PJT Partners Investment Banking Pitch Book
Analysis of Selected Pay TV and OTT Competitors
Network
HBO
HBONOW HBO NOW (OTT)
CINEMAX
SHOWTIME
NETWORKS
THE MOVIE CHANNEL
HBO Family
HBO Pay TV Revenue Generating Units
HBO Pay TV Non-Revenue Generating Units
Total HBO
NETFLIX
CINEMAX Pay TV Revenue Generating Units
CINEMAX Pay TV Non-Revenue Generating Units
Total CINEMAX
Total HBO
Showtime Family
Showtime
The Movie Channel
FLIX
Total Showtime
Netflix
Domestic
International
Total Netflix
Solar Subscribers
Europa Subscribers
Total Subscribers
Total U.S. Pay TV Households
Avg. Subscribers (mm)
2015A 2016E 2017E
24.6
5.7
30.3
0.3
13.0
3.0
16.1
46.7
23.8
21.6
31.6
77.0
43.4
27.4
70.8
25.3
5.5
30.7
1.15
13.4
2.9
16.3
48.2
24.3
21.7
31.7
77.7
26.4
4.5
30.9
23.6
11
32.2 1'1
55.8
11
96.7
99.2
1.85
14.0
2.4
16.4
49.1
24.6
21.7
31.7
78.1
43.4 43.4
40.0
50.2
83.4
93.6
11
11
96.2
Source: Morgan Stanley Equity Research and Solar Management projections as provided by Lunar Management,
Est. Penetration
2015A 2016E
25%
6%
13%
3%
25%
22%
33%
45%
EE
1'1
25%
5%
14%
3%
24%
22%
32%
44%
11
11
2017E
27%
5%
15%
2%
26%
23%
33%
45%
EE
Avg. Monthly Revenue /
Subscriber
2015A 2016E 2017E
$12.00 $12.18
9.73 10.02 10.58
9.75
4.14
10.08 10.65
4.21
3.36 3.46
$7.55 $7.84
$12.36
$1.98
4.27
$4.85 $4.95 $5.15
0.54
0.55 0.55
0.38 0.38 0.39
$1.81 $1.84 $1.92
11
3.65
$8.32
$8.50 $9.22 $10.00
7.48 7.67 7.88
$7.22
$8.25 $9.19
(1
Est. Revenue (USS mm)
2015A 2016E 2017E
$3,541 $3,695 $3,921
3,541 3.695
161
676
648
Confidential
648
$4,230
676
$4,532
$1,325
3,921
263
718
718
$4,902
$1,512
144
$1,386 $1,427
141
144
$1,671
142
145
147
$1,715 $1,803
$4,180 $5,120 $6,054
1,953 3,138 4,266
$6,134 $8,257 $10,320
11
PJT Partners
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