U.S. Media: Future of Audio

研报英文原文证据摘录

U.S. Media: Future of Audio

Equity Research

9 June 2026

U.S. Media

Future of Audio

The attached deck outlines the broad structural shifts across

the audio entertainment value chain and tries to explore how

industry structure and monetization models could evolve in European Media NEUTRAL

the coming years. U.S. Media

NEUTRAL

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in both Media and U.S. Media

Cable, Satellite & Telecom Services categories. View our analysts » Vote 5 Stars for Barclays » Kannan Venkateshwar

+1 212 528 7054

We explore the evolving economics and structure of the  Future of Audio 2026.pdf kannan.venkat@barclays.com

audio industry, examining how streaming has reshaped BCI, US

growth, engagement, and monetization dynamics. We also Siyuan (Cindy) Huang, CFA

discuss how new emerging structural forces such as +1 212 526 7952

shifting consumption and growth mix, AI and superfan tiering mechanisms could be influencing siyuan.huang@barclays.com

competitive positioning, margins, and the long-term balance of power across the audio value BCI, US

chain. Lauren Bonham

+1 212 526 3856

In order to outline our thoughts in more detail, we will host a conference call tomorrow. lauren.bonham@barclays.com

Please CLICK HERE to register for the webcast. Details for the call below: BCI, US

Date: Wednesday, 10 June 2026 Anika Mittle

+1 212 526 7518

Time: New York - 11:15am, London - 4:15pm anika.mittle@barclays.com

BCI, US

Hosted by:

Viren Uchil

+1 (212) 526 7523

Kannan Venkateshwar – MD, North America Media, Telecom & Cable

viren.uchil@barclays.com

BCI, USJulien Roch - MD, European Media Equity Research

European Media

Julien Roch

+44 (0)20 3134 3323

julien.roch@barclays.com

Barclays, UK

U.S. Internet

Ross Sandler

+1 415 263 4470