Entertainment, Streaming & Games

FLAGSHIP

Studios, streaming, music, live events, sports franchises and video games.

Companies

With a moat

31%

Average quality

4 wide moat · 18 narrow moat · 50 no moat · Open in screener →

Updated 27 Sep 2026

Entertainment, Streaming & Games covers film and television studios, streaming services, music, live events, sports franchises and video games. MoatScope covers 71 companies here. Four have a wide moat, 16 a narrow moat and 51 none.

How the industry makes money

Revenue comes from subscriptions, advertising, licensing, tickets, media rights and game purchases. Scale matters: Netflix, the largest subscription streaming service in the world, spreads its content spending across hundreds of millions of paying members. Disney earns across studios, television, Disney+ and Hulu, ESPN and its theme parks and experiences.

Where the moats are

Intangible assets, meaning characters, franchises and rights, appear in 11 of the 20 moat-rated companies, and efficient scale in ten, where a league, a team or a venue cannot be copied.

Netflix: global scale that lets it outspend rivals on content per member, plus a large base of engaged subscribers.
Disney: franchises that earn across film, streaming, parks and merchandise, and sports rights through ESPN.
Formula 1, owned through Liberty Media: exclusive control of a global racing series and its media and event rights.
Madison Square Garden Sports: the New York Knicks and Rangers, two of the most valuable franchises in their leagues.

The narrow-moat group includes NetEase, Spotify, Warner Bros. Discovery, Electronic Arts, Live Nation, Take-Two and Roblox. Companies without a moat include Roku, Paramount Skydance and Starz.

What wears moats down

Entertainment is hit-driven, so even strong studios and game publishers see results swing with each release. Content costs keep rising, every service competes for the same hours of attention, and the decline of traditional pay television keeps eroding the networks built on it.

What the quality scores say

Netflix scores 74 on MoatScope's quality scale and NetEase, rated narrow, 73. The industry averages 28.

What to watch

Subscriber growth, pricing and advertising tiers at the streaming services.
Box-office and game-release performance.
The cost of sports media rights.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Entertainment, Streaming & Games into 5 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Studios, TV networks & streaming

Film and TV studios, national TV networks (broadcast and cable), streaming services and the devices that deliver them.

Global market · $502.1B total revenue in 2025 · source: PwC Global Entertainment & Media Outlook…. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Streaming, pay-TV subscriptions, TV advertising and box office worldwide (PwC, WPP Media, Gower Street).

#	Business	Market share	Revenue
1	DIS · Walt Disney Co	12.0%	$60.1B
2	NFLX · NETFLIX INC	9.0%	$45.2B
3	WBD · Warner Bros. Discovery, Inc.	7.4%	$37.3B
4	CMCSA · COMCAST CORP Media, Studios · filed under Telecom & Cable	6.3%	$31.7B
5	SKYD · Skydance Corp	5.8%	$29.2B
6	FOX · Fox Corp Television, Cable networks · filed under Media, Publishing & Advertising	3.2%	$16.3B
7	SONY · Sony Group Corp Pictures · filed under Household Durables & Leisure Products	2.0%	$10.1B
8	VSNT · Versant Media Group, Inc.	1.3%	$6.7B
9	ROKU · ROKU, INC	0.9%	$4.7B
10	IQ · iQIYI, Inc.	0.8%	$3.8B
	All other companies	48.8%	$245.0B

Video games

Game publishers, developers and gaming platforms.

Global market · $201.6B total revenue in 2025 · source: Newzoo global games market update. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025.

#	Business	Market share	Revenue
1	Tencent (games) Listed outside the US (HKEX) · Inven Global	16.7%	$33.6B
2	SONY · Sony Group Corp Game & Network Services · filed under Household Durables & Leisure Products	15.5%	$31.3B
3	Nintendo Listed outside the US (Tokyo) · WN Hub	7.6%	$15.4B
4	NTES · NetEase, Inc.	6.9%	$13.9B
5	EA · ELECTRONIC ARTS INC.	3.7%	$7.5B
6	TTWO · TAKE TWO INTERACTIVE SOFTWARE INC	3.3%	$6.7B
7	RBLX · Roblox Corp	2.4%	$4.9B
8	PLTK · Playtika Holding Corp.	1.4%	$2.8B
9	SE · Sea Ltd Garena · filed under E-commerce & Online Marketplaces	1.2%	$2.4B
10	U · Unity Software Inc.	0.9%	$1.8B
	All other companies	39.3%	$79.3B

Music & audio

Recorded music, music publishing, audio streaming and satellite radio.

Global market · $83.7B total revenue in 2025 · source: Goldman Sachs 'Music in the Air' 2026. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Music at consumer value plus publishing and satellite radio (Goldman Sachs). Streaming services pay labels out of the same money, so some revenue counts twice.

