Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — May 13, 2026

Media

Our Call Steven Cahall

Good Morning Media! is our daily take on the relevant newsflow affecting the Media & Equity Analyst | Wells Fargo Securities, LLC

Steven.Cahall@wellsfargo.com | 212-214-8240

Cable sectors.

Omar Mejias

Equity Analyst | Wells Fargo Securities, LLC

All-time Wrapped. SPOT launched a limited-time, Wrapped-style feature that recaps a Omar.Mejias@wellsfargo.com | 787-370-9353

user's full listing history as part of its 20th anniversary. The in-app experience highlights

join date, first-ever stream, top artist, total unique songs, and generates a personalized

playlist of a user's 120 most-streamed tracks with play counts. The launch builds on

Wrapped's strong engagement, which drove >200mm users in its first 24 hours last year

and social sharing. (Source: TechCrunch)

A star is born. The FCC approved EchoStar's $40bn sale of spectrum to SpaceX & T

because the move would boost connectivity. EchoStar is selling ~50 MHz ‌of its nationwide

spectrum to T for $23bn, incl. 30 MHz of mid-band spectrum and 20 MHz of low-band

spectrum. EchoStar is selling 65 MHz of its spectrum to SpaceX for $17bn to boost

Starlink’s next-gen D2D offering. T and EchoStar will create a hybrid MVNO arrangement

that ensures the continued viability of Boost Mobile. (Source: Reuters)

AI in music chaos. TME said China's music streaming market is in “industry chaos” as rivals

flood catalogs w/ pirated AI tracks to lure users and cut prices, weighing on subscription

growth. In Q1, membership svcs revs was RMB 4.57b (+6.6% y/y) but declined QoQ, w/

churn among ad/free “light” users. TME said it is working w/ rights holders & regulators

and has built a rights-protection mechanism to stop “song-washing.” It also said it