Podcasts are a small but growing medium, and global streamers and domestic audio players alike are investing heavily in podcast content, distribution and advertising technology.

The broadening choice and diversity of podcasts available has put discoverability, exclusives and personalisation at the heart of the race to become the number one destination for audio.

While the UK currently lags other markets in terms of advertising and monetisation, increasing financial viability coupled with
healthy listener demand suggests a bright future for the UK podcasting sector.

Google has lost its appeal of the European Commission’s antitrust ruling of 2017 that it had abused its position in general search to favour Google Shopping, its Direct-to-Consumer (DTC) channel for merchants, in relation to price comparison aggregators. 

Since the case was lodged in 2010, price comparison has receded as the key to consumers’ online purchases, also motivated by influencers, reviews, and browsing. Merchants use YouTube and Instagram to build brands, Facebook to launch products, and Google Shopping as the key alternative to Amazon for direct response.

The EU’s antitrust regime has once more solved yesterday’s problem, but this will shift for Big Tech to an ex-ante regime when the landmark Digital Services Act and Digital Markets Act come on-stream.

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

Across a range of genres, distinct local programming skews in popularity with the regional audiences it reflects. For example, Derry Girls’ viewing share in Northern Ireland is over 40% higher than across the rest of the UK.

However, market forces have cemented the dominance of London and the South East in terms of television production.

Moving more Public Service Media activity outside the M25 will rebalance production away from London, help fulfil a key commitment to serve all UK audiences, and differentiate PSM content from international services.

Early 2020 presented a nightmarish outlook for advertising revenues, but very strong late returns meant that total Channel 4 revenues were down just 5% YoY. Slashing content investment by £138 million, with production shut down and programmes deferred, resulted in an operating surplus of £71 million

Viewing share grew slightly in a weakened broadcasting environment, and given the fertile conditions, All 4 had a bumper year. COVID-19 may have even aided Channel 4’s existential transition to digital, but streaming services have outperformed

Despite fulfilment of its remit in a tough and unpredictable time, once again, privatisation is back on the agenda. We believe that it will be difficult to maintain the remit with a new buyer paying any more than a meagre sum, and even if that happens, a profit-oriented buyer will have incentive to game the obligations

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.

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The Creative Industries accounted for 6% of UK GVA in 2019, more than the automotive, aerospace, life sciences and oil and gas industries combined. The UK’s Creative Industries are the largest in Europe and are central to promoting the UK’s soft power globally.

At the core of the creative economy is the AV sector, which, in turn, is driven by the UK’s PSBs. In 2019, the PSBs were responsible for 61% of primary commissions outside London and are the pillar upon which much additional regional economic activity depends.

Going forward, only the PSBs are likely to have the willingness and scale to invest in production centres outside London with sufficient gravitational pull to reorientate the wider creative economy towards the nations and regions.

21CF’s bid for 100% ownership of Sky has been referred for a Phase 2 investigation to the Competition and Markets Authority (CMA), which will decide by 6 March 2018

Third parties Avaaz and Ed Miliband MP complain of the influence of the Murdoch Family Trust (MFT) and family members over the UK’s news agenda and political process 

A remedy could insulate Sky News from this influence. The offer of a Sky News Editorial Board at Phase 1 was refused. Third parties will ensure the debate in Phase 2 is very lively

For the second consecutive year, the global recorded music industry body IFPI reported rising trade revenues, growing 5.9% to reach $15.6 billion in 2016

Our forecasts supplement IFPI’s trade revenue data with richer national-level consumer expenditure data from local bodies in core markets, and project CAGR of 2.3% to 2021, tapering off as streaming approaches maturity

This fairly modest topline growth for global recorded music streaming trade revenues is the product of our judgement that the marketplace remains awash with free music. Streaming trade revenue growth could be higher still if the industry finds a solution to piracy through technological or regulatory means, obviating the need for the ad-funded compromise

Secretary of State (SoS) Karen Bradley has made an initial decision to refer 21CF’s bid for Sky to the Competition Markets Authority (CMA) for a detailed consideration of media plurality concerns, to be finalised in the near future

The issue at hand is the potential increase in the influence of the members of the Murdoch Family Trust (MFT) over the UK’s news agenda and political process. The SoS rejected the remedy for Sky News brokered by Ofcom

Ofcom’s non-negative decision on the fitness and propriety of 21CF to hold Sky’s broadcast licences cleared another hurdle in the event the merger is finally accepted