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Rigorous Fearless Independent

Alice said “It is a minority making a reasonable amount of money – ones that can command large audiences – and then there’s a very long tail."

She added "It definitely takes a while to build up scale and an audience. I think it probably works better for established writers from media outlets who have already built up a following with the security of having a large organisation as well as the salary before they transition across. It would be much harder to build up organically – it's not impossible, but definitely challenging."

"The journalists that have done well through Substack are really columnists, political journalists and opinion writers. Maybe there's a bit of a risk there that for a news organisation they lose talent – somebody who potentially will be able to leverage higher fees as a result. But media organisations have always competed with one another to retain big names and grow associated audiences. I think it's just another competitor."

The government is intent on privatising Channel 4, largely as is, with some potential shifts to the remit and a re-evaluation of the Terms of Trade and the publisher/broadcaster model

We note a valuation range of between £600m and £1.5bn, depending on the scenario and the buyer’s ability to create cost-savings. The counterfactual—a competitor buying Channel 4—could be motivating, while many broadcasters could benefit from the sale given that the government will have to provide the buyer with surety around uncertainties like prominence, licences and gambling/HFSS advertising

Given the potential and incentive for a profit-oriented owner to game Channel 4’s current woolly remit, if the government wants to guarantee a continuation of the benefits C4 presents onscreen and to the economy, much consideration need be placed on making the obligations more quantifiable and trackable

The bounceback from COVID is yet to be evidenced in UK mobile as there was no improvement in service revenue trends this quarter beyond the simple annualisation of the pandemic hit.

More mobility and international travel will be crucial tailwinds. Q3 travel rates are only slightly higher than a year ago, limiting the near-term upside. Some pandemic boosts such as lower churn and higher B2B demand will also unwind somewhat.

Spring 2022 looks set to be a turning point for the sector with price increases of 6-7% in the offing on the basis of recent inflation rates, and the potential for renewed roaming revenues, even from Europe.

Soccer fans will be converted into online shopping enthusiasts, as is the case with all things Amazon. Amazon demonstrated savvy in getting the rights on the cheap, according to Francois Godard, an analyst at Enders Analysis, but it still needs to show it can exploit them to considerably expand its e-commerce business footprint.

Alice said “There is a lesson to be learned by Future’s success: there is still significant revenue to be driven by publishers."

“It is the death of the print magazine in that structurally there has been a consumption shift, but it is not the death of what a magazine is at its core, that’s content. The future is a diversified model and revenue mix, that is what Future has done strongly.”