest growing areas for online communication and especially between businesses and people We39ve seen businesses use Messenger to reach customers generate new leads and even sell cars For example French automaker Renault used a combination of Instagram stories and click to Messenger ads to drive sales of a limitededition vehicle the Captur Tokyo Facebook was their only advertising channel and over the span of 30 days they sold 100 cars 20 directly through Messenger This quarter we added a click to Messenger feature in stories so businesses can grab some of the attention in stories and then continue the conversationquotAccording to eMarketer 63 percent of Internet users surveyed in the US say they39ve tried an augmented reality experience created by a brand To help advertisers experiment with this we launched a small beta test this quarter As part of the test we make up an Italian cosmetics brand used their ads to give people an easy way to try on different shades of lipstick and they saw a 27 percent lift in purchasesquot Sheryl Sandberg Chief Operating OfficerquotWe were pleased with the growth of the Facebook Community this quarter daily active users reached 162 billion up 9 percent compared to last year led by growth in India Indonesia and the Philippines This represents approximately 66 percent of the 245 billion monthly active users in SeptemberquotMAUs grew 8 percent or 178 million compared to last year We39re pleased with the growth trends in all regions including the US and Canada In terms of our family metrics we continue to grow and estimate that on average around 22 billion people used at least one of our apps on a daily basis in September and around 28 billion were active on a monthly basisquotQ3 total revenue was 177 billion up 29 percent or 31 percent on a constant currency basisquotQ3 total ad revenue was 174 billion up 28 percent or 31 percent on a constant currency basis In terms of regional ad revenue growth APAC and rest of world were strongest and grew 35 percent and 34 percent respectively APAC got more of a revenue lift from our recent product optimizations while rest of world benefited from favorable macroeconomic trends compared to the weaker environment in Q3 of last year North America and Europe grew 27 percent and 24 percent respectivelyquotIn Q3 the number of ad impressions served across our services increased 37 percent and the average price per ad decreased 6 percent Impression growth was primarily driven by ads on Facebook News Feed Instagram Stories and Instagram feed The yearoveryear decline in average price per ad was primarily driven by the ongoing mix shift toward geographies and Stories ads which monetize at lower rateFinancials and outlookquotPayments and other fees revenue were 269 million up 43 percent This yearoveryear growth was driven primarily by sales of new products notably Oculus Quest Total expenses were 105 billion up 32 percent We ended Q3 with approximately 43000 fulltime employees up 28 percent Operating income was 72 billion representing a 41 percent operating marginamp160We continue to expect a more pronounced deceleration of our revenue growth rate in Q4 We expect our Q4 reported revenue growth rate will decelerate by mid to high singledigit percentage compared to our Q3 rate This deceleration is largely driven by the lapping of several successful product optimizations in Q4 of last year as well as ad targetingrelated headwinds Since these factors are largely unique to Q4 we would expect our revenue growth deceleration in 2020 versus the Q4 rate to be much less pronouncedquotquotIn Q4 and over the longer term we do continue to expect to face ad targetingrelated headwinds and uncertainties And I just go back to the three factors that I cited in the past that the regulatory landscape is continuing to evolve So for example when GDPR came into effect we saw a number of people who opted out on allowing us to use context from the apps and websites they visited for ad targetingAnd then the second factor is just we39re seeing proposed changes from the mobile platforms that are more oriented toward privacy which could affect targeting and measurement and make that more difficult And then finally we are rolling out our own product changes such as the recent launch of OSA that39s our user control on what data stored on Facebook activity So I39d say those three factors still factor in And when it comes to this I39d say the majority of the potential signal loss is still in front of us rather than behind us So I think those headwinds are still real and out there and that factors into our outlook as wellquotamp8211 Dave Wehner Chief Financial OfficerResponding to a question regarding Instagram ShoppingquotWe think there is a big opportunity over the long run here because more than 90 percent of Instagram users are following a business But on the shopping product itself it is still very early days and we39re working to improve the product and it39s quite small We started testing in Q3 shopping ads the idea that shoppers can tap on ad see a product description page and can purchase from the business39 mobile sitequotOur overall commerce efforts go across not just Instagram but Facebook and all of our properties and our goal is to make it more convenient and accessible and secure for people and business to browse discover buy and sell I think we have been and continue to be a great place for people to browse and discover That continues to drive the great great majority of our business and well for the foreseeable future But as we can help people reduce friction and close that loop we think that39s a good opportunity for people and for our businessquot amp8211 Sheryl Sandberg Chief Operating OfficerquotYeah I think in terms of our core advertising products and growth it39s worth really remembering that our core feed products for Facebook and Instagram are growing nicely and well And we see a lot of opportunity to continue that growth Definitely Stories is a big part of the success We39ve had I think a lot of success moving advertisers to where people already are That39s what happened with mobile adsamp160quotOf our more than 7 million advertisers we already have 3 million ads across Facebook Instagram and Messenger Stories And I think that39s because we learned that we have to do a lot to help them move For example advertisers can now buy Stories across Facebook Instagram and Messenger all at once We had automatic default templates which convert your feed ads into vertical Stories format and this quarter we just launched customizable templates which help you save time and resources As we have to help advertisers move we39ve learned how to make those investments in making the formats really easy the measurement really easy the buying really easy Stories still does monetize at the same rate as a News Feed right now So we39re keeping an eye on that But the growth over the long run is pretty excitingquot amp8211 Sheryl Sandberg Chief Operating OfficerResponding to a question regarding privacy laws in the UK and USWe39ve seen adoptions around people who are opting out of allowing us to use context from the apps I39d say that was largely within the range of expectations that we saw and it is having an impact and the people who are opting out are seeing less relevant ads And obviously that will impact both I think the quality of the experience in terms of the ads they get and also the monetization for us I think that is kind of playing out as we expectedCCPA I think is still a work in progress We39re watching the developments on that closely That39s the California Consumer Privacy Act and that has many similar provisions to GDPR but it39s a different line We39re going to have to watch how that evolves but we do think that that39s a factor that we39re watching closely and we39ll just have to see how that developsquotamp160 amp8211 Dave Wehner Chief Financial OfficerquotAnd then also just add something on privacy I think it39s very important that there is federal privacy legislation GDPR encodes a lot of important principles and in order for businesses to be able to operate especially to get started and keep the market competitive you want to make sure that there aren39t 50 different regulatory frameworks that companies need to follow I mean we could handle that if we needed to we39re a big company But in terms of for the market overall I just think it would be