re: ESPN subs down 6%

So I’m not sure where that 100 million subscriber number is coming from but their own numbers say they are at 60 million currently. They are ahead of what they projected for it by a very sizable margin, but a lot of that is due to the Wuhan Flu bump in March.

3 periods will be telling for them:

1. When those 1 year free subscriptions end from Verizon - mind you, they are free for the Verizon users, but Disney does still get paid.

2. When lockdown subsides, do people keep it around?

3. What effect does season 2 of the Mandalorian and then the launch of the MCU shows have?

For the HoM, the ideal situation is the Verizon subscriptions run out (or Verizon continues it), then Season 2 plus the MCU shows drop right after, and then the lockdown subsides with people hooked on the shows plus you can throw your blockbusters into theaters in the late fall into winter to secure a bag during your typical slow period when people are craving indoor activities with a social aspect.