European Online Advertising

Grand Theft Auto VI launches this month facing unprecedented demand weakness across the console ecosystem, necessitating an expected early move to PC release in Q1 2027. It will probably mark the end of an era of AAA console game development at this scale.

Sony’s PlayStation 5 continues to lag the previous console generation install rate, with weak sales last quarter even with GTAVI on the horizon.

Xbox is now an invisible platform outside the US market, and probably beyond recovery as a division of Microsoft. 2027 will decide its future, with management turmoil adding to a bleak outlook.
 

Despite a bumper World Cup, ITV now expects that total advertising revenue will be down 2-3% for the full year (it was -5% in 2025). Studios has a strong Q4 in terms of deliveries that will help convert its year to growth

Given the pending acquisition by Sky, ITV’s performance becomes less about proving sustainability and growth and more about supporting a narrative that will alleviate friction with the CMA and Ofcom. Either way, ITV continues to contract

As subscription streaming begins to struggle, ITVX and BVOD generally is showing resilience with better behavioural characteristics

BT grew both revenue and EBITDA in Q2 FY27, handily bolstering its case for sustainable growth in these in the longer term. 

Operating highlights included particularly strong mobile net adds and service revenue growth, and Openreach’s broadband losses continuing to wane as altnets slow.

Challenges certainly remain, including the successful integration of TalkTalk, but current performance adds significant confidence to BT’s long term cashflow turnaround targets.