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The Media Odyssey

The Media Odyssey

Written by: Evan Shapiro & Marion Ranchet
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 Each week, two of media’s most influential thinkers, Evan Shapiro & Marion Ranchet, take on the hottest media topics with their hottest takes, helping their audience chart a course through the maelstrom that is today’s Media Odyssey. Based in the US, Evan Shapiro is the Media Industry’s official Cartographer, known for his well-researched and provocative analysis of the entertainment ecosystem in his must read treatises on Media’s latest trends and trajectories. Marion Ranchet, French expat based in Amsterdam, has become the industry’s go-to expert in all things streaming, building a following for turning even the most complex problems into easily digestible and actionable insights. Ranchet and Shapiro are known for their sharp-yet-accessible content on Media consumption, audience trends, and the shifting fundamentals of the business itself. Even during the toughest of topics, they each make talking about Media fun. Together every week, these two will offer entertaining, often humorous, and always educational content on today’s Media Odyssey.(c) 2025 The Media Odyssey Art Social Sciences
Episodes
  • EARNINGS SEASON: PINTEREST, TF1, & ROKU

    EARNINGS SEASON: PINTEREST, TF1, & ROKU
    Feb 19 2026
    Pinterest loses 14% in five days, Roku posts its first profitable year, and Netflix's market cap drops $200 billion. Welcome to The Media Odyssey Live!In this live earnings coverage episode, Evan Shapiro and Marion Ranchet break down results from Pinterest, Roku, and TF1, while also discussing the ongoing Netflix-Warner Brothers Discover-Paramount saga. The conversation reveals how mobile-first platforms like Meta and TikTok are crushing traditional social media, how Roku finally achieved full-year profitability after pivoting from hardware to platform, and how European broadcasters are making deals with streamers to survive. Rather than celebrating growth, the hosts examine what's really driving (or killing) these businesses and how consolidation fears are freezing the entire media industry.The episode is a reality check on how companies that seemed invincible just a few years ago are now struggling to compete, while the bidding war for Warner Brothers Discovery is creating dangerous industry-wide paralysis.Key Takeaways:1. Pinterest Is Losing the Social Media Battle Despite User GrowthPinterest reported 16% revenue growth for 2025 and monthly average users up 12% year-over-year in Q4. However, their stock dropped 14% in five days following earnings. The company cannot close direct transactions because users shop on Pinterest then complete purchases on Amazon, Meta, or TikTok. Pinterest acquired TV Scientific, a CTV advertising company, to try to activate their shoppable e-commerce data on the big screen. The fundamental problem is that Pinterest is losing advertising share to Meta, TikTok, YouTube, and Amazon, particularly on mobile where those platforms dominate.2. Roku Achieves First Full-Year Profitability After Platform PivotRoku posted their first profitable full calendar and fiscal year in 2025 after pivoting from hardware-first to platform-first in 2014. Their market valuation dropped from $50 billion (at $500 per stock) in 2021 to $13 billion today. Platform revenue is now over $4.5 billion compared to hardware revenue of half a billion, making hardware only 12-13% of the overall business. The Roku Channel now includes 70,000 AVOD titles, over 400 FAST channels, and 72 premium subscriptions (similar to Amazon Channels). Subscription revenue, not just advertising, drove them to profitability with a dual revenue stream model.3. TF1 and Netflix Strike Partnership Deal for French MarketTF1, France's largest broadcaster, struck a deal with Netflix to bring their entire programming suite to Netflix users in France. The deal launches in June 2026, with TF1 handling ad sales for Netflix inventory. TF1's streaming revenue grew 36% (a combination of subscription and advertising). When combined, TF1 and Netflix become extremely attractive to advertisers by reaching both TF1's older broadcast audience and Netflix's younger streaming demographic. Across Europe, new players like Samsung TV Plus use TF1 as their ad sales house, while HBO Max uses Canal+, because selling advertising at scale requires local expertise.4. Netflix's Warner Brothers Discovery Bid Creates Industry-Wide FreezeNetflix's market capitalization has dropped $200 billion (approximately) since they started bidding on Warner Brothers Discovery. The bid would cost $82-84 billion and put Netflix $85 billion in debt. Ted Sarandos called it "an accelerator" and said "we don't need Warner Bros," despite the company previously saying they'd never do ads (now they do), never do sports (now they do), and that YouTube is "just for wasting time" (while signing Jake Paul, Ms. Rachel, and Sidemen). The bidding war has frozen Netflix, Paramount, and Warner Brothers Discovery in place—affecting hiring, programming purchases, and business development. Global film and TV purchases were down 15% last year, partly due to this freeze effect.Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8Connect with us on Linkedin:Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/Marion Ranchet - https://www.linkedin.com/in/marionranchet/The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast (00:00) - Welcome & Live Check-In (Oman, Ramadan, construction chaos) (01:06) - What’s on Today: Earnings + the Netflix/Paramount/WBD saga teaser (01:37) - UK Next Week: Keynote + MIP London live show with guest co-host (03:01) - Pinterest Earnings: Growth, guidance, and the ad market squeeze (05:50) - Pinterest’s Shopping Problem: Why it can’t close the transaction (08:29) - Roku Earnings Setup: Nerdy culture, pivot to platform-first (09:56) - Roku’s Pandemic Boom to Profitability: Ads + subscriptions mix (12:45) - Inside The Roku Channel: FAST, premium subs, and the marketplace play (16:29) - Roku’s Moat & M&A Speculation: Apple/Microsoft buyout talk (18:36) - Roku’s Limits Outside the US: Europe timing, Samsung/LG dominance (19:46) - Roku’s US-First Strategy vs. Going Global (and the Microsoft ...
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    39 mins
  • EARNINGS SEASON: AMAZON, ROBLOX, & MORE

