Pinned Post: Previews and Comps

研报英文原文证据摘录

Pinned Post: Previews and Comps

Foundation

July 31, 2026 06:47 PM GMT

Morgan Stanley & Co. International plc+MInternet & Media | Europe Ed Young

Equity Analyst

Pinned Post: Previews and Ed.Young@morganstanley.comLuke Holbrook +44 20 7677-1761

Luke.Holbrook@morganstanley.com +44 20 7425-1882

Comps David Nolan

David.Nolan@morganstanley.com +44 20 7425-4297

Constantin P Kollmann

Research Associate

Constantin.Kollmann@morganstanley.com +44 20 7425-3268

Key Takeaways

Internet

I&M stocks within our coverage are +2.6% over the past 2 weeks (EuroStoxx Europe

+0.2%). Ocado/Hemnet/S4 led, while Talabat/Jahez/Lottomatica lagged. Industry View In-Line

Media & Entertainment

2 weeks behind: MONY, Havas, Ubisoft, UMG, FDJ, Lottomatica, Rightmove, Europe

Pearson H1'26 Results. Industry View In-Line

2 weeks ahead: Zalando, Flutter, Springer Nature, Entain, Hellofresh H1'26

Results. Scout24 Virtual Fireside Chat; Springer Nature Roadshow.

Quick hits:

Music: UMG reported underlying subscription revenue growth of +6.7% cc, missing

consensus by 260bps (here); UMG will give paid subscribers in India a 72-hour

exclusive window on major new releases from late August, aiming to accelerate paid

conversion and improve artist monetization (here); Google has launched Lyria 3.5

with more realistic vocals, stronger lyrics and richer musicality, intensifying

competition with Suno and Udio (here); Deezer now receives nearly 90,000 fully AI-

generated tracks daily (over half of peak-day uploads), and said it is tightening

removals and demonetization to combat fraud and royalty dilution (here); YouTube’s

subscription business is growing faster than advertising, driven by Music and

Premium, while Q2 ad revenue still rose 13% to $11.1bn (here); Suno loses copyright