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

Publishers are becoming less visible. Since 2019, publisher visibility on Google’s search results has diminished markedly—the Mail is less than half as visible in Google’s search results as it was five years ago.

Since March, publishers' keywords have become over three times more likely to trigger an AI Overview, now affecting around one-third of the Sun and Mirror’s keywords. These summaries mostly appear for entertainment and informational queries, which typically have high search volumes but lower click-through rates

The commercial impact is minimal—we estimate low-single digits—for now. The main threat is to discoverability, and the shrinkage of the top of the funnel

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 Four, covering: the impact of AI on advertising; the future of advertising; and Ofcom’s approach to regulation.

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

Disney continued to grow profitability across its three segments, even as streaming subs and revenue remain stagnant. Stoked by Trump-uncertainty, headwinds could have ramifications for leadership succession planning

Challenges to Disney+ engagement may not yet be impacting subscriptions but it will compromise the fame of core IP assets and therefore monetisation opportunities

Green shoots are finally emerging from Disney's games strategy with Disney+ entering Fortnite

UEFA and Relevent, a newly appointed media rights sales partner, are already surveying the rights market for the next cycle starting in 2027.

With minimal competitive tension in major European markets, incumbent broadcasters are unlikely to increase their bids.

Relevent will, however, try to leverage increased US appetite for soccer to lure a streamer into a global deal.

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