MarketLine Industry Profile

Media in the United Kingdom

January 2024

Reference Code: 0183-2104

Publication Date: January 2024

Primary NAICS: 541810

Secondary NAICS: 515120,5111,5121

WWW.MARKETLINE.COM
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 Media in the United Kingdom

Industry Profiles

1. Executive Summary

1.1. Market value

The United Kingdom media industry grew by 5.1% in 2022 to reach a value of $71.5 billion.

1.2. Market value forecast

In 2027, the United Kingdom media industry is forecast to have a value of $85.4 billion, an increase of
19.4% since 2022.

1.3. Category segmentation

Advertising is the largest segment of the media industry in the United Kingdom, accounting for 60.2% of
the industry's total value.

1.4. Geography segmentation

The United Kingdom accounts for 21.7% of the European media industry value.

1.5. Market rivalry

Typically, players in the media industry tend to be large corporations that are often vertically integrated
with global operations. However, there are also a number of smaller players exploiting a niche market.
Some countries have large state-owned media companies that can reduce rivalry through government
legislation.

1.6. Competitive landscape

The media industry in the UK is one of the most vibrant and diverse in the world, known for its quality
journalism, creative television programming, and innovative digital media. According to in-house research,
the UK media industry primarily comprises Advertising, accounting for 60.2%, Broadcasting and cable TV
accounting for 23.8%, Publishing representing 13.0%, and Movies and entertainment making up 3.0%. All
segments continue to be disrupted by US tech giants, with Google and Facebook eating away at the
advertising and publishing industries, and streaming services such as Netflix changing the broadcasting
landscape. The UK media industry is dominated by Omnicom, Sky Ltd, Daily Mail & General Trust Plc, and
Walt Disney.

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 Media in the United Kingdom

Industry Profiles

TABLE OF CONTENTS
1. Executive Summary 2

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive landscape.................................................................................................................................2

2. Market Overview 7

2.1. Market definition .........................................................................................................................................7

2.2. Market analysis ............................................................................................................................................7

3. Market Data 9

3.1. Market value ................................................................................................................................................9

4. Market Segmentation 10

4.1. Category segmentation..............................................................................................................................10

4.2. Geography segmentation...........................................................................................................................12

5. Market Outlook 13

5.1. Market value forecast ................................................................................................................................13

6. Five Forces Analysis 14

6.1. Summary ....................................................................................................................................................14

6.2. Buyer power...............................................................................................................................................16

6.3. Supplier power ...........................................................................................................................................18

6.4. New entrants .............................................................................................................................................19

6.5. Threat of substitutes ..................................................................................................................................21

6.6. Degree of rivalry.........................................................................................................................................22

7. Competitive Landscape 23

7.1. Who are the leading players? ....................................................................................................................23

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Media in the United Kingdom

Industry Profiles

7.2. What strategies do the leading players follow?.........................................................................................23

7.3. Which companies offer substitutes for the main industry?.......................................................................24

8. Company Profiles 25

8.1. Omnicom Group, Inc. .................................................................................................................................25

8.2. Sky Limited .................................................................................................................................................30

8.3. Daily Mail and General Trust Plc. ...............................................................................................................32

8.4. The Walt Disney Company .........................................................................................................................35

9. Macroeconomic Indicators 41

9.1. Country data ..............................................................................................................................................41

9.2. Methodology..............................................................................................................................................43

9.3. Industry associations..................................................................................................................................44

9.4. Related MarketLine research .....................................................................................................................44

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 Media in the United Kingdom

Industry Profiles

LIST OF TABLES
Table 1: United Kingdom media industry value: $ billion, 2017–22 9

Table 2: United Kingdom media industry category segmentation: % share, by value, 2017–2022 10

Table 3: United Kingdom media industry category segmentation: $ billion, 2017-2022 10

Table 4: United Kingdom media industry geography segmentation: $ billion, 2022 12

Table 5: United Kingdom media industry value forecast: $ billion, 2022–27 13

Table 6: Omnicom Group, Inc.: key facts 25

Table 7: Omnicom Group, Inc.: Annual Financial Ratios 27

Table 8: Omnicom Group, Inc.: Key Employees 28

Table 9: Omnicom Group, Inc.: Key Employees Continued 29

Table 10: Sky Limited: key facts 30

Table 11: Sky Limited: Key Employees 31

Table 12: Daily Mail and General Trust Plc.: key facts 32

Table 13: Daily Mail and General Trust Plc.: Key Employees 34

Table 14: The Walt Disney Company: key facts 35

Table 15: The Walt Disney Company: Annual Financial Ratios 37

Table 16: The Walt Disney Company: Key Employees 38

Table 17: The Walt Disney Company: Key Employees Continued 39

Table 18: The Walt Disney Company: Key Employees Continued 40

Table 19: United Kingdom size of population (million), 2018–22 41

Table 20: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22 41

Table 21: United Kingdom gdp (current prices, $ billion), 2018–22 41

Table 22: United Kingdom inflation, 2018–22 41

Table 23: United Kingdom consumer price index (absolute), 2018–22 41

Table 24: United Kingdom exchange rate, 2018–22 42

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 Media in the United Kingdom

