Media

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  • April 17, 2020

    COVID-19 impact on ANZ media: major structural and regulatory cha [...]

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    As COVID-19 spreads in Australia, social-distancing and quarantine measures are becoming the norm. This means that a large number of people are now working from their home and spending time indoors. Alternatives to electronic media such as cinemas, live entertainment, and (importantly) sporting events are closed.  While some subscription media will benefit from this situation, those focussed on sport will feel a harsh impact.
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  • April 15, 2020

    Pay-TV resilience – How this time is different

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    When we look back at consumer expenditure on pay-TV and alternative entertainment options during past economic downturns across major countries, we find a broad confirmation of the industry’s comparative resilience
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  • April 14, 2020

    UK News media challenges brought to a head – Structural cha [...]

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    COVID-19 has sent online news surging, with publishers experiencing massive traffic uplift, as trusted news sources become increasingly important
  • April 9, 2020

    COVID-19 UK TV impact – Permanent change without interventi [...]

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    COVID-19 has led to an unprecedented decline in advertiser demand for TV, and while the steepest drop has occurred, broadcasters will feel the impact over a long period of time.
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  • March 31, 2020

    Football and COVID-19 – Avoiding meltdown

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    In a likely scenario, the suspended football season could be concluded in empty stadiums in a June and July rush, nevertheless with severe financial consequences
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  • March 30, 2020

    Coronavirus and the UK economy – Unprecedented crisis

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    To fight against the UK’s incipient pandemic, a full lockdown is in place for all but essential workers in healthcare, telecoms, food, utilities and banks.
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    March 27, 2020

    UK Radio and online audio – The resilience of broadcast

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    Broadcast radio has maintained its reach and listening time over the past decade: younger people listen less than before, but this is made up for by an ageing population
  • March 26, 2020

    Amazon’s Premier League performance – No challenge for pr [...]

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    Amazon aired its first set of Premier League matches in December, with proxy figures supporting reports that it attracted up to 2 million concurrent viewers
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    March 23, 2020

    UK TV’s supply challenge – How COVID-19 affects programmi [...]

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    Although increases are moderate so far, it is inevitable that overall video viewing will rise given a reduction in competition for people’s time. So far, unsurprisingly, TV news consumption has ballooned while unmatched viewing—a proxy for SVOD usage—has increased
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  • March 18, 2020

    UK ITV FY 2019 results: Solid, but moving from one ubiquitous unc [...]

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    H2 revenue growth across Studios, advertising and online, saw ITV come in ahead of guidance in 2019, with external revenues up 3% YoY. Advertising revenue was down 1.5% for the year after being down 5% at H1.
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  • March 16, 2020

    Reaching sports audiences – All platforms necessary

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    Free-to-air broadcasters, pay-TV operators and OTT services all have a role to play in serving sports audiences
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  • March 13, 2020

    Gaming’s mainstream decade – Five defining themes for the [...]

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    2020 promises a year of transition for the games industry: eSports and games broadcasting are competing with traditional programming; game streaming services are becoming meaningful platform competition; and new consoles are on the way
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    March 11, 2020

    Disney+: Non-exclusive deal with UK Sky Q

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    Available from launch on March 24, at this stage there will be no bundling—Sky users will pay £5.99/month, either in their bill, or log-in having signed up direct from Disney—and as such there will likely be less co-promotion and prominence on the user interface than has been seen for Netflix.
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  • March 10, 2020

    Amazon Advertising: From Duopoly to Triopoly in advertising?

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    Over the past two decades, global ecommerce giant, Amazon has focused on owning entire market verticals with books being the first market that it dominated. However, to think of Amazon as just an online retailer, would be underestimating the depth and breadth of its presence across multiple markets. Amazon’s ultimate aim is to curate the customer’s entire e-commerce journey. Amazon not only sells products; it also produces television shows and movies; publishes books; operates the world’s largest streaming video-game platform; manufactures a growing array of products. More recently the bright spot was Amazon’s advertising business, which appears to be picking up speed again.
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  • March 9, 2020

    Webscale Playbook: Apple

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    Apple has come far since its inception in 1976. It has progressed from selling user-friendly computer systems (Macintosh, iMac) and portable media players (iPod), to become a dominant force in mobile devices, starting with the launch of iPhone in 2007. In August 2018 it became the first-ever public company to breach the US$1 trillion mark by market capitalization. In fact it is the ‘iPhone’, touted as the pioneer of the smartphone revolution, that has significantly helped Apple in its journey to trillion-dollar valuation. The popular device, which dethroned the likes of Nokia and Blackberry back then, continues to be Apple’s bread and butter, and accounts for more than half of its overall revenues (54.7% in FY2019).

