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Enders Analysis provides a subscription research service covering the media, entertainment, mobile and fixed telecommunications industries in Europe, with a special focus on new technologies and media.
Our research is independent and evidence-based, covering all sides of the market: consumers, leading companies, industry trends, forecasts and public policy & regulation. A complete list of our research can be found here
Karen Egan was quoted in the Financial Times on "BT shares rally as investors sense ‘show me the money’ moment"
5 November 2026Karen Egan, head of telecoms at Enders Analysis, said investors had also been buoyed by Kirkby’s commitment to delivering £2bn in normalised free cash in fiscal year 2027, with £3bn by the end of the decade.
“The market has been sceptical that BT could deliver on its cash flow recovery plans in such a tough environment, but its razor-sharp focus on operational delivery in the challenging UK market is really paying off,” she said.
Agentic ecommerce: Amazon defends the walled garden model
4 November 2026Ecommerce 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.
Karen Egan was quoted in The Times on "Show us the money: BT investors want results from Allison Kirkby"
2 November 2026This could play to Openreach’s advantage as the challenger networks limit their expansion, Karen Egan, head of telecoms at Enders Analysis, said. “They’re definitely hitting ceilings in their current footprint,” she said.
“BT will of course endeavour to stabilise the TalkTalk subscriber base but they tend to be customers with a high propensity to churn, and the takeover disruption will probably make things worse before they get better,” Egan said.
Karen Egan appeared on BBC Radio Berkshire to discuss VMO2
2 November 2026
Karen Egan appeared on BBC Radio 5 Live to discuss VMO2
2 November 2026Satellite telephony: Grounded reality
2 November 2026The 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
Meta unfriends TikTok: Entering the zero-sum era
29 October 2026TikTok'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.