U.S. Market Technology Trends

Source: Morgan Stanley Technology Research. E= Morgan Stanley Research Estimate. Data are for U.S. media adoption.

*We use the launch of HBO in 1976 as our estimate for the beginning of cable as an entertainment/advertising medium. Though cable technology was developed in the late 1940's, its initial use was primarily for the improvement of reception in remote areas. It was not until HBO began to distribute its pay TV movie service via satellite in 1976 that the medium became a distinct content and advertising alternative to broadcast television.

**Morgan Stanley Technology Research Estimate