Tech companies are approaching terminal velocity on capex, which will surpass a $500 billion annual run-rate in early 2026. Apple is out of position on AI; CEO Tim Cook has signalled a willingness to consider M&A yet also faces acute political strain in the US

Despite revenues surpassing $2 trillion in 2025, tech is in a fragile transition as most cloud growth is still not driven by gen AI—tariffs, uneven compute build-out and US economic impacts may deliver a bumpy landing in quarters ahead

European tech sovereignty is a mounting political issue, as the continent fights the White House on its regulatory red lines. The financial and cultural impacts of Europe’s lack of tech champions remain intractable

Prime Video UK viewing has increased by 30% year-on-year. Although this growth is from a smaller base than its main rivals, it now matches Disney+ in total engagement.

Viewing behaviour now reflects a service that is more than just an add-on: those who use it alongside Netflix do so for its breadth, particularly in film, whilst non-Netflix viewers are drawn to its major UK hits and football coverage.

Supplementing consistent viewing to football and scripted box sets, its ability to attract mass audiences to its hit original shows now rivals some broadcasters.

Enormous AI capacity unlocked by 2026, combined with investor pressure for returns, is stimulating a rapid escalation in AI products that could spawn an AI ‘super app’ ecosystem that supplants the world of search and links

There is no turning back: Google is transforming search and YouTube while OpenAI and Perplexity launch AI browsers to capture user attention. OpenAI’s ChatGPT agent moves it further from Microsoft, who is yet to finalise their long-term relationship

Meta may pivot to a closed AI model without an ‘anchor tenant’—feeding Mark Zuckerberg’s ambition to revolutionise advertising. Meta is positioning new AI supercharged hardware in the consumer space designed to eclipse the smartphone

Defined roles within the advertising ecosystem are a thing of the past: everyone is adapting by building out functionality to claim share as the constants underpinning advertising—attribution, discoverability, and regulation—change.

There is a new wave of M&A, partnerships and developments from agencies, adtech, and big tech in data and AI, as all sides position themselves to reshape the terms of online advertising at a time of maximum uncertainty.

Big tech platforms are leveraging their scale and AI investments in attempts to reset broad swathes of the market. Publishers are exposed; their way forward relies on asserting their value through direct audiences and collaboration on sector-wide innovations

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.

Podcast reach and share continue to grow, albeit slowly, aided by need-state differentiation and increasingly online, on-demand media habits.

The ad market remains small with the long tail of podcasts difficult to monetise, but an industry move into video—on both YouTube and Spotify—offers substantial reach and monetisation opportunities.

Publishers and broadcasters see podcasts as an essential brand extension enabling greater reach, whilst successful podcast networks have tapped into more relaxed, commercial formats.

Broadcasters have made considerable progress in becoming platform agnostic over the past three years, delivering innovative ad propositions offering greater targeting, flexibility and measurement. 

They would welcome the opportunity to work with advertisers to explain the complexity involved in delivering linear and digital campaigns. 

Broadcasters believe that although TV advertising is transitioning to digital, legacy share deals and reliance on pricing relative to ITV1’s station average price (SAP) continue to hold the market back. Potential amendments to CRR may allow for a smoother digital transition, benefitting the entire ecosystem.

On 4 June 2024, Enders Analysis co-hosted the annual Media and Telecoms 2024 & Beyond Conference with Deloitte, sponsored by Barclays, Salesforce, the Financial Times, and Adobe. 

With over 580 attendees and over 40 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: artificial intelligence, the new phase of online advertising, and closing remarks. Videos of the presentations are available on the conference website.

On 4 June 2024, Enders Analysis co-hosted the annual Media and Telecoms 2024 & Beyond Conference with Deloitte, sponsored by Barclays, Salesforce, the Financial Times, and Adobe.

With over 580 attendees and over 40 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: the evolution of streaming models, and public service broadcasting in the digital age. Videos of the presentations will be available on the conference website.

Meta's China risk is overstated: the spend from Chinese advertisers is diverse and resilient to everything short of a full-blown trade war. 

Apple (and Tesla) are in the more precarious position of selling directly in-market, and face sharpening domestic competition.

Amazon's exit from selling in China still leaves it exposed: its marketplace strategy is built on Chinese sellers, whose potential routes to market are proliferating with local platforms going global.