๐๐ก๐ ๐๐ซ๐จ๐๐๐๐๐ฌ๐ญ ๐๐ฌ ๐๐ซ๐๐๐ค๐ข๐ง๐ : ๐๐จ๐ซ๐-๐๐ฎ๐ญ๐ญ๐ข๐ง๐ , ๐๐๐ฅ๐๐๐ซ๐ข๐ญ๐ฒ ๐๐ง๐๐ฅ๐ฎ๐๐ง๐๐, ๐๐ง๐ ๐ญ๐ก๐ ๐๐ซ๐จ๐๐ข๐ญ ๐๐๐๐ค๐จ๐ง๐ข๐ง๐
- Paul Hill
- Aug 21, 2025
- 4 min read
The old house still stands, but the roof is leaking. Cord-cutting continues to carve the audience into islands; celebrity sparkle no longer earns default trust; and legacy media profits are whipsawed by a market that rewards precision over pomp. Below is a clear-eyed tour through whatโs failing, whatโs working, and where brands can win next.
The Great Unbundling: Where the audience went (and why itโs not coming back)
Streaming now commands nearly half of all U.S. TV viewingโ47.3% in July 2025โwhile broadcast and cable trail at 18.4%ย and 22.2%, respectively.
On the supply side, the pay-TV bundle has been eroding for years. The top U.S. pay-TV providers ended 2023 with ~71.3M subscribers, down from 91.5M in 2018โa structural 22% slide in five years. Net losses were ~5.0M in 2023ย alone.
What that means:ย mass reach via linear buys is no longer default. Brands that still plan as if โThursday nightโโ will gather the nation are paying a nostalgia tax. The path forward is portfolio media: streaming platforms, creator ecosystems, live events, and owned channels stitched together with first-party data.
Celebrity Endorsements: The crown is heavierโand riskierโthan it looks
The celebrity engine still runsโbut it sputters when itโs all gloss and no ground truth:
Trust drag:ย a 2024 survey found 60.7% of consumers trust brands less when they use celebrity endorsements, citing credibility concerns. Use star power without earned relevance and you may actually depress trust.
Market differences matter:ย In India, celebrities remain central to TV advertisingโabout 28% of 2023 TV adsย (by duration) featured celebrity endorsers and ~32% in JanโJun 2024โwith film stars dominating the mix.
Regulatory headwinds:ย China tightened rules on celebrity advertising and online โwealth-flaunting,โ raising compliance risk for brandโtalent deals.
The shift:ย creator influence (niche, frequent, values-led) increasingly outperforms one-off celebrity blastsโparticularly for younger audiences and high-consideration categoriesโwhile the influencer market keeps expandingย and professionalizing.
Bottom Lines Under Pressure: What the numbers say
Legacy media companies are rebuilding the plane while flying it. Profits have swung sharply, with big one-time charges or gains often masking the core trend: linear softness offset by streaming, studios, sports, and parks.
Recent profit snapshot (FY 2024 and latest reported quarter)
Company | FY 2024 Net Income | Latest Quarter (2025) | Notes |
Paramount (Paramount Skydance) | โ$6.20Bย (net loss) | +$61Mย (Q2โ25) | Losses in 2024; returned to modest profit in Q2โ25 as DTC metrics improved. |
Warner Bros. Discovery | โ$11.3Bย (net loss) | +$1.58Bย (Q2โ25) | FY loss driven by $9.1Bย goodwill impairment; Q2โ25 includes a $3.0Bย gain on debt extinguishment. |
Disney | +$4.97B | Q2โ25: Income before tax $3.1B; segment OI +15% | Streaming profitability improving; details in Q2 FY25 release. |
Comcast (NBCU/Sky) | n/a | +$11.1Bย (Q2โ25) | Inflated by $9.4Bย gain from sale of Hulu stake; core adjusted metrics far lower. |
Fox Corp. | +$2.29Bย (FYโ25)** | +$719Mย (Q4 FYโ25)** | FYโ25 uplift from sports + Tubi; record ad revenue. |
Read the table honestly:ย outside of Disneyโs steadying segments and Foxโs sports-led resilience, profitability is volatileโoften driven by impairments, restructuring, or one-time gains more than steady operating momentum.
Market Power Today: The valuation scoreboard
A companyโs market cap is the purest crowd verdict on future cash flows. Hereโs how the majors stack up as of Aug 20โ21, 2025:
Company | Market Cap |
Netflix | ~$516B |
Disney | ~$210B |
Comcast | ~$123B |
Warner Bros. Discovery | ~$28.6B |
Fox Corp. | ~$25B |
Paramount Skydance (PSKY) | ~$15.3B |
Translation:ย the market is rewarding platforms with subscription density, pricing power, and scalable ad tech (NFLX), and discounting balance-sheet drag and linear exposure (WBD/PSKY). Disney sits betweenโhuge assets, improving streaming economics, but slower re-rating.
Deep Dives
Paramount:ย FY 2024โs โ$6.2B loss captured the cost of pivoting; Q2 2025 showed $61M profit. Market cap ~$15B, middleweight status now.
WBD:ย FY 2024 โ$11.3B loss largely impairment; Q2 2025 +$1.6B profit (one-time). Leverage is the central risk.
Disney:ย FY 2024 profit $4.97B; Q2 2025 income before tax $3.1B. Streaming bundle slowly turning profitable.
Fox:ย FY 2025 profit $2.29B; sports + Tubi fueling growth.
Comcast:ย Q2 2025 profit $11.1B (Hulu sale). Core broadband/video eroding; parks bright spot.
Celebrity vs. Creator: How to spend real money without setting it on fire
Celebrities work when:
Partnerships are long-term and values-driven.
Talent co-creates product or IP.
Market context still favors celebrity (e.g. Indian TV, major sports).
Creators work when:
Niche mastery and high frequency matter.
Measurable sales lift is key.
Trust and relatability outweigh glamour.
Rules now:
Demand measurable ROI.
Portfolio strategy: balance creators, celebs, experiments.
Account for geography-specific risk (China, India, U.S. election seasons).
Quick Charts
โฆ๏ธ Cord-cutting
Metric | 2018 | 2023 | 2025 |
Pay-TV subs | 91.5M | 71.3M | โ |
Streaming share | โ | โ | 47.3% (Jul) |
โฆ๏ธ FY Profit vs Latest Quarter
Co. | FY Result | Latest Q |
Paramount | โ$6.20B (2024) | +$61M (Q2โ25) |
WBD | โ$11.3B (2024) | +$1.58B (Q2โ25)* |
Disney | +$4.97B (FYโ24) | $3.1B PBT (Q2โ25) |
Comcast | โ | +$11.1B (Q2โ25)** |
Fox | +$2.29B (FYโ25) | +$719M (Q4 FYโ25) |
Includes $3.0B debt extinguishment gain. *Includes $9.4B Hulu sale gain.
โฆ๏ธ Market Caps (Aug 2025)
Co. | Cap |
NFLX | ~$516B |
DIS | ~$210B |
CMCSA | ~$123B |
WBD | ~$28.6B |
FOX | ~$25B |
PSKY | ~$15.3B |
โฆ๏ธCelebrity Endorsements by Market
Market | Share / Trend |
India | ~28% of TV ads (2023); ~32% in H1 2024. Film stars dominate. |
China | Regulatory crackdown on celebrity ads. |
U.S. | Rising skepticism; influencer ROI stronger. |
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