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VMO2 suffered a dip in revenue growth in Q2, albeit mainly due to price rise phasing issues and the Daisy integration, with EBITDA growth actually improving.

There were some concerning signs however, with mobile net adds remaining stubbornly low. Full year 2026 guidance is still achievable, but a return to growth in 2027 is challenging.

Regulatory developments have been mixed, and VMO2 will have to be careful what it wishes for as regards the future competitive structure of the sector.

The BBC has been doing more with less since at least 2010. Since then, licence fee income has fallen faster in real terms (28%) than its cost cutting (15%) can keep up with.

The funding base underlying the BBC must be widened, both to ensure sustainable funding levels, and to ensure the true universality of that structure in the face of changing consumption habits.

Maintaining the status quo would guarantee a meaningfully smaller BBC, with more cuts to content and services each year that goes by—to the detriment of the UK public and the wider media sector. Waiting another ten years is not an option.

BT’s revenue and EBITDA growth suffered a dip in Q1, but entirely due to one-off/seasonal factors, with underlying metrics strong across the board.

Ofcom has curtailed Openreach’s ability to compete with altnets, while allowing it to compete with VMO2, a much more established and long-term competitor.

The deconsolidation of International makes the potential for a return to sustainable revenue growth much more apparent, with multiple drags (altnets, voice, price mechanics) now firmly on the wane.

With Xavier Niel becoming Vodafone’s largest shareholder, the company will be pleased to be able to demonstrate a solid set of Q1 results.

EBITDA upside is coming from Rest of World and appears largely attributable to the consolidation of Safaricom, but is nonetheless reassuring of the prospect of hard-currency growth.

We continue to have reservations about Vodafone’s value over volume strategy, with the upside of price increases often short-lived, and loss of scale a difficult place to come back from.

Broadcaster reach has declined at different rates across the nations and regions, with Wales proving the most resilient. 

Older audiences show more consistent SVOD consumption across regions, while younger audiences drive greater regional variation. 

Drama series with a strong regional identity generate the biggest gaps between local and national performance.

As search-driven ambient discovery retreats, the inbox is becoming a top-of-funnel acquisition channel as well as a retention tool. Substack's value to publishers is infrastructure that gets content into inboxes, and email addresses into publisher databases.

The right strategy depends on the business model: paywalled publishers risk cannibalisation and use Substack as a funnel, while ad-funded publishers and broadcasters use it for parallel, personality-led brands.

Audiences attach to voices, be that an individual or a publication that talks like a real person. That attachment makes audiences portable, and that portability gets exercised when the economics justify it