After China updated its Anti-Monopoly Law to cover platform companies, the Government is bringing to heel privately owned ‘national champions’, including via antitrust measures in their home market—the key source of their astronomical cash flow—and through interference in their expansion outside China

China lacks any tradition of anti-monopoly activity, given its gradual shift to the market from state-owned enterprises, it offers an example of theory in practice for antitrust reformers targeting platforms in the West

The global implications are huge: up to $2 trillion of Wall Street shares are exposed as China tightens controls on foreign IPOs. Regulators could also use enhanced antitrust powers to disrupt global dealmaking for economic leverage

• The three lockdowns since Q1 2020 shifted the sales of ‘non-essential’ stores (e.g. clothes) to online, with deconfinement releasing the oxygen of pent-up demand to the high street, eroding online’s share
• For vendors of ‘essential’ goods (e.g. food and drink), which stayed open, Work-From-Home (WFH) shifted a large portion of spend to in-home purchases, with both offline and online spend remaining elevated in Q2
• The share of online in retail sales (excluding fuels) dropped from its peak of 34.7% in Q1 2021, when the UK was in its third lockdown, to 27.6% in Q2. This is still up 10 ppts from 18.7% in Q2 2019, evidence of a new post-pandemic normal, as mobility to retail and recreation destinations remains impaired

Epic Games, maker of mega-hit Fortnite, sued Apple over alleged antitrust violations around App Store rules and Apple’s 30% tax on in-app transactions. A decision could come soon, though it will be contested on appeal.

The implications of the case could be far-reaching, as Apple and other tech companies like Google design their platforms to extract high-margin revenue from the transactions they facilitate, including news subscriptions: a five-year basic in-app subscription to The Times costs £885, of which Apple takes £158. 

It comes in the context of a flurry of debate and decisions around tech antitrust and consumer protection: new laws may ultimately be needed, but regulators in the US and UK are proving they can be creative with their existing tools. 

Sales of used and new cars fell 18% in 2020, impacted by the pandemic’s closure of forecourts, and bottlenecks in the supply chain. Consumer demand for private over public transport has strengthened, however, pointing to a recovery of car sales in 202.

Market leader Auto Trader posted a 29% revenue decline in the year ending in March 2021, largely from necessary but self-imposed subscription holidays. Auto Trader revenues are set to rebound in 2021 as the car market’s recovery emerges.

The pandemic accelerated the transition of the consumer car buying journey from the physical forecourt to the digital space. Fully digital transactions are edge-case, but there is huge opportunity for scale players to facilitate transactions—needless to say, Auto Trader looks to be a key winner.

A channel dedicated to personality-led opinion breaks from TV’s strong range of rolling news, bulletins and standalone debate programmes. Conceptually GB News is more like talk radio: audiences can dip in at any time of day to hear takes on stories.

A linear launch—especially one based on a new interpretation of Ofcom’s due impartiality rules—has generated headlines, but the stark commercial reality of sustaining TV news by itself remains.

Its own linear audience and paying member forecasts are optimistic for a service with limited prominence and a streamlined budget, though profitability may not be its only measure of success.

Three lockdowns since March 2020 greatly reduced mobility in Greater London, an area with high reliance on public transport. Risk aversion even reduced mobility in cities like Seoul and Auckland that effectively contained the virus.

The concentration of air pollutants in the Greater London area dropped 50% below the 2019 baseline level in March 2020, remaining below baseline for much of the period since, despite increasing road vehicle traffic. The biggest rises in air quality occurred in wealthier boroughs like Richmond, a glaring inequality.

Another stark inequality of the pandemic is the much higher share of residents of wealthier boroughs than poorer ones able to stay at home, also saving more precious time by reduced trips to the workplace. These benefits are much less available to low-income, and disproportionately BAME, residents of London, often essential workers.

The consumer books market has flourished during the pandemic: following early worries, publishers are reporting strong growth and profits

However, bookshops, the most important point of contact between the industry and readers, are facing their toughest challenge yet as ecommerce booms and continued home-working saps high street footfall                                                   

Publishers and authors are embracing new, online ways of promoting titles. These will require new ways of working, and are not substitutes for dedicated shops, which must be protected as much as possible

As private sector employers faced an unprecedented degree of uncertainty, the volume of vacancies fell 60% from 2019 to 2020, driven by the arts & entertainment, food & hospitality and retail sectors, leading expenditure on recruitment advertising to fall by 32%.

In 2021, vacancies for temporary placements are surging as society proceeds to unlock, with the near-term labour market tight, boosting expenditure on recruitment. Our concern is the masked unemployment in B2C sectors that will emerge should furlough end on 30 September. 

Judging by global revenue trends in FY2020, professionally-oriented networking platform LinkedIn gained from demand for hiring served by paid-for listings, also filling demand for events. Indeed, which serves the high-volume but lower-value end of labour markets, with a less fruitful budget and cost-per-click model, suffered mild revenue decline.

The press industry lost £1 billion off the topline from the calamitous decline in print revenues due to pandemic-related mobility restrictions, partly offset by gains on digital subscriptions, much harder to precisely size in revenue terms.

Trapped at home for the most part, online traffic to BBC News and news publisher services boomed. Popular news sites marginally grew digital advertising while the quality nationals attracted 800,000 new paying subscribers to reach nearly three million in 2020.

The outlook for 2021, in the transition to the ‘new normal’, is mixed. Consumer work patterns and news, information and entertainment habits are unlikely to ‘bounce back’ to pre-pandemic levels, placing free commuter titles at particular risk. Signs of confidence through online innovation are welcome.

The press industry lost £1 billion off the topline from the calamitous decline in print revenues due to pandemic-related mobility restrictions, partly offset by gains on digital subscriptions, much harder to precisely size in revenue terms.

Trapped at home for the most part, online traffic to BBC News and news publisher services boomed. Popular news sites marginally grew digital advertising while the quality nationals attracted 800,000 new paying subscribers to reach nearly three million in 2020.

The outlook for 2021, in the transition to the ‘new normal’, is mixed. Consumer work patterns and news, information and entertainment habits are unlikely to ‘bounce back’ to pre-pandemic levels, placing free commuter titles at particular risk. Signs of confidence through online innovation are welcome.