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Publications

Format: 2014-08
Format: 2014-08
Sector(s) Datesort icon

21st Century Fox, Time Warner and the wave of mega-mergers

Consolidation in US and European TMT and the rapid expansion of digital giants is creating increasing pressure on the media companies who have to negotiate with them.

In Time Warner, 21st Century Fox identified an acquisition that would give it invaluable global premium content and distribution assets, and the ability to outbid its main rivals in upcoming sports rights auctions. The benefits for Time Warner were less discernible.

Media, TV August 2014 Access this report

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Consumer books: slow transformation

The appearance of mass market consumer eBooks was delayed, evolved explosively, and has since plateaued more quickly than other media. Physical books are attractive objects and elegant devices compared to CDs and DVDs.

Furthermore, “all you can eat” is not a reader’s mindset, limiting the relevance and growth of mass market eBook subscription services.

Media, Press August 2014 Access this report

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UK broadband, telephony and pay TV trends Q2 2014: BT leads the way

Market revenue growth in the UK residential communications sector continued to be robust in Q2 2014 at 5.4%, a slight increase on the previous quarter, with continued volume growth and firm pricing countering weak call volumes and the negative impact of a VAT legislation change hitting Virgin Media and TalkTalk

Fixed line, Telecoms August 2014 Access this report

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Skys Europe 2014 results: Mixed in Germany, resilient in Italy

BSkyB’s Sky Europe project has added a new layer of interest in results of its Continental sister platforms. Sky Italia is almost profitable but with meagre growth prospects, while Sky Deutschland is loss-making but with significant expansion potential

In Germany Sky’s underlying subscriber growth trend is improving while churn is at a historical low. But ARPU growth has stalled, leading us to expect slower revenue growth in fiscal 2015. The latter would be consistent with Sky’s guidance for subscribers and EBITDA

Media, TV, Non-UK Media August 2014 Access this report

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Virgin Media Q2 2014 results: Strong revenue, stronger profits

Virgin Media’s consumer cable business has moved back to accelerating volume and (underlying) ARPU growth, with the new ‘big bundle’ packages looking like a success

Growth at the business and mobile divisions improved sharply, pushing group revenue growth back into firmly positive territory, and profitability growth even higher

Given the broadband speeds it offers, Virgin Media is still good value, and gets better value as speed demands increase, allowing continued price increases to back

Fixed line, Telecoms August 2014 Access this report

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BARB's eye view of Netflix

Netflix has always been highly secretive and released very few details about its international streaming performance in individual countries beyond the general statement that it is seeing encouraging progress everywhere

Now at last we can assess Netflix growth trends in the UK with a high degree of confidence as a result of a question added to the BARB ES questionnaire at the beginning of 2014, which is administered to large quarterly samples of 13,500 respondents

Media, TV, Internet August 2014 Access this report

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Transformation - where next ITV? Interim 2014 results

ITV has enjoyed another very positive start to the year, with a repeat 11% increase in adjusted EBITA, this time mainly due to strong NAR growth, further helped by a 20% increase in Online, Pay & Interactive revenues

Broadly flat ITV Studios revenues reflected timing and special factors, including negative changes in the exchange rate. Now the leading US independent producer of unscripted programmes after three further acquisitions, ITV has set its sights on growing scale in scripted content

Media, TV August 2014 Access this report

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BT Q1 2014/15 results: Solid Q1, but battles to come

BT had a solid Q1, with Group revenue growth still positive but slightly slowed by weakness in managed services and Global Services, and EBITDA flat in the last quarter before BT Sport costs fully annualise out

The consumer side had strong revenue growth, with accelerating volume growth and solid ARPU, although net subscriber additions were relatively subdued in a quarter that was seasonally quiet

Fixed line, Telecoms August 2014 Access this report

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Marketing, social and economic change: the UK is growing up

The UK population is ageing, with over-40s in the majority for the first time in 2014/15. Since 2002, Baby boomers (young in the 1960s) and Gen X (1970s) have increased their shares of the UK’s wealth, disposable income and consumer expenditure.

Baby boomers and Gen X remain very firmly engaged with traditional media alongside the internet – older demographics are much more multimedia than younger demographics, who are disengaged with traditional media to the benefit of digital media.

Media, Press, Internet August 2014 Access this report

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UK consumer magazines: digital and innovation

In second of a two part report examining the current state of the UK consumer magazines sector we focus on magazine brands’ prospects in the rapidly evolving digital and mobile landscape.

