“OpenAI has refused to share chat contents with advertisers (it cannot risk eroding user trust), making external verification a requirement to prove effectiveness and build the necessary advertiser trust to transition into being a core part of media budgets,” said Claire Holubowskyj, senior research analyst at Enders Analysis.

“It proves performance but can’t deliver it: OpenAI is still developing the model for chatbot-native advertising and is yet to land on a truly differentiated format,” Holubowskyj said.

Karen Egan, managing director of telecoms at Enders Analysis, said it was “difficult to see any negatives” with the deal. 

“It offers a way of sharing the substantial cost of serving multinational customers. Telecoms is a scale business, and once outside your home market it’s very difficult to have that scale without partnering up,” she said, adding that the equalisation payment was “quite a boon in a world where cash is all-important”. 

Karen Egan, head of telecoms at Enders Analysis, said the move to prioritise the UK made a lot of sense. “A lot of the international expansion was just folly really, and more suitable for different times when the industry had more growth in it, and was much less competitive,” she said. “The priority has become much more getting your own house in order domestically.”

Headcount at tech’s big five of Apple, Meta, Google, Microsoft and Amazon has been effectively flat since 2022, according to figures from Enders Analysis.

“Proving to the market that AI can deliver a productivity dividend is critical as one of the use cases for the technology,” analysts at Enders noted. “‘Right sizing’ the overall headcount becomes the headline example.”

The BBC spends roughly £300m ($395m) a year on terrestrial-TV transmission, according to Enders Analysis, a media-research firm. Mobile-network operators covet the spectrum for 5G.

The UK’s largest mobile virtual network operator, which has more than 5.8mn customers according to estimates by Enders Analysis, has held initial talks about offering broadband services over Virgin Media O2 and Nexfibre’s fibre networks, according to two people familiar with the matter.

The plans, which are at an initial stage, would revive Tesco’s broadband offering 11 years after it sold its previous broadband service, which comprised 75,000 customers, to rival TalkTalk. Since then, the company has focused on its mobile offering, which has grown from 4.4mn customers in 2015 to 5.8mn this year, according to figures from Enders Analysis, with subscribers drawn to its affordable prices and strong customer service.

Gareth Sutcliffe of Enders Analysis says there is hypothetical potential for that to be exceeded, saying that a "blow out sales scenario" would be "in excess of 50 million units in year one, possibly closing in on 60 million," a figure he describes as "unparalleled."

Gareth Sutcliffe thinks GTA 6 could sell north of 50 million units in its first year.

"The main purpose of Prime (alongside peripheral things like making the overall Prime subscription even more stickier for consumers) is to sell third-party video subscriptions (i.e. Prime Video Channels like Paramount+, Discovery+ etc) and rent films – original Prime content is a hook to get viewers there in the first place," says Tom Harrington of media researchers Enders Analysis.

Enabling self-serve in the U.K. will rapidly expand OpenAI’s advertising demand, but ramping up supply to match growth will be more of a challenge given its more restrictive regulatory environment, according to Claire Holubowskyj, senior research analyst at Enders Analysis. 

“This should reinforce pricing in the near term, though ultimately performance will depend on the trust it can establish in its product and attribution,” she said. “Following the same roadmap as the U.S. highlights that their current priority remains building infrastructure scale first, leaving the trickier questions over model and format for later.”

"These are important controls, and it’s encouraging to see Google and the CMA engaging like this, showing the benefits of a flexibly designed regulatory system. Control is an important principle; without it, publishers don’t have leverage."

"Having said that, opting out won’t automatically mean you are in a stronger position. The wider issue is where the search product is going, and these sorts of controls don’t change the direction of travel."

"Google is allowing publishers to make different decisions about how they appear in "AI" versus "non-AI" search features, but the reality is that those two forms of search are converging. So even if you decide to confine yourself to traditional search, you might find that it is a shrinking proportion of the interface. This has impacts for discovery longer-term; for top-of-funnel discovery, you might want a "share of voice" in AI Mode."

“By laying the groundwork for self-serve brand integrations and structuring native ad units aligned to IAB standards, it is aiming to tap into long-tail demand and existing programmatic budgets,” said Claire Holubowskyj, senior research analyst at Enders Analysis. “It parallels the shift towards live ad insertion in sports broadcasting and taps into the authenticity created by the presence of advertising in real-world sports, circumventing the challenges of maintaining immersion and seamlessness faced by other games advertising formats.”