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Expand chart
Data: MoffettNathanson presentation from Code Media Conference; Chart: Axios Visuals

Michael Nathanson, a well-respected media research analyst, said Monday at Recode's Code Media conference that he estimates that Disney spends the most on content annually, followed by Comcast and AT&T.

Why it matters: There's been a long-standing narrative that Netflix spends more money on content than its streaming rivals, but the MoffettNathanson estimates revealed at the conference dispute that notion.

Other insights: The data Nathanson presented (see above) shows the amount of money spent on content other than sports — but Nathanson argues that sports are a big outlier that could disrupt a streaming bundle.

  • "Half of the bundle price is due to sports," Nathanson said. "We've been waiting for one of the [Big Tech] platforms to really invest in streaming sports."
  • Nathanson argues that the power of sports, given live ratings, remains pretty stable. He says he's waiting for a Big Tech company to come in and really invest in live sports rights to truly disrupt the streaming landscape. "I don't understand why companies with massive checkbooks don't sign up for premium sports."

Yes, but: Nathanson does acknowledge that in order for streamers to be successful, they have to pick lanes. "You can't be all things to all people. ... I think what we're seeing right now is this giant land grab."

The big picture: Nathanson says that the average American is willing to spend around $45 per month on subscription streaming services, which is similar to broadcast analytics company Magid's earlier estimate this year of $42 monthly.

  • He says that this means those services "really can't raise prices" much more on consumers if they want to stay competitive.

What's next: Nathanson also presented data showing that the spending surge on content isn't expected to slow down anytime soon. He estimates that by 2023, Disney will spend about $24.3 billion on content, AT&T will spend $16.3 billion and Netflix will spend $15.7 billion.

Go deeper:

Go deeper

The pandemic made our workweeks longer

Illustration: Annelise Capossela/Axios

The average American's workweek has gotten 10% longer during the pandemic, according to a new Microsoft study published in Nature Human Behaviour.

Why it matters: These longer hours are a key part of the pandemic-induced crisis of burnout at U.S. firms — and workers are quitting in droves.

Mike Allen, author of AM
26 mins ago - Economy & Business

Airbnb CEO Brian Chesky to herald "travel revolution"

Expand chart
Data: TSA. Chart: Jared Whalen/Axios

Airbnb CEO Brian Chesky will argue this week that the world is undergoing a "travel revolution," in which some parts of the industry stay shrunk but the sector ultimately comes back "bigger than ever."

Why it matters: Chesky, who faced the abyss when the world shut down last year, foresees a significant shift in how people move around, with more intentional gatherings of family, friends and colleagues — even if routine business travel is never what it once was.

Managing traffic in the skies is becoming a lot harder

Illustration: Annelise Capossela/Axios

Planes used to be the only aircraft crisscrossing the sky. Now there are drones, more frequent rocket ships and — soon — flying taxis, elbowing their way into the National Airspace System.

Why it matters: Managing the congestion up above is becoming an urgent mission for America's traffic cops in the sky. While the Federal Aviation Administration has a stellar safety record when it comes to commercial aviation, its challenge is infinitely more complex today.