In the latest financial quarter, entertainment giants' earnings reports revealed pain from the pandemic, but CEOs tried to focus on bright spots, touting streaming growth and signs that the TV advertising market isn't cratering as much as anticipated.
On investor calls, industry chiefs acted largely as a chorus on advertising, with the tune being that companies held up better than feared and that April marked the low point.
After slamming the brakes that month, marketers have re-engaged, boosting ad pricing, Macquarie Capital analyst Tim Nollen notes.
Guggenheim Securities analyst Michael Morris calculates that second-quarter ad revenue for the media giants he covers dropped 31.3 percent.
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