Sign in

    Richard Greenfield

    Partner and Media Futurist at LightShed Partners

    Richard Greenfield is a Partner and Media Futurist at LightShed Partners, specializing as a top-ranked TMT (Technology, Media & Telecom) Analyst with deep expertise in the evolving connected TV and streaming landscape. He provides leading coverage of major companies such as Roku, Google, Amazon, Apple, Disney, Netflix, and a broad array of emerging media platforms, consistently delivering impactful investment insights and market forecasts. With over 25 years of sector experience, Greenfield began his analyst career in the late 1990s holding senior research roles at BTIG, Goldman Sachs, Pali Capital, and Fulcrum before co-founding LightShed Partners in 2019. He holds FINRA registrations and has been recognized across the industry for prescient analysis and thought leadership in disruptive media and technology.

    Richard Greenfield's questions to Reddit (RDDT) leadership

    Richard Greenfield's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Richard Greenfield of LightShed Partners asked if Reddit would consider an exclusive data licensing deal with a single LLM partner to maximize value and protect traffic, drawing a parallel to the NFL's Sunday Ticket strategy.

    Answer

    CEO Steve Huffman responded that it is too early to determine the future structure of data partnerships. He emphasized that Reddit's data is growing in importance, which creates a strong strategic position, but the company is still learning how partners use the data. He indicated a decision on future deal structures is likely a couple of years away.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Richard Greenfield of LightShed Partners asked if Reddit would consider an exclusive data licensing deal with a single LLM provider, potentially including traffic guarantees, similar to sports media rights deals.

    Answer

    CEO Steve Huffman stated that it is 'too soon to say' what future data partnership structures might look like. He acknowledged the growing strategic importance of Reddit's data corpus but emphasized that the company is still in a learning phase regarding how partners use the data and will evaluate options as the landscape develops over the next couple of years.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Reddit (RDDT) leadership • Q1 2025

    Question

    Richard Greenfield asked for an assessment of where Reddit is on its journey to become 'faster, easier, and better to use,' and how this relates to becoming an online starting point versus a destination from search engines.

    Answer

    CEO Steve Huffman described the journey as being perpetually 'in the middle,' with constant room for improvement. He views Reddit not as an 'either/or' competitor to search but as a different product serving distinct needs for community and conversation, expecting to coexist and grow alongside search platforms.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Reddit (RDDT) leadership • Q4 2024

    Question

    Richard Greenfield of LightShed Partners pressed for specifics on what Google changed in its algorithm, how Reddit gains confidence against future changes, the direct impact on revenue, and what Q4 DAU growth would have been without the fluctuation.

    Answer

    CEO Steve Huffman declined to speculate on Google's specific changes but reiterated that such volatility is common and that Reddit's relationship with Google remains strong and collaborative. He confirmed there was no impact on revenue. While not providing an adjusted DAU number, he stated that traffic has recovered, momentum in Q1 is strong, and the core logged-in user growth remains robust.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Reddit (RDDT) leadership • Q3 2024

    Question

    Richard Greenfield of LightShed Partners questioned the slower growth in ARPU compared to the rapid user growth, asking if high user growth pressures ARPU and what factors will drive faster ARPU expansion in the future.

    Answer

    COO Jen Wong responded that Reddit does not manage the business to ARPU, viewing it as an output of revenue, users, and user mix (geography, logged-in vs. logged-out). She emphasized that the company feels good about its differentiated revenue and user growth and sees future headroom for ARPU as the value of logged-in users continues to grow.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Snap (SNAP) leadership

    Richard Greenfield's questions to Snap (SNAP) leadership • Q2 2025

    Question

    Richard Greenfield asked for the performance of brand advertising in Q2 and questioned how Snap's approach to AR and Spectacles fundamentally differs from competitors, and whether the company has the capital to execute its vision independently.

    Answer

    CFO Derek Andersen stated that brand advertising revenue was flat year-over-year in Q2, a slight improvement from the prior quarter. CEO Evan Spiegel emphasized that Snap's key AR differentiator is its fully integrated vertical stack and a large, existing developer community. He noted that the company's positive free cash flow of nearly $400 million over the last twelve months provides the capital for its vision, but partnerships will also be a key focus for the Spectacles launch.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Snap (SNAP) leadership • Q2 2025

    Question

    Richard Greenfield asked for the performance of brand advertising in Q2 and questioned how Snap's AR/Spectacles strategy differs from competitors, and whether the company has the capital to execute its vision independently.

    Answer

    CFO Derek Andersen clarified that brand advertising revenue was flat year-over-year in Q2. CEO Evan Spiegel highlighted Snap's 11-year investment and fully integrated AR stack as key differentiators. He affirmed that the company's free cash flow (nearly $400M TTM) funds its AR vision, but also noted that Snap is open to partnerships to bring Spectacles to market.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Snap (SNAP) leadership • Q1 2025

    Question

    Richard Greenfield asked what is needed to accelerate direct response (DR) advertising growth to over 20%, requested color on the revenue contribution from China-based advertisers, and sought to clarify if core advertising (ex-Snapchat+) was growing in April.

