Streaming fell back into the red again, although with further price hikes on the way—along with "modest" Disney+ subscriber growth—next quarter should see the beginning of a profitable trajectory
In the UK, Disney+ continues to grow engagement—if not necessarily subscriptions—however, we still await a boost from local scripted originals
While the performance of Disney's core segments appears to be stabilising, 2024 remains a year of unfinished projects
The UK’s choice of policy for rebalancing the relationships between news publishers and tech platforms is on the agenda of the CMA’s Digital Markets Unit for 2025. The UK is expected to steer clear of the pitfalls of Canada’s news bargaining regime, which led Meta to block news, crashing referrals.
In the UK, Google’s relationships with news publishers are much deeper than referrals, including advertising and market-specific voluntary arrangements that support a robust supply of journalism, and dovetail with the industry’s focus on technology (including AI) and distribution.
The rise of generative AI has also ignited the news industry’s focus on monetising the use of its content in LLMs. AI products could threaten the prominence, usage and positive public perceptions of journalism—this might require progress in journalism’s online infrastructure, supported by public policy.
Q1 was always going to be tough for Vodafone with lower in-contract price increases a very significant drag on performance (across the sector), TV losses in Germany ramping up, and ongoing struggles to turn around broadband performance there. A deterioration in German mobile is an unwelcome addition.
Encouragingly, Vodafone continues to optimise its portfolio and is guiding to a U-shaped recovery, with Q2 particularly weak and B2B driving a better 2H.
While there are particular headwinds this year and tailwinds next which point to an improving outlook, better operational performance remains critical to the company's future, and we continue to await evidence of this.
On 4 June 2024, Enders Analysis co-hosted the annual Media and Telecoms 2024 & Beyond Conference with Deloitte, sponsored by Barclays, Salesforce, Financial Times, and Adobe.
With over 580 attendees and over 40 speakers from the TMT sector, including leading executives and industry experts, the conference focused on how new technologies, regulation, and infrastructure will impact the future of the industry.
This is the edited transcript of Session Two, covering: Sky’s strategy; audience engagement with sport; the role of AI in journalism; and Amazon’s UK business and philanthropy. Videos of the presentations are available on the conference website.
On 4 June 2024, Enders Analysis co-hosted the annual Media and Telecoms 2024 & Beyond Conference with Deloitte, sponsored by Barclays, Financial Times, Salesforce and Adobe.
With over 580 attendees and over 40 speakers from the TMT sector, including leading executives, policy leaders, and industry experts, the conference focused on how new technologies, regulation and infrastructure will impact the future of the industry.
This is the edited transcript of Session Three, covering: consolidation in the telecoms sector; fixed-mobile convergence; and the future of the fibre industry. Videos of the presentations are available on the conference website.
On 4 June 2024, Enders Analysis co-hosted the annual Media and Telecoms 2024 & Beyond Conference with Deloitte, sponsored by Barclays, Salesforce, the Financial Times, and Adobe.
With over 580 attendees and over 40 speakers from the TMT sector, including leading executives and industry experts, the conference focused on how new technologies, regulation and infrastructure will impact the future of the industry.
This is the edited transcript of Session One, covering: the evolution of streaming models, and public service broadcasting in the digital age. Videos of the presentations will be available on the conference website.
TikTok has been dealt a devastating blow as a US bill has been signed into law forcing owner ByteDance to sell within a year or face its removal from app stores.
The stakes are higher than in 2020—China's opposition to a divestment will make an optimal sale harder to conclude, so all sides must be prepared for a ban.
The TikTok bill introduces extraordinary new powers in the context of the US and China's broad systemic rivalry, though online consumer benefits will be limited.
Vodafone has finalised its deal to sell its Italian business to Swisscom for €8bn, opting for greater regulatory certainty and higher upfront proceeds rather than a potentially higher offer from Iliad for an Italian JV.
The company has grasped the nettle on the trailed dividend cut, bringing the announcement forward from the expected May timing, and halving the payout.
The company is highlighting how well it is positioned to grow now without Italy and Spain, and with the prospect of a better position in the UK. Germany will be more important than ever in this growth equation.
Vodafone has confirmed that it is in discussions to sell its Italian business to Swisscom for €8bn having rebuffed a higher offer from Iliad for an Italian JV in December.
The Spanish and Italian deals should be reassuring to investors, are helpful to the growth profile of the company, and may help to reduce any conglomerate discount in the share price.
The all-important free cashflow impact of the deals remains to be seen with potential for buybacks of up to €10bn compensating for the direct dilution of the deals and softening the blow of any dividend downgrade in May.
Iliad has made an attractive offer for Vodafone Italy, to initially form a joint venture but to ultimately give Iliad the right to buy Vodafone's stake.
Vodafone management may be more keen on a less transformative, but easier, deal with Fastweb, retaining Vodafone's presence in Italy.
Iliad's announcement is likely aimed at highlighting to shareholders and the Vodafone board that a more value-creative deal is on the table, even if management appetite is not there for it just yet.