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Enders described a “cost crisis” for many publishers due to two decades of “eroding real prices” for trade books. When seen in the context of an increasingly competitive market for people’s attention, with free or low-priced entertainment and information options, books are also limited by how much prices can go up.  

But prices need to rise, according to Enders. There is little slack in the cost structure of publishers as staff and author pay is already generally low, but it proposes price discrimination based on sales channel, format and special editions as a way forward. “This would enable publishers to get a better average price, while still leaving squeezed and price-sensitive readers with low-cost options,” Enders said. 

It also “doesn’t deliver the measurable results that make it too important to boycott,” says Joseph Teasdale, head of tech at Enders Analysis. He doesn’t think the MrBeast experiment will change that. “We’ve been unable to figure out Musk’s rewarding of creators, with many saying they’ve been paid vast amounts and others almost nothing.

There’s very little transparency at Twitter. If Musk is smart he will cut a big cheque for this video – something he seems very keen to do.” But if he does, does that solve the transparency problem? “It’s only if the numbers are terrible that you can be sure they’re the real thing.”

“Our only hope is that Facebook reprioritises news.” Which is not much of a hope at all. Douglas McCabe, chief executive of Enders Analysis, calls the focus on social media and search for newspaper revenues a “flawed strategy” – and it’s hard not to agree.

Enders Analysis wrote in a note: “Despite recent reports that News UK wants to make TalkTV less reliant on Piers Morgan, its viewing is noticeably more concentrated around its star man and peak hours than GB News’.”

CVC’s proposition is that such a market also exists for rugby supporters and a broadcaster will be willing to pay a significant premium for exclusivity for a long-term period. According to Francois Godard, a media analyst at Enders Analysis, this will then create a symbiotic relationship between the broadcaster and the sport, in much the same way that Sky Sports has helped to propel the Premier League to its current stratospheric heights. “You need broadcasters to invest in the sport,” Godard said. “If you have a three-year contract then it is like having a three-year flat rental. Are you going to spend money on the apartment? No. If you have a 12-year contract then you are going to take a lot better care of it.”