#	Business	Market share	Revenue
1	SPOT · Spotify Technology S.A.	22.2%	$18.6B
2	SONY · Sony Group Corp Music · filed under Household Durables & Leisure Products	14.8%	$12.3B
3	SIRI · SIRIUS XM HOLDINGS INC.	10.2%	$8.6B
4	WMG · Warner Music Group Corp.	8.0%	$6.7B
5	TME · Tencent Music Entertainment Group	4.8%	$4.0B
6	NTES · NetEase, Inc. Cloud Music	1.3%	$1.1B
	All other companies	38.8%	$32.4B

Live events, sports & ticketing

Concerts, sports leagues and teams, live venues and ticketing.

Global market · $211.4B total revenue in 2025 · source: Goldman Sachs 'Music in the Air' 2026. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Live music plus sports rights holders' revenue.

#	Business	Market share	Revenue
1	LYV · Live Nation Entertainment, Inc.	11.9%	$25.2B
2	NFL (league + clubs) Private · Two Circles	11.0%	$23.3B
3	NBA (league + clubs) Private · Two Circles	6.8%	$14.3B
4	MLB (league + clubs) Private · Two Circles	6.1%	$13.0B
5	Hong Kong Jockey Club Non-profit · Two Circles	3.0%	$6.4B
6	Premier League (central) Part of a larger group · Two Circles	2.5%	$5.3B
7	UEFA Non-profit · Two Circles	2.5%	$5.3B
8	TKO · TKO Group Holdings, Inc.	2.2%	$4.7B
9	FWONK · Liberty Media Corp	2.1%	$4.5B
10	PGA TOUR Non-profit · Two Circles	1.2%	$2.5B
	All other companies	47.7%	$100.7B

Movie theaters

Cinema chains.

North America market · $16.1B total revenue in 2025 · source: Axios. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US and Canada box office plus concessions.

#	Business	Market share	Revenue
1	AMC · AMC ENTERTAINMENT HOLDINGS, INC. US revenue	23.0%	$3.7B
2	CNK · Cinemark Holdings, Inc. US revenue	15.5%	$2.5B
3	MCS · MARCUS CORP	4.7%	$758M
4	RDIB · READING INTERNATIONAL INC	1.3%	$203M
	All other companies	55.6%	$9.0B

