스트리밍의 미래: 소비자를 위한 번들링 서비스

### 결합 가입자를 위한 미래 전략 스트리밍 환경 탐색하기
* 📺 DirecTV와 DISH의 합병 법인은 **넷플릭스 및 아마존 프라임과 같은 플랫폼으로 가득한 경쟁 시장**에서 소비자가 여러 구독 서비스를 관리하면서 직면하는 문제를 해결하는 것을 목표로 합니다.
* 🔗 양사는 다양한 소비자 직접 서비스를 하나로 묶어 **시청자를 위한 탐색, 검색, 추천을 간소화하는 사용자 친화적인 인터페이스**를 제공할 예정입니다.
* 📉 약 2천만 명의 가입자를 보유한 이번 합병은 소비자가 원치 않는 과도한 채널을 제공하는 구시대적인 모델에서 벗어나 **업계 표준에 영향을 미칠 것**으로 예상됩니다.
* 📊 소비자가 불필요한 비용 없이 시청 경험을 맞춤화할 수 있는 **더 얇은 장르별 번들**을 제공하는 데 초점을 맞출 것입니다.
* 🔍 두 회사는 특정 콘텐츠를 찾기 어려운 점과 같은 소비자의 고충을 파악하고 **전략적 파트너십과 새로운 운송 계약**을 통해 시청 경험을 개선하는 것을 목표로 하고 있습니다.
* 💰 재무 전략에는 **레버리지 비율을 개선**하고 **채권단이 더 나은 거래**를 받을 수 있도록 보장하여 합병을 촉진하고 FCC 및 법무부의 규제 요건을 준수할 수 있도록 하는 것이 포함됩니다.
* 📈 이번 합병은 급변하는 시장에서 성장을 되찾기 위한 필수 단계로, 두 회사가 **소비자의 요구와 선호도를 우선시하여 적응**하고 번영하기 위해 필요한 조치로 여겨집니다.

통합 법인은 서비스를 번들로 묶어 콘텐츠 액세스를 간소화하고 소비자의 사용자 경험을 향상시키는 것을 목표로 합니다.

Well, welcome to the show. And I ask you this now: strategy going forward, the combined 90 million subscribers you now have. What do you offer them? Is it managed decline? Well, thanks, Caroline. And actually, we're going to offer them something that the new kind of competition cannot. You think about the volume of direct-to-consumer subscription-type services. These are the Netflix, Amazon Prime's, the HBO Max's that are out there. They have a very narrow scope of the content that they offer, the way in which they can only navigate through their platforms. Consumers are left with having to pick and choose multiple subscription services and manage this on their own. They're having to the difficulty now to navigate across these different platforms with a new company with DirecTV and DISH will do is number one. It will actually bundle all of those different services together. We'll still have a form of linear or time-of-day type programming where we're going to let the consumer pick and

choose two or three or four, if that's what they want of these other direct-to-consumer programs. We'll wrap a user interface around that will make navigation easy. It will make search and recommendation easy. But equally as important, Caroline, is that the combined entity with just under 20 million subscribers will give us them a very needed influence on the industry to work with the programmers to say the days of the past of 250 channels are gone. Consumers don't want to pay for content that they are never going to watch, and the programmers are still kind of tied to those old carriage agreements. This influence is going to change that. It is in the interest of the consumers. We think it's in the interests of the programmers in the long run and of course to our company as well. Well, I can see how you offer from a price perspective, and I can also see how ultimately this is about slimming down costs. But what about growth?

Do you think you will ever increase that number of subscribers, or is it about just serving the ones you have now? Well, Caroline, we've really studied the market or what are the pain points of the current environment that consumers feel. And again, having to manage multiple subscriptions, not knowing where your content is. Even the biggest search engines that can't keep up when you're looking for a particular season or episode of your favorite series or a movie that you want to watch. We know that the consumers need more than what's available today. By combining these two companies, having the influence to be able to change those carriage agreements, we're going to give them thinner, linear bundles of genres that they can pick. Well, let them add in and insert in the as VOD or those direct to consumer Netflix or Amazon Prime type service. So this and again, with a very different kind of experience that will allow us to get back into a growth situation.

