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Douglas said he was unsurprised by the initial findings for the first quarter of 2022. “It was always going to be great,” he said, especially compared to the lockdowns that haunted the same period in 2021.
“Advertising spend is moving closer and closer to transaction, and retreating away from big brand campaigns that are all about profits and emphasising brand coolness."
The UK economy is going sideways as the cost-of-living crisis dents retail volumes—a predictor of GDP—as consumers have little choice but to cut back on purchases of essential categories sharply hit by soaring prices
The financial gulf between high- and low-earning households is being driven by inflation, with a fifth of households now unable to afford essentials
GDP growth in May—achieved through rapid digitisation and pent-up demand for travel and transportation services—masks stalling consumer-facing services. The UK economy is likely to record the most drastic slump of all G7 economies in 2023
Francois said he perceived TF1 and M6’s statements to be a “bargaining strategy” to apply pressure on the French Competition Authorities and have them greenlight the merger without too many conditions.
“M6 and TF1 have been arguing from the start that this merger was crucial to create a major French media group and face off the competition from global platforms, so here they’re alerting the market that if the regulators are setting the bar too high with conditions, they will not bend over."
YouTube’s tepid quarter signals a two-track online ad economy with advertisers protecting search spend as an essential cost of sales while cutting online display.
YouTube faces a challenge to strengthen its brand and direct response ad products while sacrificing some income to Shorts, its answer to competition from TikTok, which we estimate added three times as much ad revenue as YouTube in H1.
Beyond the short term, brands need to generate new demand, and that cannot be accomplished at the bottom of the funnel.
Alice said "The hearings into the January 6th events are top of the media agenda in the US, and Trump is not emerging as unscathed by his behaviour. The soft base of Trump is peeling away. DeSantis is young and charismatic and likely to be a stronger contender for the next Presidential election, especially against Biden."
"Murdoch likes to back winners rather than losers, and Trump lost the last election - that's plain as day - and Ron DeSantis is more likely to win on 5 November 2024 and deliver the Republican agenda of low taxes."
She added "Fox had a brilliant time in terms of ad revenues when Trump was all in to the Murdochs, always dialling in and on tap to provide commentary. Now that he is not, because of the 'treachery' of Fox News over the election, they would certainly like to curry favour with DeSantis to replace Trump's pulling power."
Growth is crucial for Vodafone’s leverage but remains elusive and the company’s ambition to grow European revenues this year looks challenging
Exacerbating revenue pressure in Germany and the loss of the VMO2 MVNO will weigh heavily in H2 and cost inflation will eat into any margin gains
Deal-making is not yet materialising with considerable question marks remaining over regulatory approval for mobile consolidation, a necessarily more open mind on action on Vantage, and plans to shift fibre investment off balance sheet. Vodafone promises more concrete developments with H1 results
Francois said “If Apple comes to Europe and starts buying rights, like Amazon, at some point prices may start rising again. I don’t know if there will be room left for someone like DAZN."
Francois is “sceptical” about DAZN’s ambitions in these areas. “Betting has far less barriers to entry than sports video,” he said. “Once you have the broadcast rights, nobody can launch against you. In betting, it’s much more fluid, it’s much more competitive and almost anybody can create something.”
