TIVP029: Roku (ROKU): Forgotten Streaming Giant w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 592 Ratings
🗓️ 20 July 2025
⏱️ 90 minutes
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| 0:00.0 | Roku is a totally misunderstood company. The market sees it as this unprofitable streaming hardware |
| 0:07.6 | company that has no enduring advantages protecting its market share. But that's not what Roku is. |
| 0:13.4 | Roku is an aggregator, a service with over a hundred million people here in the U.S. |
| 0:18.6 | And it acts as the bridge between turning on their TV and then deciding what they're |
| 0:23.1 | going to watch, whether they're going to open Netflix, Disney, or HBO. |
| 0:26.2 | So it doesn't really compete with other streaming platforms. |
| 0:29.7 | It's more of a paid promoter for streaming services that, among other things, make money |
| 0:35.2 | when people sign up for Netflix or Disney do its service. |
| 0:39.3 | Right. And things look worse for them because they sell all their hardware at a loss, |
| 0:44.5 | like these streaming sticks and smart TVs. But they do that intentionally to try and achieve as wide of a scale as possible, |
| 0:51.7 | which they'll later monetize with advertising. They are still very much |
| 0:56.4 | building their earnings power. |
| 1:02.2 | You're listening to the Intrinsic Value podcast by the Investors Podcast Network. Since 2014, |
| 1:07.9 | with over 180 million downloads, we've learned directly from the world's best investors. |
| 1:14.1 | Now, we're applying those lessons to analyze businesses and investment opportunities every week, |
| 1:20.2 | helping you uncover intrinsic value. |
| 1:23.1 | And now, here are your hosts, Sean O'Malley and Daniel Monker. |
| 1:34.0 | Today's pitch is a complicated one, from what I can tell. |
| 1:37.3 | Sean, you'll be making the case for a company that can be found in tens of millions of households. |
| 1:42.6 | Yet despite that right reach, it hasn't found |
| 1:44.6 | a way to be long-term profitable. They haven't fully monetized what is a very promising business |
| 1:50.0 | on paper. And that company, Roku, is a streaming diet in its own way. It's a bit differently |
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