a lot better if we had a very clear set of rules at the federal level on privacy We39ll continue to try to work with folks to try to do what we can to help therequot amp8211 Mark Zuckerberg Founder and CEOResponding to a question around ARVRquotThis is taking a bit longer than we thought And I39m still optimistic I think that the longterm vision and the reasons why I thought this amp8212 we39re going to be importantamp8230 We39re seeing a lot of people use these products and love them and because of that I think that we39re still going to get there On the one hand that of course means that the future might be a few years further out and that it might be more expensive to develop because we39ll be funding this for a bit longer until it gets there But on the other hand from our perspective we39re not a company that39s traditionally done hardware or built operating systems or these kinds of products So every year that we get to practice and get better and build our brand around Oculus in terms of building the best products that we can in this space I just think that we39re going to be better off when this is really ready to be a completely mainstream thing with hundreds of millions of people using itquotquotYou39re right that Quest is growing and doing quite well We are selling them as fast as we can make them amp8211 Mark Zuckerberg Founder ampamp CEOResponding to a question about antitrust and also reminiscing about the acquisition of InstagramquotBack in 2012 people generally didn39t think of Instagram as competing with our core service We thought about Instagram in the context of this new mobile camera space that was complementary We thought that mobile photos we39re going to be important So we were competing there with things like Facebook camera but we ultimately thought that we were going to do better work if we were building with Instagram It wasn39t a full featured social network itself It only had about 30 million people using it at the timeamp160At the end of the day the FTC makes its judgment on what we can do the FTC had all this context when they made this decision in 2012 And the reality is it ends up being a lot more complementary than I think we ever expectedamp160But it also wouldn39t be what it is without everything that we put into it and whether that39s the infrastructure or our advertising model or spam and safety services and a lot more quotamp8211 Mark Zuckerberg Founder ampamp CEOBack to Media IndexBack to Agency IndexGoogleSummary Going strong Google introduced several new ad products including AI amp8211 optimized bidding dynamic creative for search ads YouTube Masthead ads for TV and an upgrade to Google Analytics that unifies web and app performance metricsQ3 Stock Trend Source Wolfram AlphaTop Quote quotWhile our mission to organize the world39s information and make it universally accessible and useful it hasn39t changed We have evolved from a company that helps people find answers to a company that helps you get things doneQuotes quotPowered by our longterm investment in AI we dramatically improved our understanding of the questions people ask Google search It39s the biggest leap forward for search in the past five years It39s all possible because of a new type of neural networkbased technique for natural language processing called BERT which recognizes subtle patents in language and provides more relevant resultsquotWe recently announced a major Quantum Computing milestone It was extraordinarily proud to visit our team in Santa Barbara To demonstrate supremacy Google39s 53cubic quantum machine Sycamore successfully performed a test competition and just 200seconds that would have taken the most powerful supercomputers much longer time to accomplish It39s the Hello World moment we39ve been waiting for and represents a distinct milestone in our effort to harness the principles of quantum mechanics to solve computational problemsquotWe announced a landmark partnership with Mayo Clinic using Google Cloud to secure and store data and understand insights at scale Mayo Clinic will partner with us in many ways Together we39ll work to transform patient and clinician experiences identify new methods of diagnosing diseases conduct clinical research and find new models for delivering patient carequotWe announced a cloud region in Nevada when it launches in 2020 it will be our seventh Cloud region in the US We also announced a new Cloud region in Poland our seventh in EuropequotWe are excited about new features launched in maps including detailed voice guidance while walking that will make it possible for people who are vision impaired or are blind to get around more easilyquotIn search we made a number of improvements to make it easier for users to find key moments and videos to easily find products with images via Google Lens and discover new podcastquotKeeping YouTube safe for our users creatives and partners while preserving the openness of our platform is our top priority This quarter we continue to update our community guidelines and enforcement to protect users from harmful content and we39ll keep doing this workquotIn September YouTube launched its new fashion and beauty destination called YouTubeFashion It39s designed to meet the growing demand from consumers for better ways to explore and connect with some of YouTube39s biggest fashion and beauty creatorsquotWe are bringing our strengths in machine learning to help advertisers build their ad campaigns Machine learning power tools like search auto bidding are gaining traction In fact more than half of advertisers39 search spend is now optimized via full auto biddingquotWe now have more than a million advertisers using responsive search ads an ad format we launched a year ago that uses machine learning to create the right ad for each search query And our new video reach campaigns allow marketers to upload multiple video ads into a single campaign From there we use machine learning to serve the most efficient combination of these ads to help brands reach audiences at scalequotThis quarter we expanded inventory for our very popular app campaigns to include new surfaces including YouTube search display video ads on the Discover feed We also launched YouTube Masthead ads for TV which enable advertisers to reach audiences right when they open the YouTube app on the connected TVs one of its fastest growing screens It39s also important for advertisers to have standardized measurement that39s fair across all media and that delivers insights in a way that fully protects user39s privacy We39re making it easier for businesses to do just thatquotOur next generation of Google Analytics unifies web and app measurement reporting for the first time to help businesses understand which channel is driving the best resultsquotJust a few weeks ago we announced that our IT professional support certificate training course will expand to 100 community colleges It39s already helped tens of thousands of people to pursue fastgrowing wellpaying careers in IT support amp8211 Sundar Pichai CEOOn financialsquotIn the third quarter total revenues of 405 billion were up 20 percent yearonyear and up 22 percent in constant currency Once again our results were driven by ongoing strength in mobile search YouTube and cloud Operating income was 92 billion up 6 percent yearoveryear for an operating margin of 23 percentquotWithin other revenues in addition to continued strength in compute Google Cloud saw substantial growth from data analytics as customers are seeing the benefits from implementing big query Cloud continued to see significant growth in each region globallyquotAs we39ve said since the IPO we don39t manage the business to maximize quarterly results and 39will always do the right thing for the longterm We39re very focused on investing for the longterm and tried to make it clear in opening comments that as a result quarterly growth can vary and has varied amp8211 Ruth Porat CFOOn the quotOther Betsquot division InnovationquotOther Bets had an operating loss of 941 million I39ll note a couple of key accomplishments in Other Bets At Waymo we39re extending fully driverless opportunities on a small scale to participants in our early rider program in Metro Phoenix We39re also testing long haul truck driving on Arizona freewaysamp160We39re continuing to test Waymo vehicles in various geographies the newest of which is heavy rain testing in Southern