Let’s deal with the HBO part of the comment first. HBO has developed a number of great programs over the years ranging from The Sopranos to Game of Thrones to name just a few. The issue with HBO is that to date it has had a very staged schedule for its programming while Netflix is bringing proprietary content to its growing user base across the globe at a far faster rate. So of course, it’s not worried about HBO.

Fortnite is another issue altogether for it is one of the fastest growing video games that span a number of platforms (PC, tablet, smartphone). Unlike HBO, which periodically has compelling content that consumers want to watch, increasingly across the “when I want to watch it” app that is HBO Go, Fortnite with its solo play, team play, and competitive play is a far greater screen time challenger to Netflix. Especially given the younger, male demographic that is its mainstay.

Fortnite is not only winning with players but those who want to watch the top-ranked players and teams. According to data published by Amazon’s Twitch streaming service, there are more than 14,000 Fortnite related channels that average nearly 175,000 viewers and at times up to almost 672,000 viewers. That is a meaningful challenge to screen viewing time.

The rise of Fortnite with those who watch and play it is perhaps one of the most visible signs of what has been a growing market for video games. There have been other including the rise of professional gamers and gaming teams, but it’s the rate of adoption and time spent on Fortnite that is notable.

When we speak of our investment themes, in one form or another we zero in on a change in consumer behavior that directly or indirectly leads companies to change or expand their business models. With Amazon, Microsoft and Google all working on streaming game services, it would appear they too have recognized the changing winds associated with our Digital LIfestyle investing theme.