随着经济前景愈发充满风险，富国银行分析师Steven Cahill调整了其在媒体和有线电视类别中的首选股票，预测将在更大范围的“剪线”趋势、广告支出减少及消费者支出长期疲软的背景下，行业格局将发生转变。
Cahill认为，在广告支出随经济周期波动时，像Spotify（NYSE: SPOT）这样的公司将受益于其订阅模式，能够更好地抵御经济下行压力。即使在广告衰退的情况下，Cahill预计Spotify的EBITDA仅有约4%的下行空间，远小于其超预期增长的潜力。
Cahill指出，消费者可能会转向观看更多电影，Cinemark Holdings（CNK）和IMAX（IMAX）有望在经济衰退中表现出色。同时，奈飞仍是防御性选择，但用户可能从无广告套餐降级至含广告套餐。尽管有线电视的EBITDA敏感性较低，但光纤安装可能重新加速。
Cahill将Spotify替代迪士尼作为其“标志性选择”，因迪士尼乐园业务可能在经济衰退中面临下行风险。他还将Spotify列为最佳防御性股票，而派拉蒙全球（PARA）、华纳兄弟探索（WBD）及广播类股票则面临较大风险。
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