数字媒体和娱乐市场更新

Spring 2025 M&A TEAM MEMBERSJohn LambrosManaging DirectorCo-Head of U.S. Technology+1 212.497.4207John.Lambros@HL.comDaniel GosselsManaging Director+1 212.497.7979DGossels@HL.comFINANCIAL AND VALUATIONADVISORY TEAM MEMBERSBrian MarlerDirector+1 310.712.6548BMarler@HL.comJohn FocosiVice President+1 310.788.5236JFocosi@HL.comPatrick WongAssociate+1 415.710.8746Patrick.Wong@HL.comEddie CattonFinancial Analyst+1 917.789.0242Eddie.Catton@HL.comConrad KolasaSenior Vice President+1 310.789.5713CKolasa@HL.comKaivan DoshiVice President+1 310.789.5768KaivanHemantkumar.Doshi@HL.com Topics Covered in This ReportExecutive Summary2Houlihan Lokey ispleased to present itslatest Digital VideoSector Update. Overview of Houlihan Lokey and our team’s credentials, includingour deal track record and relevant industry expertise.Key industry observations.Houlihan Lokey’s proprietary digital video landscape.Current market and valuation environment, including publicmarket performance and recent M&A/financing dashboard.Winners in the race for subscription video-on-demand (SVOD) dominance are beginningto emerge, but new fronts in the battle for streaming have opened. Audiences remainvalue-oriented—which has led to a rapid expansion of ad-supported pricing models, ahyper-competitive environment for sports rights, unique bundles, new content formats,and continued elevated content spend. While less is written about it, streaming wars arealso being waged between long-form platforms and content (Netflix, Disney, Max, etc.)and short-form video platforms (YouTube, TikTok, Instagram), with YouTube being theonly media platform that has both long-form and short-form content offerings). Thismarket is highly dynamic, and we look forward to discussing the content of this reportwith you. Please reach out to a team member listed on the right to schedule a call. About Our Firm3Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bank with expertise in mergers andacquisitions, capital solutions, financial restructuring, and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other independent global investment bank.Advisor1Houlihan Lokey2Rothschild3Goldman Sachs4JP Morgan5Morgan StanleyCORPORATEFINANCE2024 M&A Advisory RankingsAll Global TransactionsSource: LSEG (formerly Refinitiv).Excludes accounting firms and brokers.No. 1Global M&A AdvisorLeadingCapital Solutions Advisor DealsAdvisorDealsAdvisor4151Houlihan Lokey881Houlihan Lokey4062PJT Partners592Duff & Phelps, A Kroll Business3713Rothschild483JP Morgan3424Lazard444UBS3095Perella Weinberg Partners405Morgan StanleyFINANCIALRESTRUCTURING2024 Global Distressed Debt &Bankruptcy Restructuring RankingsSource: LSEG (formerly Refinitiv).FINANCIALANDVALUATIONADVISORY2000–2024 Global M&AFairness Advisory RankingsSource: LSEG (formerly Refinitiv).Announced or completed transactions.No. 1Global M&A Fairness OpinionAdvisor Over the Past 25 Years2,000+Annual Valuation EngagementsNo. 1Global Restructuring Advisor1,800+Restructuring TransactionsCompleted Valued at More Than$3.8 Trillion Collectively Learn more abouthow our advisors canserve your needs:Corporate FinanceFinancial andValuation AdvisoryFinancial RestructuringOur Industry Coverage 170+Professionals Across 15 Officesin Six Countries~$23B+Capital Raised and Advised in 2024Senior-LevelContact Into All Major InvestorsFully Integrated Global CapitalSolutions and Financial SponsorCoverage TeamsGLOBAL CAPITAL SOLUTIONS27Senior Officers Dedicated to the SponsorCommunity in the Americas and Europe1,900+Sponsors Covered, Providing CriticalKnowledge of Buyer Behavior800+Companies Sold to Financial SponsorsOver the Past Five YearsFINANCIAL SPONSOR COVERAGE AMERICASAtlantaBaltimoreBostonCharlotteChicagoDallasHoustonGlobal M&ACapabilitiesBolstered byLocal Presence4 EUROPEANDMIDDLEEASTAmsterdamAntwerpDubaiFrankfurtLondonMadridManchester35Offices in the Americas, Europe,the Middle East, and Asia-Pacific ASIA-PACIFICBeijingGurugramHong Kong SARMumbai680+Cross-Border DealsSince 2021 MilanMunichParisStockholmTel AvivZurich ShanghaiSingaporeSydneyTokyo No. 1M&A Advisor to Privately HeldMid-Cap CompaniesNo. 1M&A AdvisorGlobally2024 M&A Advisory RankingsAll Global TransactionsAdvisorDeals1Houlihan Lokey4152Rothschild4063Goldman Sachs3714JP Morgan3425Morgan Stanley309Source: LSEG (formerly Refinitiv).Excludes accounting firms and brokers.2024 M&A Advisory RankingsGlobal Transactions Under $1 BillionAdvisorDeals1Houlihan Lokey4082Rothschild3743Goldman Sachs2334JP Morgan2085Jefferies206Source: LSEG (formerly Refinitiv).Excludes accounting firms and brokers.Houlihan Lokey Is theNo. 1 Global Technology M&A AdvisorLEADING GLOBAL M&A ADVISORPREEMINENT TECHNOLOGY M&A FRANCHISE1,700+M&A TransactionsUnder $1 Billion inthe Past Five YearsNo. 1Technology M&AAdvisor Globally2024 M&A Advisory RankingsAll Global Technology TransactionsAdvisor1Houlihan Lokey2Goldman Sachs3JP Morgan4Morgan Stanley5RothschildSource: L