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“She’s closer to the creative process than the really big TV producers like Shonda Rhimes and Ryan Murphy, which may be a product of the fact that she appears in most of the shows she produces,” says Tom Harrington, analyst at Enders Analysis.

“Her output deal with NBCU means she is more than an actor/writer who moves from project to project. She is linked to Lorne Michaels, but she’s far beyond other ex-SNL stars that leave, have a Lorne-produced film and then go back to a career of a jobbing comedic actor. Indeed, she tipped as his successor which would make her one of the most powerful women in comedy.”

Claire Enders, who runs media analyst Enders Analysis, argues Channel 4’s move had likely been a “long time in the works,” harking back to the network’s pre-pandemic nations and regions push, before it was almost sold.

She says the plan shows that “‘levelling up’ and going digital are still the priority for Channel 4.”

“The media industry these days requires lower overheads,” she adds. “Channel 4 should be commended for trying to get close to a sustainable size.”

“Compared to social media or a TV channel the harms of allowing extremist content are lower for Substack, because people don’t find newsletters on Substack,” says Joe Teasdale at Enders Analysis. “It basically just provides publishing, communication and payments services.”

Abi Watson, a senior research analyst at media consultancy Enders Analysis, said it appeared that all of the company’s earnings were being passed to shareholders. “The question is whether this is coming at the expense of investment in the business,” she said.

“This is undoubtedly a good deal for Canal as the price of Viaplay has fallen in recent months. The two groups know each other well since Viaplay sells sports rights in Poland to Canal. And in the territories from which Viaplay exits, we could imagine mergers of customer bases between the two,” underlines François Godard, analyst at Enders Analysis.

“He wanted to internationalize too quickly,” analyzes François Godard. Before the summer, he plunged into the stock market after reviewing his prospects and changing bosses. It then announced that it was parting ways with a quarter of its workforce and exiting several international markets. In 2023, the stock lost 97% of its value, after having already fallen significantly in 2022.

Developed internally, “MyCanal is the only French platform from historic television which has the ambition to be an interface for all other channels,” notes François Godard, analyst at Enders Analysis. A strategic position, occupied by powerful rivals like Apple TV, Amazon's Fire or Google's Chromecast, or by applications from television manufacturers. However, “whoever controls access is in a position to organize consumption,” underlines the expert.

“They have really accomplished their project of becoming a super-aggregator, with a very coherent design for navigating between different catalogs and a fairly unique experience where you can easily navigate between live and replay,” greets a professional in the sector, for whom the interface is an international benchmark.

According to Enders Analysis, even with a high subscription rate comparable to Netflix, revenue generated would fall short by over £1bn compared to the current licence fee.

Gill Hind, chief operating officer and TV director at Enders Analysis, told City A.M. that DCMS will most likely be looking at tweaking the licence fee or exploring a tax-based solution, drawing inspiration from systems evolving in countries like Germany and Finland.

“Whatever change is made,” she said, “it is going to take a huge amount of time to implement because obviously you need to get the buy-in of everyone including politicians in all parties.

“So, I think the first and foremost thing they’ll be looking at is actually what can be done with the current mechanism and how could that potentially be altered in some shape or form,” Hind explained.