Companies

Company	Moat	Quality	Market
NFLX NETFLIX INC	Wide	74	Studios, TV networks & streaming	9.0%	$290.9B
DIS Walt Disney Co	Wide	57	Studios, TV networks & streaming + 1 other market	12.0%	$189.2B
SPOT Spotify Technology S.A.	Narrow	56	Music & audio	22.2%	$105.3B
NTES NetEase, Inc.	Narrow	76	Video games + 1 other market	6.9%	$80.0B
WBD Warner Bros. Discovery, Inc.	Narrow	38	Studios, TV networks & streaming	7.4%	$77.7B
EA ELECTRONIC ARTS INC.	Narrow	57	Video games	3.7%	$52.9B
LYV Live Nation Entertainment, Inc.	Narrow	40	Live events, sports & ticketing	11.9%	$40.2B
TTWO TAKE TWO INTERACTIVE SOFTWARE INC	Narrow	31	Video games	3.3%	$38.3B
RBLX Roblox Corp	Narrow	47	Video games	2.4%	$36.3B
TKO TKO Group Holdings, Inc.	Narrow	39	Live events, sports & ticketing	2.2%	$33.0B
ROKU ROKU, INC	None	34	Studios, TV networks & streaming	0.9%	$23.1B
FWONK Liberty Media Corp	Wide	51	Live events, sports & ticketing	2.1%	$20.7B
U Unity Software Inc.	Narrow	46	Video games	0.9%	$17.9B
WMG Warner Music Group Corp.	Narrow	50	Music & audio	8.0%	$16.2B
TME Tencent Music Entertainment Group	Narrow	64	Music & audio	4.8%	$13.6B
MSGS Madison Square Garden Sports Corp.	Wide	37	Live events, sports & ticketing	0.5%	$9.6B
SIRI SIRIUS XM HOLDINGS INC.	Narrow	47	Music & audio	10.2%	$9.0B
LLYVK Liberty Live Holdings, Inc.	Narrow	17	Live events, sports & ticketing	0.2%	$9.0B
SKYD Skydance Corp	—	17	Studios, TV networks & streaming	5.8%	$7.3B
CNK Cinemark Holdings, Inc.	None	20	Movie theaters	15.5%	$4.5B
VSNT Versant Media Group, Inc.	Narrow	55	Studios, TV networks & streaming	1.3%	$4.4B
BATRB Atlanta Braves Holdings, Inc.	Narrow	22	Live events, sports & ticketing	0.3%	$4.3B
LION Lionsgate Studios Corp.	None	14	Studios, TV networks & streaming	0.5%	$3.9B
MANU Manchester United plc	None	15	Live events, sports & ticketing	0.4%	$3.9B
MSGE Madison Square Garden Entertainment Corp.	Narrow	48	Live events, sports & ticketing	0.4%	$3.7B
MLMC FrankSpeech Network, Inc.	None	1	Studios, TV networks & streaming	—	$3.0B
AMC AMC ENTERTAINMENT HOLDINGS, INC.	None	9	Movie theaters	23.0%	$2.7B
STUB StubHub Holdings, Inc.	Narrow	27	Live events, sports & ticketing	0.8%	$2.3B
PLTK Playtika Holding Corp.	None	38	Video games	1.4%	$1.2B
IQ iQIYI, Inc.	None	20	Studios, TV networks & streaming	0.8%	$898M
FUBO FuboTV Inc.	None	20	Studios, TV networks & streaming	0.3%	$879M
MCS MARCUS CORP	None	19	Movie theaters	4.7%	$879M
DDI DoubleDown Interactive Co., Ltd.	None	49	Video games	0.2%	$688M
ANGX Angel Studios, Inc.	None	15	Studios, TV networks & streaming	<0.1%	$659M
RSVR Reservoir Media, Inc.	Narrow	51	Studios, TV networks & streaming	<0.1%	$632M
GRVY GRAVITY Co., Ltd.	None	52	Video games	0.2%	$481M
MYPS PLAYSTUDIOS, Inc.	None	29	Video games	0.1%	$465M
STRZ STARZ ENTERTAINMENT CORP /CN/	None	10	Studios, TV networks & streaming	0.3%	$390M
RDIB READING INTERNATIONAL INC	None	4	Movie theaters	1.3%	$263M
BUUU BUUU Group Ltd	None	52	Studios, TV networks & streaming	<0.1%	$250M
GDEV GDEV Inc.	None	41	Video games	0.2%	$230M
ANGH Anghami Inc	None	9	Studios, TV networks & streaming	<0.1%	$210M
FIRY Firy Inc.	None	20	Studios, TV networks & streaming	<0.1%	$184M
CURI CuriosityStream Inc.	None	22	Studios, TV networks & streaming	<0.1%	$154M
CTW CTW Cayman	None	39	Studios, TV networks & streaming	<0.1%	$140M
IMAQ International Media Acquisition Corp.	None	6	Studios, TV networks & streaming	—	$69M
SLMT Brera Holdings PLC	None	22	Studios, TV networks & streaming	<0.1%	$64M
GCL GCL Global Holdings Ltd	None	22	Studios, TV networks & streaming	<0.1%	$50M
GMHS Gamehaus Holdings Inc.	None	38	Video games	<0.1%	$50M
CNVS Cineverse Corp.	None	18	Studios, TV networks & streaming	<0.1%	$38M
ZDGE Zedge, Inc.	None	27	Studios, TV networks & streaming	<0.1%	$37M
GAIA GAIA, INC	None	20	Studios, TV networks & streaming	<0.1%	$33M
TOON Kartoon Studios, Inc.	None	17	Studios, TV networks & streaming	<0.1%	$31M
LVO LiveOne, Inc.	None	16	Studios, TV networks & streaming	<0.1%	$31M
AHMA AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C	None	31	Studios, TV networks & streaming	<0.1%	$30M
NIPG NIP Group Inc.	None	19	Studios, TV networks & streaming	<0.1%	$30M
SEAT Vivid Seats Inc.	None	28	Live events, sports & ticketing	0.2%	$30M
CPOP Pop Culture Group Co., Ltd	None	19	Studios, TV networks & streaming	<0.1%	$26M
NOMA Nomadar Corp.	None	14	Studios, TV networks & streaming	<0.1%	$26M
MSGM Motorsport Games Inc.	None	48	Studios, TV networks & streaming	<0.1%	$24M
GIGM GIGAMEDIA Ltd	None	24	Studios, TV networks & streaming	<0.1%	$20M
MPU Mega Matrix Inc	None	20	Studios, TV networks & streaming	<0.1%	$20M
SNAL Snail, Inc.	None	4	Video games	<0.1%	$19M
SLE Super League Enterprise, Inc.	None	25	Studios, TV networks & streaming	<0.1%	$8M
APHP American Picture House Corp	None	27	Studios, TV networks & streaming	<0.1%	$7M
MITQ MOVING iMAGE TECHNOLOGIES INC.	None	33	Studios, TV networks & streaming	<0.1%	$5M
LIMX Limitless X Holdings Inc.	None	9	Studios, TV networks & streaming	<0.1%	$5M
BMPA BMP AI Technologies, Inc.	None	7	Studios, TV networks & streaming	—	$2M
GFMH Goliath Film & Media Holdings	None	16	Studios, TV networks & streaming	<0.1%	$2M
GMER GOOD GAMING, INC.	None	5	Studios, TV networks & streaming	<0.1%	$1M
WNLV Winvest Group Ltd	None	10	Studios, TV networks & streaming	<0.1%	$1M
MGAM Mobile Global Esports, Inc.	None	13	Studios, TV networks & streaming	<0.1%	$1M
CPLX Certiplex Corp	None	12	Studios, TV networks & streaming	<0.1%	—

73 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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