Vodafone KPIs - strategic issues

Broadband market revenue continued to decline by 1% in Q3, thanks to stagnant broadband volumes and weak ARPU growth. 

Pricing is declining at 5-10% per annum as a modest retail altnet slowdown is countered by TalkTalk losses moderating, and competitive pressure remains intense.

Recovery looks very much dependent on the retail altnets consolidating into a more sustainable wholesale model

Big tech, even the US economy at large, is betting the house on AI. Some air might come out of the bubble, but AI investments’ trajectory will stay the course over the next 24 months.

UK national media and content creators face an acute challenge as they exploit global platforms’ ‘export’ opportunities, with AI’s ‘glocalisation’ potential a key new trend for future online video.

AI platforms could create an even tougher online media environment over the next few years. OpenAI’s spending plans are predicated on resetting how people shop, search and access entertainment.

DMGT proposes to acquire Telegraph Media Group (TMG) after RedBird Capital pulled its bid. 

TMG has a pristine balance sheet and is ready to be sold by RedBird IMI for the reserve price of £500 million to DMGT.

Lacklustre results for the topline in 2024 are partly due to the lengthy period of limbo since May 2023, but EBITDA is steady at £61 million.