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Rigorous Fearless Independent

Media experts Enders Analysis also revealed there had been a 25 per cent fall in the number of shows that are popular with 'both demographics' in five years. Their report said despite 'the explosion in volume and access to content', the viewing of proper TV shows was 'narrowing around fewer programmes', adding: 'At the same time, younger viewers are watching a greater proportion of video alone, resulting in a growing schism between what is watched by young and older viewers.' The report added that the content available to the average person had increased 12-fold between 2014 to 2023.

But Apple TV+ isn’t a straightforward streamer. “Apple is a phone company, and its growth came through selling iPhones, more iPhones and then charging more for iPhones until a couple of years ago it realised that the billion richest people in the world have an iPhone,” explains Tom Harrington, analyst at Enders Analysis. “They’ve topped out and have to look for growth elsewhere, so their next big move is – how do we monetise that base? They’ve decided it’s in providing services to that billion.”

“I don’t know if they have fully figured out what they want to do with TV,” says Wolk. “It’s a bit of a mystery,” Harrington agrees. “They don’t really licence content very much. Their process in terms of commissioning is slower than everyone else. They approach content like a tech company with iterations to perfection rather than the TV model where you throw a bunch of stuff out there and sometimes it works.

As we noted previously—despite the explosion in volume and access to content—long-form viewing is narrowing around fewer programmes

At the same time, younger viewers are watching a greater proportion of video alone, resulting in a growing schism between what is watched by young and older viewers

The upshot is a two-pronged escalation of pressure on content providers—trying to create a hit when long-form viewing is both declining and concentrating, while, by age at least, adult audience demand becomes increasingly binary

And the company is still grappling with its flailing German business, which remains its largest market. Karen Egan, at research group Enders Analysis, said: 'The company is highlighting how well it is positioned to grow now without Italy and Spain, and with the prospect of a better position in the UK.

'Germany is more important than ever, and the jury is still out on that turnaround.'

 

“One thing that is certain is that Margherita Della Valle has delivered on the deal front having taken over as CEO less than a year ago,” Enders Analysis analyst Karen Egan said in a note on Friday. “If she can deliver on a change in structure and culture to the benefit of the operational performance as convincingly as she has done with dealmaking, then the Vodafone story really could start a very promising new chapter.”

The US is intent on preventing the CCP’s goal of AI supremacy by 2030, banning exports of advanced AI chips to Chinese companies. So far, these bans have largely been shrugged off to create a new commercial dynamic in the region. 

Huawei wields a de facto monopoly on the manufacture and sale of advanced chips in China. Huawei also sells cloud services globally and threatens Apple's $70 billion in Chinese revenues through its premium handsets. 

China’s AI regulation is highly supportive of the training and deployment of Chinese-language LLMs developed by tech platforms, startups, and device makers, with meaningful revenue gains only appearing by H2 2024. 

Market revenue growth was solid at 1.6% in Q4, but subscriber volumes were weak, and ARPU was supported by price rises.

Price rises will be much lower in 2024, with no ease in sight for volume growth, which will likely lead to much lower or even negative revenue growth.

The altnets are adding significantly to incumbent pressure, and their consolidation may ease or worsen this depending on its form.

Vodafone has finalised its deal to sell its Italian business to Swisscom for €8bn, opting for greater regulatory certainty and higher upfront proceeds rather than a potentially higher offer from Iliad for an Italian JV.

The company has grasped the nettle on the trailed dividend cut, bringing the announcement forward from the expected May timing, and halving the payout.

The company is highlighting how well it is positioned to grow now without Italy and Spain, and with the prospect of a better position in the UK. Germany will be more important than ever in this growth equation.