Hulu: Redefining the Way People Experience TV

Hulu: Redefining the Way People Experience TV
	MVPDs and the Evolution of Television Programming Distribution
		Sources of Revenue
		Cost Pressure
		The Cord-Cutters
	Original Programming—The Golden Age of TV
		Over-The-Top Content and the Era of Peak TV
	Hulu
		Competitive Landscape
		Hulu Live TV and “Skinny Bundles”
	What’s Next for Hulu?
	Exhibit 1Pay TV Providers by U.S. Subscribers (in millions), 2017
	Exhibit 2aAdvertising Revenue by Operator, 2011-2015
	Exhibit 2bComcast Cable Communications Segment Operating Results, 2014-2016
	Exhibit 3Pay and Non-Pay TV Households, 2016-2021
	Exhibit 4AMC Selected Financials, 2012-2016
	Exhibit 5aOTT Video Services by Viewers, 2016-2021
	Exhibit 5bHouseholds with Pay TV versus Subscription OTT, % of U.S. homes, 2016
	Exhibit 6OTT, SVOD, and vMVPD Market Categories
	Exhibit 7Video Subscription Growth, 2012-2016
	Exhibit 8aDigital Players Producing Original Content
	Exhibit 8bGrowth in Scripted Original Programing, 2002-2016.
	Exhibit 8cAverage Budget per Episode, 2015
	Exhibit 9aMajor vMVPD Services, 2017
	Exhibit 9bChannels Included in vMVPDs, 2017
	Exhibit 10Hulu Live TV Lineup
	Exhibit 11Hulu Live’s Estimated Cost Breakdown
	Exhibit 12aEstimated Wholesale Price of Hulu Live TV Content Estimates, 2017
	Exhibit 12bHulu Live TV Advertising Estimates, 2017
	Exhibit 12cHulu Live TV Summary P&L, 2017
	Endnotes