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Douglas McCabe, chief executive and director of publishing and tech at Enders Analysis, believes that Hearst had been putting too much faith in digital platforms, primarily social. “They were overreliant on social media and, to some degree, search as well, because they were over-reliant on programmatic advertising," he says.

McCabe believes that this is just what Hearst needs, a way of sidestepping the trap that others in the magazine market have fallen into, thinking that every eyeball is as valuable “as any other eyeball… In the print world, magazines weren’t trying to sell 35 million copies a month. They never pretended that every single household or every single citizen was equally valuable for their product. What they were aiming for was to find the right audience of 40,000 people, or 100,000 or 200,000.” In other words, it’s not about chasing scale, it’s about chasing engagement (and so encouraging loyalty). 

“For Roblox, in particular, I don’t believe that they really have any choice at this point other than to offer it as an option, given their financial situation and given the fact that there would be a very negative reaction from the market if they were to say that they’re ruling programmatic out of the gate,” said Gareth Sutcliffe, the head analyst covering the games industry for the market research service Enders Analysis.

“Older viewers are controlling long-form content as never before – and what they like is generally pretty comfortable stuff, which is not a criticism. I love Ludwig and All Creatures Great and Small,” says Tom Harrington, analyst at Enders Analysis. “Growth in streaming is all from older viewers because so much younger viewing is on YouTube and TikTok where there is no real way yet to monetise quality long-form content. Commissioners from the broadcasters and streamers will double down on this kind of programming as it gets an audience.”

According to a research note published by Enders Analysis last week, the sector lost more than £1bn last year, constrained by higher capital expenditure costs and weaker-than-expected average revenues per user as altnets slashed costs to compete for customers.

“I don’t believe that Netflix thinks in a way about ‘AAA’ or ‘AA,’ [industry lingo for premium, big-budget games] or any of that sort of traditional nomenclature about what defines a game,” said Gareth Sutcliffe, the head analyst covering the games industry for the market research service Enders Analysis. “I think they’re much more lateral in terms of defining the game experience, particularly when they are looking at a technology-led distribution model, around streaming, around multiple devices, tied in with the SVOD [subscription video on demand] offering.”

“It’ll be the largest television show globally for weeks. When that launches, it will be absolutely massive, and they’re shipping a game simultaneously,” Sutcliffe said. “I think that’s really aggressive, and I think that that’s really incredibly clever.”

As Karen Egan at Enders Analysis argued: “It is heartening to see that the CMA has taken the time to get to grips with the complexities of the industry”, so allowing a probable decision “counter to the knee-jerk assumption that four to three mergers are anti-competition”. True, network integration is hard, not least when cost cuts hurt staff morale. And the regulators would need to ensure Voda/Three lived up to its promises, with penalties for poor delivery. But the pair have a case that their merger is “pro-growth, pro-customer and pro-competitive”. The CMA is right not to hang up on this four-to-three deal.

Karen Egan, head of telecoms at Enders Analysis, also said the CMA appears to have all but approved the proposed Vodafone-Three merger.

Writing on LinkedIn, Egan said the CMA believes that the merger could be pro-competition “so long as it can be assured that the network promises of the merging parties will be fulfilled, and that the short-term customer protections that it talked about in its provisional findings (social tariffs, contract terms rolling over, wholesale reference offer) can be put in place.”

Egan pointed out that this is a step forward from the CMA’s provisional findings, “where it put forward such remedies, but also discussed structural remedies (although largely discounted them), and listed blocking the merger altogether as a remedy (which it did not discount).”