Morgan Stanley recently published its Media Matrix, ranking the media companies it believes are best positioned for the AI era.
On The Town podcast, Matt Belloni interviewed Morgan Stanley analyst Sean Diffley about how they built the list:
"We basically came up with 10 factors that we thought were the most important ones... Is your audience large and rising? Is your engagement high and growing? Do you have a lot of interactivity? Do you have urgency? ... Do you have pricing power? ... We also thought about AI positioning... And then we had some financial metrics."
It's a thoughtful framework, and many of the companies near the top of the rankings make a lot of sense.
But what happens if you evaluate those same companies through the lens of community instead?
Instead of asking ten questions, try these three:
- Do they have spaces where fans can gather on a regular basis?
- Do those spaces encourage people to connect with one another?
- Do people develop a sense of identity around the brand?
What the Top Media Companies Have in Common
Look at the companies at the top of the rankings:
- Formula 1 has race weekends.
- Disney has its parks and cruises.
- Professional sports have stadiums, tailgates, and neighborhood sports bars.
- Live Nation has concert venues around the world.
Different businesses, same pattern: They all create places where people gather. Those places aren't valuable because people consume content there. They're valuable because they give people opportunities to connect with one another.
Over time, those shared experiences become something more. People stop thinking of themselves as customers and start thinking of themselves as Formula 1 fans, Disney families, Swifties, or Knicks fans. They become part of a community that gives them a shared identity.
Sean actually hints at the same pattern later in the interview:
"The thing that we found were sports and live events score the best... there's nothing like sports in terms of getting people together... having community."
Despite asking completely different questions, the rankings probably wouldn't have looked very different.
Why Netflix Is the Exception
There was one notable exception: Netflix.
Sean justified its place on the list by pointing to its unmatched scale, calling it "the best distribution platform in the world" with "300-plus million subscribers."
That actually reinforces the pattern.
Unlike Formula 1, Disney, Live Nation, or professional sports, Netflix doesn't really give people places to gather or opportunities to connect with one another. The strongest identities belong to individual shows, not to Netflix itself.
Why Community Is the Future of Media
Change the questions, and the answers barely change.
The more you look at Morgan Stanley's rankings, the less this looks like a story about media.
It's really a story about community.
The companies with the strongest long-term advantages aren't just attracting audiences. They're creating places where people gather, connect, and develop a sense of identity.
The last generation of media businesses was built on attention. The next generation will be built on belonging.
What Could This Look Like for Your Organization?
Community doesn't look the same for every organization. The opportunity depends on your audience, your strengths, your business model, and the relationships you want to build.
That's exactly what a Community Strategy Sprint is designed to uncover.
Together, we'll identify where community fits into your organization, prioritize the opportunities with the greatest potential, and build a practical roadmap for strengthening the relationships between the people you already serve.
I'm currently booking Community Strategy Sprints for 2027 planning. Schedule a conversation to see if your organization is a good fit.
Responses