Roku: The Vertically Integrated Streaming Company

Bloomberg/Bloomberg via Getty Images Thesis The traditional TV industry is dominated by few companies like Comcast, Disney and Paramount that own the entire value chain, from production to distribution to exhibition. These media giants control a large share of the traditional media market and their vertically integrated business models gives them a huge competitive advantage over their smaller rivals. However, the digital media landscape is very different and these traditional media giants are facing se ...