With no major men’s football tournament, ITV’s advertising revenue fell well short of a tough YoY comparison (-7%, £824 million) while Studios appears to be settling after a demanding last couple of years (+3%, £893 million)

ITVX is showing encouraging momentum—especially in terms of its usage profile—however, as a whole, ITV saw viewing share again decline, while losing another 600k regular-viewing households

This market demands proactivity—hence the announcement of collaboration between the three major sale houses, and further measures by ITV to target small to medium-sized businesses

Netflix improved on its Q2 revenue and profit forecasts, driven by successful implementation of price rises and USD weakness. There continues to be little substantive information offered about the advertising business

Most of Netflix’s engagement growth is derived from its existing heavy users. Lighter users, who are more susceptible to churn, appear to be most under pressure from YouTube

In the UK, new Netflix original content no longer appears to be driving new subscriptions. This means it can be better used to shape engagement in a way that optimises monetisation

This report tracks Netflix’s original content output, which declined in 2024: docuseries and stand-up comedy were the only genres that grew in volume

We provide an overview of what programming is working, by overlaying Netflix’s ‘mood tag’ and genre metadata onto global and UK viewing 

We analyse Netflix’s approach to film and, in particular, the difference in output and success of more and less expensive features

Netflix’s deal to carry TF1 channels and on-demand content in France indicates that it is now interested in becoming an aggregator—its scale and reach make it attractive but terms will not suit everyone 

This reach should be advantageous for TF1, giving the company access to viewers that currently are not regularly exposed to its programming, while also boosting frequency

For FTA operators this deal highlights a possible template to maintain some stability in reach, with less of the uncertainty of content distribution on YouTube 

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.

ITV's total external revenue rose 4% year-on-year in Q1 (to £756 million), although a material drop in internal Studios sales (down by £41 million) meant a decline in total group revenue (-1% to £875 million). Ad revenue was down 2% and will face tough men's Euros comparisons for the next two quarters 

Even with continuing online growth, ITV's overall viewing continues to decline. However, ITVX usage is displaying favourable characteristics that could foretell greater resilience and volume

Further, although the levels of viewing on the ad-tiers of the major SVOD services is analogous to ITVX, the difference in how well that viewing is monetised is stark

Netflix beat its own Q1 revenue and profit forecasts but an uneven outlook means that its previous 2025 projections (12-14% revenue growth with a 29% margin) remain relevant. The end of reporting of subscription numbers and ARPU means that there is less visibility on the success of advertising and its regions

UK programming is now the most efficient original content on Netflix—with a tough outlook for production, this is validation of the quality of the product produced in this country

The call for a streaming levy was badly timed with little interrogation of any consequences. Further, it fails to directly address a major problem: the declining consumption of British programming  

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 

ITV saw advertising revenue growth in 2024 (+2% to £1.8 billion), aided by the Euros. This balanced some of Studios’ 6% decline (to £2.0 billion), however, total external revenues were down 4% (£3.5 billion)

Despite the revenue drop, profits improved, with group adjusted EBITA increasing 11% to £542 million. This was aided by a unique set of circumstances which drove Studios’ profit to a record high with cross-company cost-cutting showing its benefit

ITV is making strides in its transition to digital but even though the revenue story is largely positive, the company continues to leak engagement and viewing share

Disney's phase of consolidation began with profit growth for its streaming business, pushed up by price rises with subscriber numbers reasonably flat. Emboldened by less churn than expected, Disney+ will be more expensive sooner rather than later

Disney+'s UK reach—a proxy for subscriptions—remains firm but under pressure with engagement materially suffering as the flow of new programming has slowed. Library content is D+'s strength, but viewing of it is correlated with new releases

The creation of sports channel bundle Venu ran the risk of accelerating the decline of Disney's linear business. The service's delay and failure to launch may have given time for the company to reappraise its approach to linear