Industry Profiles

LIST OF FIGURES
Figure 1: United Kingdom media industry value: $ billion, 2017–22 9

Figure 2: United Kingdom media industry category segmentation: $ billion, 2017-2022 11

Figure 3: United Kingdom media industry geography segmentation: % share, by value, 2022 12

Figure 4: United Kingdom media industry value forecast: $ billion, 2022–27 13

Figure 5: Forces driving competition in the media industry in the United Kingdom, 2022 14

Figure 6: Drivers of buyer power in the media industry in the United Kingdom, 2022 16

Figure 7: Drivers of supplier power in the media industry in the United Kingdom, 2022 18

Figure 8: Factors influencing the likelihood of new entrants in the media industry in the United Kingdom, 2022 19

Figure 9: Factors influencing the threat of substitutes in the media industry in the United Kingdom, 2022 21

Figure 10: Drivers of degree of rivalry in the media industry in the United Kingdom, 2022 22

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 Media in the United Kingdom

Industry Profiles

2. Market Overview

2.1. Market definition

The media industry is segmented into advertising, broadcasting & cable TV, publishing, and movies &
entertainment markets.
The advertising segment includes revenues gained by any advertising activities or agencies providing advertising
services, including display advertising services.
The broadcasting & cable TV segment includes all terrestrial, cable and satellite broadcasters of digital and analog
television programming. The market is valued as the revenues generated by broadcasters through advertising,
subscriptions, or public funds (either through TV licenses, general taxation, or donations).
The publishing market includes books, newspapers, and magazines. The books segment includes both physical and
e-books. The newspaper segment includes revenues generated from the selling of newspapers including those
gained through circulation, subscription (including online subscription), and advertising revenue. The magazine
segment value is calculated as the revenues generated by publishers from the sales of hard copies and online
subscriptions.
The movie & entertainment segment covers producers and distributors of entertainment formats, such as movies
and music. The movie box office segment is valued as the revenues received by box offices from total annual
admissions. The music & video segment covers retail sales of pre-recorded music singles and albums and pre-
recorded films and television programs in any format (including vinyl, CDs, VCDs, DVDs, Blue Ray disks, and paid
downloads).
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2022 annual average
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.

2.2. Market analysis

The UK media industry experienced moderate growth during the historic period between 2017 and 2022. In 2022,
the industry grew at a healthy rate and is expected to grow at moderate rate over the forecast period between
2022 and 2027.
The UK accounted for a share of 21.7% in the European media industry in 2022. The demand for media industry in
the country is attributed to economic growth, the growing population, rising consumer disposable income and
expenditure, a growing demand for high-quality content and media services, and a growing need for information
and entertainment. For instance, according to in-house research, in the UK, real household final consumption

