First-quarter earnings season is officially underway with media earnings kicking off Tuesday April 18 when Netflix reports its results after the market close. Given the tumultuous 2022, results and commentary on how 2023 is faring so far will provide a much clearer picture regarding the health of the overall media industry.
An advertising recession and continued mass layoffs are still rocking the corporate world. Cost-cutting remains very much in play across most sectors including media and entertainment. The major economic challenges persisted during the first quarter, and most media execs don’t expect any material improvement until the second half of this year.
With that being said, the Fed also still expects a recession to hit the U.S. later this year thanks to the recent banking crisis. While that may be the case, the expectation is that the recession will be milder than many anticipate, though the duration is still unknown.All the macroeconomic pressures are putting more emphasis on profits and solid balance sheets. Instead of signs of high growth, investors will be looking instead at cash reserves and debt levels.
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