The Future of Television

The Future of Television

Why was US TV advertising revenue $75B while US digital video ad revenue was only $4B in 2013, after 8 years of YouTube in the marketplace? Does it matter that the TV ecosystem added $7B to revenue in 2013, more than 3x higher than digital video advertising’s growth of about $2B? What’s different about TV that enables growth at all, in an environment where digital disruption has cost the music and newspaper ecosystems over 50% of their total revenue? These questions (and others) were answered in a talk by Laura Martin, CFA, a Wall Street analyst who specializes in TV versus online video usage trends and economics.

Laura Martin received her BA from Stanford and her MBA from Harvard Business School. She also holds a Chartered Financial Analyst (CFA) designation. Martin began her career at Drexel Burnham Lambert in media investment banking. After the Drexel bankruptcy, she moved to Capital Research & Management as a media analyst where she advised $100 billion and managed a $500 million portfolio of media stocks. She moved to Credit Suisse First Boston in 1994 as the senior media analyst publishing research on the largest U.S. entertainment and cable companies. She was nationally ranked by Institutional Investor magazine each year between 1999 and 2001. In 2002, Martin moved to Paris to become EVP of Financial Strategy and Investor Relations for Vivendi Universal. In 2004, she founded Media Metrics, LLC publishing equity research on the largest entertainment, cable and internet stocks, where she was nationally ranked as “Best of the Independent Research Boutiques” by Institutional Investor for many years. In 2009, Martin moved to Needham & Company, where she publishes research on the largest internet and media companies.Martin also provides speaking, expert witness, custom research reports, and valuation consulting services through Capital Knowledge (



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