Why SWM is worth more than $1.50 per share, page-329

Harvey adds, “Streaming is not competing with linear; it’s extending the reach of linear. The ROI upsides of addressability have not been fully leveraged, and when that happens the smaller commercial loads in streaming will equal the yield per viewing minute of the more heavily commercialized non-addressable linear. At that point the networks need not care which delivery path a viewer chooses, they will all be almost equally lucrative. But not if linear backs away from scripted series in favor of lower cost reality shows, that would be the way to make the feared future doom scenario come true.”

SWM invests in high quality content ( sell it internationally) and continue to build its streaming ..steam is only delivery method and still yet to be fully monetised..open streaming for other approved creators like youtube...