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.


Rigorous Fearless Independent

VMO2 had a tough start to a tough year in Q1, with revenue growth dipping to -4% and EBITDA to -2%, and both fixed subscriber and contract mobile subscriber net adds negative.

Trends are unlikely to improve in the short term, with the fixed side suffering from full fibre overbuild and the mobile side struggling to replace its formerly unique Custom Plan offers.

There are however longer term upsides on fixed in particular, with network and service upgrades bringing sub-brand and wholesaling opportunities, and the company is striving to get the magic back on mobile.

Baby Reindeer could well herald the start of a new era of performers mining their own trauma for dramatic content, maybe without the proper support they need to do so, in a bid to differentiate themselves from the volume of shows already out there. “The volume of true crime surely asks for that,” says Tom Harrington, Head of Television at Enders Analysis. “With the coming of the streamers, every crime that’s happened has a documentary now and it’s sort of like… I guess you have to stand out.”

“Broadcast news in the UK is very expensive to do,” says Gill Hind, head of TV at media analysts Enders Analysis. “Even if you have economies of scale and pool resources abroad as some outlets do, it’s really expensive to get content up and running.”

“Not surprisingly, if you’re an advertiser, a lot of the time you don’t want your company or product to appear in the news environment,” says Enders’ Hind. “And you can understand why you might night want your brand to appear immediately before or after something that happens in Ukraine, for example.

“This means that the income you get for the news programme if you’re ITV, or news channel if you’re Sky, is a lot less per viewer delivered than it would be for lighter, entertainment programmes.”

Niamh Burns, a senior analyst at Enders Analysis, argues that OpenAI and the FT share enough incentives to sign a deal, but publishers and tech companies bring different perspectives to the negotiating table.

“Publishers say using their content to train LLMs is against their terms of use and that licensing is essential. OpenAI says it doesn’t breach copyright, and frames deals as voluntary support of the journalism sector,” she says.

“Licensing is still a grey area, but these early deals are setting some precedents. The problem for publishers is we have no idea what AI products will look like in a year’s time. They might not even know what to ask for.”

RedBird IMI will sell its claim to own the Telegraph Media Group (TMG) due to the public interest test it was set to fail, with the Spectator also back on the block

TMG surpassed a declared goal of 1 million subscribers by the end of 2023, motivating our forecast of 4% revenue growth for FY2023 to reach £265 million

The buyer of the Telegraph is likely to face an intervention on public interest grounds from the Secretary of State—a hurdle that could dissuade many bidders

Niamh Burns, a senior analyst at Enders Analysis, said an agreement was bound to be reached ultimately because the presence of UMG content on the platform suited both sides.

“TikTok’s content is way more engaging when it comes with a good music catalogue,” she said. “On the other side, the promotional benefits to UMG and its artists of being on TikTok are clear. You can see that in how Taylor Swift decided unilaterally to return to the platform before her new album was released.”

In part the title was vulnerable because of its very nature as a digest of diverse content, says Abi Watson, a senior research analyst at media specialists Enders Analysis. In the digital media revolution, she says, “the brands and the magazines that have done well tend to be those that are specialist” – what she terms a “flight to niche” content.

A bigger challenge for Reader’s Digest, however, was the ageing, decidedly analogue demographic of its readership. It’s not impossible to survive with older readers, says Watson, but you do need to keep finding new ones as, put bluntly, they die off. “Because Reader’s Digest didn’t have a particularly strong digital presence, they’re not refreshing that audience. So they lost that input at the top of the funnel.”