Homepage

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 New York Times is not becoming a gaming company any more than the acquisition of the Athletic would imply they are becoming a sports company,” said Gareth Sutcliffe, an analyst for the market research service Enders Analysis. “NYT is simply acknowledging that being a broad generalist spells death online, and they have prioritized and valued the means of addressing that.”

In a note to clients last July, the media analysts Enders suggested strong profitability in 2023 could justify a valuation of £740m for The Telegraph alone, implying that a package with The Spectator could be worth £800m. In the immediate aftermath of its raid on last year’s auction, RedBird IMI won praise in US media circles for bagging the pair for only £600m.

Football leagues must think innovatively about maintaining broad exposure, but relying on advertising revenues from free-to-air TV makes no economic sense.

Creating league-operated direct-to-consumer platforms would undermine the very competition between broadcasters that has propelled rights.

The only realistic option for sustainable growth is deeper, longer-term partnerships with broadcasters.

Service revenue took a dip in Q4 to 1.5% as a waning price rise impact in the UK combined with the loss of positive one-offs in Germany.

We expect growth to slow further through 2024 as many operators implement lower index-linked price rises which are also coming under increasing regulatory scrutiny.

Vodafone has made progress on its turnaround plan—striking deals for its Italian and Spanish units—but it is not yet out of the woods, with ongoing challenges in Germany and approval still uncertain in the UK.