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. We cover all sides of the market, from consumers and leading companies (e.g. Vodafone, Iliad, ITV, BT, BSkyB, Virgin Media and others), to regulation. A complete list of our research can be found here.

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More news under the Sun? | January 2012

Rumours that News International will consider launching a newspaper to replace the News of the World have circulated for months, and probably only one event can dispel them

Trinity Mirror has picked up the bulk of the 60% of NoW copies that have not entirely fallen out of the market since June 2011, and arguably the longer any launch is delayed the harder it will be for NI to attract them back

Carphone Warehouse December quarter results: Weak prepay hits revenue, but strong contract supports profits | January 2012

Carphone Warehouse’s Q3 2011/12 volume and revenue was severely hit by a steep reduction in UK prepay volumes, with prepay subsidy cuts driving a drop in the UK market of as much as 40%

However, stronger volumes of higher margin contract handsets drove a small improvement in gross profit for the quarter

The unexpected prepay weakness means that Carphone Warehouse’s handset business will have roughly flat operating profit in its 2011/12 financial year at best, although given the negative external factors this would reflect a...

Recorded music: is the US bouncing back? | January 2012

US album volumes in 2011 rose for the first time since 2004, but lower pricing may continue the revenue decline

UK album volumes declined 5.6% in 2011. HMV’s new-found breathing space removes a key risk for the outlook

US radio royalties to music publishers have been agreed in principle and will see a return to a revenue based payment

Google UK results: mobile and display ascendant | January 2012

Google’s UK revenue grew 23% to £676 million in Q4 2011, taking 2011 revenue to £2,525 million, up 20% year-on-year, 2 ppts below our November estimate

Globally, gross revenue rose 25% year-on-year, with mobile and display performing strongly, but rising costs pulled net revenue growth down to 8%

Our growth forecasts for Google’s UK revenue remain unchanged; we expect UK internet ad spend to rise from £4.7 billion last year to £5.8 billion by 2013, representing 35% of total advertising, as print continues to fall

Al Jazeera needs Canal+ | January 2012

Qatar’s Al Jazeera will launch its French pay-TV channel by this summer, showing weekly Ligue 1 and Champions League games, but it has yet to disclose a business plan and distribution deals

The new channel is a complement to Canal+, which broadcasts the most attractive games. Al Jazeera would need to obtain distribution on the Canal+ platform

Even if such a deal were to be struck, Al Jazeera would struggle to break even

Two UK consumer recessions for the price of one | January 2012

UK households cut their real spending in 2011, and we expect their spending to, at best, flat-line in 2012 and 2013

From an economic perspective, flat real advertising growth is our central case for 2012 and into 2013 for the UK

Poor sales prospects and low profit margins on heavy price discounting will dissuade advertisers from higher spend until tangible evidence of a consumer recovery emerges.

News

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  • Bloomberg TV: Last Word 23 November 2011


    Claire Enders is asked to speak with Bloomberg regarding the resignation of James Murdoch from the boards of News Group Newspapers Limited, publisher of The Sun, and Times Newspapers Limited, publisher of The Times and The Sunday Times. She further addresses the separation of BSkyB from News International regarding any impact on James Murdoch's role as Chairman of the satellite broadcaster.

  • The Financial Times 25 October 2011


    Following the resounding protest vote by shareholders unhappy with the prospect of reappointing James Murdoch to the board of News Corp (Investors take issue with Murdoch's son), the Financial Times observed that investors' ire was not driven by the unfolding scandal of phone hacking, but instead signalled their dissatisfaction with the the control exercised by the Murdoch family.

    Claire Enders was asked for her view. She said that the results are "less about the Murdochs and more about Chase Carey, who... has impressed investors with his drive to extract more money for its cable channels and Fox broadcast network, and focus on shareholder returns". With just 61m shares against Mr Carey’s reelection, Claire Enders explained that “this is a beautifully coordinated effort by a very large group of American shareholders to send a message that this is the opportunity of a lifetime to restate the company’s strategy in the direction Chase Carey is taking it”. She added that US investors are paying little attention to the hacking scandal. Many are focused on News Corp’s $5bn buy-back programme, which has helped support its shares since the scandal exploded in July.

    http://www.ft.com/cms/s/0/9568f4b0-ff20-11e0-9b2f-00144feabdc0.html#axzz...