Now we need the two companies to come together because we are falling fast. You've heard this from a number of different industry experts, so this buys us some time, gives us the influence to shape the industry. That's all about the consumer, and that's going to give something to them that they haven't had. But do we need more streaming? I know that you're thinking about DirecTV Stream and Dish TV, and ultimately it sounds like we're going back to the past by re-bundling the things we've already snipped in terms of the cord. Now what is that bundle passed as not kind of service going into the future? And that's why we believe with the new kind of carriage agreements that it's going to allow you, the rest of the consumers, the rest of your viewers to pick and choose the genres of their choice and not pay for all the rest of it. So it's not as big of a bundle as what

we've seen in the past, and that's what we've been advocating. And that was the deal that we struck with Disney. We fought so hard for it to be able to let the consumers pick what they want to watch and not force them to pay for stuff that they would never tune in to. And that is our future. You have other stakeholders, largely private equity now when it comes to TPG, but also the creditors. And a lot of this is based upon whether or not the bondholders of DISH in particular sign up to this. Do you think that will go through? How painful is it to take those sorts of haircuts? Well, we think the current bondholders of the DBS business under EchoStar with cash are going to have a better deal by converting and exchanging into the debt that we're offering. We think it will be better leverage ratios than what we see today. There's better confidence in terms of this business model about looking

forward into the future without the risks that they might perceive today with our DBS business. We also have advocated and explained that while our initial leverage ratio will be in the 2 to 2 and a half times, that still is better than any other pay-TV provider that is out in the marketplace today. And within a 12 to 24 month window, we're going to be very focused on bringing that leverage ratio down to below two. So that's the reason that we believe they're interested in making this exchange. Lowering that debt, making sure that this M&A deal can happen. And then we, of course, proceed to the FCC and the DOJ for the needed regulatory approvals.

DirecTV CEO Says Dish Customers Will Get More Choices

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9천만 구독자와 함께 성장하기 위한 전략

이 회사는 다양한 소비자 직접 구독 서비스를 묶어 소비자가 쉽게 탐색하고 선택할 수 있도록 차별화할 계획입니다.

총 가입자 수가 2천만 명에 조금 못 미치는 이 회사는 업계에 영향을 미치고 250개 채널을 제공하는 기존 모델을 변화시키는 것을 목표로 하고 있습니다.

이 전략은 장기적인 성공을 위해 소비자, 프로그래머, 회사의 이해관계를 조율하는 데 중점을 두고 있습니다.

소비자를 위한 구독 서비스 혁신

이 회사는 더 얇고 선형적인 장르 번들을 제공하고 VOD 서비스를 통합하여 소비자의 불만 사항을 해결하는 것을 목표로 합니다.

두 회사의 합병은 영향력을 확보하고 업계를 형성하여 궁극적으로 소비자에게 보다 맞춤화된 경험을 제공하기 위한 방법으로 간주됩니다.

새로운 운송 계약을 통해 시청자는 장르를 골라 선택할 수 있게 되어 많은 서비스 번들의 필요성이 줄어들 것입니다.

스트리밍에서 소비자 선택권 옹호

연사는 소비자가 원치 않는 콘텐츠에 대해 강제로 비용을 지불하는 대신 시청하고 싶은 콘텐츠를 선택할 수 있도록 하는 것이 중요하다고 강조합니다.

현재 상황에 대한 사모펀드와 채권단의 개입에 대해 언급하며, 특히 DISH의 채권단에 초점을 맞춥니다.

발표자는 채권단이 새로운 부채로 전환하면 레버리지 비율이 개선되고 비즈니스 모델에 대한 신뢰도가 높아져 채권단이 이익을 얻을 수 있다고 생각합니다.

5배에 달하는 초기 레버리지 비율을 낮추기 위해 사업 교환을 추진하고 있습니다.

이 비율은 여전히 시장의 다른 유료 TV 제공업체에 비해 양호한 수준입니다.

12~24개월 내에 레버리지 비율을 2배 이하로 낮춰 M&A 거래를 촉진하고 FCC와 법무부의 규제 승인을 진행하는 것이 목표입니다.