The PSBs’ ability to fulfil their public service objectives is becoming compromised by declining TV audiences, mainly due to the rise of online platforms and the decline in funding levels.

Part of the solution lies in collaboration between the PSBs themselves, potentially through shared tech stacks across players.

Collaboration with third-party online platforms is also required. The Media Act is introducing prominence requirements for connected TVs, but extending this regulatory regime to video-sharing and AI platforms needs much more developed thought to clearly articulate its aims and begin to iron out its practical challenges.

Although original programming is now cutting through—a validation of expansion in output—licensed content remains the backbone of Prime Video’s offering, c.80% of all viewing since March 2024.

Viewership of UK originals fluctuates significantly with reliance on standout titles, whereas US content, including high-volume dramas, maintains a steady audience.

Football coverage has been a draw for viewers: the Premier League, now lost, brought in older, male audiences. After an underwhelming initial phase of the last Champions League, Prime Video’s top pick of fixtures proved beneficial in the knockout round.

Revenue growth in mature markets is now price-driven and therefore lumpier. While the US leans on bundling, European scale requires wholesale distribution with pay-TV incumbents. Fledgling streamer to streamer/PSB deals are more of a distribution nudge than a step towards the US model.

Profit momentum is real but fragile: H2 content/sports ramps will test margins; the Versant/Discovery Global carve-outs are about protecting multiples while ring-fencing legacy decline.

Engagement is the key battleground: live sport is increasingly important although streamers remain reticent on rights spending. While sport boosts acquisition and ad reach, ROI hinges on price discipline and shoulder programming. Europe remains a tougher nut to crack.
 

On 3 June 2025, Enders Analysis co-hosted the annual Media and Telecoms 2025 & Beyond Conference with Deloitte, sponsored by Adobe, Barclays, Salesforce, Financial Times and SAS.

With over 700 attendees and more than 50 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: Sky’s strategy; the BBC's strategy; audience behaviour; trends in commissions; and the businesses of Vivendi and the National Lottery. Videos of the presentations are available on the conference website.

On 3 June 2025, Enders Analysis co-hosted the annual Media and Telecoms 2025 & Beyond Conference with Deloitte, sponsored by Adobe, Barclays, Salesforce, Financial Times and SAS.

With over 700 attendees and more than 50 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: The Rt Hon Lisa Nandy MP; Meta’s AI strategy; Channel 4 on Gen Z and trust; news and media in the AI age; and diversity in the age of economic challenge. Videos of the presentations are available on the conference website.

2024 was a stabilising year after a troubling 2023— Channel 4's revenue was up 1% and it ended the year with a much smaller deficit, although aided by a drop in both overall and original content spend.

Facing slightly uncertain conditions, the broadcaster continues to be over-exposed to the advertising market —91% of revenues—meaning its thoughtful move into production and acquisition is necessary and should be supported.

Channel 4’s presence in streaming continues to grow but struggles to mask the continued drop of 16-34 viewing share. Online success owed much to the increasing influence of foreign library content—this commanded increased spend in 2024.

Service revenue growth remained firmly negative at -1.0% in spite of inflation of +2.1%, as competition remains intense and pricing power weak.

Operators are guiding to a 2025 EBITDA performance that is broadly in-line with, or weaker than, their 2024 performance, with SFR choosing to abstain from guidance this year.

In-market consolidation cries are getting louder, with France, Italy and Germany the most obvious candidates.

Globally, subscriber growth remains the driver of topline streaming improvements—86% of Netflix’s 2024 global revenue growth came from subscriber additions, with 85% for WBD and 54% for Disney

However, in mature markets growth is underpinned by ARPU. Subs growth is becoming volatile with more customers churning in and out of services around key releases

Relevantly, the race to scale up SVOD ad-tiers will continue to have an ARPU-dilutive effect: CPMs are lower than expected and the growing price divide between premium and ad tiers will persuade more existing users to spin down 

Geopolitical clashes between the US and Europe were a barely concealed undercurrent at this year’s MWC, with European tech regulation at odds with US moves, and telcos pitching for regulatory favours on firmer ground than they have had for years.

Perhaps the largest impact is on the satellite industry, with Eutelsat OneWeb having been given a new lease of life as the EU champion versus a now disfavoured SpaceX/Starlink.

AI was of course the talk of the town, but largely in ways that are tangential at best to traditional telcos, with the necessary building blocks for telcos to play a big role (i.e. network APIs) still needing much work.

Broadcaster reach and viewing fell in 2024, but the decline slowed as BVOD growth increasingly makes up for linear decline and the BBC’s viewing grew year-on-year. 

SVOD penetration and engagement returned to (slight) growth in 2024 and video-sharing platforms are increasing their share of TV set viewing.

Broadcasters still offer a wider array of programming than SVODs, but they are expanding their offering, as is YouTube.