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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.
Our research is independent and evidence-based, covering all sides of the market: consumers, leading companies, industry trends, forecasts and public policy & regulation. A complete list of our research can be found here.
Tom Harrington was quoted in The Guardian on "Ministers will push to privatise Channel 4 in TV shake-up"
23 June 2021Tom called the proposal to privatise Channel 4 “potentially spiteful”, a move that ignored the role the broadcaster played in British public service broadcasting of nurturing new talent. “It is akin to altering an organ, with very little understanding what effect it will have on the rest of the body.”
Channel 4: Privatisation, here we go again
22 June 2021Early 2020 presented a nightmarish outlook for advertising revenues, but very strong late returns meant that total Channel 4 revenues were down just 5% YoY. Slashing content investment by £138 million, with production shut down and programmes deferred, resulted in an operating surplus of £71 million
Viewing share grew slightly in a weakened broadcasting environment, and given the fertile conditions, All 4 had a bumper year. COVID-19 may have even aided Channel 4’s existential transition to digital, but streaming services have outperformed
Despite fulfilment of its remit in a tough and unpredictable time, once again, privatisation is back on the agenda. We believe that it will be difficult to maintain the remit with a new buyer paying any more than a meagre sum, and even if that happens, a profit-oriented buyer will have incentive to game the obligations
Francois Godard was quoted in Politico on "Why Amazon’s move into European sports is unstoppable"
18 June 2021Francois said “Every time Amazon increases its presence in a related field, it sends back the image of a machine that needs to be stopped, but it’s more of a political issue than a competition one."
He added “It is difficult to say that the development of Amazon Prime Video with sports and TV shows is anti-competitive in itself."
Last dip? European mobile in Q1 2021
16 June 2021Mobile growth dipped again to -3.3% for what we hope is the final time as widespread lockdowns impacted paid-for usage in most countries.
BT and Vodafone joined the other European MNOs in guiding to improving trends in 2021—expecting EBITDA momentum to be 7-10ppts better—slightly ahead of the 5-7ppts for the European operators.
We may even see positive revenue growth next quarter thanks to the simple annualisation of the first lockdown, with the UK the most to gain and Germany and Italy the least. Investment is creeping up too with higher capex guidance and better 5G momentum.
James said Vodafone was “taking quite a conservative approach” by choosing Samsung and NEC, “who are significant players globally but have struggled in Europe, as opposed to newer specialists such as Airspan."
James Barford was quoted in The Times on "Altice’s Patrick Drahi leads the billionaire bargain hunters"
15 June 2021Drahi’s intervention illustrates the issues at BT. The company was traditionally what James Barford, telecoms expert at the media analyst Enders, described as a “steady-as-you-go yield stock."
James Barford was quoted in The Telegraph on "French billionaire launches charm offensive after BT swoop"
14 June 2021James said “With the pension fund, the legal documents, the contracts and due diligence you are talking a long period of time.”