Ofcom’s full fibre regulation statement, released today, is largely as trailed, i.e. it allows BT’s Openreach considerable relaxation of wholesale pricing in return for building out full fibre.

On the longer-term regulatory prospects, Ofcom continues to be fair but more obtuse than it could and should be, unnecessarily dampening investor enthusiasm. Ofcom will decide on a case-by-case basis whether to allow Openreach to offer geographic/volume discounts, using slightly contradictory principles.

The publication and increased certainty may allow BT’s Openreach to extend its full fibre roll-out further, faster or even with external financing. The build plans of others will come under increasing question.

BT’s December quarter results were mixed, with revenue growth improving but EBITDA growth worsening, and next quarter will be hit by the effects of lockdown 3 on mobile, with B2B likely to be hit by business failures following the end of furlough.

BT has maintained/nudged up its financial guidance regardless, and there are plenty of positive longer-term signs, with subscriber growth strong in the quarter, pricing pressure easing, and full fibre roll-out and adoption progressing nicely.

Overall, we expect the road to continue to be bumpy, but a recovery by 2022/23 still seems very plausible, ultimately driven by the wholesale and retail benefits of full fibre, and perhaps helped if it can get ‘Digital’ right, a particular challenge historically for BT.

TalkTalk’s latest results were mixed at best, with ARPU and revenue growth improving off a low last quarter, but net adds worsening, EBITDA falling sharply and full year EBITDA guidance suspended.

Its outlook remains challenging, with the move to high speed still a drag on EBITDA, and the migration to ultrafast a further (even greater) challenge, although this brings opportunity as well, especially if the company can move away from its discount brand focus.

Its prospective new owners highlight the need to invest in brand, systems, and full fibre capabilities to meet this challenge, but it is not clear where the money to do this is coming from, and it is also not clear if the desire to ‘reposition the brand’ includes a move upmarket.

To diversify revenue in a saturated US mobile market, telecoms giant Verizon Communications followed an earlier merger with AOL by acquiring Yahoo for $4.8 billion

The combined online ad platforms are likely to become the most viable contender for third place in the US, after Google and Facebook

Verizon’s mobile subscriber data could narrow the market leaders’ targeting and measurement advantage, but regulation and customer reception pose risks

Paid placements for content marketing online in Europe will increase by 186% from 2014-2020, to over €2 billion

It is a particularly exciting area for premium publishers, who can leverage their content expertise to reverse the flight of ad money to lower-cost properties. Almost all are developing creative content offerings to capture this value

Metrics and measurement, disclosure and cost remain as challenges for content marketing online, but growth is strong due to high commitment to spend from advertisers

Native advertising is growing sharply as a result of the shift in digital audiences and consumption to mobile devices, where limited screen size and usage modes favour formats that mirror the form or function of the platform and media

Publishers and advertisers are moving rapidly to exploit the opportunity. Publishers see unique native formats as a way to distinguish their ad offering in a highly commoditised internet advertising space, while advertisers and their agencies hope to get more bang for their buck

Between 2015 and 2020, we expect native advertising spend across Western Europe to grow by 156% to €13 billion, representing 52% of internet display and three quarters of net growth in internet display

The sale of the i, the innovative 2011 launch by the Independent, inevitably led to its parent’s death in print form and pushes two media experiments into the marketplace

ESI Media becomes the first publisher to switch a traditional national news brand into a digital-only service, while Johnston Press has developed a new local-national platform to compete with Trinity Mirror

Content publishers will increasingly experiment with vertical models and membership models for a range of services including access to some content as the challenges of the digital advertising market begin to mount