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Julian Aquilina, senior TV analyst at Enders Analysis, suggests that each streaming service "must have content that makes them stand out" in order to survive.

"There's been fierce competition between platforms to get their hands on the best pieces of content; the last few years have been a golden age for scripted content," he says.

He added "Clearly Netflix, Disney, and others believe that offering people the option of a cheaper service with adverts opens up some headroom for growth."

Karen Egan, an analyst at Enders Analysis, said that the ECJ ruling next year is “going to be absolutely critical for European mergers”, adding that regulators’ view on the Orange-MasMovil deal is “more uncertain than the companies are portraying to the market."

She added “Whether you’ve got three players desperately trying to fill their networks, or four, isn’t that different in terms of competitive intensity."

Gill said "BBC Studios is certainly a very powerful engine that brings money back to the parent company, but it is not a cash cow. Even if its growth has been constant, in production, the profit margins are quite low."

Francois said “Private equity funds, like KKR, seem to have discovered in recent years the value of intellectual property and the relatively predictable income it generates."

The quality of its editorial policy has a lot to do with it. “They have a great flair for investing in blockbuster films. The Mission impossible, for example, will still make money in fifteen years”, notes François Godard. The tremendous success of "Top Gun: Maverick", which at the end of August had accumulated more than 1.4 billion dollars in worldwide box office receipts, provides a recent illustration of this.

Douglas said “Young people worry about a consensus in the news hierarchy and the combative tone of news media. The News Movement cuts through these issues. As a result of the rapid rise in subscriptions, news and media have become investible again. It is great to see a cycle of innovation gathering pace.”