Florida In addition we have begun 3D mapping in Los AngelesquotWing launched its first commercial drone delivery service to homes in Virginia in partnership with FedEx Walgreens and local Virginia retailer Sugar Magnolia Wing is now operating on three continents in early test deliveries amp8211 Ruth Porat CFOResponding to a question on small businessquotLocal is an important area for us and we are continuing to invest in building our experience that connects merchants advertisers and users Google My Business has been our major effort there to the millions of businesses and reach and engage both to search and mapsamp160We want to make it easier for advertisers particularly SMBs to come to Google and be able to reach users across our set of owned and operated properties So be it Search be it YouTube be it Discover be it Maps and that39s the way we envisioned that But small and medium business is a big area of focus and Maps represents a big longterm opportunity for usquot amp8211 Sundar Pichai CEOResponding to a question on Google DiscoverquotDiscover is a product we are very excited about I think it completes the other half of Search Search is amp8230 our mission for our users and helpful when they come to us looking for information Discover the other half where we are proactively understanding what might be most helpful or relevant to them and getting it to them And we definitely are focused on product quality and making sure the product is actually helpful to users and when they engage with it they find it usefulamp160Our investments in machine learning are helping as well We39re definitely able to better anticipate and give them information proactively So over time I see it as an important area for us and it39s done in close it39s part of our search and knowledge efforts and as we do that you can imagine you may have started a query in search and it39s a session maybe looking to take a trip somewhere or you39re researching a particular topic We may be able to continue that session and the user journey in Discover and that creates a virtuous cycle amp8211 Sundar Pichai CEOBack to Media IndexBack to Agency IndexiHeartMediaSummary iHeartMedia like all of the other audio companies are projecting real optimism around podcasting and programmaticTop QuotequotOur number one priority is getting new advertisers to try us And the more platforms we have the more reasons they have to give us a try Podcasting is the fastestgrowing of these platformsquotQuotesquotAudio has never been hotter and iHeartMedia has leadership across all major platforms broadcast radio streaming radio podcasting and social We reach audiences on more than 250 different platforms and that39s 2000 devices with approximately 135 million registered users 20000 live events and 211 million fans on social mediaquotConsumers spend 30 minutes a day with us on average whereas Google and Facebook39s audiences averaged 26 and 18 minutes per day respectivelyquotBuilding on that reach and engagement we39ve begun to see a shifting of media mix from other sectors toward audio The most prominent example of this has been Procter ampamp Gamble who39ve been a vocal leader about their shift back to radio and which just matched its strongest quarterly sales growth in over a decadequotRadio39s reach has remained constant above 90 percent dating back to the 1970s while TV steadily declined from 95 percent in the early 2000s to 86 percent todayquotThe podcasting industry is growing rapidly and shows no signs of slowing down In fact the Forrester Research report that was published earlier this week estimated that the podcasting industry could reach 1 billion by the end of 2020 And iHeart is the number one commercial podcast publisher based on Podtrac39s rankings which are the industry standard for measurementquotOur podcasting business is not only growing revenue but it39s also profitable Podcasting today is accretive to our total company margins That39s because we own our content and because we use our broadcast radio inventory to build demand for our podcast This new revenue stream is incremental to our broadcast radio revenuequotWe continue to expand our podcast offerings with major talent that includes Shonda Rhimes Will Ferrell and Chelsea Handler as well as major podcast brands like Stuff You Should Know the most downloaded podcast of all time and podcasts from our iconic radio talent like The Breakfast Club Bobby Bones Elvis Duran and Colin CowherdquotOur third quarter performance reflects progress we made against each of our three revenue opportunities which are one increasing our share of radio advertising spend two continuing to tap into the revenue pools of TV and digital advertising and three building new revenue opportunities coming from podcast and sponsorshipquotOur results reflect our execution against these three initiatives as we grew total company revenue by 3 percent compared to a midterm election year in 2018 Excluding the impact of political revenue grew almost 5 percent yearoveryear This revenue growth was driven by strong performance across all our revenue streams each of which grew yearoveryear excluding the impact of political revenue Digital had another strong quarter up over 33 percent yearoveryear and networks also grew yearoveryear by 92 percent And we continued to see strength in our broadcast segment which outperformed the broadcast radio market and was up yearoveryear excluding politicalquotWe continue to work with advertisers to build unique marketing solutions that include audio By doing so we39re bringing money that wasn39t previously earmarked for radio into our revenue pool We also have an opportunity to solve advertisers39 problems with TV39s declining reach and its large segment of light viewers by adding radio to the mix Another way we39re expanding our addressable market is with our automated selfserve advertising product called AdBuilder which is now in beta AdBuilder creates customized audio ads for advertisers using proven techniques to get their businesses heard based on information the advertisers share about the businesses Once an advertiser has listened to the professionally written and recorded ad approved it and decided on a budget and dates AdBuilder39s automated process then creates a media plan that connects the ads to the right people in the right time We do want to be clear however that we expect the adoption period to be very gradual over the next three years to five years before it begins to reach critical massquot amp8211 Robert PittmanResponding to a question about spot local radio vs network radioquotIn terms of the overall advertising environment for spot radio look you guys know as much as we do That39s out there It still continues to feel pretty good We39ve seen strength in things like telecommunications financial services media and publishing and you saw we had 49 percent revenue growth excluding politicalResponding to a question about what39s driving broadcast revenuequotWe don39t think about it as just watching rates Unlike the TV business we have a lot more inventory than they do And we have some day parts like overnight they39re probably if we39re lucky 30 percent sold out but we still have a lot of volume opportunities And if you look at our biggest opportunity what will help us is SmartAudio If we can get the data and analytics in and get more advertisers buying impressions which is a trend and you39ve seen some of the announcements out there in the marketplace it will allow us to sell through all of our day parts to get the impressions which is the biggest opportunity we39ve got in broadcast revenue I think people are seeing it as a solution to some of the problems they39re having in digital some of the issues they39ve got in TV and they39re not going to give them up But what they39re going to do is add more radio to the mix in order to get more reach in order to get more cost efficiency and in many cases to get a unique impact in terms of bottom linequot amp8211 Robert Pittman CEOResponding to a question on selfservequotThere are I think amp8230 7 million small businesses in the US We have 60000 accounts I think if you look at Facebook39 how many have they announced They39ve got about 7 million accounts compared to our 60000 And I think the majority of their revenue comes from those small accounts So we think the long tail will be very important to us It39s going to take