ZOO Digital is continuing to benefit from a number of positive trends and industry shifts, such asthe launch of Disney’s “Disney+ Star” channels across multiple geographies, which UK-based investors will see available this week. This note contains commentary on Disney and Netflix – two of the largest market participants – as well as detail on the way the supplier base is evolving (further consolidation is under way). We also consider the likely “way out” for the industry as lockdowns ease globally and the significant backlog of content is released into production.