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Claire Enders founded Enders Analysis in 1997 to provide senior corporate managers with an alternative perspective on 3G and the Internet from the uniformly optimistic industry and City research before the bubble burst.

Today, Enders Analysis offers its subscribers research generated by a programme covering the major commercial, regulatory and strategic issues in mobile and fixed line telecoms, TV and the Internet, as well as the major content businesses such as music, publishing and advertising. Our focus is on the European markets but we assess all key trends and regulatory issues in our sectors in major markets such as the US or Japan.

Our research is independent, impartial and grounded in analysis. It is not influenced by stock market considerations or corporate finance mandates. We have no interest in acting as advocate and promoter of new technologies or of specific companies and their strategies, unless we believe in them. We aim for the quality of real understanding that our readers need as they consider investment decisions.

In our view, this provides us with a significant competitive advantage over existing sources of research:

  • Investment banks may struggle to provide truly objective research because of potential conflicts of interest with trading objectives or corporate finance mandates. They tend to take for granted the success of corporate strategies and to misunderstand regulatory processes and objectives.
  • Market research firms, industry analysts and even independent consulting firms all face strong pressures to exaggerate the speed of adoption of new technologies and the prospective success of market participants, and assume that capital will be available for speculative schemes.

We are proud of our record of accuracy over the last nine years. A list of report summaries can be found here.

Team
 

James Barford

James Barford covers mobile operators and device manufacturers.

James is a former senior equity analyst with Lehman Brothers, writing on incumbent fixed line and alternative network telecoms companies. He was previously a consultant with PwC in the telecoms strategy and policy team, working extensively with telecommunications operators and regulators in Europe, Asia and South America.

James is a qualified chartered accountant and holds a degree in mathematics from Oxford University.

 

Charles Bruce

Charles Bruce is a researcher and tracks news for the team.

He holds a degree in economic history from the University of St Andrews.

 

Dr. Alice Enders

Alice Enders coordinates the research programme of the company. She also covers broadband market developments in France, in particular local loop unbundling (LLU) and related telephony and content delivery strategies. Alice also covers online music.

Alice is a former senior economist at the World Trade Organisation (WTO) in Geneva, where she last covered competition policy and telecoms regulatory developments in the European Union. She previously was professor of economics at York University in Canada.

Alice holds a doctorate in economics from Queens University in Canada.

 

Claire Enders

Claire Enders started Enders Analysis in 1997 and leads the company. She previously worked in senior corporate development and strategy roles in all sectors of the UK entertainment industry (including cable, television and music).

She holds a BA from Yale and an MBA from London Business School.

 

François Godard

François Godard covers broadband and digital TV developments in France, Italy and Spain.

He has been an independent media consultant since 1991. His clients on research projects have included the Conseil Supérieur de l’Audiovisuel, Intelsat and the European Broadcasting Union. François has also written reports published by Informa and Screen Digest. He previously worked for the Aegis media services group.

François graduated from the Institut d’études politiques in Paris; he also holds a degree in modern literature.

 

Will Harris

Will Harris covers mobile telecoms operators.

He is a former senior manager at Orange in the Corporate Strategy team, working on convergence, competitive positioning and new technology issues.

Will is a qualified chartered accountant and holds a degree in economics from Bristol University.

 

Tim Hatt


Tim Hatt is a research analyst covering mobile operators.

 

Tim is a former analyst at iCD Research working primarily for companies in the telecommunications and financial services industries, focusing on brand development in consumer markets.

 

He holds a degree in Biology from Queens University in Canada.

 

Ian Maude

Ian Maude covers the online advertising sector and broadband content delivery strategies in the UK, France and Germany.

He is a former VP at AOL Europe, where he ran the UK commercial and business development organisation. He also played a lead role in establishing the IAB, the industry body responsible for promoting interactive marketing.

Ian holds an MBA from Warwick University.

 

Douglas McCabe

Douglas McCabe covers online publishing, new media business models and the impact of new media on existing markets.

He is a former director of Fish4, the classified advertising portal, and has held senior marketing, operations and editorial positions in retail and B2B magazine publishing.

