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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

Netflix beat its own Q1 revenue and profit forecasts but an uneven outlook means that its previous 2025 projections (12-14% revenue growth with a 29% margin) remain relevant. The end of reporting of subscription numbers and ARPU means that there is less visibility on the success of advertising and its regions

UK programming is now the most efficient original content on Netflix—with a tough outlook for production, this is validation of the quality of the product produced in this country

The call for a streaming levy was badly timed with little interrogation of any consequences. Further, it fails to directly address a major problem: the declining consumption of British programming  

 

“The App Store aside, Apple’s other big services like Music, TV+ and Arcade are all smaller players in their sectors so you wouldn’t expect them to support a huge ads business even if ads were switched on,” said Jamie MacEwan, senior research analyst at Enders Analysis. “There have been reports of Apple considering an ads tier on Apple TV+, one benefit might be to extend the reach of the product and maintain its market relevance while plugging some of the content spend deficit, but this would still be a tiny player in the context of the US or UK TV advertising markets.”

 

"Being a broadcaster is a profession," insists François Godard, an analyst at Enders Analysis. "You have to set up a studio, recruit animators, create an efficient 4K broadcasting system, create a payment solution, find advertisers..."

"It is actually very difficult to build up a direct subscriber base and it would take the LFP several years," emphasizes François Godard.

"The League would then have to enter into contracts with telecom operators who have the leverage to sell subscriptions, but this would be done under conditions that would surely be unfavorable to the LFP, which is starting from scratch with this project," adds the expert, who is relatively pessimistic about the viability of this solution.

François Godard, an analyst with Enders Analysis, added that starting a channel from scratch was risky.

“If the league wanted to launch their own channel, I think it’s a dead end. You’ll end up doing contracts with Canal+ and DAZN to distribute it, so it’s back to square one,” he said. “And it’s not a business you’re good at as a league.”

Niamh Burns, senior research analyst at Enders Analysis, told The Media Leader that the latest Bellwether’s main media splits “encapsulate the theme that has characterised the last decade: online is growing (though modestly here) while everyone else is under pressure”.

She added: “This is a well-worn path for business as budgets are squeezed: a flight to direct-response channels, which offer more certainty in the short term.”

 

“A streamer tax is never, never going to happen [in the U.K.], forget about it,” says Claire Enders, founder of media research group Enders Analysis. “Netflix invested $6 billion in U.K. production, they aren’t stealing anything, they are writing checks to good people.” With British public broadcasters under pressure from rising costs and budget constraints and commercial networks suffering from a chronically-weak ad market, she notes, “we are absolutely lucky to have Netflix, Disney+ and anyone else who wants to make shows here.”

“Europe isn’t moving, but the U.K. will acquiesce to all the demands of the Americans in the digital space,” says Enders

Even this option wouldn't be a perfect solution for the LFP, given the degradation of the "L1 product" since the Mediapro incident. Since then, viewership has declined and rights prices have plummeted. "L1 needs to rebuild its brand, and to do that, the option of broadcasting on free TV shouldn't be ruled out," says François Godard, an analyst at Enders Analysis. "At the current price, I'm convinced that TF1 could buy one match per week, or even ten matches per season. And the rest would remain on a paid service. This would be the real way to get out of the rut and rebuild the bond with the French people."

 

In the year following its IPO, Reddit has defied our expectations, reporting five straight quarters of positive adjusted operating income and strong growth.

Profitability stems from disciplined cost management alongside exceptional user growth, with a focus on advertising performance and limited distractions.

The platform's human-generated conversations are proving valuable in the AI era, but AI strength could become a vulnerability if synthetic content overwhelms authentic discussion.