Overall radio listening remains robust and continues to make up the majority of audio time, however a worrying decline in both reach and hours amongst younger people makes further innovation necessary

Shifting audio distribution trends driven by digital and IP listening, as well as the increasing influence of smart speakers and connected devices, represent significant challenges for the radio industry going forward

Strong collaboration and regulatory support will be needed to reconnect with elusive younger listeners, prevent US tech companies from becoming de-facto gatekeepers, and preserve the public value at the core of the UK radio industry

Vodafone’s leverage issue continues to drive its strategy and operational focus, as evidenced in its H1 results with solid EBITDA but lacklustre revenues.

Its leverage crisis is severely exacerbated by the prospect of a fibre build in Germany as well as a sizeable headwind to its cable business momentum there. Further sell-downs at Vantage will help and we view the prospects of consolidation as slightly improved, with Spain the most promising option.

Growth in the UK appears to be on hold and the outlook is mixed with VMO2’s notice for early termination for its MVNO, ongoing B2B weakness expected but significant inflation-linked price rises on the cards.

Netflix’s decision to launch games as part of the subscription bundle is smart business: rewarding current subscribers, leveraging its IP, and signalling that subscription is the best long-term revenue model in the games space. 

Expect technological innovation to be central to Netflix’s ambitions with games. Netflix will make it easier for different game experiences to occur, and ways to attract external developers will inevitably follow. 

For Disney, Netflix just made the battle for customers more difficult and more expensive.  Disney will need to make hard decisions about how to approach the games business—something it has shown before it finds difficult to do. 

Judge Yvonne Gonzalez Rogers has handed Fortnite maker Epic a crushing defeat in its antitrust suit against Apple’s App Store policies. 

Apple is using settlements to preserve its model, though both it and Google are exposed to new legislation. 

Google still faces trial by Epic; its Android licensing agreements are its Achilles' heel. 

Amazon has been criticised by commentators, governments and sellers for giving its own products an unfair advantage on its online storefront, which millions of sellers depend on for discovery

This line of attack misses the point of Amazon’s business, which is to operate marketplaces and extract profits from suppliers through fees and services. This model raises its own questions about competition and fair trading, but self-preferencing is not core

Amazon's strategy needs both buyers and sellers, but it needs to focus on the experience for customers as the foundation of its market power

Vodafone’s growth this quarter was a touch disappointing; the annualistion of the COVID hit was a clear boost but no evidence of any tailwinds. The 1.1% growth in the European markets should be the real focus for investors.

We see some evidence of positive initiatives from Vodafone such as its new EVO tariffs in the UK but it still has much to prove on operating momentum, especially in Germany.

There are signs that Vodafone is slow-pedalling in some markets and with demanding EBITDA targets and with leverage still finely balanced, we expect this focus on profitability to continue. The UK may be a special case.

Viewing habits are changing but live is still central to the TV experience

Television’s biggest shows are amongst the most timeshifted, and therefore have an outsized impact on the decline of live viewing debate

Viewing—not just of news and sport—is still overwhelmingly live, despite differences across genres and broadcasters

After a strong post-pandemic rebound, Sky has the opportunity to leverage its strong reputation with consumers to meet the challenge posed by new competitors and the studios’ direct-to-consumer transition, establishing Sky Q as the ultimate gatekeeper of video subscription homes.

Sports rights costs in Germany and Italy have been cut significantly, while Sky’s spend on UK Premier League rights will decrease in real terms. Savings will ease the financing of the shift to original content, which, associated with owner Comcast’s NBCU output, anchors the aggregation strategy.

Fibre deployment in the UK and Italy presents a subscriber and revenue growth opportunity, and underpins the gradual shift away from satellite to online content distribution.

Apple is bringing in privacy changes on iOS that could hurt ad-funded apps. 

Responding to platforms’ legitimate push for user privacy is a trial for regulators in the midst of building new online antitrust regimes. 

Antitrust rulings are chipping away at the App Store’s stringent terms of use, but reforms will keep it at the centre of the iOS universe. 

Advertising income has been the lifeblood of commercial TV for decades, but declining linear audiences—combined with digital video alternatives—mean the TV advertising model must evolve to ensure it remains as potent a medium for brands as ever.

Lack of effective audience measurement and somewhat opaque advertiser/agency/sales house relationships are hampering linear TV advertising revenues. Both issues need resolving to underpin a healthier ecosystem overall.

Flexibility is key to this evolution. A move to audience buys across most linear and BVOD inventory would provide greater flexibility and targeting for advertisers, and would sit alongside some premium context buys. A greater onus on volume deals would give broadcasters more certainty to invest in content and their advertising propositions.