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Tom Harrington, of Enders, says that the company’s speed is also a crucial factor. Show trailers start playing in seconds and lags are rare.

“The user experience is probably undervalued in its contribution to Netflix’s success,” Harrington says. “For a lean-back medium like TV, any added aggravation raises the bar of how good your content has to be to make the journey worthwhile.

“There’s an alchemy of a number of things that Netflix does better than anyone else.”

“Both have serious issues to address with PS5 having sold less than PS4, and the studios team unable to derive benefits from acquisitions such as Bungie, or deliver successful live service titles,” said Gareth Sutcliffe, head of gaming at research firm Enders Analysis.

Hamish Low, an analyst at research firm Enders Analysis, told Business Insider that the reaction to the chip stock sell-off seems "quite overblown" as "being able to use compute much more efficiently," a key claim of DeepSeek's R1 release, "is by no means bad for compute demand."

Enders Analysis' Low made a similar point, telling BI that "DeepSeek is maybe just acting as a trigger point here for much broader investor unease around the returns on Big Tech AI capex and Nvidia's continued rise."

The conversations usually don’t involve much pushback. Podcasters aren’t held to the same standards of accuracy as the traditional press, so there’s little emphasis on fact-checking. “It turns out a huge proportion of younger demographics just don’t care about any of that”, says Douglas McCabe, CEO at Enders Analysis. “The feeling is: ‘I’m getting the authentic voice, and I’m not subject to whatever the agenda of the editorial newsroom is’,” he says.

It’s unclear where the balance between old and new media will resettle. “I can’t see [traditional media] having the same scale of influence and commercial heft in the marketplace in the next five years that they had five or 10 years ago”, says McCabe. “I don’t think that’s controversial. It’s inevitable”.

Karen Egan, at Enders Analysis, said BT's main focus would be how to recover the vast amounts of cash it has been spending on an ambitious drive to roll out fibre broadband internet across the UK.

'It needs to press ahead with that,' Egan said, adding that the group would want to avoid any 'nasty surprises' arising out of its international BT Global division. Egan agreed Bharti was 'very supportive' of the current strategy and that the Indian giant would likely be 'encouraging the company to digitalise faster'.