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Enders Analysis provides a subscription research service covering the media, entertainment, mobile and fixed telecommunications industries in Europe, with a special focus on new technologies and media.

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Rigorous Fearless Independent

James said “It makes sense to launch their most advanced new products on EE only, as this brand has more of an innovative edge to it, and launching everything across multiple brands would be time-consuming and confusing for customers. They have already been doing this to some extent but no doubt they will want to accelerate innovation going forward."

“Having said this, it would be very hard to maintain such a large customer base on just one brand, so I expect the BT and Plusnet brands to continue and still be supported by marketing campaigns."

Alphabet’s growth slowed in Q1, but search remains the premier advertising product: protected against privacy changes, and poised to grow on a return to travel.

Investors focused on YouTube’s disappointing growth. Its exposure to brand advertising has slowed it relative to search, and it now has to compete with an increasingly formidable TikTok. User subscriptions could be a hidden strength.

The US remains the core of Alphabet’s business as uncertainty and energy price jumps hit Europe.

Joseph said “You can see the argument that maybe it’s actually not good for a widely used platform to be moderating in order to create the best environment for corporations to advertise."

“We could see Twitter relying less on advertising altogether,” Evans says, suggesting the platform could move over to a subscription model. That being said, he doesn’t believe much will change on the product side.

Tom said “The signing of Piers is an admission that they needed a tent pole for the whole thing. He has 8 million followers on Twitter and he really is a good draw. If you study the ratings numbers he really narrowed the gap [on ITV] with the BBC in the ratings. They dropped about 20 per cent after he left and on YouTube views around 40 per cent.”

Piers Morgan provides the tentpole supporting TalkTV, a new channel devoted to personality-led news, current affairs and entertainment. Three hours of polished, primetime programming will build on TalkRADIO’s existing video output, drawing from across News UK’s stable of brands.

Increasing competition in opinionated news and discussion formats, as well as the harsh economic reality of producing TV news means TalkTV is unlikely to be profitable in the mid-term. There will be high up-front costs for a bigger share of voice in the UK media.

However, TalkTV will bring benefits to News UK’s wider portfolio, take advantage of the news genres’ relative resilience in a robust TV ad market and provide high-quality video content that is now an inevitable part of being a multimedia news organisation.

Tom believes GB News had been a good test as to whether there was an untapped partisan TV audience, but says such a trend "doesn't appear to have materialised".

"If News UK are hoping for a wellspring of disenchanted viewers who are eager for more opinionated TV news then they might be a bit disappointed."

"GB News' average daytime viewership is less than a quarter of what its stated goal was before launch."