Some prominent news media—notably the Financial Times, Guardian and New York Times—generate most of their consumer revenue online, shining a light on the industry’s long-term sustainability

Many newsbrands are also moving towards two-thirds reader funding, one-third advertising, emphasising that their business, not just their operating purpose, is journalism; where relevant, the legacy of the advertising boom period (1980s to mid 2000s) is finally shaking off

Perhaps most importantly, an extraordinary decade of transformation has instilled executive and cultural confidence at the top end of the market. Realising the same outcome for popular, local and magazine media will require even more radical transformation—but positive  signals are emerging

Buoyed by an impressive 49% growth in digital subscribers, and a refocus on reader revenues, the Telegraph's profits have rebounded to 2016 levels

With current momentum the Telegraph’s 1 million online subscription target looks on track, though doing so sustainably requires further cultural development

Beyond the 2023 target the Telegraph is designing its next phase of growth, and while M&A—and a sale to DMGT—are all possible, the immediate focus will be on growing journalism products that its audience (and potential audience) will pay for

The UK's cultural industries remain the strongest in Europe and digital distribution is a strong vector for the globalisation of British culture

The international reach and reputation of UK news providers is unparalleled, with the BBC, the largest news provider globally, reaching half a billion users weekly

Independent commissioning drives a dynamic ecosystem of TV exports with global clout—worth an estimated £3.4 billion—that remains stable despite Brexit

Amazon's first reported loss since 2015 is not surprising in a difficult inflationary environment, as ecommerce resets from the pandemic boost. Highly exposed to cost pressures through its logistics business, the situation is not as bad as it looks

The increases to Fulfilled by Amazon fees have been completely lost in the storm, while costs continue to increase on all sides. Amazon's announced increases are unlikely to keep up 

Launching Buy with Prime will allow Amazon to increasingly monetise FBA: a further step towards creating a monopoly in the fulfillment space while also boosting the desirability of Prime membership

The Times and the Sunday Times have posted a record operating profit of £44.7 million, the highest (in nominal terms) since 1990, doubling a strong 2020

All the Times’ online metrics are going in the right direction, partly reflecting a favourable news agenda, but also a renewed energy, imagination and working rhythm galvanised by a new team and structure                                            

Reader economies are gathering momentum, at least among the quality press, and there are also hopeful signals among local and magazine media. Signs of reader subscription fatigue are supply-side rather than demand-driven—publishers should double down on their mission and purpose

Amazon has capitalised on the pandemic’s boost to ecommerce, reporting 67% global revenue growth from 2019 to 2021. While Shopify’s impressive trebling of B2B revenues was from a lower base, at 44% of Amazon’s Marketplace it is closing the (still huge) gap

Shopify appeals to brands around the world, leveraging the open internet to establish a direct-to-consumer (D2C) business, undermining Amazon’s position as the B2B ecommerce one-stop-shop in 17 markets

Shopify is not a direct platform competitor to Amazon, which boasts a captive audience of Prime members and fulfilment. Shopify’s expansion to fulfilment in North America is the first threat to Amazon’s grip

TikTok has reached a billion users worldwide just four years after its global launch, much quicker than social media rivals, though its ban in India is a drag on growth.

TikTok’s popularity with under-25s has contributed to a hollowing-out of Meta’s active userbase. During the pandemic, TikTok also expanded its reach among older demographics, cementing its position within the mainstream and posing a further threat to Meta. 

TikTok could earn twice as much revenue as Snap in 2022, making it the first app to break out of the mid-league in years, with a huge runway for growth backed up by ByteDance’s remarkable success in China. 

Microsoft’s acquisition of Activision Blizzard is industry transforming—accelerating the momentum toward global subscription gaming across all devices and becoming an entertainment IP powerhouse.

Activision’s ‘toxic culture’ distress was acute and couldn’t be solved—Microsoft will (and should) clean up a tarnished organisation. The troubles had hammered Activision’s share price, allowing Microsoft to pick up world-class IP at a bargain relative to year-ago prices.

Sony faces a harsh reckoning on its long-term strategy for PlayStation, while EA and Ubisoft have become desirable acquisition targets.

Ongoing supply difficulties for PlayStation and Xbox through 2022 and beyond will result in the install base for the generation being permanently impacted. It raises the question: if you can’t buy a console are they even relevant?

VR will stage a comeback this year, as Quest 2 has its highest sales ever, the category will find new appeal from game (and metaverse) developers. If a rumoured Apple VR/AR headset eventuates, expect white-hot interest

Netflix will make strides in its games service―but mostly behind the scenes to deliver a once in a decade transformation of the industry. Don’t rule out a critical and exclusive mobile hit

Google has beaten Facebook in mobile revenue growth, and competes successfully in retail search with Amazon

Intelligent user interfaces based on machine learning have become a core competitive strength, with social and messaging the main remaining weak points

Rising political pressure due to Google’s growing scale and influence is now a bigger concern than commercial risk, as the threat of regulatory intervention limits strategic options in partnerships, M&A and integration