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UK commercial radio: stable market with organic growth prospects

21 July 2014
Access report

UK radio listening remains very healthy, with the plethora of internet radio and music streaming services now available barely affecting average listening time which has decreased by only 6% (11 minutes per day) since 2008

Commercial radio has maintained a consistent 43% share over this period, but its audience is getting older, as those that grew up with it remain loyal, and the population itself gets older. In a stable and benign market, the three major players of Bauer Media, Global Radio and UTV Media are focussed on increasing audiences, multi-platform propositions and digital opportunities

DAB growth remains slow, although the recently advertised national commercial multiplex may provide the impetus DAB badly needs, as it will allow for the launch of up to 11 national digital stations. Bauer, UTV and Arqiva have announced a new consortium to apply for the licence, and we believe Global is also looking to form a consortium

Recent reports

Pricing under pressure: European mobile in Q4 2023

10 April 2024

Service revenue took a dip in Q4 to 1.5% as a waning price rise impact in the UK combined with the loss of positive one-offs in Germany.

We expect growth to slow further through 2024 as many operators implement lower index-linked price rises which are also coming under increasing regulatory scrutiny.

Vodafone has made progress on its turnaround plan—striking deals for its Italian and Spanish units—but it is not yet out of the woods, with ongoing challenges in Germany and approval still uncertain in the UK.

Access report

Sky/DAZN peace challenged: Bundesliga tries to buck the downward trend

8 April 2024

The German football league’s rights tender for its 2025-29 cycle is designed to create competitive tension between Sky and DAZN.

Based on precedents and public statements, we would expect Sky to increase coverage and DAZN to scale it down without a head-on bidding battle.

With low international potential, the Bundesliga can only count on its deep fan base to meet competitive pressure from the Premier League.

Access report

Disney: Iger prevails at AGM

4 April 2024

Shareholders have voted down director nominees proposed by Trian Partners and Blackwells Capital, providing a convincing, but hard fought, victory for Bob Iger and the current board

The proxy battle surfaced useful ideas and recommendations that Disney should implement: appointing a Chief Technology Officer to the C-Suite would help the company better respond to technology-first competitors and AI

After months of distraction, Disney leadership can now focus on important unresolved issues: completing the acquisition of Hulu, achieving profitability in direct-to-consumer services, and what to do with Linear Networks

Access report