YouTube’s tepid quarter signals a two-track online ad economy with advertisers protecting search spend as an essential cost of sales while cutting online display.

YouTube faces a challenge to strengthen its brand and direct response ad products while sacrificing some income to Shorts, its answer to competition from TikTok, which we estimate added three times as much ad revenue as YouTube in H1.

Beyond the short term, brands need to generate new demand, and that cannot be accomplished at the bottom of the funnel.

The UK's cultural industries remain the strongest in Europe and digital distribution is a strong vector for the globalisation of British culture

The international reach and reputation of UK news providers is unparalleled, with the BBC, the largest news provider globally, reaching half a billion users weekly

Independent commissioning drives a dynamic ecosystem of TV exports with global clout—worth an estimated £3.4 billion—that remains stable despite Brexit

This report is free to access.

The Glasgow Climate Pact agreed at COP26 sets out national pledges to achieve net zero and contain global warming to 1.8°C above its pre-industrial levels— COP27 will buttress pledges, now at risk from the energy crisis, and advance some nations to 2030.

The TMT sector is a leader on net zero in the private sector. Companies that measure their end-to-end carbon footprint throughout their supply chain—as many do in the UK’s TMT sector—can target their GHG emissions.

The TMT sector underpins the UK’s vibrant digital economy that enables hybrid work-from-home (WFH), which reduces fossil fuel use thus heading off both the energy crisis and the climate crisis.

The EU’s GDPR enforcers have ruled that IAB Europe’s framework for collecting user consent, a standard used by about 80% of sites on the continent, is in violation of the regulations

This is one of the clearest signs yet that regulation is starting to catch up with Apple and Google’s privacy push, as support for cookies and mobile ad IDs is due to end over the next few years

Publishers must prepare now by treating privacy as a core part of user experience and adopting a reader-first revenue model that also supports advertising in a trusted environment

Alphabet’s growth slowed in Q1, but search remains the premier advertising product: protected against privacy changes, and poised to grow on a return to travel.

Investors focused on YouTube’s disappointing growth. Its exposure to brand advertising has slowed it relative to search, and it now has to compete with an increasingly formidable TikTok. User subscriptions could be a hidden strength.

The US remains the core of Alphabet’s business as uncertainty and energy price jumps hit Europe.

Enders Analysis co-hosted the annual Media & Telecoms 2017 & Beyond conference in conjunction with Deloitte, Moelis & Company, Linklaters and LionTree, in London on 2 March 2017.

This report contains the slides used by Tom Mockridge, Matthew Kirk, Andrew Griffith, and Geoff Moelis.

Enders Analysis co-hosted the annual Media & Telecoms 2017 & Beyond conference in conjunction with Deloitte, Moelis & Company, Linklaters and LionTree, in London on 2 March 2017.

The day saw over 450 senior attendees come together to listen to 30 leaders and senior executives of some of the most creative and innovative businesses in the media and telecoms sector, and was chaired by David Abraham.

This report provides edited transcripts of the presentations and panels, and you will find accompanying slides for some of the presentations here.

Videos of the presentations are available on the conference website.