Mobile presents a particularly fundamental challenge to magazines, but should also act as a spur for publisher innovation; we assess the degree of digital engagement from publishers thus far and consider the risks in ecommerce and opportunities in video.

Media, Press August 2014 Access this report

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UK consumer magazines: two-tier market opens up

In the first of a two part report examining the current state of the UK consumer magazines sector we focus on the performance of print as paid circulation decline accelerated, down 10% year-on-year in 2013.

We consider the display advertising performance of both consumer and B2B magazines across print and digital and provide forecasts through to 2017. While print display advertising decline in consumer magazines accelerated to 8% in 2013, digital growth was 12%, and digital advertising is now 15% of total display revenues.

Media, Press July 2014 Access this report

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EE Q2 2014 results: 4G accelerates, but revenue growth does not

EE reported impressive operating figures, with 4G net adds accelerating sharply from an already impressive base and mobile contract net adds leading the UK market

Service revenue growth was respectable, but did not improve on the previous quarter despite the surge in premium 4G customers, although profitability did continue to improve as further synergies were realised

Mobile, Telecoms July 2014 Access this report

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BSkyB to be ESkyB - FY 2014 results

2014 saw a fall in profits as BSkyB absorbed the £217 million step-up in the annual cost of PL rights and invested £60-70 million in accelerating growth in its connected offerings, but with strong underlying revenue growth pointing to a resurgence of profits in 2015

The annual results release was over-shadowed by the news of BSkyB’s proposal to create Sky Europe through the acquisition of 21C’s shares in Sky Deutschland and Sky Italia, where it sees great opportunities for revenue growth and cost synergies

Media, TV, Fixed line, Telecoms July 2014 Access this report

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Vodafone Q1 2014/15 results: Modest signs of recovery

Vodafone Europe’s service revenue growth improved slightly in the June quarter, by 0.6ppts to -7.9%, largely due to it running out of revenue to lose in some segments, but contract net adds were disappointing, with the company still losing ground competitively

Investment in Project Spring is surging with capex double the prior year and 4G coverage accelerating, which is very encouraging for the medium term, but it will be some time before this pays off in revenue and profit terms

Mobile, Telecoms July 2014 Access this report

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TalkTalk Group Q1 2014/15 results: Solid start to the financial year

TalkTalk’s June quarter results revealed solid subscriber trends, with broadband, fibre, line rental and TV net adds all either matching or slightly improving upon the previous quarter

Revenue growth dipped down on the previous quarter (3% vs. 5%), but the price increases in May/June have yet to have a full quarter’s effect, and the company remains confident in its full year guidance of at least 4%

Fixed line, Telecoms July 2014 Access this report

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Multichannel TV facing the squeeze: Part 1

The commercial non-PSB sector saw strong growth in share of total TV viewing of close to 40% as the multichannel TV homes universe doubled in the 10 years between the launch of Freeview in October 2002 and completion of digital switchover in October 2012, and even higher 50% growth in SOCI (share of commercial impact) thanks to the higher commercial airtime quotas of the non-main PSB channels

Media, TV July 2014 Access this report

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UK commercial radio: stable market with organic growth prospects

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.

Media, Music and Radio July 2014 Access this report

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UK quarterly internet trends Q1 2014

The UK’s love affair with mobile devices continued in Q1 2014, with four times as many smartphones and tablets as PCs shipped during the quarter. Smartphones now account for three quarters of mobile phone sales, and shipments of tablets exceed sales of PCs, though the latter improved during the quarter

Media, Mobile, Internet, Technology, Telecoms July 2014 Access this report

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European mobile in Q1 2014: Underlying remains weak, but consolidation progresses

European mobile service revenue growth improved to -7.6% in Q1 2014 from -9.0% in the previous quarter, but most of the improvement came from a drop in the regulated MTR cut impact, with underlying growth only improving 0.2ppts

This is in spite of continued improvements in GDP growth and the highest level of consumer confidence in six years, confirming that the often-blamed economic conditions actually have been having little impact on the market, with competitive intensity the real cause

Mobile, Non-UK Telecoms, Telecoms July 2014 Access this report

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UK home video: digital switchover

The British Video Association has released full year figures for 2013 for the UK home video market, which reveal that growth in digital video, especially in over-the-top subscription services e.g. Netflix, offset the fall in spend on physical media last year, reversing the previous downward trend

The bad news is that DVD’s decline is set to quicken, as the number of households with stand-alone players has begun to fall, though there should be some respite this year from sales of huge box office hits such as Disney's Frozen and Warner Bros.' Gravity

Media, TV, Internet July 2014 Access this report

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