Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — June 17, 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

Make it rain. AdImpact is now estimating a record $11.6bn in political ad spending over Omar.Mejias@wellsfargo.com | 787-370-9353

the '26 cycle, surpassing the midterm record in '22 at $8.9bn and $11.2bn spent during Wojtek Majerczak

the '24 prez cycle. Broadcast is expected to take ~48% share with estimates of $5.6bn, Associate Equity Analyst | Wells Fargo Securities, LLC

which is $330mm higher vs prior. CTV share is forecast for 23% and $2.7bn in ad spend, Wojtek.Majerczak@wellsfargo.com | 212-214-5480

up from $2.5bn prior. Notable spending increases incl. Ohio by $309mm, Texas by $288,

and Maine by $185mm. (Source: AdImpact)

Musical chairs. Global music streaming subs hit 921.6mm at YE25, up 10.1% y/y, with 1bn

now in sight and the total nearly double 2020 levels. SPOT led with 31.4% share, followed

by Tencent Music at 13.8%, Apple Music at 12.6%, YouTube Music at 12.4% and Amazon

Music at 8.5%. YouTube Music is the fastest grower and could pass Apple/Tencent in

2026, helped by APAC, LatAm and MENA, while Apple, Amazon and Tencent also lost

share globally in 2025 too. (Source: MBW, Midia)

The Wealth of Nations. DIS's chief product and technology officer Adam Smith

told employees at a town hall that DIS isn't planning to turn Disney+ into a hub for

buying tickets to parks and cruises. Recall Bloomberg reported last month that Disney

was exploring turning Disney+ into a destination for all things DIS incl. buying parks