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January 11, 2021
(UK) Montgomery shakes news market again: JPI, third largest loca [...]
Flash Report, ReportsThe low price paid reflects the dismal prospects for print media, especially regional and local titles relative to national titles. Over the past decade, regional publications were affected at a greater rate than national counterparts by the structural decline of print circulation and advertising, resulting in significantly more closures, as well as issue frequency reductions.The low price paid reflects the dismal prospects for print media, especially regional and local titles relative to national titles. Over the past decade, region [...] -
January 11, 2021
Serie A TV rights auction: Deflation looms
Flash Report, ReportsOn Monday, Italy’s Serie A issued its call for tender for its broadcasting rights for the 2021-24 cycle, covering three seasons. Bids are due by 26 January. Currently, Sky holds exclusive coverage of seven games per week with the remaining three fixtures carried by DAZN.On Monday, Italy’s Serie A issued its call for tender for its broadcasting rights for the 2021-24 cycle, covering three seasons. Bids are due by 26 January. C [...] -
January 8, 2021
Football rights economics: Low broadcasting competition underpins [...]
Focus Report, Reports- Beyond the short-term impact of the COVID crisis, the value of football rights in Europe is heading down
- Lower competitive intensity in the broadcasting market is the main reason, and looks unlikely to be reversed
- The leagues must consider long-term initiatives to broaden demand—cash fixes risk worsening their structural problems
- Beyond the short-term impact of the COVID crisis, the value of football rights in Europe is heading down [...]
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November 4, 2020
Channel 4 2019, 2020 and beyond
Flash Report, ReportsChannel 4’s 2019 results were solid but unsurprisingly, greater interest is in how the broadcaster has fared in 2020, and what this might mean for its futureChannel 4’s 2019 results were solid but unsurprisingly, greater interest is in how the broadcaster has fared in 2020, and what this might mean for its future [...] -
October 19, 2020
Mediapro stops payments for French football: An opportunity for C [...]
Flash Report, ReportsFrance’s Ligue 1 faces an unprecedented financial crisis, dramatically illustrating the risks ahead for the European football industry. Contents It was too good to be true: Ligue 1 TV receipts will not jump 44% as it expected, compounding its COVID-induced financial distress Canal+ could step in and is in a strong bargaining position List of charts/tables Figure 1: Ligue […] -
October 15, 2020
STV: Pulling the levers for growth
Focus Report, ReportsSTV now has a clear pathway to reduce its reliance on linear advertising by investing in production, while pushing the transition to digital forward with a UK-wide footprint To that end, STV Player has some momentum and recent production company acquisitions, increasing external commissions and PSB Out of London quotas should ensure STV Studios returns to growth in 2021 Such […] -
December 5, 2017
Channel 5: three years on from Viacom’s acquisition
ReportsViacom’s 2014 acquisition of Channel 5 from Richard Desmond’s Northern & Shell occurred while the maelstrom encircling linear television viewing—sparked by the allure of SVODs and other digital distractions—was well underway. Nevertheless, with increased content spend, development of new titles and clarity as to its targeted audience, the broadcaster has increased its channel (and group) share amongst 16-34s and ABC1s, and has directed further benefits back to its owner's existing entertainment suite. Outside of the post-lunch and 8-10pm slots, however, work needs to be done: Channel 5’s BVOD proposition and social media offering leaves much to be desired, while the reliance on two major titles, Big Brother and Neighbours will be unsustainable in a post-linear world.Viacom’s 2014 acquisition of Channel 5 from Richard Desmond’s Northern & Shell occurred while the maelstrom encircling linear television viewing—spark [...] -
September 25, 2017
Netflix’s edge over broadcasters
Focus Report, ReportsThe development and utilisation of streaming technologies has allowed major SVODs, such as Netflix and Amazon, to attain a growing proportion of video viewing. However, tech is just one of the advantages held by these services: plateauing content expenditure, the inability to retain IP and inconsistent regulatory regimes hamper the efforts of the UK’s public service broadcasters. The localised nature of audience tastes, as well as the diversity of PSB offerings remain a bulwark to aid in the retention of relevance but content spend cannot lagThe development and utilisation of streaming technologies has allowed major SVODs, such as Netflix and Amazon, to attain a growing proportion of video viewing. [...] -
September 5, 2017
Network TEN – SOLD (probably)!
ReportsA late twist in the Network TEN saga will see the Australian media asset most-likely owned by US media giant, CBS Corporation.A late twist in the Network TEN saga will see the Australian media asset most-likely owned by US media giant, CBS Corporation. -
August 29, 2017
Video Market Outlook – FY17: SVOD is driving growth of the mark [...]