a while to get the adoption and we39re committed to growing that investing in it and seeing the resultsquot amp8211 Robert Pittman CEOBack to Media IndexBack to Agency IndexNetflixSummary While Netflix beat subscriber growth estimates predominantly on global not US growth their admission that the onslaught of new SVOD services aka AppleTV Disney HBO max Peacock and others will impact their meeting their end of year targets is a real sign that the game has and will continue to significantly change for NetflixQ3 Stock Trend Source Wolfram AlphaTop Quote quotAnd then lastly there is obviously a few competitors launching in the near term and we try to factor that in as well Inevitably there is probably going to be some curiosity and some trial of those competitive service offerings So when we put all that together again we adjusted our forecast slightly It39s still nearly 27 million paid net adds for the year amp8212 a tremendously strong year Spencer Neumann CFOquotIn the prior year in the US we did 5 million net adds And this year we39re on forecast for 26 million So the gap39s almost entirely in the USamp160 That39s really on the back of the price increase There39s a little more sensitivity What we have to do is just really focus on the service quality make us musthave I mean we39re incredibly lowpriced compared to cable We are winning more and more viewings And we think we have a lot of room therequot Reed Hastings CEOquotamp823039In the fourth quarter alone we39re talking about films that range from a massive scale action film from Michael Bay with 396 Underground39 to Oscar hopefuls like 39The Irishman39 39Marriage Story39 39The Two Popes39 and Eddie Murphy39s return in 39Dolemite39quotSo these are big theatrically ambitioustype films that you39ll be able to watch on Netflix included in your subscription It really is a fundamental change in the economics of how people enjoy filmsquotSo that incredible slate that I just rattled off to you it39s happening at the same time that we have returning seasons of End of the Fing World The Crown Lost in Space You all incredibly popular shows Casa de las Flores from Mexico Baby from Italy all back for returning seasonsResponding to a question on rising content costsquotBut on a very competitive show there39s probably been 30 percent price escalation from this time last yearamp8230quot Theodore Sarandos Chief Content OfficerResponding to a question about the importance of franchises and established IPquotI think established IP has a leg up with consumers They know what they39re getting into There39s a prebuiltin excitement It makes the marketing a little easier But in general don39t forget the power of brand creation And what is the value of a franchise It39s really the value of brand creation and can you scale off it In this past quarter we made a movie called Tall Girl a hugely unknown cast who in 7 days grew their social media following into the millions on Netflix and had over 40 million people watch itquotWe see the value of franchises like Stranger Things and Black MirrorquotAnd so we39re continuing to work to do that as well But I think about it as not like franchises are better than nonfranchises Great stories are what matter and the way that they reach consumers really makes a differencequot Ted Sarandos Chief Content OfficerBack to Media IndexBack to Agency IndexOutfront MediaSummary Outfront had a good quarter Canada was down slightly yearoveryear but only because Q3 2018 benefited from the Canadian legalization of marijuana They continue to build out their digital signage products in particular in NYC with the MTAQ3 Stock Trend Source Yahoo FinanceTop Quote quotWe expect 2019 to be a doubledigit revenue growth year a noteworthy performance is being driven by digitization sales execution and certainly the growing importance of outofhome in advertisers39 media mixquot amp8211 Jeremy Male Chairman and Chief Executive OfficerQuotesquotTotal revenues increased over 11 percent in the quarter which was our fourth straight quarter of doubledigit growth In US media we saw this doubledigit performance in both local and national We were delighted to see these twin sources of demand drive continued strong growth in both billboard and transit This topline strength helps drive OIBDA up over 8 percent and AFFO up 7 percentquotIn billboards revenues grew 8 percent on both reported and organic basis This is on top of the 6 percent growth in the third quarter of last year Billboard saw a strong contribution from digital and we39re encouraged to also see static billboards performing well Transit revenues were up 20 percent led by digital both in terms of dollar and percentage growth While the majority of this growth was from New York City we had great performances in all of our key transit marketsquotFirst we are getting a nice lift on static billboard yields which are 80 percent of total billboard revenue We39re also growing our digital yields and converting more billboard inventory to digitalquotYeartodate we have built or converted 77 and including thirdparty marketing agreements and acquisitions our total digital billboards have increased by 144 quot Jeremy Male Chairman and CEOquotTurning to the MTA deployment has started once again We installed 900 displays 62 percent of which were advertising and almost all of this deployment was in key Manhattan stations We also began installing on the commuter rail platforms Our total deployment as of September 30 approached 3700 displays and more than half of these now carry advertising which will increase as a proportion over time to our stated goal of 85 percent of total screens amp8211 Matthew Siegel Executive Vice President and Chief Financial OfficerquotOn both the local and national level our sales force is our competitive advantage We have been investing heavily in our teams training compensation brand marketing and operations Another key growth driver is transit digitization This is already giving us a significant acceleration in our revenues and we expect growth to continue from additional displays including rail cars in New York later next yearquotDigital billboards are another key growth area where we want to increase our exposure through conversions marketing agreements and acquisitions We39re seeing great returns and we also believe amp8230 incremental revenue potential as the industry begins to trade its inventory in a more automated way Traditional static billboards are also hugely important to us as they represent half of our revenue and are delivering rising yields There39s no doubt at all that they are becoming more important in the media mix both from the growth rates we39re seeing and the attention they are garnering in the industryquotThis Fall Facebook published a study that showed that Facebook and outofhome complement each other allowing advertisers to reach audiences at all stages of the sales funnel and how specifically outofhome drives discovery with gen Z and millennialsquotAround 35 percent of the US industry revenues are from independent operators a good portion of these are in markets where we already operate and want to add some weight We39ve been active in this tuckin market and expect to continue adding to our portfolio in the futurequotWe and the industry are far more able to provide data and insight into the audience that are interfacing with our media And this combined with increased trading automation will provide a significant tailwind as we look forwardquotWhat39s interesting is that if you look at Q3 in dollar terms in terms of dollar growth our three top categories were financial services professional services which is for the most part actually locally driven and retail So maybe not the sort of growth drivers that you would thinkquot Jeremy Male Chairman and CEOquotWe39re having some great conversations with our larger advertisers where we believe that we may see some benefit obviously from the streaming wars that are going on We think that could be positive for outofhome because most of the streaming services are big friends of outofhome We think that 5G could be interesting as we move forward And I guess the other point is that we39re still really driving some solid local advertising growth It39s 55 percent or whatever it was in revenues in Q3 And when you drill in there we think a lot of that is actually amp8212 seriously just about our execution is going out with