    EARNINGS SEASON: AMAZON, ROBLOX, & MORE
    Feb 12 2026

    Amazon invests $200 billion in AI, Roblox pays out $1 billion to creators, and Spotify's ad sales decline. Welcome to another episode of The Media Odyssey Live!


    In this live earnings coverage episode, Evan Shapiro and Marion Ranchet break down results from Amazon, Roblox, Sony, and Spotify. The conversation reveals a massive AI spending race across Big Tech, the dramatic shifts happening in gaming away from traditional consoles, and the ongoing struggles of audio advertising. Rather than celebrating growth numbers, the hosts examine what the investments and losses actually mean for each company's long-term strategy and whether the spending will pay off.


    The episode is a reality check on how companies are pouring unprecedented amounts into AI infrastructure while some core businesses struggle, and how the gaming industry is splitting between platform-first models and traditional console-dependent approaches.


    Key Takeaways:


    1. Amazon Hits $200 Billion in AI Investment With Mixed Results

    Amazon announced a $200 billion AI infrastructure investment for next year, the highest among Big Tech companies covered in recent earnings (compared to Apple's $15 billion, Microsoft's over $100 billion, and Meta's close to $140 billion).


    2. AWS is growing, but the Stock Response is Muted

    AWS grew 24% and advertising continued at 20%+ growth, but net income only grew 6%. Amazon reported 315 million Prime viewers, their first subscriber disclosure in two years. Amazon's stock response was muted despite strong AWS and e-commerce performance, signaling market concern about whether the massive AI investment will show returns.


    3. Roblox Stands Apart from Console-Dependent Models

    Sony and Microsoft's gaming divisions both had bad fourth quarters, with Sony reporting minus 4% in gaming sales. Meanwhile, Roblox had a massive year and fourth quarter, reporting 144 million daily active users (35% under 13, 38% ages 13-17, and 27% over 18). Roblox paid out over $1 billion to creators in 2025 but has never been profitable. Most profitable gaming is either mobile or live gaming, and 65% of all in-game advertising is generated by Roblox. Microsoft's $70 billion Activision acquisition is 75% live gaming, not console business.


    4. Spotify's Ad Sales Declined 4% Despite Subscription Growth

    Spotify's ad sales were down 4% in Q4 year-over-year, despite Q4 being the best ad sales quarter of the year. However, subscription revenue grew 14% and Spotify has the least churnable subscription in all media.


    5. Video Podcast Consumption is being Vital

    Video podcast consumption grew over 90%. The number one podcasting platform on Earth is YouTube, with a billion people watching YouTube podcasts on TV every month. Overall, about a third of total podcast consumption is split between Spotify, Apple, and YouTube, with YouTube leading.


    6. Netflix and Spotify Strike Video Podcast Deal

    Spotify announced a deal with Netflix to distribute video podcasts, including The Ringer and Bill Simmons content. The deal makes Spotify's entire video strategy potentially break even or profitable immediately. However, the exclusivity nature of the deal means podcasts on Netflix cannot be on YouTube, which some view as shortsighted given YouTube's dominance in video podcasting. The deal reflects Netflix's attempt to become a daily touchpoint and steal the podcasting crown from YouTube.


    Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8


    Connect with us on Linkedin:

    Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/

    Marion Ranchet - https://www.linkedin.com/in/marionranchet/

    The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast

    • (00:00) - Introduction and Catching Up
    • (00:33) - Earnings Season Overview
    • (01:37) - Amazon's Earnings Breakdown
    • (03:38) - AI Investments and Market Reactions
    • (08:32) - Gaming Industry Insights
    • (10:13) - Roblox and the Future of Gaming
    • (19:01) - Sony's Performance and Strategic Choices
    • (20:36) - Sony's Resilience and Music Business Growth
    • (21:24) - Spotify's Evolution and Challenges
    • (23:40) - Spotify's Advertising Struggles and Video Strategy
    • (26:40) - Stream TV Europe and Upcoming Events
    • (28:35) - Q&A and Final Thoughts
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    39 mins
  • GOOGLE & DISNEY EARNINGS BREAKDOWN

    GOOGLE & DISNEY EARNINGS BREAKDOWN
    Feb 5 2026

    Google crushes expectations even as YouTube slows, and Disney names a CEO to distract from its numbers. Welcome to The Media Odyssey Live!


    In this live earnings coverage episode, Evan Shapiro and Marion Ranchet break down Google and Alphabet’s Q4 2025 wins and Disney's less positive performance. The conversation reveals surprising shifts in where advertising dollars are flowing, with mobile and social platforms capturing growth that once went to traditional video platforms. Rather than celebrating wins, the hosts dig into what the numbers actually reveal about maturing products, shifting consumer behavior, and the growing challenge of competing across multiple devices and formats.


    The episode is a reality check on how even dominant players like YouTube are facing headwinds, while free ad-supported platforms are quietly gaining massive ground against premium subscription services.


    Key Takeaways:

    1. Google Beat Expectations But YouTube Growth Is Slowing

    Google beat expectations on both top and bottom line, with cloud revenue growing 48%. However, YouTube revenue growth in Q4 was less than 10%, missing expectations for the first time in recent memory. This signals YouTube is becoming a maturing product, with the majority of Q4 advertising upside going to TikTok and Meta instead. Despite the slowdown, YouTube's full-year revenue outpaced Netflix's total revenue, and Google now has the same number of subscribers across Premium, Music, and Red as Netflix has total subscribers.


    2. Mobile and Social Are Outpacing TV in Ad Spending

    A record $13 billion in midterm political advertising is coming in 2026, with the majority of growth going to mobile-first, targeted advertising on platforms like Instagram and TikTok rather than traditional TV or even Connected TV. The money that used to flow to cable is now moving to Instagram and TikTok, signaling that mobile and social will outpace even connected television growth in 2026. YouTube needs to refocus on mobile and shorts to compete, as their heavy focus on TV has left mobile vulnerable.


    3. Disney's Streaming Strategy Faces Challenges

    Disney's revenue was up only 5% in Q4, with net income down 9% for the quarter. However, net income grew 140% year-over-year, driven entirely by streaming services bouncing back toward profitability. The sports business (ESPN) was not profitable in Q4, mostly because of rights fees, with only 1% revenue growth but a 23% drop in operating income. Disney is positioned to add vertical video to their streaming platform as a way to embrace social-first experiences and the creator economy.


    4. FAST Surpassed Netflix in Q4 Engagement

    Free Ad-supported TV platforms collectively surpassed Netflix in Q4 2025 television engagement in the United States according to Nielsen's Gauge. Tubi grew revenue 19% year-over-year and had its second profitable quarter, reaching 3% on the Gauge. Roku Channel hit 2.5%, and when combined with other FAST platforms not measured by Nielsen (like Samsung TV Plus), FAST collectively exceeded Netflix's share even with Netflix's massive December performance. This represents the biggest competitive threat to both YouTube and Netflix going forward.

    Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8


    Connect with us on Linkedin:

    Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/

    Marion Ranchet - https://www.linkedin.com/in/marionranchet/

    The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast

    • (00:00) - Introduction and Greetings
    • (00:35) - Earnings Season Coverage Begins
    • (01:21) - Google's Performance Analysis
    • (04:26) - Mobile vs. TV Advertising Trends
    • (10:25) - AI and Google's Strategy
    • (11:25) - Disney's Financial Results
    • (16:32) - Discussion on Parks and Revenue
    • (17:30) - Challenges with Leadership and Talent Management
    • (18:40) - The Future of ESPN and ABC
    • (21:10) - Embracing the Creator Economy
    • (22:06) - Vertical Content and Social Media Strategies
    • (24:34) - Industry Comparisons and Market Analysis
    • (29:30) - The Rise of Vertical and Micro Content
    • (31:24) - Conclusion and Upcoming Topics
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    33 mins
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