US entertainment groups have not been disrupted by the rise of digital media. Long running franchises drive growth across diverse sectors, starting with pay-TV and SVOD. US television advertising is rising in line with GDP, while the online video ad market is flourishing, with much appearing alongside the majors' scripted content

Studios' cable channels are their most profitable assets, but M&As with distribution platforms, including Comcast's aquisition of NBC Universal, have usually failed to deliver synergies

The Donald Trump presidency could leverage hostile public opinion towards mergers to undermine the AT&T bid for Time Warner; but it could also stimulate M&As if it granted tech companies a tax break to repatriate profits. A more protectionist administration could also bring about a less benevolent attitude towards majors' foreign operations

More than one third of the UK population is over 50 and this cohort is projected to keep growing. They account for substantial wealth, assets and expenditure, and reveal active multimedia engagement, providing real opportunities for brands  Given their outsize impact, we believe the marketing industry underappreciates the diversity of habits among the over 50s. While 50-65s’ habits and consumer behaviour increasingly resemble that of younger cohorts, their spending power is far greater; expectations from products and services are higher and yet the placement, format and tone of marketing feels misaligned  Online is a huge enabler that can help drive, shape and inform how over 50s spend their substantial wealth. But that can only be done effectively with a clearer understanding of behaviour and level of responsiveness to messages across media, from print to TV to online

UK digital advertising will grow beyond £10 billion by 2018 by our estimates, representing more than half of all advertising spend and delivering the most advanced large advertising market in the world on a per capita basis.

Nevertheless, we see critical issues in digital marketing that are frequently acknowledged, but hard to fix.

At the heart of our hypothesis is the view that the marketing industry – brands, agencies and media – has focused on technology and efficiencies at the expense of consumer experience and distinctiveness.

Facebook has become the second largest online video platform after YouTube by viewing time, largely thanks to muted autoplay streams - for the moment

This is about to change as Facebook seeks to grow viewing and expand inventory with a new standalone video hub, live streams and revenue share models for professional content

Facebook’s lofty ambitions to become a destination for long-form, premium video content will be harder to achieve and less compatible with current strengths than for online news