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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

The erosion of the website’s centrality, and the rise of creators and influencers generates multiple challenges for media –people’s choices have grown enormously. This report highlights consumer behaviour: what people trust and value.

Through a series of case studies we demonstrate people’s needs are resilient: helpful and convenient services with personality that can be trusted, all enhanced by strong community.

Media brands continue to play a critical and trusted role for people to navigate marketplaces, interests and their work life. The role of product –and by extension, the leadership and structure of product development –has grown in importance.

Karen Egan, Enders’ head of telecoms, said the trend was also partly due to the cost of living crisis, with consumers more likely to use a cheaper mobile alternative — something that many MVNOs claim to offer. 

Egan also noted that in addition to consumer competition, an additional battle was also growing between network operators jostling to sign deals to bring virtual operators on to their networks. 

“MVNOs are getting increasingly good wholesale deals from the network operators, who are really struggling for other sources of revenue growth and have decent levels of spare network capacity,” she said. 

Service revenue growth remained firmly negative at -1.0% in spite of inflation of +2.1%, as competition remains intense and pricing power weak.

Operators are guiding to a 2025 EBITDA performance that is broadly in-line with, or weaker than, their 2024 performance, with SFR choosing to abstain from guidance this year.

In-market consolidation cries are getting louder, with France, Italy and Germany the most obvious candidates.

Hamish Low, an analyst at the research firm Enders Analysis, told Business Insider that the "macro uncertainty" triggered by Trump's administration would weigh on tech companies.

He said it would make investors more serious about the "questions that were already growing" about Big Tech's major bets and their potential for returns.

"Impressive capabilities at the frontier of research aren't translating into either people's experiences of AI products or the kinds of returns that match the investments going in," Low told BI.