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Media in the United Kingdom

Industry Profiles

expenditure (LCU) grew by 19.5% in 2022 over 2021. TV is still a popular past time, a leisure activity, and a daily
relaxing utility source. Households engage in watching live events, music shows, award shows, sporting events,
and regional news and entertainment channels on a daily basis, creating sustainable demand for the industry.
Moreover, digital advertising is witnessing continuous growth in the country owing to changing consumer
behaviour, increasing consumption of digital content, and technological advancements. This trend has driven
demand for advertising upwards, as players within the advertising industry have taken advantage of that spending
pattern, promoting more products and services through advertisements. This further drives the industry growth.
The UK media industry had total revenues of $71.5 billion in 2022, representing a compound annual growth rate
(CAGR) of 3.2% between 2017 and 2022. In comparison, the French and German industries declined with a
negative CAGRs of 0.5% and 1%, respectively, over the same period to reach respective values of $37 billion and
$71.3 billion in 2022.
Traditional media advertising, which incorporates TV, radio, outdoor billboards, and print media, has been in
slowdown for some time as it has struggled to find a place in an industry increasingly dominated by digital
marketing. Post-pandemic and increasing competition in the industry led to major players investing in digital
advertising platforms. In 2021, the industry rebounded to double-digit strong growth following a contraction in
2020 due to COVID-19. In 2022, the industry plummet to healthy growth owing to the growing SVoD market and
cord cutting. For instance, according to in-house research, pay TV accounts grew by 1.9%, whereas SVoD
subscription accounts grew by 7.9% in 2022 over 2021. Moreover, lineal broadcasting audiences are continuing to
decline. Increasing competition from telecom providers and established over-the-top (OTT) providers has caused
revenues to decline as consumers shift towards online entertainment services such as YouTube and Netflix. The UK
has been one of the fastest adopters of on-demand TV services, such as Netflix and Amazon Prime, and this has
also been a reason behind the slowdown in the industry.
The advertising segment accounted for the industry's largest proportion in 2022, with total revenues of $43 billion,
equivalent to 60.2% of the industry's overall value. The broadcasting & cable tv segment contributed revenues of
$17 billion in 2022, equating to 23.8% of the industry's aggregate value.
The advertising segment claimed the largest share, primarily attributed to the surge in online advertising and
enhanced consumer confidence stemming from the overall economic growth. The growth of the sector is being
propelled by digital advertising, extending its influence even into the most traditional channels. The digitization,
growing number of internet users, and expansion of ecommerce post-2020 established a solid foundation,
boosting advertisers' confidence and subsequently accelerating their spending ever since. For instance, according
to in-house research, in 2022, the number of internet users in the UK reached 65.7 million as compared to 61.8
million in 2019. Also, the proportion of internet users in the total population across the country reached 97.3% in
2022 as compared to 92.5% in 2019. This has increased the number of online interactions with advertisements,
which has converted into revenue for advert publishers.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 3.6% over 2022–27, which
is expected to drive the industry to a value of $85.4 billion by the end of 2027. Comparatively, the French and
German industries will grow with CAGRs of 2.3% and 0.9%, respectively, over the same period to reach respective
values of $41.5 billion and $74.5 billion in 2027.
The performance of the UK industry is expected to be driven by the digital transformation, emphasizing digital
platforms and streaming services. Personalized content experiences, evolving advertising trends, and technological
advancements like AR, VR, and AI will play crucial roles over the forecast period. Global expansion, 5G adoption,
and a focus on sustainability are anticipated trends. The sustained shift to remote work may impact content
production, and regulatory changes, especially in data privacy and content moderation, will shape industry
operations. Staying agile in response to these dynamics will be essential for media companies navigating the
evolving landscape. In addition, the advertising and movie and entertainment segment in the country is expected
to follow a significant growth trajectory. Advertising of sporting events, international and national events, products
& services, and others will create sustainable industry growth in the future. Box office revenues are set to grow
over the forecast period given the release of highly anticipated movie titles. Moreover, economic growth will
support investment in media services. For instance, according to the Organization for Economic Co-operation and
Development (OECD), the GDP is forecasted to 0.7% in 2023 and 1.2% in 2024.

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 Media in the United Kingdom

Industry Profiles

3. Market Data

3.1. Market value

The United Kingdom media industry grew by 5.1% in 2022 to reach a value of $71.5 billion.
The compound annual growth rate of the industry in the period 2017–22 was 3.2%.

Table 1: United Kingdom media industry value: $ billion, 2017–22

Year $ billion £ billion € billion % Growth

2017 61.1 49.5 58.1
2018 63.9 51.9 60.8 4.7%
2019 65.1 52.8 61.9 1.8%
2020 56.6 46.0 53.9 (13.0%)
2021 68.0 55.2 64.7 20.1%
2022 71.5 58.0 68.0 5.1%

CAGR: 2017–22 3.2%

Source: MARKETLINE MARKETLINE

Figure 1: United Kingdom media industry value: $ billion, 2017–22

Source: MARKETLINE MARKETLINE

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 Media in the United Kingdom

Industry Profiles

4. Market Segmentation

4.1. Category segmentation

Advertising is the largest segment of the media industry in the United Kingdom, accounting for 60.2% of the
industry's total value.
The Broadcasting & cable tv segment accounts for a further 23.8% of the industry.

