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This presentation expands on our report on Classified Advertising in Print and Online [2006-58], by examining the online classified market segments of recruitment, property and automotive, and their likely development to 2011. We anticipate the value of the UK classifieds market could be worth about £5.5 billion in 2011, compared to about £4.5 billion in 2006. We however expect exponential growth in online classified ad volumes, placing pressure on prices of all classifieds. Although disruptive effects on the classified supply chain are anticipated (e.g. estate agents, car dealerships), we believe these will be harder to break than new entrants might believe

The distribution business had a strong year, marred by a longer than usual Christmas hangover in the last quarter, but the early signs for the new financial year are promising

Another record quarter of subscriber growth testifies again to the strengths of Sky’s marketing strategy and its successful entry into the telecommunications arena. The target of 10 million subscribers by the end of 2010 looks increasingly likely

TM is now looking at a sales target of £450 million instead of £600 million, though the revised target may still be too high, with the sale taking place at a time when regional newspaper fortunes are at a low ebb

Other results present a mixed picture: some improvements in costs, some progress online, but persisting doubts about TM’s ability to match its competitors over national newspaper sales and advertising revenues

True to its reputation for innovation, France’s No. 2 ISP Free has launched TV Perso, a user-generated video-on-demand service, to its 1.5 million TV-over-DSL subscribers. Users will contribute uploads, emulating YouTube’s popular web-based model, as well as live broadcasts

Trinity Mirror has sold 39 of the more than 130 regional newspapers on the block, and looks set to generate £550-£570 million from its disposals by the end of Q3 2007, just shy of its £600 million target

Vodafone’s European operations revenue growth dropped, but not as much as various regulatory interventions would have warranted, implying a strong operational performance

US music shoppers continue to shun the CD, whilst increasing digital music sales are not filling the gap – we estimate the market’s volume was down 10.3% in H1 2007 year-over-year, in keeping with our forecast of an 8% decline in 2007

Mobile service revenue growth in the top five European markets was 3.6%, a decline of 0.5pps from the previous quarter, although this was substantially driven by the Bersani Decree in Italy outlawing mobile top-up charges from the beginning of March

Apple reported strong revenue growth for Q3 2006/07, up 23.8% year on year to $5.41 billion, powered mainly by strong computer sales