Alice said "The transaction is a package of all rights: recording rights - which has the most value -, composition, synchronization [allowing the use of music for films, advertisements..., Editor's note]), which makes it even more attractive. Spotify-like platforms have given new impetus to the music of 'old' bands. Everyone was able to rediscover them, which we would not have imagined in the physical world of CDs and vinyls."

James said “A lot of these business models were created on the assumption that if there was an altnet there, Openreach would not overbuild them.That has turned out to be wrong.”

Tom said “It’s a difficult sell and poorly timed.The streaming market is plateauing and they don’t have a ready-made franchise to spin out like Disney had with Star Wars.”

“Households currently have an average of 2.6 pay subscription services. Most people have Netflix and then Amazon. It’s difficult to squeeze out one of those two, with household finances under pressure.”

Beyond enjoying a nice business lunch, I’ve never thought that bankers and media folk shared much in common. That is, until I read a quote from Claire Enders saying that “you can’t find a banker in the City that hasn’t wasted time on a Channel 4 privatisation”. And she’s right.

James said “If you look at companies’ stated plans — even dismissing some of them as speculative — you get to a market that doesn’t make any sense in terms of the degree of overlap."

Claire said issues like this may continue to crop up, given the technical limitations of ageing batteries.

"Technology in newer devices improves in leaps and bounds, not as a steady crawl, creating issues when releasing software updates which have to work on devices with often wildly different capabilities. Apple generates 84% of its revenue from selling new devices, making them reluctant to hold back updates to ensure older models keep working smoothly."

She added "Until problems of devices and software updates outlasting and exceeding the capabilities of aging batteries are resolved, this challenge will recur."

According to calculations from Enders Analysis wonk Abi Watson, she estimated that Harry Potter made up around 17 per cent of Bloomsbury total revenues in the latest financial year.