The UK national news industry is smaller, leaner and more profitable than it was a decade ago. Aggregate revenue is broadly flat on 2017, but adjusted operating profit has risen from £214m to £336m as publishers have shifted towards higher-value digital and reader revenues.

Subscriptions are maturing from a volume game into one of yield, retention and segmentation. Tabloids are selectively paywalling their content; the focus is increasingly lifetime value rather than subscriber count alone.

The next phase is portfolio economics, using the same journalism, expertise, personalities and IP across newsletters, specialist products, events, communities, flexible access and machine licensing—extracting more value from the same underlying assets.

Video-sharing platforms give brands unprecedented freedom to commission and distribute entertainment, but building an audience is different from buying one.

The opportunity depends on brands turning fleeting attention into lasting affinity and, ultimately, commercial value.

As brands take greater control, money and responsibilities are shifting across the value chain, creating new opportunities and risks for broadcasters, producers and creators.

A media fightback is emerging, as the creative industries respond to two years of AI disruption, and leading labs issue dire warnings against a laissez-faire approach.

A renewed push against tech’s “capture” of the value chain is visible across sectors from music to publishing.

Big tech earnings continue to blow past expectations. Those with credible gatekeeper roles and diversified revenues are benefitting this quarter.

Ofcom is curtailing Openreach’s price discounting for now, effectively setting a price ceiling based on theoretical altnet economics as opposed to Openreach’s own (much lower) fibre costs.

This restriction is however likely to prove time-limited, with VMO2-only areas and those with high altnet market share likely to be de-regulated first, and within the current regulatory cycle.

VMO2 and the altnets need to be prepared to compete on a more even footing, and would be wise not to hasten deregulation through their own actions, such as focusing on market share grabs as opposed to building a sustainable business model.

Service revenue reversed its slight improvement last quarter, worsening 0.2ppts to -0.9%, as all markets except Spain were flat or in decline.

Incumbents in Europe are increasingly trending towards outperforming peers on net adds, despite higher (and more stable) ARPUs.

EE and Vodafone’s recent launches of premium tiers using 5G slicing are the boldest moves in this direction we have seen in Europe, and present challenges and opportunities going forward.

Channel 4 Sales will be selling linear and broadcaster VOD advertising for Paramount channels from January. For the first time Channel 4, Channel 5 and UKTV's channels will be available through one sales house.

C4/Paramount/UKTV will match ITV Media for total viewing, but ITV1 remains the only channel that consistently delivers mass simultaneous reach.

While Sky Media's loss of Paramount in January significantly reduces its size, this could be a blessing in disguise, easing potential competition concerns over the acquisition of ITV's M&E business.

EE and Vodafone have both launched premium consumer services using 5G+ network slicing, a welcome shift away from a hitherto price-focused market.

Pricing is aimed at driving ARPU up, directly but also indirectly by making premium brands and bundles more compelling, and shrinking the pricing gap to discounted channels.

Educating consumers about the importance of network quality is a challenging but important step. Business and CNI tiers offer a less exciting but clearer route to value.

IBC 2026 showcased broadcaster responses to audience fragmentation: IP is dismantled and repackaged into different formats. This requires discipline, as oversupply could alienate rather than build fandoms.

AI agents can provide the velocity broadcasters need to keep up with emerging social media trends. But human editors will remain the safety net to safeguard against potential missteps.

AI and cloud-driven production enables more fluid creative processes, based on an enhanced understanding of the editorial context surrounding media content. The financial upside hasn’t yet been definitely proven, however.

Instagram is a $100 billion, top-three global ads business that is fast becoming Meta’s leading platform in core ad markets as Facebook faces user tipping points across the UK, US and Western Europe.

Reels capture over half of user time, making Instagram an enormous creator as well as brand platform. Instagram must decide whether to join YouTube, Netflix and Disney on the creator escalator as professional content providers seek greater rewards.

Meta’s ads war chest dwarfs YouTube’s. Unlocking it would mean giving up precious margin, so Instagram will have to make tough choices and innovate. We expect announcements at Meta Connect on how content is surfaced on Instagram, on distribution across devices, and on targeted rewards for longer formats.

Broadcasters deliver significant societal value in Europe, but face challenges, competing for viewers and advertising against global players (streamers/VSPs/social media platforms) with different economic models.

Broadcasters’ advertising revenue is plateauing, with growth in the video ad market driven by the tech giants. Global platforms own vast video inventory and proprietary advertising stacks.

Broadcaster collaboration and consolidation is required. However, content access/prominence on platforms and advertising market definitions must be reviewed with regulatory imbalances redressed.