Despite a bumper World Cup, ITV now expects that total advertising revenue will be down 2-3% for the full year (it was -5% in 2025). Studios has a strong Q4 in terms of deliveries that will help convert its year to growth

Given the pending acquisition by Sky, ITV’s performance becomes less about proving sustainability and growth and more about supporting a narrative that will alleviate friction with the CMA and Ofcom. Either way, ITV continues to contract

As subscription streaming begins to struggle, ITVX and BVOD generally is showing resilience with better behavioural characteristics

Grand Theft Auto VI launches this month facing unprecedented demand weakness across the console ecosystem, necessitating an expected early move to PC release in Q1 2027. It will probably mark the end of an era of AAA console game development at this scale.

Sony’s PlayStation 5 continues to lag the previous console generation install rate, with weak sales last quarter even with GTAVI on the horizon.

Xbox is now an invisible platform outside the US market, and probably beyond recovery as a division of Microsoft. 2027 will decide its future, with management turmoil adding to a bleak outlook.

BT grew both revenue and EBITDA in Q2 FY27, handily bolstering its case for sustainable growth in these in the longer term. 

Operating highlights included particularly strong mobile net adds and service revenue growth, and Openreach’s broadband losses continuing to wane as altnets slow.

Challenges certainly remain, including the successful integration of TalkTalk, but current performance adds significant confidence to BT’s long term cashflow turnaround targets.
 

VMO2 had a mixed Q3, with it finally arresting the decline in underlying revenue growth thanks to improving mobile, but the broadband side continued to struggle.

Financing pressure drove the company to preview a new strategic plan, which has many sensible elements, including freezing fibre upgrades and looking to use wholesale off-net.

More detail will likely be required to calm the financial markets, as well as improved operational performance, which may be tricky in the short term as pressures persist.

Ecommerce agents are beginning to interfere with Amazon's ownership of discovery, making fulfillment and seller services central for ongoing growth.

Amazon is defending its control over user habits by leaning into vertical integration with in-house agent Alexa for Shopping.

Competitors are placing their bets on a distributed model for agentic ecommerce, as an alternative to the walled garden.

The planned increase in Direct to Device (D2D) capacity will still leave just a small proportion of the rural mobile market addressable, and is a complete non-starter for urban areas (even in the US), making disintermediation extremely unlikely

Although satellite broadband is less constrained it will still face a ceiling of a few percentage points of the UK broadband market

We do not expect satellite broadband players to deploy mass-market strategies in the UK/Europe for reasons of both economics and physics

UK net neutrality rules are still discouraging telcos from launching enhanced connectivity services, which could benefit consumers and businesses, and support network investment.

Content providers are best protected by focusing on core measures that prevent throttling/blocking, rather than discouraging services that they themselves could also benefit from.

Legislative change could deliver the freedom that telcos want with the protections that content providers need, all while maintaining UK/EU treaty obligations to the Open Internet.

TikTok's social advertising land grab is putting a squeeze on Meta it can ill afford, as it blocks ads that link to TikTok in the US and other large markets.

TikTok and Meta share a desire to prevent marketing value leaking to creators, an area where TikTok has a lead on Meta through its network and creator tools.

Meta is planning for a billion users of Muse in a new tilt at shopping, as TikTok and Amazon freeze Meta's agents out of their own retail platforms.

By streaming Channel 4 programming 'day-and-date', Disney+ gets the regular benefit of punchy new content that will help hand the platform greater urgency around usage.

For Channel 4 the upside is obvious: an extension of reach for its programming and the ability to earn incremental revenues. 

Risks for the parties, in particular cannibalisation of Channel 4's streaming business and Disney+'s originals, are mitigated by each side's size and market position.

The pursuit of AI-native advertising formats has landed on chat as the most feasible route to add value, although the effect is to amplify existing strengths and weaknesses.

Practical constraints are slowing the agentic transformation beyond automation. Efficiencies are still the primary value-add, with agencies and adtechs looking to offset a greater infrastructure cost burden.

The end-to-end platform model continues to win: the arena for competition is now shifting towards commerce and control of user access points as scale and data advantages persist.