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It is something of a puzzler. “You can’t just go: ‘Why this is happening is because X.’ It’s a bunch of things,” Tom Harrington, head of TV at research outfit Enders Analysis, tells me. “Some of the shows might just be bad. Some of it might just be they came out at a time when there was another, better show on somewhere else, or [elsewhere] on Netflix.”

And to be fair to Netflix, this is not just an issue with which it contends. All of its rivals have to deal with what Harrington calls the “natural attrition” of falling viewer numbers as a series progresses. “Every TV show, bar a few, loses viewers – that’s the gravity of TV,” he says.

In the UK, for example, the BBC partnered with the YouTube collective Sidemen to simultaneously broadcast the Ecuador vs. Germany match on their YouTube channels. This initiative illustrates the importance that traditional broadcasters place on their digital partners.

But "at this stage, it looks more like a test than a real structural change," says Ben Woods, a specialist in "creator economy" issues at Enders Analysis, the UK's leading media and telecom research and consulting firm.

According to him, these alliances complement existing agreements rather than replacing them. "It's simply an extension to allow rights holders to reach a younger audience."

Claire Holubowskyj, senior research analyst at Enders Analysis made the point that Reddit’s business is less vulnerable to AI disintermediation than platforms built around identity-based targeting.

“Reddit’s use of interest-based rather than identity-based targeting flattens the differences in value between frequent and non-frequent users compared to other platforms,” she said. “While the ad impressions that ChatGPT disintermediates will be more valuable for Reddit than for identity-based advertisers, Reddit’s interest-based product is well-placed to capitalize on any high-intent non-logged-in traffic funnelled through by ChatGPT.” 

The challenger networks had accumulated an aggregated £9.3 billion debt, according to estimates by Enders Analysis, hit by higher financing costs. 

“I’m sure that Vodafone will see some opportunities here,” said Karen Egan, head of telecoms at Enders Analysis. “But there will be nervousness too.”

Airband is one of dozens of so-called altnet providers set up to challenge industry incumbents BT Openreach and Virgin Media O2.  However, the high cost of building out their networks has left altnets saddled with net debts of about £9bn, according to figures from Enders Analysis.

The altnets collectively posted losses in 2024 that Enders put at more than £1.5bn, as consumer uptake fell short of expectations.