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Alice said “The heartland of cinema is young people and they broke the habit and are not returning. Cineworld won’t be the last cinema to go bust.”

Douglas said “It’s an industry that during [the past ten to 15 years] has literally changed its definition.

“You would struggle to find a large publisher that would even describe itself as being in an industry called ‘magazines’. These businesses now think of themselves as passion businesses, hobby businesses or audience businesses.

“That’s completely different to how these companies were seeing themselves just ten years ago, where they would have described themselves as magazine businesses that are trying to diversify revenue streams into other areas.”

He added Instagram does a very good magazine job for a lot of consumers. It satisfies their level of interest in fashion or food or design. That's been the real challenge. The men's category completely collapsed for that reason. The women’s collapse is a little bit more recent."

Claire Enders of media consultancy Enders Analysis argues that people won’t pay to see non-blockbusters in the cinema: that’s the content they expect to stream on release.

Tom said “People get through $100mn of TV in a day and say: ‘what’s next?’ From a consumer point of view that is great. But for a video operator, it’s clearly unsustainable.”

Claire Enders of Enders Analysis suspects that “where this review is heading is where all the reviews have always headed”—that is, a recommendation that the licence fee should remain. That may not be the end of it: the Lords committee argued that the bbc’s funding model should be made fairer, which could suggest more means testing. Discounts could be extended to households on universal credit, say, with the rich making up the shortfall.

Abi said “These latest results [from BBC Commercial] were very good,” she said. “But they were largely explained by a strong flow of pent-up advertising revenue. We expect advertising revenue to fall in the years ahead.”

Gill said the BBC decision comes as a surprise. "You would think if the BBC is going to be doubling down on anything, they would be doubling down on news. Quite clearly, they have had severe cuts to the licence fee over the last few years and there are more huge cuts coming through. And given the cost of inflation, they are getting absolutely nothing. They do have to make some cuts somewhere. There will be some additional fat, but not a lot."

"What is slightly strange, however, is that you are going to have a 24-hour news channel by the BBC that is not focused mainly on UK stories. You do wonder if you get another big breaking story like Prince Philip dying, would they have that infrastructure in place to immediately change everything and really focus on that?"

"The transfer of the holding company to Amsterdam represents for Berlusconi a first step in the internationalization of Mediaset", estimates François Godard of Enders Analysis who is betting on a merger with the German private channel ProSieben. "For the future, the success or failure of the TF1-M6 merger will determine the future of free-to-air television in Europe, paving the way for mergers on a national or international scale."