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  "documentTitle": "Sony Corporation (6758.T)",
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  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "Uses a comparison table to highlight the differences between the two industries.",
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      "kind": "callout",
      "text": "The similarities between Netflix and cloud gaming are only superficial; on closer examination, the dynamics that led to Netflix's success are not present in the console gaming market",
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      "text": "The reason Netflix was so successful in disrupting the incumbent pay-TV industry was that it offered significantly more value than pay-TV, at 1/10th of the price. Netflix also offered a superior product experience. While the newly launched cloud gaming platforms are frequently compared to Netflix, the analogy is a weak one: Unlike Netflix, the experience quality on cloud gaming services will be inferior relative to existing console gaming. And while we don't yet know the price / value relationship of the new services, they are unlikely to offer an order-of-magnitude cost savings relative to console ownership. Console gaming today is fairly affordable for consumers.",
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      "text": "Source: Third Point estimates",
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      "text": "Comparison table between Legacy pay TV vs Netflix and Console gaming vs Cloud gaming across various metrics like price, viewing hours, commercials, and latency.",
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      "kind": "title",
      "text": "Comparisons between game streaming and Netflix are flawed",
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