Vodafone’s European operations revenue growth dropped, but not as much as various regulatory interventions would have warranted, implying a strong operational performance
Service revenue worsened by 1ppt this quarter to -1.7%, but this is heavily distorted by one-off factors, in particular the blowback from O2’s controversial price increases.
For the same reason, MVNOs enjoyed their best quarter ever, particularly Sky and Tesco Mobile.
The launch of ‘O2 Satellite’ will bring a welcome brand halo-effect. Limitations of satellite direct-to-device both make the consumer proposition a tricky one, and protect the mobile industry from cannibalisation.
Rapid diffusion of AI products is pressuring all media sectors to take a radical approach to content and IP management (beyond tried and trusted online strategies).
2026 will be a bumper year of AI spend by big tech. Capex growth may moderate in 2027 but with an enduring cumulative impact as AI agents approach the mainstream.
Broadcasters are ramping up activity on YouTube, and as the rules of tech platform distribution change, the industry works to solve content licensing for AI.