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James said “Emergency services network offers far higher data bandwidth and in theory it should be much cheaper, because you are using an existing network.”

He added “The problem with divestiture is it could take some time to do.” Another option is price controls, which “are in some ways more straightforward”, Barford says, but notes both are “very significant interventions."

Joseph said “TikTok is not really social. The chances are your friends aren’t good at making videos — you’re there to see the good stuff, and so in this regard Facebook has no advantage. TikTok is more like a personalised TV channel.”

Observers consider the course to be consistent. "Chapek has done everything right in business, you can't fault him for anything," says François Godard of British consulting firm Enders Analysis. Predecessor Iger bought valuable companies such as Lucasfilm, Pixar, Marvel and the entertainment division from Rupert Murdoch's empire, but spent a lot of money on them. The Murdoch deal alone cost $71 billion. "Chapek now has to show that he can consistently make money," said Godard. It is clear that this does not suit some fans. In public, however, the Disney boss was "treated quite unfairly."

Douglas said “The era of scale, volume, and traffic as the core business model for journalism has passed. About 2 million new digital subscriptions for journalism were created during the pandemic in the U.K. alone. As publishers focus down on distinctive content that people will pay for, they are also designing new bundles and clearer use-cases and benefits for people. Online rewards different provisions from general print media.”

Joseph said that although gaming had an “explosion” during the various lockdowns, there is still a huge amount of untapped growth ahead of it: PwC reckons the global gaming industry will be worth $321 billion by 2026.

He told City A.M. that the industry has become a lot more “device agnostic”, with intellectual property (IP) for franchises becoming the new prized asset.“The business model has shifted away from products and widgets, like your standard Xbox or Playstation, and more towards subscription models, where you can pay £50 and have access to a whole range of live service games and franchises."