It’s a complicated time to be a media company. Actors and screenwriters from coast to coast have brought the multibillion industry to a shuttering halt as they fight for better streaming residuals, higher pay and protections against metastasizing artificial intelligence use cases. The backdrop has created an unfamiliar setup for the coveted fall TV lineup — historically one of the busiest stretches of the year, and a time for studios to showcase their latest potential hits. At the same time, legacy media companies face off against another well-known demon: cord-cutting. While no new phenomenon to the tumultuous industry, the difficult spending environment is leading more and more consumers to reassess their expenses and cut subscriptions to curb costs. Newer entrants into the streaming sector still face a cumbersome road to capturing consumer attention — and dollars — as they compete against veterans like Netflix and technology behemoths such as Amazon and Apple , with growing cash reserves and alternative businesses to offset losses. “The generational secular pressure on the pay TV bundle gets more intense every day,” said Rosenblatt analyst Barton Crockett. “It’s a drumbeat that’s getting louder and louder, and what we’re seeing is some of the springs popping off, and things starting to come apart. That doesn’t mean that things unravel immediately, but it gets tougher and tougher every day.” It’s a difficult time to navigate the industry, and with no clear-cut resolution in sight, companies with larger content libraries and broader international operations look better situated to weather the near-term volatility. Surviving the near-term Since pioneering the streaming model, Netflix has stood out as a dominant competitor to topple and the main threat new entrants face in the fight to capture consumer attention. It’s also experienced a stellar 2023 as investors rotate back into the beaten-down technology sector. Shares have jumped 34% year to date, with the average price target suggesting it has another 17.7% gain in store. NFLX YTD mountain Netflix shares since the start of 2023 The longest player in the space, Netflix’s built a vast library, and made itself synonymous with the word streaming. Along with its own content slate, Netflix’s also acquired even more programming over the years from distributors to keep audiences entertained, and more importantly – paying. This years-long head start leaves many competitors playing a game of catch up and a gap that could take years to bridge. “There is no other competitor that is close to where Netflix is,” said CFRA Research’s Ken Leon, referring to the company’s rich content and personalization that other competitors have struggled to replicate. A vast network of international operations poses another major advantage for Netflix at a time when Hollywood’s reached a standstill, Leon noted. The streaming giant operates in more than 190 countries, and manages to reel in a total of 238 million paid members, according to its website. But Netflix isn’t the only company positioned to capitalize on an international audience, Leon said, highlighting Paramount ‘s operations in France with Canal + and in the United Kingdom with Sky. However, while these international capabilities offer a support system for Netflix to lean on, it’s no substitute to traditional English language content, said Jamie Lumley, an analyst at Third Bridge Group. Alternative business segments offer another line of defense for companies in this volatile period. Technology companies such as Apple and Amazon can lean on their respective hardware and e-commerce businesses, said Paul Fanelli, a research analyst at Gabelli Funds. “If you’re Amazon or Apple you don’t need as much volume of content,” he said. “You’re able to spread things out a little bit. You’re not in that business to make money on a standalone basis. At least at this point in the game, it’s just helping you build a more robust subscription product.” Both Apple and Amazon have outperformed this year as investors take a gamble on technology once again. Apple’s gained nearly 37% while Amazon’s jumped 62%. Another big winner is Alphabet. Shares have surged 56% as excitement around artificial intelligence mounts. Relying on alternative content As consumers hunt for content to fill the fall TV void, rich film libraries present another major advantage to legacy players that have built up reserves over the years. That’s a positive for cable networks with more than 50 years of content in the stockpile, said Needham analyst Laura Martin. While the strikes may wreak havoc on the content models that make these brands into giants, the shutdowns present another silver lining: an opportunity to pay down debt, Martin said. “From a human capital point of view, it’s horrible what the strike is doing to real people, and it’s also wasting their talents for six months,” she said. “But from an economic point of view, every quarter that the strikes go on, increase the free cash flow at Paramount and Warner, which they’re using to pay down debt faster.” The start of one of the most coveted sports seasons — fall football — could also prove a tailwind for some major players as content creation remains at bay. In the past, the season typically brings in more than 17 million viewers per game, on average, while playoffs can reach around 40 million each. PARA YTD mountain Paramount shares have fallen more than 19% since the start of the year “The NFL is always the biggest thing on TV,” John Hodulik, a telecom analyst at UBS, told CNBC’s ” Worldwide Exchange ” earlier this month. These games could prove to be even more valuable as consumers enter a sparse fall lineup and benefit sports-heavy names such as ESPN and Fox, he said. The fall sports lineup may also bode well for Amazon, which offers NFL fans access to Thursday night football, Crockett said. Paramount+, NBCUniversal’s Peacock, Hulu and YouTube are among the names offering football or sports access. Alphabet -owned Youtube’s growing slate of user-made content and videos makes it another unlikely winner everyday the strikes stretch on, Crockett said. But while alternatives to traditional scripted entertainment may appear plentiful, there’s no permanent replacement. “If this strike doesn’t get resolved, you’re going to see a lot of the streaming companies raise prices, and I think you’re going to see consumers voice their frustration with the streaming services, because there isn’t new content,” said Brandon Nispel, an analyst at KeyBanc Capital Markets. Succeeding over the long-run Strikes aside, the media picture looks a little murkier over the long-haul as legacy cable companies grapple with inevitable cord-cutting and streaming companies battle it out for consumer dollars. Companies with strong alternative businesses coinciding with their media enterprises may come out on top, according to Nispel. That includes Comcast, offering a strong growth runway as it focuses on selling Internet services. CMCSA YTD mountain Comcast shares since the start of 2023 Despite some near-term challenges as consumer tamp down spending, Nispel regards Comcast’s theme park business as a key cash generator and platform to further monetize its content. Comcast shares have seen a stellar 2023 so far, rising nearly 31%. While the upside looks capped, the average price target implies another 7.6% upside ahead. Even so, Wall Street sees only a handful of pure-play winners in the TV and streaming space winning consumer attention over the long run. To Nispel, that means three to four major players will remain over the long-run, likely those companies with the greatest scale and global distribution such as Netflix and Disney . Disney’s hasn’t fared so well in 2023, with shares down 4.5%. However, the average price target suggests shares have more room to run, and can rally nearly 31%. Fanelli agreed that Disney’s loyal fan base and strong content slate may also weather the long haul, but some newer streaming entrants still have a shot in the race. That includes Warner Bros. Discovery as it focuses on its Max product launches in new markets and looks better situated on a profitability front than some competitors. DIS YTD mountain Disney shares since the start of 2023 But a more gruesome fight could be playing out on the sidelines, and one that could result in a media industry reassembled under the technology behemoths, according to Crockett. “They have the most scale and the best economics, the best opportunities to monetize this,” the Rosenblatt analyst said. Already, the technology companies have shown some promise. Consumers are increasingly forgoing pay TV packages from cable companies and opting for bundles from companies like Alphabet, he said. At some point, the giants look primed to scoop up assets from entertainment conglomerates out of touch with the media transition. In fact, media sales may be coming sooner than anyone expected. This week, news broke that Disney is weighing selling its legacy ABC media business and has held early talks with Nexstar. “Entertainment viewing is moving towards the tech platforms, and that looks unstoppable, it’s just a question of pacing,” Crockett said. “Over time, those guys are the winners and the TV network programmers will have to adapt, and that’s just going to be a story that plays out over the years.” Disclosure: Comcast -owned NBCUniversal is the parent of CNBC.