The media landscape is shifting as traditional entertainment models give way to streaming and digital content. In the midst of this upheaval, certain media companies are rising to the top while others struggle to keep pace. The stock market reflects this divergence, with standout performers making waves in the industry. Here are three media stocks positioned for success in 2024.
Spotify (SPOT)
Spotify remains the leading audio-streaming service, driving substantial gains in its stock value. Analysts are bullish on SPOT, with UBS recently upgrading its rating to “buy” and raising the price target to $274, indicating further upside. The company’s success lies in its ability to shift consumers towards subscription-based music and podcast streaming, as well as its efforts to streamline operations through layoffs and strategic pricing adjustments.
New York Times Co. (NYT)
Despite industry-wide layoffs and closures, New York Times Co. stands out with its digital-first strategy and diverse subscriber offerings. The addition of popular games, sports content, and lifestyle features has propelled the company to surpass 10 million subscribers, primarily in the digital domain. This success has translated to a 37% stock gain, defying the challenges faced by many traditional media outlets.
Netflix (NFLX)
Netflix has solidified its position as the dominant streaming service, boasting a staggering 260 million subscribers worldwide. By offering a wide array of global content and embracing flexibility through ventures into advertisements and live sports broadcasts, Netflix has secured its profitability and a 56% stock surge. This performance underlines its status as the undisputed king in the streaming arena.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.
More From InvestorPlace
The post Top Stock Picks 2024: 3 Media Stocks That Will Shape the Future of Entertainment appeared first on InvestorPlace.