a core message that39s really resonating with local advertisers which is about outofhome it39s about mobile it39s about social In other words how outofhome can really sort of boost our businessquot amp160Matthew Siegel Executive Vice President and Chief Financial OfficerquotThe first is in terms of our inventory currently on programmatic exchanges At the moment39 after all it39s relative to the 450 million of revenue in the quarter it39s a handful of dollars but it39s starting to grow and that39s terrific Then in terms of our own platform as you know we39ve been investing in a product called smartSCOUT which is a planning and buying tool At the moment the planning piece of that is currently in use It39s in use within beta formed by our national sales team and we39re testing in a couple of local markets and what that39s about and is basically we can kind of get much more granular detail in terms of audience delivery of each of our boards Now we haven39t yet but we will be plugging on the buy button if you like on to that planning tool as we go forward And that39s something we haven39t done yet but we39re utilizing smartSCOUT as a real provider of data and insight when we39re going out and having discussions with our advertisers todayquotquotNot every digital board is equal So when we build a digital board on the West Side Highway we39re going to get a much different yield to building digital billboard in Tampa for example So part of it is where we are building the boards out and if you39ve been around New York City lately you will see that we39ve been building some great boards So that39s obviously that impacts slightly It39s not a balance sheet issue for us Ben It39s really more about how we can create those opportunities because zoning is still a gating factor So we keep one eye on zoning and we also just keep one eye on demand in a particular market because we obviously don39t want to develop boards where there wouldn39t be sufficient demand and essentially we may be eating our own lunch So those are the two things we take into account But we feel good about our prospect for continued amp8230 digital billboard developments in 2020quot Jeremy Male Chairman and CEORokuSummary Roku missed analyst expectations for the quarter reporting a loss of 22share worse than the 18share loss that had been expected During the call Anthony Wood CEO explained that although they acquired the DSP Dataxu Roku will continue to work with other DSPs Roku also believes that the launch of the new streaming services Disney HBOMax Peacock etc will be good for the OTT environment overall driving budgets that have been traditionally going to linear TV advertising into the OTT spaceQ3 Stock Trend Source Yahoo FinanceTop Quote quotThere is at this point on The Roku Channel over 80000 free and paid movies and TV shows We39ve added live linear services like ABC News There39re over 40 live linear services now Premium subscriptions we added recently so over 40 million different premium subscriptions that includes HBO and SHOWTIME Nearly 50 kids ampamp family content partners 39amp8230You will see more and more content coming to The Roku Channel different categories and you will see it integrated into different points in the UI And so that39s really our approach in terms of being a onestop distribution channelquot amp8211 Anthony Wood CEOQuotesquotWe39ve launched a new streaming player lineup in North America Latin America and key markets in Europe CNET named the Roku Streaming Stick as the best overall streamer for a third year in a row Roku monetized video ad impressions more than doubled again on a yearoveryear basis The Roku Channel contributed to this growth as ad impressions within the channel are growing faster than the ad impressions in the overall platformquotFinally we recently announced an agreement to acquire Dataxu a demandside advertising platform While we work with many leading DSPs and will continue to do so we believe the Dataxu acquisition will accelerate our OTT advertising roadmap and enable Roku to provide marketers a single datadriven software solution to plan buy and optimize their ad spend across TV and OTTquotI mean the primary reason that we acquired Dataxu was for the talent and technology to accelerate our technology road mapquotToday our ads that we sell are mostly sold direct But we think the ad buying is going to become more automated over time and this acquisition39s primary goal is to accelerate our road map for our ad techquot Anthony Wood CEOquotOur goal ultimately is to present a holistic TV and OTT planning and buying solution for TV advertisers and help support them as they migrate their spending out of traditional linear TV into OTT Our real goal in this deal is to both expand the business we do with current clients give them new data and measurement products prove more efficacy across the broader portion of their media It also helps us work with a broader spectrum of clients who may want to participate more in OTT than they can today and with value programmatic API selfserve type access to OTT We are combining the unique advantages of Roku39s firstparty consumer relationship our scale our proprietary data and inventory together with some great talent device graph technology data science capabilities from DataxuquotWe do anticipate that programmatic as well as other forms of automation APIbased buying selfserve will become a growing part of OTT It is still a minority of total spendquot Scott Rosenberg General Manager Platform BusinessAnswering a question regarding the launch of Disney and whether that was a threat to growthquotOverall we39re excited about the launch of all the new services coming to the industry and to our platform We think that they are good for Roku in a bunch of waysquotThere are obviously going to drive viewing overall on our platform or engagement which is good They39re going to increase the interest in viewership moving from traditional TV to streaming We think that eventually all TV is going to be streamed and that this will be the rise of all these new services will help encourage that transitionquotWe have customers that want to watch both free and premium content And so we think all those business models are supported on our platformquot Anthony Wood CEOquotI just like to add to Anthony39s comment that we think our biggest competition is attracting linear TV ad spending out of linear into OTT That is the competition Today according to Magna only 3 percent of TV budgets are spent in OTT but 29 percent of audiences are already thereThat39s the big opportunity That39s what we39re focused on over the next 12 to 24 months And there could be lots of winners on our platform including these new services Scott Rosenberg General Manager Platform BusinessAnswering a question regarding the Roku Channel growthquotIt continues to be fifth in terms of region and growing much faster than the platform as a whole It39s also growing as a contributor of ad inventory into our overall sales We just launched kids ampamp family this quarter that was a great new addendum to our overall content offeringquotOur goal is The Roku Channel and its ad load has not changed We still believe39 that about half of the linear TV ad load is the right recipe for monetization and consumer experience In general we think that39s going to be proven to be the case broadly across OTT that ads have got to get smarter and fewer in order to hit that balance rightquotBut every provider on the platform has a different mix of program to add timequot amp8211 Scott Rosenberg General Manager Platform BusinessBack to Media IndexBack to Agency IndexSiriusXM PandoraSummary Sirius XM is reaping the benefits of the Pandora acquisition along with finding strategic new ways to integrate the products together The earnings call also focuses on steps that Sirius XM has made to integrate elevate and monetize podcastingTop Quote quotNeedless to say I am quite confident we will attain our full year guidance of approaching one million selfpay net additionsquot amp8211 James Meyer CEOQuotesquotThe Pandora acquisition has very quickly increased our scale to approximately 100 million users We39re already using this additional scale to speed up improvements to our digital products both in car and out of car and to attract and promote new content As an example over the summer we started driving plays of Lewis Capaldi39s quotSomeone