ReportsThe Australian Video Market is plateauing, as growth continues for SVOD alongside losses for traditional media. We anticipate the market to reach A$5.3b by 2022. Streamed digital media (SVOD, TVOD and EST) are growing strongly at the expense of physical media (Blu-ray and DVDs). SVOD subscriptions are anticipated to reach over 6 million by 2020, driven predominantly by Netflix.The Australian Video Market is plateauing, as growth continues for SVOD alongside losses for traditional media. We anticipate the market to reach A$5.3b by 2022 [...] -
July 26, 2017
European subscription and pay-TV monitor
ReportsAcross Europe, markets are becoming more competitive. Incumbent pay-TV paltforms (e.g. Sky or Canal+) face increasing threats from both internet-based services (e.g. Netflix and Amazon), and telecoms operators.Telecoms providers are proving the most potent challengers as they enter the premium football rights market to create attractive triple and quad play bundles – examples include BT, SFR and Telefónica. The latter is now the main pay-TV operator in Spain whereas France’s Canal+ has entered into a strategic alliance with Orange. Across the top five markets (UK, France, Germany, Spain, and Italy), Sky remains the leading operator with an estimated 21.5m video subscribers, twice as many as NetflixAcross Europe, markets are becoming more competitive. Incumbent pay-TV paltforms (e.g. Sky or Canal+) face increasing threats from both internet-based services [...] -
July 24, 2017
Channel 4 set for the future: 2016 annual report
Reports2016 has seen Channel 4 break new records in growing revenues and investing in content origination, whilst making further progress in delivering its remit and maintaining audience share for its main channel. However, the second half of 2016 and early months of this year promise a significantly tougher 2017 as the economic and TV advertising climate has worsened and the future is clouded with uncertainties. Channel 4 nonetheless starts from a relatively strong position financially and we expect it to be well capable of sustaining its remit under the leadership of its new CEO Alex Mahon, though much hinges on the outcome of the Government consultation on relocation2016 has seen Channel 4 break new records in growing revenues and investing in content origination, whilst making further progress in delivering its remit and m [...] -
July 11, 2017
European scripted content
ReportsThe US scripted content boom is spilling over into Europe: Free-to-air TV drama ratings have proven resilient but as costs and audience expectations have risen budgets are under pressure, necessitating flexible co-financing arrangements with American broadcasters, and Netflix and Amazon. Pay channels have boosted output—with uneven results. Long-term IP control is a key factor behind independent production consolidation, led by broadcasters seeking a secure stream of content and diversification away from advertising. Notable developments include the new wave of Berlin-based, internationally-financed series, the rise of domestic French content and Sky Italia’s edgy originals, Telefónica’s giant leap into Spanish dramas, and the continuation of Britain as an export powerhouse.
The US scripted content boom is spilling over into Europe: Free-to-air TV drama ratings have proven resilient but as costs and audi [...]
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April 19, 2017
Media & Telecoms: 2017 & Beyond Conference transcript
ReportsEnders Analysis co-hosted the annual Media & Telecoms 2017 & Beyond conference in conjunction with Deloitte, Moelis & Company, Linklaters and LionTree, in London on 2 March 2017. The day saw over 450 senior attendees come together to listen to 30 leaders and senior executives of some of the most creative and innovative businesses in the media and telecoms sector, and was chaired by David Abraham.
Enders Analysis co-hosted the annual Media & Telecoms 2017 & Beyond conference in conjunction with Deloitte, Moelis & C [...]
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March 30, 2017
YouTube, programmatic and brand risk
ReportsMedia reports of ads by top brands appearing next to extremist content on YouTube have surprised advertisers and led to a barrage of criticism from other media companies, agencies and the UK government. Despite several advertisers pausing spend, the revenue impact for Google is likely to be small in the short term – but the debate is a symptom of ongoing tension between “frenemies”: large agencies and Google & Facebook . By urging Google alone to educate display advertisers and filter campaigns, agencies risk ceding more of their client relationship to the advertising giant, while calls for the platform to make all editorial judgements on political content are inappropriate.Media reports of ads by top brands appearing next to extremist content on YouTube have surprised advertisers and led to a barrage of criticism from other media [...] -
March 16, 2017
BT tightens grip on Champions League TV
ReportsThe latest auction of UEFA Champions League televised UK rights has seen further high inflation (32%) as BT renewed its ownership for the three seasons from 2018/19 for an annual payment of £394 million. Although BT annual payments are to increase by £95 million from 2018/19, the new contract offers added commercial attractions, though we expect BT’s efforts to monetise them will fall some way short of the cost increase. However, BT had to win to cement its position against Sky as a strong number two in UK premium pay TV and we expect weaker future inflation of premium football rights. For Sky followers, the focus is now on the UEFA auctions in Germany and Italy, where the outcome is far from certain.The latest auction of UEFA Champions League televised UK rights has seen further high inflation (32%) as BT renewed its ownership for the three seasons from 201 [...] -
March 14, 2017
The last demographic: How is TV catering for its oldest and most [...]