Douglas is a literature and cinema graduate of Stirling University.

 

Ben Rumley

Ben Rumley is a research analyst covering fixed line telecoms operators and the music industry.

He holds a masters in mechanical engineering from Bristol University, and studied at Purdue University in the US.
 

Dr. Toby Syfret

Toby Syfret covers television market developments in the UK and continental Europe.

He has provided independent consultancy services on international TV broadcast and new media development issues. He is a leading international authority on ‘peoplemeter’ measurement of television audiences. Toby previously managed the Ogilvy and Mather European media centre, and was head of new media at J. Walter Thompson.

Toby holds a doctorate in philosophy (developmental psychology) from Cambridge University.

 

Sophy Thorpe

Sophy Thorpe handles all the production and company administration.

She formerly ran her own presentation preparation business and was a member of the marketing communications group at HSBC.

 

Ian Watt


Ian Watt covers fixed line telecoms operators including incumbents and new entrants in the UK and continental Europe.

He is a former senior advisor with PwC in the telecoms strategy team where he specialised in market analysis, working extensively with fixed and mobile operators in Europe and around the world. He previously held strategy and marketing positions at BT International and ITT.

Ian holds a BSc. in economics from the London School of Economics and an MBA from INSEAD.

 
 
 
News
 
The Financial Times

Breaking news of a radical reform of its business model (Setanta considers wholesale switch), the Financial Times suggested that the sports broadcaster would consider ditching its retail customers in order to reduce annual losses of £100m.

It would instead become a wholesale supplier of programmes, including Premier League football, to broadcasters such as British Sky Broadcasting and BT Vision, reported the FT.

Quoting from a note on Setanta’s cash crisis written by Claire Enders and Toby Syfret, the FT endorsed their view that the participation of BSkyB would be a key to the success of a scheme, “the one escape route from Setanta’s predicament”.

Allowing BSkyB to sell to customers on Setanta’s behalf would bring the benefit of Sky’s broader subscriber base and more than halve its current annual operating expenses to about £55m. As the FT pointed out: "Setanta, with 1.2m subscribers, is still far from reaching a break-even point that Ms Enders estimates at 1.9m."

Summarising their views on Setanta, Claire Enders and Toby Syfret added:  “The sum total of £125m in annual cost savings by 2011 comfortably exceeds the current estimated annual operating loss of £90m in Setanta’s UK operation. On balance, we believe that the switch to a wholesale-only model leaves Setanta with a fighting chance, and it is vital it happens quickly.”

02 Jun 2009
 
Variety

Following implementation in January of the French government's ban on prime time advertising (TV ad ban creates no windfall for webs), Variety suggested that analysts had originally predicted that the dominant commercial channels, TF1 and M6, would receive a windfall: "Sarkozy's critics argued the real aim of the scheme was to benefit his private sector friends. But things turned out differently."

Variety reported that TF1 recorded a 27% drop in first quarter advertising revenue compared to the same period last year, to $442 million. With audience levels "satisfactory," the company blamed the plunge on the deteriorating advertising market, strong downward pressure on prices, and the compensation tax. M6 reported an 11% fall in advertising revenue to $202 million in the first quarter, blaming the drop on low volumes.

François Godard was asked for his view. He said: "We're in some sort of negative feedback loop... There's less inventory on sale, and the prices are collapsing, whereas you would expect lower inventory to sustain prices." He added: "Indications are that (DTT) net revenues have increased, but we don't know for sure the exact balance of the market... There is still some fog around exactly what has happened."

22 May 2009
 
Mobile Power
Singling out James Barford's contribution as a Mobile Telecoms Analyst (50 Most Influential People in the UK Mobile Industry), Mobile Power comments:

Operators are bombarded with reports and briefings, but the Enders Analysis reports are regarded most seriously by UK senior bosses. Barford heads up Enders' commentaries on the operators and manufacturers. "His assessments on the direction of the sector are very astute and taken seriously", says one senior executive. He manages to keep a deep insight in both the manufacturers and operators to take a broader view of the industry.

 
21 May 2009
 
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