Facebook's audience and consumption growth is now generating substantial and rising display advertising revenue, with consensus estimates of $2 billion in 2010, up 160% YoY, and it will overtake Google on this count this year
The social network's growing position as the centre of the internet experience is enabling it to become a platform for other services, such as e-commerce, making it an increasing strategic threat to Google, as well as other players in the digital media
More importantly, like Google before it, Facebook’s scale and function has the power to disrupt the digital e-commerce and marketing models built over the past decade
Some of Ofcom’s proposed wholesale charge controls for Openreach fixed access services sound stringent
However, we estimate that the overall financial impact on BT and other players is likely to be very small
We do not expect the proposals to result in changes to many retail prices, but they should tilt the playing field slightly in favour of BT Retail’s competitors, particularly smaller providers of broadband and business services
Canal+ France has issued a prospectus in view of the April flotation of Lagardère’s 20% stake, which could still reach an agreement to sell with majority owner Vivendi
The prospectus provides a unique insight on the performance of Canal+, which has increased ARPU and profitability in the past three years, despite erosion of its subscriber base due to competitive pressures and the recession
Management’s revenue and profit targets for 2013 appear within reach, and we also see potential upsides
Q1 2011 TV NAR (Net Advertising Revenue) has delivered strong year-on-year growth of about 8%, yet the monthly variations are large, with a predictably sharp decrease in March based on past year comparatives countered by a large Christmas-style upswing in the Easter and Royal Wedding month of April
After several years of decoupling total display and TV advertising trends from those in the broader economy due to negative structural causes, the underlying positive correlations are expected to reappear as the structural factors subdue
The general economic outlook suggests stable growth in TV NAR during 2011 of about 5%, remaining flat to marginally positive in real terms beyond 2011 as long as conditions of weak economic growth last, but with significant risks of a sudden sharp downturn in the short to medium term
International performance was hit by problems in Jamaica and was weak generally except for Panama and Macau
Channel 4's digital diversification strategy is a topic we first considered in 2002. At that time, we urged Channel 4 to husband its resources to meet its public service remit and maintain audiences on its terrestrial service, rather than diversify into new digital satellite channels. If anything, the progress of time has reinforced our conclusion that Channel 4's digital diversification strategy is risky. The risks for Channel 4 are greater than for the BBC, since Channel 4's public service remit is funded by advertising alone
On 27th July the BBC will open access to the iPlayer to UK internet users, en route to a hard launch later this summer. This PC-based application allows the user to download BBC TV content after broadcast to view on the PC for a limited time, and provides a TV-like display on the PC. Delays to the launch will mean the iPlayer enters a field already crowded by other broadcasters, including Channel 4's 4oD service, ITV's broadband portal, Sky Anytime, as well as content aggregators such as Joost and Babelgum (both currently in beta)
Ofcom has awarded the UK’s second national commercial digital radio multiplex to Channel 4 Television, having rejected a competing bid from National Grid Wireless
The performance of the international business remains solid