You Lovedquot to our 100 million listeners igniting the pickup of the song on streaming platforms and ultimately radio plays that brought it to number one on billboard last weekquotThe Pandora acquisition has broadened our skill set to include an advanced marketleading digital advertising businessquotI39m very excited about the ad tech platform at Pandora and the continued progress we are making there Our programmatic offering and offplatform performance with SoundCloud are both driving excellent results Premium access where a user watches a video ad to unlock ondemand listening is performing well particularly with younger listenersquotWe want our content to be differentiated from and superior to other offerings in the audio market and I think we are making great progress in that area This will mean more curated branded stations and playlists at Pandora It means using more megastars and brands with builtin fan bases to drive demand and brand relevance SiriusXM and Pandora will continue to be different But some of the ways we have been successful at SiriusXM over the years will be an important part of the strategy to reinvigorate the Pandora business as wellquotThis nicely complements SiriusXM39s excellent invehicle position SAAR is humming along on the 168 million to 169 million range nearly flat with last year While penetration was in the low 70s we still expect to be at 80 percent overall next year And based upon our latest discussions with OEMs we may even go a bit higher than 80 percent over the next several years This will push our enabled fleet from about 123 million today to more than 220 million over the next decadequotLast week we announced a collaboration with Marvel to create scripted and unscripted podcasts exclusively for the SiriusXM and Pandora platforms This pivotal deal neatly illustrates our podcasting approach We care about quality and we always love to associate with the best brands first and foremost People don39t just want more they want what is compelling Marvel creates fantastic characterdriven storylines and their record of success is unrivaled We are thrilled to partner with Marvel and to see this exciting content debut next yearquot amp8211 James Meyer CEOResponding to a question on podcastingquotTo us the podcasting game we believe is all about the value of the quality of the content and we don39t believe that many of the big entertainment brands have really weighed in yet which is why we think the Marvel announcement is really so extraordinary of where we are going here Again here though I will reassure you that we will go down this path on the content area with fiscal discipline There39re the two other little simple things We got to make sure subscribers know how to find it when they want it and we got to know how to promote it to them correctly I don39t want to just run out there and say 39quotHey we are in podcast39 I want to deliver the whole thing and then go drive itquot James Meyer CEOquotGiven that most podcasts are put out for free on an RSS feed Pandora quietly has accumulated approaching 7000 very good podcasts alreadyamp160Once Pandora39s algorithm is able to align your music pace with your podcast and you can surface podcasts the way they surface music it39s an entire different game because as the music industry learns soon enough the issue is whether you can curate well and surface well when there39s a tremendous amount out there And we think we will be in that game as well as the quality gamequot amp8211 Scott Greenstein President and Chief Content OfficerResponding to a question on content costsquotI just want to reiterate we are really pleased to have FOX News resigned to a multiyear renewal with us We were able to do that deal with economics that certainly makes sense to us But having that one FOX News is an important part of what the SiriusXM listener base really demands And having that back in place for several years now ahead of us at a cost that as David said we tend to redo these things and then there39s a step and then it stays flat we are really pleased withquot James Meyer CEOBack to Media IndexBack to Agency IndexSnapSummary A strong quarter with revenue increase of 50 percent YAG Whatever challenges Snap had with their infamous Kylie Jenner hated redesign are wellbehind the company Per the earnings call Snapchat reached 90 percent of ages 1324 and 75 percent of 1334yearsoldSnap reiterated its commitment and belief in augmented reality In the past this has been costly as their quotSpectaclesquot camera sunglasses have not exactly taken off but they have moved to a more measured approach launching Spectacles 3 at a muchlimited run and higher price point of 380 and limiting the target to fashionistas and the creative communityQ3 Stock Trend Source Wolfram AlphaTop Quote quotFast visual communication is the core product value that Snapchat provides and we are committed to bringing our unique messaging service to people around the world regardless of their device or quality of connectivityquot amp8211 Evan Spiegel CEO and CoFounderQuotesquotBuilding on the strong momentum we developed over the first half of the year our community grew to 210 million daily active users an increase of 13 percent yearoveryear Revenue increased 50 percent yearoveryear to 446 million marking the third consecutive quarter of yearoveryear revenue growth accelerationquotToday each daily active user opens Snapchat 30 times per day on averagequotThe NFL doubled down on live sports this season by breaking out Sunday football highlights into a separate Discover channel that is regularly updated throughout the day on a nearlive basis This has increased both the frequency at which viewers watch by 40 percent and the total time spent watching NFL highlights by 70 percent when compared to last yearquotWe have a significant lead in augmented reality due to the camerafirst nature of Snapchat and the frequent usage of our camera and we believe that smartphonebased augmented reality will be an important driver of our business over the coming years We have been investing heavily in tools like Lens Studio to help creators build augmented reality experiences and evolving the ways that we distribute Lenses to our community through products like Scan and our AR BarquotSnapchat now powers billions of daily AR experiences with each of our daily active users interacting with augmented reality nearly 30 times every day on averageamp160To date our community has created over 600000 Lenses in Lens Studio with topperforming community Lenses reaching billions of views on Snapchat Looking out over the long term the next seven to 10 years we will work toward realizing our vision of computing overlaid on the world through wearable augmented realityquotWe expect to invest significantly in both maps and gaming over the coming yearsquotWe are building low volumes of Spectacles 3 and using this iteration to test and learn more about wearable computingquotThe combination of our scalable ad platform and sales team reorganization allows us to reach a wide variety of advertisers to help them grow their businesses We remain extremely undermonetized relative to our audience and engagement and underpenetrated in terms of advertiser budgetsquot Evan Spiegel CEOCoFounderquotNorth America and Europe each delivered DAU growth of 1 million sequentially and we are pleased to see continued expansion of our audience in these already wellestablished markets In the quarter we generated total revenue of 446 million an increase of 50 percent yearoveryear Average revenue per user was 212 in Q3 an increase of 33 percent yearoveryear and 11 percent sequentiallyquotWe are driving against four key priorities to accelerate growth First we will continue to demonstrate the value of our large unduplicated and otherwise hardtoreach audience Second we will continue to launch innovative ad products that allow advertisers to reach our audience in an effective and immersive way Third we will relentlessly deliver ROI and help our advertisers measure their campaigns in the ways most meaningful to them Finally we will better service more advertising partners by improving our sales and marketing functions expanding our gotomarket operations and activating key partnershipsquotTotal impressions were up 121 percent yearoveryear driven primarily by growth in Snap Ads as we continue to see strong demand for down funnel bid