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Enders Analysis provides a subscription research service covering the media, entertainment, mobile and fixed telecommunications industries in Europe, with a special focus on new technologies and media.

Our research is independent and evidence-based, covering all sides of the market: consumers, leading companies, industry trends, forecasts and public policy & regulation. A complete list of our research can be found here.

 

Rigorous Fearless Independent

Enders Analysis analyst François Godard told Reuters that bumpy trading in Canal+ was expected until the company's narrative was fully grasped by investors.

"It (Canal+) is both incumbent and digital, profitable but not the way streamers are profitable, it is growing but not next year, it is expanding in Africa, which investors don't really understand," he said.

In a research note last week, Enders Analysis said that Britain was relatively well served by existing mobile networks, while the large number of national boundaries in Europe means that stopping satellite signals at the border is a regulatory nightmare.

For these reasons, Hamish Low, of Enders, says he does not expect a full satellite-to-device service to be available in the UK until 2026 at the earliest. And even assuming those kinks are worked out, it may not be the easy win that mobile networks are hoping for.

However, Low says that companies such as Starlink or Apple, through its Globalstar investment, could use the business to chip away at the incumbent mobile businesses. Apple has spent years developing custom modem chips for its phones – currently one of the few parts of the supply chain it does not control – which would boost reception from satellites.

The UK’s Competition and Markets Authority approved Vodafone’s merger with Three UK without imposing the feared “structural” remedies — aka major asset sales. That’s good news for Vodafone itself. It expects to cut £700mn between costs and investments, which will allow the combined group’s return on capital to rise from the ashes to something approaching its cost, thinks Karen Egan at Enders Analysis. 

Claire Enders, media analyst at Enders Analysis, said there have been repeated attempts to buy James’ stake in the trust over the past six years, but no deal had ever been acceptable to both sides. But Rupert is “not a man who gives up”, she added.

Enders expected Elisabeth would lead efforts to reach a détente between the two sides: “She is believed to have taken the lead in previous disputes and crises requiring conciliation efforts between her father and his children.”

As Jamie MacEwan, senior research analyst at Enders Analysis pointed out, at a critical mass, this could foster a news network on Bluesky that becomes self-sustaining over time.

“Overall, traffic is going to be more about news personalities than [just] news publishers,” MacEwan continued. “The ability to have healthy two-way dialogue with public figures is something Twitter used to promote before losing its way, so the more controlled environment of Bluesky is a real selling point. Journalists are a big part of that, especially those connected into breaking events. You might get an outlet with a lot of followers, but just as many if not more will be following their star journalists and columnists.” 

"Agency holding groups have seen sharp competition from both online platforms and scrappy independents, driving the push to scale up and diversify their offerings. In terms of UK revenue, this merger would create a combined entity on par with WPP. Beyond simply bulking up, there’s real potential for margin improvement, as scale allows for more efficient investments in AI and other tech capabilities, which are increasingly critical for agencies. Publicis has shown how transformative this can be with its acquisitions over the last decade."

"There’s also some strategic complementarity in the deal – IPG would significantly enhance Omnicom’s strength in healthcare, experiential marketing and other niche areas. While this move is about overall scale, as successful indies show, scale isn't everything. Delivering for your clients strategically and creatively is the heart of the business."

Apple is investing an additional $1.5 billion into its satellite partner Globalstar to build a new satellite network and expand its direct-to-device text and call capabilities, setting Apple up to take a sizeable piece of this emerging market

The FCC has approved Starlink's direct-to-device service, opening the path to an imminent commercial launch in the US and elsewhere, though it deferred on controversial power and interference questions

In the UK, while Ofcom will potentially approve services in the second half of 2025, we continue to expect no commercial services apart from Apple to be launched before 2026, with the UK market an imperfect fit for direct-to-device for now

The German football league will earn 2% more per season from its broadcasting rights for 2025-29, while European peers have faced declines at recent auctions

Sky and DAZN have maintained their relative value to fans: Sky expanded its coverage by 27 games, but lost the Saturday ‘Live-Konferenz’ feed to DAZN

The league has maintained wide free TV exposure, and leveraged strong fan demand for its second division