In a Rough Advertising Market, Sports May Be Winning Ticket

The television industry’s advertising business had a rough first quarter, prompting analyst Michael Nathanson to cut his forecast for the full year of 2023.

The bright spot in the outlook is sports. The companies and networks that have strong sports-rights portfolios are doing better than those that don’t. That makes keeping sports perhaps more important than growing streaming revenue, which declined in the first quarter and is expected to grow a bit slower than expected in 2023.