optimization products such as app installs as well as growing demand for our premium ad units such as Commercials Our advertisers are able to achieve higher ROI when they combine Snap Ads with our augmented reality and creative tools products and this is helping to drive strong adoption of our selfserve Reach ampamp Frequency lens products which grew more than 30 percent sequentially in Q3quotIn the US we reached 90 percent of 13 to 24yearolds and 75 percent of 13 to 34yearolds So in the US for example roughly 80 percent of our daily active users are on our Discover content platformquotThe improvement in user activity combined with optimizations to our selfserve platform to utilize our inventory more efficiently are driving continued expansion of our available supply at a rate that is above growth in advertiser demand which has resulted in the modest decline in yield As a result we continue to have ample supply and lots of room to grow ARPU through both improved sellthrough rates and higher yields over time Gross margins were 51 percent in Q3 2019 up 15 percentage points yearoveryear and 5 percentage points sequentially as we continue to focus on scaling our operations efficientlyquotAnd in this past quarter we doubled down on our video advertising solutions with a robust rollout of new products for video buyers We extended the maximum length of video ads on our platform allowing advertisers to leverage videos up to three minutes in length We added this capability to our unskippable commercials as well transitioning to a skippable video after the first six secondsquotWe have developed a product by which advertisers can bid in our auction against the goal of longer form video views These capabilities together helped Universal Pictures get completed trailer views on Snap up to nine times more efficiently in early testingquotAt this time we are seeing our Dynamic Ads campaign drive a 66 percent decrease in cost per purchase and a 171 percent increase in return on ad spend compared to similar productfocused campaigns running in the USquot amp8211 Jeremi Gorman Chief Business OfficerResponding to a question on whether TikTok is friend or foequotI think at a high level looking at TikTok we definitely consider them a friend They39re a developer partner With Snap Kit they39re an advertising partner for us And I think most importantly the value they provide to their community is very different than the value we provide to ours to really empower communication with real friends So I think overall as you mentioned time spent on mobile is growing We39re both growing our businesses in a very rapidly growing industry overallquot Evan Speigel CEO ampamp CoFounderBack to Media IndexBack to Agency IndexTwitterSummary Several missteps around usage of data caused Twitter to miss earnings estimates in Q3 although daily active users are up Twitter warned that revenue headwinds would continue through 2020 A few days after Q3 earnings Twitter announced that they will not be accepting any political advertisingQ3 Stock Trend Source Wolfram AlphaTop Quote quotWe were pleased advertising revenue growth rebounded to doubledigits globally in September with the most pronounced recovery in the United States Advertiser sentiment remains strongquot Ned Segal CFOQuotesquotToday we39re proud to share that nearly half of the 19 million daily customers we39ve added since the fourth quarter of 2018 can be attributed to the steady refinement of Twitter This also fueled our results this quarter of 17 percent yearoveryear increase of daily usage to bring us to 145 million mDAUquotIn parallel we are rethinking the fundamentals of how Twitter works in order to better address the problems we are seeing One example of this is our work on public conversation health At the beginning of this year we resolved to break from only acting on reports of abuse and harassment to proactively identifying tweets and conduct that violates our terms of servicequotOver half of the enforcement actions we take in any given week for violating our abuse rules is now proactively identified and verified by our agents before a victim or bystander has to report the violationquot Jack Dorsey CEOquotWe still have more than half of our video ads being served at longer than 15seconds As you39d imagine on a service like Twitter the completion rates for video ads that are sixseconds are much better they are much more effective for the advertiser they39re much more compelling for the person watching them that knows that are 15seconds or longerquot Ned Segal CFOquotWe have evidence that people see Twitter as an interest network and spend a bunch of time focused on finding and following accounts that match their interest To address this we went back to a feature that Twitter experts make use of lists This quarter we made lists easier to create and most importantly to consume We39ve added the ability to pin lists directly to your home timeline enabling a fast switch between your home timeline and the accounts you want to keep onquotWe39re also experimenting with following topics right from your timeline A tweet about the Golden State Warriors for example would now have a prompt to follow the topic which allows us to include all relevant tweets matching the topic without having to follow the various accounts that produce themquotOn tech missteps that shared or used data that was not supposed to be shared or usedquotWe asked people a series of questions before we put you into a timeline when you are new to Twitter Among the questions we asked if we can use your device settings to figure out the best ads to show you It turns out that that setting wasn39t working as expected and we were using device settings even if people had asked us not to do so So when we discovered that we tweeted about it which we often do to be transparent with people when things aren39t working as expected We turned off the setting so that it would work as expected That has a negative impact to revenue because it39s one less input you39ve got when you are figuring out which ads to show peoplequotA second example is specific to MAP where we typically will share data with measurement partners who will then share with advertisers so that they can see the effectiveness of their campaigns not just on Twitter but across platforms Another one of the questions that we ask people before we put them into a timeline is if we can share their data with measurement partners That setting also was not working as expected and we were passing on data which we have not intended to So we stopped doing that and although we are working on remediation there isn39t remediation yet in place and so the effects of that will continue into Q4quot Jack Dorsey CEOBack to Media IndexBack to Agency IndexViacom note for Viacom this is their fiscal Q4Summary This was the final quarterly report prior to the ViacomCBS merger This was a strong quarter for Viacom with major announcements with Netflix and revenue growth across multiple lines of businessQ3 Stock Trend Source Wolfram AlphaTop Quote quotThanks to the combination of our vibrant brands and strong ad sales execution including our sophisticated suite of Advanced Marketing Solutions we delivered 6 percent ad growth marking the second consecutive quarter of positive performance Perhaps more important we also delivered fullyear revenue growth for the first time in six years This represents a significant milestone for Viacom and is evidence of our transformation In particular the success of our Advanced Marketing Solutions business where revenue grew 83 percent in the quarter and 76 percent for the full year shows how we have evolved the ad sales business to thrive even in the face of linear impression constraintsquot amp8211 Bob Bakish President ampamp CEOQuotesquotWe returned Paramount to fullyear profitability The studio was profitable for the first time in four years We did this by improving execution across the board putting in place a new balanced film slate strategy and by significantly ramping the TV businessquotMoving to Domestic Media networks Viacom maintained the number one share of US basic cable viewing among key demos And our portfolio grew market share in the quarter and for the full year with strong results at MTV Comedy Central and Paramount Network In fact in the quarter we had the number one cable comedy telecast with South Park the number one drama series with