May 2001 Survey Results from Oftel

DAZN is on track to reach profitability in 2026, the tenth year since its launch, supported by Foxtel’s full-year consolidation and the margin improvements already evident in its 2024 accounts.

Foxtel’s integration diversifies the group, with Australia becoming DAZN’s largest market by revenue.

Expansion in ancillary areas (betting, product developments) and the distribution of third-party services under revenue-sharing agreements complements DAZN’s rights’ ownership in key markets.

Q2 results were something of a mixed bag. Headline growth was solid thanks to 1&1 onboarding, and whilst underlying trends in Germany for both revenue and EBITDA were still firmly negative, the former stabilised and the latter improved.

Tightening of EBITDA guidance in Europe is welcome, implying a flat headline performance and an underlying EBITDA decline of no more than 4%, with the potential for better, we believe.

VodafoneThree synergies and cloud reselling should take over the growth mantle when the 1&1 boost fades, facilitating some limited capacity for dividend growth.

Disney’s streaming business grew healthily, with Q4 YoY revenue growth (+8%) outpacing Q3 (+6%). Cinema had another tough quarter, although the full year ended well ahead 

Disney's progress on new platforms—in particular its efforts on Fortnite and the launch of ESPN's new app—increases the pressure on its US linear operation: it may not yet be moribund but has declining relevance to the rest of the business

In the UK, Disney+ continues to be challenged by its engagement levels—e.g. top new shows, a major driver, are relatively less likely to cut through its user base—but there appears to be a disconnect between lower usage and churn