ReportsLinear television's audience is ageing; with the drop in viewing by younger demographics, consistent viewership by the over 65s has seen them increase their share of total viewing since 2010 from 24% to 31%. The difficulties and efforts to re-engage with the younger cohorts are well documented. But what of the resilient, older group that forms the stable core of the television audience? Conspicuous attempts are being made to create specific shows targeted at the oldest viewers, but outside of limited categories, creating relevant programming may be more difficult than expected.Linear television's audience is ageing; with the drop in viewing by younger demographics, consistent viewership by the over 65s has seen them increase their sha [...] -
March 8, 2017
The connected evolution of UK TV platforms
ReportsThe past 14 months have seen a flurry of activity from the major UK television platforms, with all but one releasing a revamped version of their television offering; a neccessary reaction to the rise of VOD consumption and the threat this poses to traditional models. The result is 'connected' offerings, with the major players aiming to exploit the impact of this technology by seamlessly integrating on-demand capabilities, and in doing so mitigate the further shockwaves resulting from its emergence. No offering is likely to single-handedly alter the current subscriber landscape radically; with the pay platforms' each taking a unique—and to a degree—entrenched path that affirms its core consumer base, the greatest shifting of sands will likely come from changes in consumer trends or content quality.
The past 14 months have seen a flurry of activity from the major UK television platforms, with all but one releasing a revamped ver [...]
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November 17, 2016
The studio model: stay tuned!
ReportsUS 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 acquisition 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.
US entertainment groups have not been disrupted by the rise of digital media. Long running franchises drive growth across diverse s [...]
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November 2, 2016
Programmatic TV’s European Evolution
ReportsDeclining broadcast viewing to the TV set among younger demographics, fragmentation of video viewing across screens, the lack of robust measurement of viewing across screens and the development of online video advertising technology are altering the European TV landscape. Programmatic TV is at an early stage, but has shown its potential with increased audience targeting options and campaign automation: the roll-out of programmatic models and ad technology for European TV advertising have already prompted advertisers to see TV in new ways, beyond its core strengths in mass brand advertising. Automated ad technology can support the existing linear broadcast ad infrastructure; in addition we project a combined potential for annual increased TV ad revenue of €220-300m by 2018 in the seven markets of the study, driven by new advertiser spend on addressable TV advertising and programmatic broadcaster OTT.
Declining broadcast viewing to the TV set among younger demographics, fragmentation of video viewing across screens, the lack of ro [...]
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October 24, 2016
The Future of Free-to-air Television. Part 1: The Video Revolutio [...]
ReportsFree-to-Air TV continues to reach more audiences than any other single medium and capture the greatest share of viewing time despite the increasing number of platforms and players competing for the video time and attention of consumers. We discuss the challenges and changes for FTA TV and how their continued evolution is essential to ensure they remain a player in the market.
Free-to-Air TV continues to reach more audiences than any other single medium and capture the greatest share of viewing time despit [...]
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October 19, 2016
Revenues what count for Sky: Q1 2017
Reports2017 has started well as group revenues grew by 5% on a like-for-like constant currency basis and operating costs were 2% lower year-on-year. The outlook for continuing strong revenue growth in the coming quarters is very positive in light of the numerous and ongoing product and service synergies in all three Sky markets. Cord-cutting is now a major concern in the US; however, there is no evidence for it with respect to Sky operations in Germany & Austria and Italy, while the evidence from the UK & Ireland is so far inconclusive. We expect some to occur, but not on the scale seen in the US.
2017 has started well as group revenues grew by 5% on a like-for-like constant currency basis and operating costs were 2% lower yea [...]
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October 11, 2016
Advertising Market Outlook: The Digital Revolution Continues
ReportsThe Australian Advertising Expenditure market outlook report discusses the actual (2006 – 2015) and forecast (2016 – 2021) advertising revenue alongside the key drivers within the Digital, Broadcast Television, Print, Radio and Outdoor markets.
The Australian Advertising Expenditure market outlook report discusses the actual (2006 – 2015) and forecast (2016 – 2021) adve [...]
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October 6, 2016
Canal+ in audacious model revamp
ReportsWith the decline in its subscriber base accelerating and following an antitrust veto over its planned tie up with BeIN Sports, Canal+ has decided to radically restructure its retailing on IPTV – where over 60% of subscriber recruitment takes place.The basic channel package is now wholesale to ISPs and included in upper tier triple play bundles – much higher volumes should more than balance a deep price cut. Soon premium and optional packages are to be unbundled on all platforms to create cheaper entry points and favour subscriber customisation.Canal+ is thus increasingly focused on supplying premium content, leaving the user interface to ISPs. Without the scale of other international content producers and in a nationalistic political context, we believe that this market rationale will eventually lead Vivendi to sell Canal+ to Orange.
With the decline in its subscriber base accelerating and following an antitrust veto over its planned tie up with BeIN Sports, Cana [...]