    Answer

    CEO Evan Spiegel outlined that reaching 20%+ DR growth will require ongoing ad platform improvements, a strong product roadmap for app-based bidding and dynamic ads, and expanding DR bidding to new placements like Sponsored Snaps. CFO Derek Andersen declined to provide a specific breakdown for China-based advertisers but noted the business was still growing in April, though headwinds exist.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Snap (SNAP) leadership • Q4 2024

    Question

    Richard Greenfield of LightShed Partners asked two high-level questions: first, about the future growth potential of the Snapchat+ subscription service in terms of subscribers, ARPU, and new features; and second, how recent AI innovations from competitors might alter the cost curve for AI and impact Snap's cost structure.

    Answer

    CEO Evan Spiegel expressed excitement about Snapchat+'s progress, noting strong adoption of personalization features. He indicated the future roadmap will focus on enhancing the core 'snapping' engagement loop and that there may be room for price increases. Regarding AI, Spiegel stated that recent industry innovations validate Snap's view that AI models will become commoditized and more efficient over time, which should positively impact their cost structure in the long term.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Snap (SNAP) leadership • Q3 2024

    Question

    Richard Greenfield followed up on 'Simple Snapchat,' asking if the company would tolerate near-term revenue disruption to roll out a superior product and what specific triggers would lead to a broader rollout.

    Answer

    CEO Evan Spiegel stated that it is still early to fully understand the monetization dynamics. He emphasized that the company will take its time to work through the changes to ensure advertisers are prepared, suggesting a potential phased rollout over an extended period to bring partners along on the journey rather than causing abrupt disruption.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Paramount Global (PARA) leadership

    Richard Greenfield's questions to Paramount Global (PARA) leadership • Q1 2025

    Question

    Richard Greenfield of LightShed Partners questioned the structure of Paramount's relationship with creator Taylor Sheridan and his 101 Studios. He asked why Paramount has not acquired 101 Studios to achieve full vertical integration and whether the current partnership is the optimal model for value creation.

    Answer

    Co-CEO Chris McCarthy affirmed the value of the relationships, clarifying that Paramount has an exclusive deal with the 'gifted creative' Taylor Sheridan through 2028 and owns the resulting IP. He described 101 Studios as a 'preferred partner' in which Paramount has invested, stating the current incentive structure works well. He added that the model built around Sheridan is now a playbook for attracting other top creatives.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Paramount Global (PARA) leadership • Q1 2025

    Question

    Richard Greenfield questioned why Paramount has not acquired 101 Studios to fully vertically integrate with creator Taylor Sheridan, asking if the current partnership structure is the optimal model for maximizing value.

    Answer

    Co-CEO Chris McCarthy affirmed the value of the relationship, highlighting Paramount's exclusive deal with Taylor Sheridan through 2028 and its ownership of the resulting IP. He described 101 Studios as a preferred partner in which Paramount has invested, stating the current incentive-based relationship is working well and serves as a successful playbook for attracting other top creatives.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Paramount Global (PARA) leadership • Q3 2024

    Question

    Richard Greenfield asked about the financial impact of dropping Nielsen, specifically on Q4 advertising revenue, and requested the current employee headcount for the TV Media division following recent cost cuts.

    Answer

    Co-CEO George Cheeks asserted that the Nielsen dispute is about value, not affordability, and that there has been no adverse impact on ad revenue to date, with no material impact expected in Q4. He stated the TV Media division has approximately 6,000+ domestic and 3,000+ international employees.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to PINTEREST (PINS) leadership

    Richard Greenfield's questions to PINTEREST (PINS) leadership • Q1 2025

    Question

    Richard Greenfield relayed a marketer's comment that Pinterest ROAS is a 'long game' due to delayed purchasing behavior and asked for management's reaction.

    Answer

    CEO Bill Ready responded that the comment is 'half right,' reflecting a historical perception. He asserted that with new tools, Pinterest now delivers immediate clicks and conversions. He attributed the perception gap to the advertiser adoption cycle, noting that the most sophisticated advertisers already see the immediate value and have shifted spend accordingly.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to PINTEREST (PINS) leadership • Q4 2024

    Question

    Richard Greenfield of LightShed Partners asked for more detail on user engagement, particularly in the U.S., given the improved WAU-to-MAU ratio, and questioned the long-term domestic Total Addressable Market (TAM) for users.