Yellowstone the number one reality series with Love and Hiphop Hollywood and the number one preschool series with Ryan39s Mystery Playdate And that is just the tip of the iceberg We had nine of the top 30 cable networks more than any other cable family More recently in Q1 at BET we launched Tyler Perry39s The Oval in fact The Oval became the number one new series for African Americans ages 18 to 49 for cable and broadcast season to datequotLooking beyond linear TV in Q4 Viacom Digital Studios delivered its highest views ever on YouTube Instagram and Twitter In fact VDS drove yearoveryear increases in Viacom39s aggregate number of social video views and minutes by 38 percent and 75 percent respectively across all of our domestic social accounts bringing our total social video views to 96 billion in the quarterquotPluto TV continues to grow expanding its leadership in the free streaming TV space and its contribution to our ad sales growth It now has approximately 20 million domestic monthly active users a nearly 70 percent increase this calendar year to dateamp160In Q4 alone Pluto launched 43 new channelsquotPluto Latino added 11 new channels giving the platform a total of 22 channels with over 4000 hours of Spanish and Portuguese language programming We also continue to grow Pluto TV distribution both globally and on new platforms which benefits both our audiences and our partnersquotIn short in a crowded subscription universe as consumers become increasingly more valueconscious we strongly believe that having the leading free streaming TV service in country and over time the world is a huge competitive advantagequotWe believe persistent headwinds from subscriber trends and rates will continue to impact the business which is why our multifaceted approach is the right strategy going forward On the media networks studio side including Nick Studios Awesomeness MTV Studios and more we have 17 domestic series ordered to or in production for thirdparties which is an impressive achievement for a business we created less than two years ago Add the 26 we have at Paramount TV and we have a total of 43 shows in the rapidly growing TV studio business in the US alonequotWe got two new deals with Netflix Just this week Nickelodeon Studios announced a new multiyear output deal to produce original animated films and series based on both Nick library and brandnew IP for kids and families around the world I39m also pleased to announce that Paramount has licensed the rights to Beverly Hills Cop to Netflix which will produce a new film based on an iconic IP further expanding our relationship with this important original production clientquotIn October Comedy Central Productions and Trevor Noah signed an agreement to develop a comedy series for Quibi And we recently licensed South Park39s domestic streaming rights to HBO Max further demonstrating the appeal of our IP and our ability to maximize its value We continue to broaden the business internationally as well As an example we now have almost 40 mobile deals live reaching five million subscribersquot amp8211 Bob Bakish President and CEOquotMoving to domestic ad sales Revenue finished up 1 percent for the year benefiting from a return to growth in the back half including a strong Q3 and Q4 with both quarters up 6 percent AMS Advanced Marketing Solutions is enabling us to decouple our ad revenue performance from broader industry declines in linear capacity setting us apart from our peers and helping us now deliver industryleading advertising revenue growth AMS revenue accounted for 17 percent of fullyear domestic ad sales and over 20 percent of our fiscal fourth quarter domestic ad salesquotIn fact in the month of September Pluto registered its highestever revenue month and total viewing minutes tripled over the prior year We continue to see Pluto TV as a global opportunity including over 1 billion of ad sales in the US alone as we expand the content offering grow audience and enhance monetizationquot amp8211 Wade Davis Chief Financial OfficerquotAnd now we39re beginning the next leg of our journey one that is transformational the merger of Viacom and CBS At the center of it all is content ViacomCBS will be a truly global multiplatform premium content powerhouse with tremendous assets and scale ViacomCBS will be positioned to serve consumers the creative community commercial partners employees and other constituents while creating significant value for shareholders We anticipate the ViacomCBS merger closing in early December but we are already hard at work including having announced the bulk of the senior leadership team of the combined company which is deep into integration planning as we speakquotAnd this integration is not just about cost savings At its core it39s also about extracting more value from our content assets To that end just this week Pluto TV announced the launch of three new channels from CBS giving customers free access to live local news streams from CBSN New York CBSN Los Angeles as well as a leading entertainment new streaming channel ET Live This is just a taste of what39s to come once this deal closes in a few weeksquotOn ViacomCBSquotRemember on a combined basis ViacomCBS delivers about 22 percent of US primetime TV viewing with a range of highly soughtafter content Today we only receive about 11 percent share of the fees We believe that represents a significant goingforward opportunityquotAs you know we will have a marketleading position in linear across every demographic We39re the number one share player overall We39ll be the number one player on every single demographic Combine that with the industry39s leading Advanced Marketing Solutions platform that will position us as the goto solution and problem solver for agencies and their clients and that in turn will allow us to grow share The third area is content licensing Here we39re uniting a Hollywood film slate with substantial TV production across multiple entities whether that39s CBS or Showtime or Viacom Media Networks or Paramount TVquotSo we are in the middle of developing our combined company streaming strategy As I said that strategy will cross free leveraging the tremendous head start we have with Pluto And Pluto today the last number I said Pluto has 50000 hours of content on it 250odd channels We added many Viacom channels but it39s not just Viacom channelsquotSo that39s a way of getting more ROI out of assets we already own That39s certainly the road forward And visavis time where it moves from one place to Pluto that39s something we continue to evaluate But again using pure Viacom library content with good distance from airdate that39s working very well for usquotWe39re tremendously excited about that So I39m not surprised that Iger wants to participate in the free space too It39s a big part of the market And by the way that market is partially people that are only using free and is partially people that are using free as a complementquot amp8211 Bob Bakish President ampamp CEOOn the approach to the advertising communityquotOn the ad side as you said we have a tremendous opportunity here If you look at what Viacom did in the last Upfront where we combined the Viacom portfolio of networks with Advanced Marketing Solutions including Viacom Video and Pluto doing things like taking our 18 to 34 reach from low 40s with our linear networks high 40s with Pluto 90 with Viacom Video bringing that to market in a package to help get advertisers more reach without frequency cap problems and help them manage inflation that was compelling Every agency in the industry signed up for it And as you know we had a very strong Upfront ViacomCBS is that on steroids We will be the definitive problemsolver for the industry and the first port of call almost without a doubtquotBut you see demand ramping from streamers Whether that39s in the television series space or that39s in the filmlength space that39s a good growth segment In some respects that is the new home video We have a longerterm opportunity probably in the PVOD spacequot amp8211 Bob Bakish President and CEOClick the social buttons to share this story with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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Quarterly Quotes Q3 2019 Featuring Companies Like WarnerMedia, Twitter, Viacom, CBS, Snap, Dentsu, Omnicom and Many More

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