The media industry covers areas like advertising, broadcasting and networking, news, print and publication, digital, recording, and motion pictures and each has its associated infrastructure.
Media companies offer products and services to individuals and large organizations. This list of the top media companies provides a look into their businesses and operations. It is ranked in descending order of market capitalization as of June 2024.
Key Takeaways
- Media includes advertising, broadcasting, news, print publications, digital media, and motion pictures.
- The largest media companies include Apple, Disney, and Comcast.
- Apple entered the media industry later than most of its competitors but leads in market capitalization.
1. Apple (AAPL): $3.22 Trillion
Founded in 1976 by Steve Jobs and Steve Wozniak, Apple (AAPL) has a market cap of $3.22 trillion in 2024, surpassing its competitors. After adding streaming and news media services to its portfolio, the company shifted from a tech company to a hybrid of tech and media.
Apple is known for its scope of acquisitions. In 2014, the company acquired Beats, formerly known as Beats by Dre, and in 2018, it acquired the song identification app Shazam.In 2023, Apple purchased 32 Artificial Intelligence (AI) startups, including Canada-based DarwinAI.
Its media services include offerings like Apple Music, Apple TV, Apple Books, and Apple News. As one of the largest companies worldwide, Apple recorded net sales of $383.3 billion for the 2023 fiscal year.
2. Netflix (NFLX): $290.80 Billion
With 260 million subscribers globally as of 2023, Netflix (NFLX) is a leader in the media scene. Founded in 1997, the company transformed from a DVD-by-mail business into a streaming giant.
The majority of Netflix’s revenues come from subscription fees from streaming customers, which generated $33.64 billion in streaming revenue in 2023. The company generated $82.8 million in revenue from its DVD rental business and then ended this segment in 2024.
3. Walt Disney (DIS): $181 Billion
Disney (DIS) has a $181 billion market cap, generating almost $88.90 billion in revenues over the 2023 fiscal year. Disney was founded in 1923 and headquartered in Burbank, California with multiple subsidiaries and an international presence.The company's segments include media networks, parks and resorts, studio entertainment, consumer products, and interactive media.
In 2019, Disney launched Disney+, a streaming service that offers shows and movies, including vintage Disney content, originals, exclusive shows, and blockbuster films.As of 2023, Disney's Disney+ subscribers reached 150.2 million worldwide, Hulu subscribers topped 48.5 million, and ESPN+ hit 46 million.
4. Comcast (CMCSA): $153.64 Billion
Established in 1963 with headquarters in Philadelphia, Pennsylvania, Comcast (CMCSA) is one of the largest global media, entertainment, and communications companies with a $153.64 billion market cap. In the 2023 fiscal year, it generated over $121.5 million in revenues.
Comcast operates through five business segments that include cable communications, media, studio production, Universal theme parks, and its European media service provider, Sky.Xfinity is the American business segment that provides cable television, internet, telephone, and wireless services.
After a bidding war with Fox, Comcast purchased U.K.-based Sky for $39 billion in 2018.
5. AT&T (T): $137.02 Billion
AT&T (T) operates through a communications segment that provides wireless and broadband services to consumers in the U.S. and the Latin America segment that enables wireless services and equipment in Mexico. In 2015,it acquired DirecTV and added to its U.S. and Latin American media operations. DirecTV is a digital TV entertainment service provider via a satellite network.
The company is a leader in connectivity services through 5G and fiber. In FY 2023, AT&T reported revenues of $122.4 billion.
6. Sony (SONY): $103.66 Billion
Sony (SONY) is primarily known as an electronics and music giant, but it also has other media properties. Its key segments include game and network services, music, pictures, and electronics products and solutions. The pictures segment includes motion pictures, television productions, and media networks. In 2023, Sony generated $10.97 billion in revenue.
7. Thomson Reuters (TRI): $75.80 Billion
Thomson Reuters (TRI), the Canada-based media company, has five segments: legal professionals, corporates, tax and accounting professionals, Reuters news, and global print. The Reuters news business offers financial news via media organizations. Thomson Reuters competes with the likes of Bloomberg L.P.
For 2023, Thomson Reuters reported annual revenues of $6.8 billion, a 3% increase from 2022. Where legal professionals contributed the bulk of revenues at $2.8 billion, Reuters News brought in a healthy $0.8 billion.
8. Charter Communications (CHTR): $43.05 Billion
Charter Communications(CHTR) acquired Time Warner Cable in 2015 for $78.7 billion, giving it a significant media presence.Time Warner Cable Inc. included a wide portfolio of products and services. It added video, high-speed data, and voice services in the U.S. to Charter Communications’ operations.
The company operates under the Spectrum name, boasting 32 million customers.In 2023, Charter Communications reported revenues of $54.60 billion, a 1.1% increase from the prior year.
9. Fox (FOX): $15.48 Billion
Fox (FOX) was previously a powerhouse in the media business. Its $15.48 billion market cap is now a fraction of what it used to be. In 2017, it sold its entertainment business to Disney for $71.3 billion.
The company's offerings include the Fox News Channel, Fox Business, Big Ten Networks, and Fox Broadcasting Co., as well as other select assets.In the 2023 fiscal year, Fox recognized revenues of $14.9 billion, a 7% increase from the prior year.
10. Paramount Global (PARA): $7.24 Billion
In 2019, Viacom and CBS merged to form ViacomCBS, and in February 2022, its name changed to Paramount Global (PARA). In 2023, the company operated three segments—TV Entertainment, Cable Networks, and Filmed Entertainment—and reported revenues of $29.65 billion.
Paramount Global's offerings include the subscription streaming service, Paramount+, Pluto TV, Paramount Pictures, broadcast network CBS, and a portfolio of cable networks that includes Nickelodeon, MTV, and BET.
How Does Artificial Intelligence Affect Media Companies?
AI technology enables systems to derive information from digital images, videos, and other visual inputs.According to a report by Goldman Sachs in 2024, tech firms, corporations, and utilities will spend around $1 trillion on capital expenditures to support AI.
Who Regulates U.S. Media Companies?
The Federal Communications Commission (FCC) regulates interstate and international communications through cable, radio, television, satellite and wire.
How Do Media Companies Make Money?
Media companies primarily make money from advertisem*nts and paid subscriptions. Other revenue drivers include internet services, filmed entertainment, and licensing.
The Bottom Line
Many companies in the “media” category also operate businesses that may not necessarily qualify as media, such as software solutions and lobbying services. Investors who add media companies to their portfolio should carefully study the companies' different business segments, operational areas, business domains, and corporate structures to ensure that the desired companies fit into their investment profile.
