Trade Desk (TTD), Spotify (SPOT) and Netflix (NFLX) are the top picks for 2025 with an expected significant wave of consolidation in the media industry driven by both secular and cyclical challenges, BofA Securities said in a note Thursday.
The firm said that with regulatory changes expected under a new administration, mergers and acquisitions could see renewed momentum, while Comcast (CMCSA) and Warner Bros. Discovery (WBD) have already made moves that may signal a tipping point.
Live events are expected to thrive in 2025, and Live Nation Entertainment (LYV) will benefit from shifts in consumer spending, pricing power, and favorable supply-demand dynamics, according to the note.
BofA said that Spotify is well-positioned to benefit from the continued growth of music streaming while advertising is expected to stabilize after a challenging period.
Meanwhile, Trade Desk is also well-positioned to capitalize on the decline of linear television, growth in ad-supported video on demand and programmatic advertising, the note said.
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