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Claire Holubowskyj, senior research analyst at Enders Analysis made the point that Reddit’s business is less vulnerable to AI disintermediation than platforms built around identity-based targeting.

“Reddit’s use of interest-based rather than identity-based targeting flattens the differences in value between frequent and non-frequent users compared to other platforms,” she said. “While the ad impressions that ChatGPT disintermediates will be more valuable for Reddit than for identity-based advertisers, Reddit’s interest-based product is well-placed to capitalize on any high-intent non-logged-in traffic funnelled through by ChatGPT.” 

The challenger networks had accumulated an aggregated £9.3 billion debt, according to estimates by Enders Analysis, hit by higher financing costs. 

“I’m sure that Vodafone will see some opportunities here,” said Karen Egan, head of telecoms at Enders Analysis. “But there will be nervousness too.”

Airband is one of dozens of so-called altnet providers set up to challenge industry incumbents BT Openreach and Virgin Media O2.  However, the high cost of building out their networks has left altnets saddled with net debts of about £9bn, according to figures from Enders Analysis.

The altnets collectively posted losses in 2024 that Enders put at more than £1.5bn, as consumer uptake fell short of expectations. 

Gareth Sutcliffe, head of Media Technology & Gaming at Enders Analysis, said in a message to GamesBeat, “This announcement still doesn’t provide any insight as to what the pathway for success is for Xbox, so you have to presume that we’re at that warm up act, not the main event. Building fewer games with IPs that haven’t performed simply won’t be enough.”

He added, “Xbox is probably fortunate that the current FTE shrink target is only 20%, it easily could have been 25%+, and by the end of FY27 it’s possible that is where Xbox ends up, particularly if international operations, which take longer to shrink and aren’t announced, are included.”

“In-game advertising has been framed as the next big thing for a long time, but development was slow while programmatic and automation could not be reconciled with the need to maintain the integrity of the game experience,” said Claire Holubowskyj, senior research analyst at Enders Analysis. “Sport is a notable exception with strong advertising affinity: by investing in its own platform EA is capitalising on its early-mover advantage and dominant position over premium sports gaming.”