Vodafone KPIs - strategic issues

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.

Broadband market revenue growth slightly worsened in Q4 to -1.4% as volume and ARPU pressures persist.

The altnet outlook remains highly uncertain with multiple developments pointing in different directions.

Continued market decline into 2026 is likely, with a coherent (and sustainable) altnet future likely to take some time to emerge.

ITV’s total revenue (£4.1 billion) was flat year-on-year, with growth from Studios balancing a drop from Media & Entertainment: advertising revenue ended 2025 down 5%.

Studios not only grew revenue (£2.1 billion, +5%) but was almost as profitable as the record-breaking 2024, with adjusted EBITA of £297 million. The domestic business remains strong, but US production is looking tough.

Overall engagement continues to fall (-5%) and although there is sizeable reach to be found on YouTube, viewing levels and completion rates markedly trail linear and ITVX.