Welcome to exchanges deep dive the battle for our screens a four-part

mini-series on our exchanges at Goldman Sachs podcast I'm Jake Stewart Globalhead of Corporate Communications here at the firm.

The pandemic has made our real lives virtual,

accelerating our dependence on devices and online platforms for entertainment, work, and social connection.

With that comes a new chapter in the competition for our digital lives.

In this four-part mini series, we're going to talk to experts from across Goldman Sachs

about how our online behavior has changed, how companies are responding to that shift,

and what trends from the pandemic may be here to stay. The first episode will focus on

entertainment. You'll hear about changes in streaming and movie theaters from

Brett Feldman in our research division, Adam Agress in our our asset management division, and Elekia-Uppalapotti from our

Investment Bank.

After you've listened to this one, be sure to check out the other three episodes in the

battle for our screen's miniseries about work, social connection, and

tech regulation. Hope you enjoy. First up here's Heath, Terry, and Brett

Feldman from Goldman Sachs research to give us the data on streaming trends.

Brett, thanks for taking the time to join us. So let's start by setting the stage.

This pandemic has obviously changed a lot about the way we're on. the have you seen it impact the way that people are getting entertained and what numbers are you

watching to gauge that? Yeah, thanks, Eith. Good question. So one of the key things for paying attention to is

chord cutting, which is people cancelling their cable and satellite TV subscriptions

and just to frame what's going on here on an annual basis every quarter for the last

eight years we have seen the total universe of pay TV subscribers decline from a

peak of a little over 100 million households early in 2012 to about 85 million

...