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

Disney’s streaming business continues to grow meaningfully, now outpacing the somewhat predictable decline of its linear operation. Studios is always a highwire act, but it is currently the source of most of Disney’s uncertainty.

With subscription numbers quite flat and engagement likely subdued, in the US Disney is hoping that product improvements and sport will invigorate the relationship that users have with its services.

In the UK, the Disney+ and ITVX content swap arrangement is off to a slow start.

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.

Netflix improved on its Q2 revenue and profit forecasts, driven by successful implementation of price rises and USD weakness. There continues to be little substantive information offered about the advertising business

Most of Netflix’s engagement growth is derived from its existing heavy users. Lighter users, who are more susceptible to churn, appear to be most under pressure from YouTube

In the UK, new Netflix original content no longer appears to be driving new subscriptions. This means it can be better used to shape engagement in a way that optimises monetisation

Publishers are becoming less visible. Since 2019, publisher visibility on Google’s search results has diminished markedly—the Mail is less than half as visible in Google’s search results as it was five years ago.

Since March, publishers' keywords have become over three times more likely to trigger an AI Overview, now affecting around one-third of the Sun and Mirror’s keywords. These summaries mostly appear for entertainment and informational queries, which typically have high search volumes but lower click-through rates

The commercial impact is minimal—we estimate low-single digits—for now. The main threat is to discoverability, and the shrinkage of the top of the funnel

After four failed broadcast licence deals over five years, France’s top football league will launch its own subscription service in August.

In the short-term, consumer take up will critically depend on bundling arrangements with third-party platforms.

Longer-term, the league will need to establish lasting partnerships. Outdated competition rules are an obstacle, but the Dutch model is worth considering.

This report tracks Netflix’s original content output, which declined in 2024: docuseries and stand-up comedy were the only genres that grew in volume

We provide an overview of what programming is working, by overlaying Netflix’s ‘mood tag’ and genre metadata onto global and UK viewing 

We analyse Netflix’s approach to film and, in particular, the difference in output and success of more and less expensive features

Netflix’s deal to carry TF1 channels and on-demand content in France indicates that it is now interested in becoming an aggregator—its scale and reach make it attractive but terms will not suit everyone 

This reach should be advantageous for TF1, giving the company access to viewers that currently are not regularly exposed to its programming, while also boosting frequency

For FTA operators this deal highlights a possible template to maintain some stability in reach, with less of the uncertainty of content distribution on YouTube 

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 One, covering: Sky’s strategy; the BBC's strategy; audience behaviour; trends in commissions; and the businesses of Vivendi and the National Lottery. Videos of the presentations are available on the conference website.

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 Two, covering: The Rt Hon Lisa Nandy MP; Meta’s AI strategy; Channel 4 on Gen Z and trust; news and media in the AI age; and diversity in the age of economic challenge. Videos of the presentations are available on the conference website.