    Answer

    CEO Bill Ready confirmed the global weekly-to-monthly active user ratio hit a record 62% and is highest in mature markets like the U.S. He emphasized the strategy is to deepen engagement per user rather than chase new user counts in these regions. He attributed engagement growth to improved actionability and curation features resonating with Gen Z, which directly drives monetizable actions like advertiser clicks. He did not provide a specific number for the domestic TAM.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to PINTEREST (PINS) leadership • Q3 2024

    Question

    Richard Greenfield pressed for a more quantifiable definition of 'deepening engagement,' specifically asking if time spent per user in the U.S. and Canada is growing year-over-year.

    Answer

    CEO Bill Ready countered that 'time spent' is not the right metric for Pinterest, as two-thirds of its usage is search-related, where finding an answer quickly is a sign of success. Instead, he identified the improving weekly-to-monthly active user (WAU/MAU) ratio as the best indicator of deepening engagement. This metric shows users are returning more frequently because the platform is delivering more relevant, actionable content faster.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Warner Bros. Discovery (WBD) leadership

    Richard Greenfield's questions to Warner Bros. Discovery (WBD) leadership • Q1 2025

    Question

    Richard Greenfield sought clarification on the financial impact of the NBA contract changes, asking for a quantification of the net cost or savings in Q1 and Q2 of 2025 and the expected savings in 2026.

    Answer

    CFO Gunnar Wiedenfels confirmed that 2025 will be impacted by an overlap of outgoing and incoming sports rights, modeling a roughly $300 million cost increase for the year, with Q2 bearing a large portion. He stated that a moderate tailwind will begin in Q4 2025, followed by a 'very significant improvement' and material step-down in sports rights expenses in 2026 after the current NBA contract ends.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Warner Bros. Discovery (WBD) leadership • Q4 2024

    Question

    Richard Greenfield asked about the expected net sports cost savings in 2026 versus 2025, whether WBD is interested in acquiring other available sports rights, and if new affiliate deals include minimum penetration guarantees for Max.

    Answer

    CEO David Zaslav stated WBD is disciplined with sports, viewing them opportunistically rather than as a necessity, and is focused on building value through core IP. CEO of Global Streaming and Games JB Perrette explained that affiliate deals are not one-size-fits-all; some hard bundles include penetration commitments while others do not. CFO Gunnar Wiedenfels specified that WBD expects 'several hundred millions of dollars' in sports expense to come out in 2026.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Warner Bros. Discovery (WBD) leadership • Q3 2024

    Question

    Richard Greenfield asked for commentary on the upcoming global renewal with Comcast and Sky, questioning the company's confidence in securing a favorable deal without the NBA rights and its importance for the sustainability of cable network cash flows.

    Answer

    CEO David Zaslav expressed confidence in the renewal, citing his long-standing business relationship with Comcast's leadership. He emphasized that Warner Bros. Discovery's content provides significant value to the basic cable bundle and pointed to other successful partnerships with Comcast, such as Harry Potter, as evidence of their ability to create mutual value.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to ROKU (ROKU) leadership

    Richard Greenfield's questions to ROKU (ROKU) leadership • Q4 2024

    Question

    Richard Greenfield asked about the lifetime value and retention impact for users who subscribe to services via Roku Pay, whether partners experience lower churn through Roku, and if the company plans to create its own subscription bundles.

    Answer

    CEO Anthony Wood emphasized the company's focus on lifetime value but did not comment on specific churn rates. He stated that getting users onto the Roku Pay billing system is generally positive for retention. He noted that premium subscriptions are a big opportunity for growth, as Roku is currently behind some competitors in this specific area.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to Warner Music Group (WMG) leadership

    Richard Greenfield's questions to Warner Music Group (WMG) leadership • Q1 2025

    Question

    Richard Greenfield asked about the 'winner take most' dynamic in music streaming, highlighting Spotify's dominance, and questioned what WMG could do to stimulate more competition and innovation from other DSPs like Apple and Amazon.

    Answer

    CEO Robert Kyncl responded that the best way to foster a competitive ecosystem is to enable innovation by providing partners with the rights and permissions to experiment with new formats, tiers, and business models. He emphasized that WMG is a willing partner in this process for all DSPs, including Spotify, Amazon, and Apple, to help them grow and differentiate their services.

    Ask Fintool Equity Research AI

    Richard Greenfield's questions to TKO Group Holdings (TKO) leadership

    Richard Greenfield's questions to TKO Group Holdings (TKO) leadership • Q3 2024

    Question

    Richard Greenfield asked for clarification on whether TKO would be involved in any potential bid by Ari Emanuel for other Endeavor assets and sought confirmation that TKO would remain a sports-only entity.

    Answer

    President and COO Mark Shapiro stated unequivocally that 'TKO will not bid on any other Endeavor assets, period,' but confirmed Ari Emanuel could bid in a personal capacity. He strongly reaffirmed TKO's identity as a 'sports pure play, end of story,' noting that recent acquisitions directly align with this core strategy.

    Ask Fintool Equity Research AI