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    October 26, 2020

    Netflix Q3 2020 results: Returning to pre-COVID levels

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    Netflix’s usage and churn are “back to what they were a year ago”, while subscriber growth was down (+2.2 million globally) Two levers contributed to Netflix’s recent explosive growth, adding 26 million subscribers in the first half of the year: the pull-forward effect of the pandemic that saw future subs coming to the service early, and the drop in churn as those intending to leave hung about as there was nothing else to do except watch TV.  
  • October 19, 2020

    Mediapro stops payments for French football: An opportunity for C [...]

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  • October 15, 2020

    STV: Pulling the levers for growth

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    cover 5G
    October 15, 2020

    5G iPhone: A small step for the UK mobile market

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  • October 8, 2020

    Back in play: Merger prospects in UK mobile resurrected

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  • October 7, 2020

    European TV & video subscription platforms: Recovery from lo [...]

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  • October 2, 2020

    Made in China- TikTok Global between a deal and the precipice

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    ByteDance is rushing to sell a 20% stake in TikTok Global to Oracle and Walmart at an enterprise value of $60 billion. TikTok otherwise faces a ban in the US on 12 November, subject to legal challenges

  • September 21, 2020

    WMG IPO: A bet on streaming

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    Len Blavatnik has partly cashed in his investment in Warner Music Group (WMG). The shares issued were not new, and are non-voting, so the IPO did not raise funds for the future and will not change Blavatnik’s control of the business and its day-to-day running.
  • September 17, 2020

    Mobile industry reshape continues in the UK: EE ends its relation [...]

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    EE has announced the ending of its relationship with Carphone Warehouse, hot on the heels of a similar announcement from O2 a few months ago and the recent closure of Carphone Warehouse high-street stores
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  • September 15, 2020

    European mobile in Q2 2020: Sounding a more cautious note

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    Service revenue growth in the major European markets worsened by 3.5ppts this quarter, as a loss of roaming, prepay, and business revenues hit almost all operators. The UK was hardest hit as prepay and out-of-bundle usage was offloaded to Wif-Fi, and there was an accounting drag as a consequence of the ending of the relationship between O2 and Carphone Warehouse. Conversely, performance in the Italian market was almost flat as prepay usage was up and there was a degree of reprieve from competitive pressures from Iliad. Elsewhere, the French market was hard hit by the loss of inter-continental roaming as far back as February as China began to shut down but other fundamentals appear to be robust. In Germany, O2’s revenue trend was hardest hit but it maintained its strong net adds momentum. While the lockdown provided a break from ‘a very intense promotional environment’ in Spain, that intensity resumed as soon as lockdown lifted with particularly compelling converged bundle offers from Vodafone and Yoigo.
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  • September 8, 2020

    Surging online retail in the UK- Record growth during lockdown

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    The reopening of the high street from 15 June came as welcome news for businesses which had seen sales decimated since lockdown was enforced on 28 March. However, even as restrictions eased, shoppers stayed away, with high street footfall across the UK down by 48% in July year-on-year
  • August 25, 2020

    UK mobile market in Q2 2020 – Recovery interrupted

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    The sector was hit harder than expected by COVID-19 with service revenues declining by 7% overall vs a decline of just 1.6% in the previous quarter. Many telecoms operators across Europe have become more negative on the near-term outlook than they were a couple of months ago with full year guidance now downgraded by almost all players
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  • August 24, 2020

    UK broadband, telephony and pay TV trends Q2 2020 – Things [...]

