Media, Telecom and Advertising
Media, Telecom and Advertising
Media, Telecom and Advertising at a Glance
Structural signals from the latest reported years. The four thesis tabs keep connectivity, streaming, advertising, and interactive separate.
- •Telecom is the scale: Verizon $138.2B, AT&T $125.6B, Comcast $123.7B, Charter $54.8B in calendar 2025.
- •Disney FY2025 was $94.4B. Experiences $36.2B still outruns Entertainment DTC $24.6B.
- •Netflix 2025 was $45.2B and 325 million paid memberships. WBD Streaming was $10.9B inside a $37.3B linear-heavy group.
- •Cable broadband is still shrinking: Comcast 31.26 million domestic broadband (-181k in Q4), Charter 29.68 million Internet (-119k in Q4).
- •Omnicom $17.3B includes one month of IPG. AppLovin $5.48B is advertising-only after the Apps sale. Trade Desk $2.90B sits on $13.4B of spend.
- •Reddit $2.20B and 121.4 million Q4 DAUq joined the S&P 500 on August 18, 2026. Alphabet and Meta stay on their existing Sterling sectors.
Headline numbers
Eight sourced snapshot figures. Fiscal years are not aligned. Alphabet and Meta are not on this page.
Disney FY2025 revenue
$94.4B
Year ended September 27, 2025. Entertainment $42.5B, Experiences $36.2B, Sports $17.7B. Up 3% vs $91.4B.
Disney FY2025 PR
Netflix 2025 revenue
$45.2B
Calendar 2025, +16%. Crossed 325 million paid memberships in Q4. Ad revenue more than $1.5B.
Netflix 10-K / letter
AT&T postpaid phones
74.2M
Year-end 2025. 1.55 million net adds. Mobility service revenue $67.4B. Group revenue $125.6B.
AT&T 4Q25
Comcast group revenue
$123.7B
Calendar 2025, flat vs $123.7B. Connectivity & Platforms $80.9B. Domestic broadband 31.3 million, -181k in Q4.
Comcast 8-K
WBD streaming
$10.9B
2025 Streaming segment, +5%. Group $37.3B, -5%. 131.6 million streaming subscribers at year-end.
WBD 8-K
AppLovin 2025 revenue
$5.48B
Continuing operations after the June 30, 2025 Apps sale. +70% vs $3.22B. Single advertising segment.
AppLovin 8-K
Reddit 2025 revenue
$2.20B
+69%. Ad revenue $2.1B. Q4 DAUq 121.4 million. Added to the S&P 500 on August 18, 2026.
Reddit PR / S&P DJI
Disney+ and Hulu subs
196M
End of FY2025 Q4. Disney+ 132 million. Entertainment DTC revenue $24.6B, +8%.
Disney FY2025 PR
Roster revenue, latest year
Last reported fiscal year in USD. Paramount Skydance is predecessor plus successor. Omnicom includes one month of IPG. AppLovin is continuing operations.
Four theses on one page
Telecom is the largest pile because Verizon, AT&T, and Comcast are each above $120B. Streaming and media is next. Advertising and interactive are smaller and faster. These are not TAM figures.
The roster
Seventeen public companies. Alphabet and Meta stay on their existing Sterling sectors. FOXA and NWSA only. Paramount Skydance is PSKY.
| Company | Ticker | Archetype | HQ | Latest year | What to watch |
|---|---|---|---|---|---|
| Verizon | VZ | Telecom | New York, US | CY2025 | Postpaid phone net adds vs fiber/FWA |
| AT&T | T | Telecom | Dallas, US | CY2025 | Postpaid phones and Fiber net adds |
| Comcast | CMCSA | Telecom | Philadelphia, US | CY2025 | Domestic broadband losses vs wireless lines |
| Charter | CHTR | Telecom | Stamford, US | CY2025 | Internet losses vs mobile lines |
| Disney | DIS | Streaming and media | Burbank, US | FY2025 | Experiences vs Entertainment DTC |
| Netflix | NFLX | Streaming and media | Los Gatos, US | CY2025 | Ads vs subscription; WBD bid |
| Warner Bros. Discovery | WBD | Streaming and media | New York, US | CY2025 | Linear vs Streaming; studio sale process |
| Paramount Skydance | PSKY | Streaming and media | Los Angeles, US | CY2025 | Successor-period run-rate after August 7, 2025 |
| Fox | FOXA | Streaming and media | New York, US | FY2026 | Sports rights vs Tubi and FOX One |
| News Corp | NWSA | Publishing | New York, US | FY2026 | Dow Jones vs Digital Real Estate |
| Omnicom | OMC | Advertising | New York, US | CY2025 | IPG integration after November 26, 2025 |
| AppLovin | APP | Advertising | Palo Alto, US | CY2025 | Advertising-only run-rate after Apps sale |
| Trade Desk | TTD | Advertising | Ventura, US | CY2025 | Take rate on $13.4B platform spend |
| Live Nation | LYV | Interactive | Beverly Hills, US | CY2025 | Concerts fans vs Ticketing AOI |
| Take-Two | TTWO | Interactive | New York, US | FY2026 | Recurrent mix vs GTA VI timing |
| TKO | TKO | Interactive | New York, US | CY2025 | WWE vs UFC vs IMG Olympics compare |
| RDDT | Interactive | San Francisco, US | CY2025 | DAUq vs ad revenue; S&P 500 inclusion |
