I'm Angeline on our focus today is media and entertainment and our guest is Naveen Som, a senior director and sector lead for S and P Global.

我是Angeline，我們今天的焦點是媒體和娛樂，我們的嘉賓是Naveen Som，他是S and P Global的高級總監和部門負責人。

Out with the old and in with the new.

汰舊換新。

That, in a phrase, is how one could describe the pandemics effects on the media industry, with cinemas and theme parks close and movies delayed.

用一句話來說，就是可以形容這場大瘟疫對傳媒業的影響，電影院和主題公園關閉，電影延期。

Million's, if not billions of viewers spent the past year sat on there.

百萬，甚至數十億的觀眾在過去的一年裡坐在那裡。

So first watching YouTube, Netflix or other streaming platforms.

所以先看YouTube、Netflix或其他流媒體平臺。

This is the S and P Composite media on entertainment index.

這是S和P綜合媒體對娛樂指數。

It outperformed the wider market over the past 12 months, up 34%.

在過去的12個月裡，它的表現優於大盤，上漲了34%。

The reason?

原因是什麼？

Well, look at the constituents.

好吧，看看選民。

A top tier is dominated by alphabet, which gobbled up a $1.4 trillion or 40% off the total market cap of the index.

一線以字母哥為主，吞噬了1.4萬億，佔指數總市值的40%。

Next along Facebook, Disney, Netflix and Comcast, with MAWR traditional cable operators way down on the list.

接下來沿著Facebook、迪士尼、Netflix和Comcast，MAWR傳統的有線電視運營商在名單上遙遙領先。

So now, with vaccines on the horizon and the potential for consumers to get out of the house and away from their TVs and devices, what's in store for the sector for more on this.

那麼現在，隨著疫苗的到來，消費者有可能走出家門，遠離電視和設備，對於這個行業來說，更多的是什麼。

I'm now joined by S and P Global's Naveen Sarma Non avian.

現在我和S and P Global的Naveen Sarma非禽。

This is increasingly a crowded space, especially for streaming.

這是個越來越擁擠的空間，特別是對於流媒體。

There's so much choice, is it not oversaturated?

有這麼多選擇，是不是過飽和了？

I think it's totally to tell when it comes to that question.

我想，說到這個問題，完全是要講的。

We've seen a lot of companies media companies accelerate their launches of their streaming services over the last year.

在過去的一年裡，我們看到很多公司媒體公司加速推出他們的流媒體服務。

Especially Aziz.

尤其是阿茲

You point out, people have been home for for for a tely stay year.

你指出，人們已經回家為tely留年。

And so I think what you're going to see.

所以我想你要看到的。

I mean, you know, within the next month, you're going to have every media company essentially launch a streaming service.

我的意思是，你知道，在接下來的一個月內，你會有每個媒體公司基本上推出流媒體服務。

Andi, we're gonna have Now we're gonna start focusing on things like what's in the content?

安迪，我們會有 現在我們要開始關注的東西 像什麼是在內容？

What's the pricing, what the subscriber growth look like?

定價、用戶增長是怎樣的？

I think we're going to see a lot of experimentation over the next couple of years.

我想我們會在未來幾年看到很多實驗。

Frankly, I don't think that the way that things are currently structured today is going to be the way that the services they're gonna be in five years.

坦率地說，我不認為現在的結構方式會成為五年後的服務方式。

And so I think, um, yeah, I think we're gonna eventually have some winners and losers, but I do think it's too early to start picking those winners and losers now, Navin, if we look at the credit and advertising side of this, what are we going to see in terms of consumer behavior?

所以我認為，嗯，是的，我認為我們最終會有一些贏家和輸家，但我確實認為現在開始挑選贏家和輸家還為時過早，納文，如果我們看一下信貸和廣告方面的情況，我們會在消費者行為方面看到什麼？

Where will the winners and losers be?

贏家和輸家將在哪裡？

Yeah, So it's an interesting question, because when we look at media, I think we've seen a better recovery thus far, at least in United States for advertising based companies.