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    Consumer broadband, telephony and pay TV market revenue growth plummeted to -6% in Q2 (from -2% in Q1), with all of the ‘big 4’ operators’ revenue growth taking a substantial hit. The reduction in premium sports channel revenue was by far the largest factor, with there being some other lockdown-related negative factors, such as the opportunity cost effect of extra services offered for free by the operators to help their customers during the crisis
  • August 21, 2020

    Virgin Media UK – Indeterminately boosted

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    Virgin Media had its strongest subscriber performance for years in Q2, with its (ex-Project Lightning) existing base footprint showing positive growth to add to the subscribers gained on its Project Lightning network extension. This was partly due to temporary factors, with both Openreach and Sky not able to do in-home installations for part of the quarter, but the company has reported some sustained momentum, with the crisis boosting demand for higher speed broadband, and has decided not to implement its usual annual price increase in H2 to avoid the usual accompanying churn and customer dissatisfaction, instead choosing to prioritise subscriber growth to compensate for the ARPU shortfall.
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  • August 18, 2020

    BT UK – COVID-19 hit, fibre promise

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    BT’s first full quarter under the shadow of COVID-19 revealed a mix of negative impacts not entirely as predicted, by ourselves or indeed BT itself. The suspension of sport certainly had an impact on BT Sport revenue, but only about half of what we had feared (less than £50 million versus around £100 million), and Openreach was also relatively unaffected, perhaps having returned to full service levels quicker than anticipated. There was a strong negative impact on B2B revenue, but this was much more focused on SMEs than large corporates, with Global’s financials largely unaffected (so far), and mobile (which BT had not specifically warned about) was hit hard across consumer and (especially) B2B, with the results of the other mobile operators suggesting that the effect was market-wide.
  • August 18, 2020

    ITV UK H1 2020 results

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    There may be light at the end of the tunnel. After Q2 advertising revenues dropped 43% YoY, ITV has noted that there has been an upward trajectory (July down 23%, August appearing to be even better). This would leave ITV’s advertising revenues down between 15-25% for 2020 (ITV is unwilling to give forecasts). It appears that advertisers are beginning to think further ahead than they have for months—anecdotally, while around 80% of ad revenue is normally booked prior to the month’s start, this had reversed to about 20% in Q2.
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  • August 12, 2020

    Art of the deal – Microsoft swoops for TikTok

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    Microsoft hopes to buy TikTok from Chinese owner ByteDance before President Trump’s Executive Order halts transactions with the company in mid-September. Twitter is now in the game, but is unlikely to prevail
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  • August 12, 2020

    O2 UK: COVID and loss of Carphone bite

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    Along with the rest of the mobile market, O2’s results were harder-hit by COVID than expected, with service and total revenues down by 9% and 4% respectively
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  • August 11, 2020

    Sky UK Q2 2020 results – Emerging from the worst?

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    Sport is back, but its recent hiatus amid the COVID-19 crisis hit Sky hard, with Q2 revenue plunging 12.9% year-on-year. EBITDA remains flat for now, with sports rights cost absorption postponed but not cancelled
  • August 4, 2020

    Too big to derail – Facebook unmoved by its advertiser boyc [...]

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    Facebook grew revenues by 11% in Q2. This rate is higher than investors expected, but still driven to record lows by the pandemic slowdown. It forecasts 10% growth in Q3  
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  • August 3, 2020

    Vodafone UK: Growth dips due to COVID and more

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    Vodafone’s performance this quarter was hit both by COVID and an underlying deterioration in its operational momentum—disappointing given regulatory easing and easier comparables  
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  • July 29, 2020

    TalkTalk UK: Post-lockdown challenges and opportunities

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    TalkTalk started its new financial year with revenue growth declining to -8% in Q1, although this is partly lockdown-related, and costs have also declined as churn plummeted  
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  • July 28, 2020

    HBO Max: Failing to generate retail momentum

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    In a cautionary note on the prospects of the SVOD boom, the 27 May US launch of direct-to-consumer video service HBO Max did not save its parent company Home Box Office from a 5% year-on-year (YoY) decrease in revenues in Q2 2020.  
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  • July 22, 2020

    UK Betting & gaming advertising – Inadequate solution [...]

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    The Betting and Gaming Council (BGC) which represents 90% of the UK’s betting and gaming industry (but not the National Lottery/other lotteries) announced its withdrawal of all TV and radio advertising for casino, slots and bingo during lockdown
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