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  • March 5, 2020

    Virgin Media UK: Pain before gain

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    Virgin Media’s subscriber base fell again in Q4, although strong ARPU growth allowed a slight acceleration in cable revenue growth to 1.8%, and a deceleration in OCF decline to 1%. Liberty Global group OCF guidance of mid-single digit decline in 2020 is likely to be mirrored at Virgin Media, as regulatory pressure and market competitiveness continue to bite, and mass-market demand for ultrafast remains nascent.
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  • March 4, 2020

    Nine 1H20 update – results in line with expectations

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    In this report, we briefly analyse the reported 1HFY20 earnings for Nine and highlight some of the key trends across both businesses.
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  • March 3, 2020

    The BBC: Benefiting the UK creative economy

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    A monolith within the broadcasting landscape and the greater UK creative economy, the BBC, instructed by its Charter, is a guaranteed leader of investment in local and quality content, tech, regionality, and diversity
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  • February 26, 2020

    UK Media consumption: The ‘surprising’ endurance of broadcast [...]

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    Despite two decades of online disruption, the UK remains reliant on traditional platforms and brands across the media sector—more so for older cohorts, but also for younger generations. 13% of adults still do not use the internet and, in reality, an online-only media ecosystem remains a distant prospect. Traditional providers, particularly within TV, radio and news, look set to endure for the long term, aided by the trajectory of the UK’s ageing population
  • February 24, 2020

    Show me the money – broadcasters and sports rights on an unsust [...]

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    It is Venture Insights’ view that traditional Australian broadcasters will be unable to fund further increases to the cost of tier one sports as they continue to suffer from declining revenues in hyper-competitive markets. As such, premium Australian sports are likely to further split their rights, selling portions to non-traditional telco or tech players. In the long-run, Australian sports may even look at selling their content direct to consumer through ‘over the top’ distribution models.
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  • February 21, 2020

    Seven 1H20 update – revenues fall in a declining market

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    In this report, we briefly analyse the reported 1HFY20 earnings for Seven West Media and highlight some of the key trends across its businesses.
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  • February 20, 2020

    Consumers endorse Disney’s digital transition

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    Recruiting 29 million subscribers in twelve weeks, Disney+ has stormed the US market. Furthermore, the two million gain achieved after the holidays and the completion of The Mandalorian, relatively high ARPU, and rising Hulu and ESPN+ subscriptions bode well. Conversely, booming (but expected) losses of direct-to-consumer platforms—due to increase as Disney+ launches in Europe in March—are undermining group profitability
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  • February 14, 2020

    TalkTalk UK: FibreNation sorted but challenges remain

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    TalkTalk’s subscriber base and revenue fell again in Q3, and ARPU continued to decline despite good growth in its higher ARPU (but even higher wholesale cost) high speed base. The sale of FibreNation to CityFibre and the accompanying wholesale deal provides much needed cash and de-risking, although the migration to full fibre still brings challenges to TalkTalk given its low price focus. TalkTalk’s shorter term operational outlook is also still very challenging, with growing EBITDA in 2020/21 particularly difficult given stable/declining ARPU and the rising wholesale costs of migrating to high speed broadband
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  • February 12, 2020

    Sky UK FY 2019 results: a solid first full year under Comcast

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    Despite operating in a challenging market, Sky has continued to increase revenues, with the resilient performance of its direct-to-consumer and content businesses offsetting the disappointing drop in advertising income. Across FY 2019, EBITDA was up 12.2%; profit growth driven by a significant reduction in “other” costs as large one-off effects disappear and cost-cutting continues. Extended distribution deals with Netflix and WarnerMedia will protect Sky’s content proposition for the coming future, as would the mooted integration of Disney+
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