At the International Broadcasting Convention (IBC) 2025, vendors and broadcasters showcased plenty of incremental improvements to production using AI—but the show also previewed significant future disruption to traditional production methods.

Distribution is a focus for innovation: Formula 1 demonstrates a compelling personalised product and delivery that takes superfans beyond what can be offered in a single broadcast.

Broadcasters are adapting to a rapidly changing technical landscape at a time of increased pressure on audience trust and the geopolitical climate.

Although original programming is now cutting through—a validation of expansion in output—licensed content remains the backbone of Prime Video’s offering, c.80% of all viewing since March 2024.

Viewership of UK originals fluctuates significantly with reliance on standout titles, whereas US content, including high-volume dramas, maintains a steady audience.

Football coverage has been a draw for viewers: the Premier League, now lost, brought in older, male audiences. After an underwhelming initial phase of the last Champions League, Prime Video’s top pick of fixtures proved beneficial in the knockout round.

Revenue growth in mature markets is now price-driven and therefore lumpier. While the US leans on bundling, European scale requires wholesale distribution with pay-TV incumbents. Fledgling streamer to streamer/PSB deals are more of a distribution nudge than a step towards the US model.

Profit momentum is real but fragile: H2 content/sports ramps will test margins; the Versant/Discovery Global carve-outs are about protecting multiples while ring-fencing legacy decline.

Engagement is the key battleground: live sport is increasingly important although streamers remain reticent on rights spending. While sport boosts acquisition and ad reach, ROI hinges on price discipline and shoulder programming. Europe remains a tougher nut to crack.
 

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.

As Ligue 1 seeks yet another broadcast arrangement for next season, the French league’s value is expected to erode further.

Outside the UK, the value of major leagues’ live rights are trending downwards. The Champions League—now sold by Relevent—is the silver lining, seeking to sign up a streamer.

Global streaming platforms have a growing appetite for sports rights—but European leagues need patience.

Industrial scale theft of video services, especially live sport, is in the ascendance. Combating piracy is a formidable challenge, providing a direct threat to profitability for broadcasters and streamers.

Big tech is both friend and foe in solving the piracy problem. Conflicting incentives harm consumer safety by providing easy discovery of illegal pirated services, and reduced friction through low-cost hardware such as the Amazon Firestick.

Over twenty years since launch, the DRM solutions provided by Google and Microsoft are in steep decline. A complete overhaul of the technology architecture, licensing, and support model is needed. Lack of engagement with content owners indicates this a low priority.

US tariffs and regulations are sparing no one in 2025—Microsoft, the ‘winner’ of the earnings quarter, is still making plans to protect its European business in a doomsday scenario.

Hyperscalers who have piled their eggs into cloud cannot afford a misstep—this is driving record capex to satisfy cloud demand. We expect to see lumpiness in Q2-Q3, feeding investors’ worries.

Revenue impacts have been felt first at US retail, softening ad demand, with the UK relatively protected for now. Despite relief at the 90-day ‘reset’ with China, economic and political uncertainty remains the story of the year.

The French league and DAZN have come to an agreement to end their media rights contract after one season, with the league now having had four main broadcast partners in five years.

DAZN claims the league failed to protect its ‘exclusivity’, resulting in high piracy. Ligue 1 blames poor execution.

Without a main broadcast partner for next season, Ligue 1 is exploring the idea of creating its own direct-to-consumer service.

The United States’ America First policy rebalances the terms of trade with allies and the UK aims to secure an exemption to restore the status quo ante on tariffs

The UK is offering a deal to the United States on digital services sold in the UK that seems easier than a deal on US food products that do not meet UK regulations

The UK will have to give on the Digital Services Tax (DST) of 2% on “digital services revenues” (applied to Amazon, Apple, eBay, Meta, and Google) and soften the regulations and enforcement of Acts of Parliament