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Enders Analysis provides a subscription research service covering the media, entertainment, mobile and fixed telecommunications industries in Europe, with a special focus on new technologies and media.

Our research is independent and evidence-based, covering all sides of the market: consumers, leading companies, industry trends, forecasts and public policy & regulation. A complete list of our research can be found here.

 

Rigorous Fearless Independent

Disney’s streaming business grew healthily, with Q4 YoY revenue growth (+8%) outpacing Q3 (+6%). Cinema had another tough quarter, although the full year ended well ahead 

Disney's progress on new platforms—in particular its efforts on Fortnite and the launch of ESPN's new app—increases the pressure on its US linear operation: it may not yet be moribund but has declining relevance to the rest of the business

In the UK, Disney+ continues to be challenged by its engagement levels—e.g. top new shows, a major driver, are relatively less likely to cut through its user base—but there appears to be a disconnect between lower usage and churn

Expanded capabilities notwithstanding, Netflix will still need to expand its controller offerings beyond mobile devices to include more traditional gaming controllers if it wants to grow its portfolio beyond party games, according to Gareth Sutcliffe, the head analyst covering the games industry for the market research service Enders Analysis. 

“Supporting kids’ gaming specifically, which they’ve publicly stated is a priority, clearly needs a non-mobile-phone controller option,” Sutcliffe said in an interview with GamesBeat. “A controller reference design that OEMs [original equipment manufacturers] support would begin a ramp to a richer game service, increased advertising TAM [total addressable market], and possible games subscription tier.”

Comcast/Sky is in preliminary discussions to acquire ITV’s broadcast and streaming operations. With a larger audience footprint, better tech and a broader range of British content, the rationale is that the merged entity would be better placed to compete with global streaming giants.

The belief will be that the downward momentum of both parties will be slowed, and the offering is more likely to be a primary viewing choice. There is a danger that ITV may lose some of its unique identity.

The deal will need to clear regulatory hurdles including concerns on media plurality. The harder test will be convincing the CMA that the relevant advertising market is wider than just broadcasters.

“If there are better services available elsewhere and there is more innovation and there is more choice, then consumers are going to move in that direction, even if that includes piracy,” says Gareth Sutcliffe, from tech researchers Enders Analysis. He says the situation has “become very acute” and had “developed mostly for the worse over the last few years”.

So what, if anything, can solve the issue?

“Innovation is a great response to piracy,” says Sutcliffe. “It addresses the fact that people not only want access, but they may actually want something different because they are moving faster than broadcasters or content owners are moving themselves.”

BT: Grace under pressure

12 November 2025

BT’s financial performance in Q2 was much the same as the previous quarter, despite growing pressure on consumer and wholesale broadband from altnets and competitive responses to them.
 

We see this pressure easing in time, due to roll-out slowdowns and the inevitable consolidation of the altnet industry into a wholesale model, but there may be some tricky quarters ahead.
 

Current full year guidance looks nonetheless very achievable and sustained growth thereafter looks likely, with earlier rather than later consolidation good for BT as well as the altnets themselves.

Gareth Sutcliffe is a leading tech researcher from Enders Analysis, who speaks on a range of topics in the episode, including the role of the Fire TV Stick device. He says that the previous — and still widely used — device made by Amazon “enables piracy” and that it’s “a broadly risky device for consumer safety”.

Sutcliffe says it “provides a very easy path for malware to enter into a home-computing environment”, there were “policies around developing apps for that device that Amazon took a certain position on and broadly got wrong” as they had made “an open computing device” that was a playground for “a whole world of nefarious actors”.

Bids for the Champions League media rights from 2027 are expected by 18 November across all top five European markets.

In an attempt at injecting competitive tension, a new ‘global’ Tuesday first pick fixture is on offer. Amazon looks like the favourite bidder.

Incumbent rights licensees prioritise cost savings over coverage expansion.