In the last two years the company has lost 182,000 broadband and 644,000 mobile customers, although overall numbers still remain up since the merger, according to Enders Analysis.

“A number of audiences may be in mind in constructing [VMO2’s] statement,” said Karen Egan, managing director of telecoms at Enders Analysis. “The Liberty Global shareholders, the VMO2 bondholders, and those with potential influence over the Competition and Markets Authority’s decision on the Netomnia acquisition.”

Enders Analysis estimates that refinancing the 2029 bonds at current prices would cost VMO2 at least an extra £1bn in interest costs, an amount it describes as “ruinous”.

The Enders analysts added: “VMO2 simply has to regain the confidence of the debt markets, or it will be forced into debt restructuring, with its current shareholders having their shareholding significantly diluted and/or having to inject further funds.”

Since the start of 2025, VMO2 has lost more than 200,000 broadband customers as a price war in the market gathered pace. So-called “altnets” – challenger operators known ​to entice consumers onto their fibre networks with cheap introductory offers – are a major part of the problem. According to Ofcom, nearly 47% of all premises covered by VMO2 and Nexfibre, its affiliated wholesale network, are also covered by at least one altnet. Competition from the altnets has also led incumbent operators to cut the prices of new customer offers, ​according to Enders Analysis

Ben Woods, Head of Creator Economy at Enders Analysis, questioned the value of qualifications aimed specifically at aspiring creators.

"Where debate arises is over 'pure play' creator economy degrees for aspiring talent. The creator economy exists precisely because low-cost tools and platforms democratised entry," he told The Daily Influence.

"One could reasonably argue that an aspiring creator is better off spending their time and money making content that tests what algorithms and audiences want."

However, he said formal training could prove valuable as creators expand their businesses and face more complex operational demands.

"A creator may excel at building an audience from a bedroom setup, but struggle with running an on-location production, managing IP rights, or handling tax and payroll as they transition from a one-person operation to an employer."

BT is the biggest broadband provider in the UK, with a market share of about 30%, according to estimates by Enders Analysis. Openreach, the broadband network owned by BT, is TalkTalk’s biggest supplier.

For Ben Woods, a specialist in the "creator economy" at Enders Analysis, these deals mark a new stage in the ruthless battle for attention. "Streaming services are realizing they're no longer an exception and that they, too, must fight for screen time like everyone else," he explains. Meanwhile, Netflix, Disney+, and Prime Video have all introduced ad-supported offerings : the number of users and the time spent watching ads are therefore being scrutinized more closely than ever.

Faced with an ecosystem more competitive than ever, content creators are emerging as a particularly attractive solution. "YouTubers are masters at producing content at low cost, on a regular basis, while adapting it to retain their audience as much as possible," adds Ben Woods.

Karen Egan, head of telecoms at Enders Analysis, said investors had also been buoyed by Kirkby’s commitment to delivering £2bn in normalised free cash in fiscal year 2027, with £3bn by the end of the decade.  

“The market has been sceptical that BT could deliver on its cash flow recovery plans in such a tough environment, but its razor-sharp focus on operational delivery in the challenging UK market is really paying off,” she said. 

This could play to Openreach’s advantage as the challenger networks limit their expansion, Karen Egan, head of telecoms at Enders Analysis, said. “They’re definitely hitting ceilings in their current footprint,” she said. 

“BT will of course endeavour to stabilise the TalkTalk subscriber base but they tend to be customers with a high propensity to churn, and the takeover disruption will probably make things worse before they get better,” Egan said.