是的，所以這是一個有趣的問題，因為當我們看媒體，我認為我們已經看到了一個更好的復甦，到目前為止，至少在美國的廣告公司。

So television radio outdoor advertisers have continued to advertise through the pandemic.

所以，電視廣播戶外廣告商一直在流行病中繼續做廣告。

And so the recovery that we see well, we think we'll continue to accelerate this year.

所以我們看到好的復甦，我們認為今年會繼續加速。

And so we're much more, um, positive about those spaces versus some of the other ones we'll talk about in terms of the recovery prospects in 2021.

所以我們對這些空間相對於其他的一些空間，我們會談到2021年的復甦前景，要積極得多，嗯，。

How about traditional entertainment operators like cinemas, theme parks, cable TV?

電影院、主題公園、有線電視等傳統娛樂運營商呢？

I mean, we got the vaccines being rolled out now.

我的意思是，我們得到的疫苗 現在推出。

Are we in for a rebound or are they on their way out?

是我們在反彈還是他們在出局？

Well, certainly not on their way up, but we do think that recovery prospects are going to be a bit slower.

好吧，當然不是在上升的路上，但我們確實認為復甦前景會慢一些。

So you know all of those sectors air driven by consumer behavior.

所以你知道所有這些行業都是由消費者行為驅動的。

Just because people get vaccines doesn't necessarily going to automatically change the behavior and return to a lot of those venues.

人們打了疫苗，並不一定會自動改變行為，回到很多這些場所。

And so we think that that those sectors will take longer to recover, you know, more likely, we won't start to see our return to 2019 revenue levels until 2022.

是以，我們認為，這些部門將需要更長的時間來恢復，你知道，更有可能的是，我們將不會開始看到我們恢復到2019年的收入水平，直到2022年。

And then from a credit measure standpoint, we don't think that we're going to see a recovery until the least 2023.

然後從信貸措施的角度來看，我們認為至少在2023年之前不會出現復甦。

Thank you very much.

非常感謝你。

Very interesting points there.

非常有趣的觀點。

That was nerve in some a senior director at S and P Global.

這是在一些S和P全球的高級董事的神經。

Now, before I go, here are some of the top stories we're following in the sector.

現在，在我走之前，這裡有一些我們關注的行業熱點新聞。

Britain's media regulator revoked the broadcasting license for Chinese English language network C g T n after allegations of bias coverage of the Hong Kong protests and after concluding that it was ultimately controlled by the Chinese Communist Party.

英國媒體監管機構撤銷了中文英文網C g T n的廣播牌照，因為該網被指控對香港抗議活動進行了偏頗的報導，並認定該網最終受中共控制。

The announcement provoked an almost immediate rebuke from China, which accused the BBC of quote fake news over its coverage off coronavirus.

這則公告引發了幾乎立即從中國，其中指責英國廣播公司的報價假新聞在其覆蓋範圍關閉冠狀病毒的斥責。

The New York Times reported better than expected quarterly revenue as digital readership sword in the period dominated by the US election on its aftermath, continuing a trend of increased readership throughout the presidency of Donald Trump.

紐約時報》報告的季度收入好於預期，因為數字讀者劍在美國大選後的主導時期，延續了整個唐納德-特朗普總統任期內讀者數量增加的趨勢。

Revenue rose to $509 million in the quarter On Finally, Microsoft has thrown its support behind proposed new laws in Australia that rivals Google and Facebook have said are quote unworkable.

本季度收入增至5.09億美元On最後，微軟在澳洲提出的新法律背後投下了支持票，競爭對手谷歌和Facebook表示，這些法律報價不可行。

The law would force them to pay domestic media outlets for content.

法律將迫使他們向國內媒體支付內容費用。

Last month, both companies even said they pull some of their key services from the country.

上個月，兩家公司甚至表示將部分關鍵服務撤出國內。

If the rule change went ahead, Microsoft said it would be willing to live by the new regulations on That's your roundup of the media and entertainment sector.

如果規則改變進行，微軟表示，它將願意遵守新的規定，這是你對媒體和娛樂領域的總結。

I'm Angeline on on This is Reuters.

我是路透社的安吉麗娜。