Hollywood Strike Was Brutal For Fall 2023 Broadcast Viewership: 'The Golden Bachelor' Helps ABC, Lack Of New Content Crushes CBS
Portfolio Pulse from Chris Katje
The Hollywood strike in 2023 led to a significant drop in fall broadcast viewership for major networks due to a lack of new scripted content. ABC, owned by Walt Disney Co (NYSE:DIS), was an exception with a 15% increase in viewership, thanks to 'The Golden Bachelor' and sports programming. CBS, owned by Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA), suffered the most with a 32% decline. Fox Corporation (NASDAQ:FOX)(NASDAQ:FOXA) experienced a 27% drop, while NBC, owned by Comcast Corporation (NASDAQ:CMCSA), saw a 4% decrease. Sports content, particularly NFL games, played a significant role in mitigating the impact. CBS found success with 'NCIS: Sydney,' which was added to the lineup due to the strike. The return of most series in 2024 is expected to boost content availability.
December 28, 2023 | 8:14 pm
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NEGATIVE IMPACT
Fox Corporation's Fox channel saw a 27% decline in viewership during the fall 2023 season due to the Hollywood strike.
The 27% viewership decline for Fox Corporation's Fox channel is likely to have a negative impact on the company's short-term revenue from television. This could potentially lead to a negative short-term impact on FOX stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Paramount Global's CBS network experienced the worst decline among major networks with a 32% drop in viewership due to the Hollywood strike.
The significant decline in CBS viewership is a negative indicator for Paramount Global's short-term revenue prospects from its broadcast segment. The 32% drop is substantial and could negatively affect PARA stock in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Comcast Corporation's NBC network experienced a minor 4% decline in viewership, less impacted due to its sports content.
NBC's smaller viewership decline compared to its peers, thanks to sports programming, suggests a relatively stable performance for Comcast Corporation's broadcast segment. This could mean a neutral short-term impact on CMCSA stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Walt Disney Co's ABC network saw a 15% increase in viewership year-over-year despite the Hollywood strike, thanks to 'The Golden Bachelor' and sports content.
ABC's growth in viewership despite industry-wide challenges is a positive sign for Walt Disney Co. The success of 'The Golden Bachelor' and sports programming likely mitigated the impact of the strike on Disney's television segment, potentially leading to a positive short-term impact on DIS stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80