Table 2: United Kingdom media industry category segmentation: % share, by value, 2017–2022

Category 2017 2018 2019 2020 2021 2022

Advertising 47.1% 48.8% 51.0% 51.6% 57.8% 60.2%
Broadcasting & Cable
30.9% 30.8% 29.8% 29.7% 26.2% 23.8%
TV
Publishing 16.2% 15.0% 14.5% 15.8% 13.3% 13.0%
Movies & Entertainment 5.9% 5.4% 4.7% 2.9% 2.6% 3.0%

Total 100% 100% 100% 100% 100% 100%

Source: MARKETLINE MARKETLINE

Table 3: United Kingdom media industry category segmentation: $ billion, 2017-2022

Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Advertising 28.7 31.2 33.2 29.2 39.3 43.0 8.4%
Broadcasting &
18.9 19.7 19.4 16.8 17.8 17.0 -2.0%
Cable TV
Publishing 9.9 9.6 9.4 9.0 9.1 9.3 -1.2%
Movies & -9.7%
3.6 3.4 3.1 1.7 1.8 2.2
Entertainment

Total 61.1 63.9 65.1 56.7 68 71.5 3.2%

Source: MARKETLINE MARKETLINE

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 Media in the United Kingdom

Industry Profiles

Figure 2: United Kingdom media industry category segmentation: $ billion, 2017-2022

Source: MARKETLINE MARKETLINE

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 Media in the United Kingdom

Industry Profiles

4.2. Geography segmentation

The United Kingdom accounts for 21.7% of the European media industry value.
The Germany accounts for a further 21.6% of the European industry.

Table 4: United Kingdom media industry geography segmentation: $ billion, 2022

Geography 2022 %
United Kingdom 71.5 21.7
Germany 71.3 21.6
France 37.0 11.2
Spain 25.5 7.7
Italy 18.5 5.6
Rest of Europe 106.1 32.2

Total 329.9 100%

Source: MARKETLINE MARKETLINE

Figure 3: United Kingdom media industry geography segmentation: % share, by value, 2022

Source: MARKETLINE MARKETLINE

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 Media in the United Kingdom

Industry Profiles

5. Market Outlook

5.1. Market value forecast

In 2027, the United Kingdom media industry is forecast to have a value of $85.4 billion, an increase of 19.4% since
2022.
The compound annual growth rate of the industry in the period 2022–27 is predicted to be 3.6%.

Table 5: United Kingdom media industry value forecast: $ billion, 2022–27

Year $ billion £ billion € billion % Growth

2022 71.5 58.0 68.0 5.1%
2023 73.9 60.0 70.3 3.4%
2024 76.3 61.9 72.6 3.3%
2025 78.9 64.0 75.1 3.3%
2026 82.2 66.7 78.2 4.2%
2027 85.4 69.3 81.2 3.8%

CAGR: 2022–27 3.6%

Source: MARKETLINE MARKETLINE

Figure 4: United Kingdom media industry value forecast: $ billion, 2022–27

Source: MARKETLINE MARKETLINE

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 Media in the United Kingdom

Industry Profiles

6. Five Forces Analysis

The media market will be analyzed taking broadcasters, advertisers, publishers, film studios and record labels as
players. The key buyers will be taken as individual consumers, retailers, and marketing and advertising customers
such as businesses and governments, and providers of it and office infrastructure and any outsourced content
creators as the key suppliers.

6.1. Summary

Figure 5: Forces driving competition in the media industry in the United Kingdom, 2022

Source: MARKETLINE MARKETLINE

Typically, players in the media industry tend to be large corporations that are often vertically integrated with global
operations. However, there are also a number of smaller players exploiting a niche market. Some countries have large
state-owned media companies that can reduce rivalry through government legislation.
Across segments, the main players in the industry are organizers of creative and informative content. In the case of
advertisers, these manifest as a service, where businesses, public and government institutions, and political campaigns
drive demand, but the final product is aimed at the consumers or users of those entities. Broadcasters, publishers, film
studios, and record labels generally cater directly to individual consumers, who are the primary drivers of demand in
those segments. Advertising is notable for acting to some extent as a revenue generator for all of the other main
players or their distributors, either leveraging their creative content or the audiences they attract.
All the main players are facing major disruption from digital channels, which draw audiences away from their traditional
channels. While advertisers have been relatively agile in this changing environment, they are also seeing potential
customers bypass their services for automated online advertising, the dominant providers of which are Google and
Facebook.
Relatively low overall buyer power in most segments is balanced out by the advertising segment, where buyers can be
medium to multinational businesses, governments, or political campaigns. These are entirely different from the
individual consumers of the other main players’ content, and in the last year have shown themselves to be able to
continue performing with reduced reliance on advertisers. Supplier power is generally low in the media industry with
respect to content suppliers, since these are highly differentiated and dispersed, and larger main players can backward
integrate.

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Media in the United Kingdom

Industry Profiles

New entrants in the industry are encouraged by low-cost switching and low levels of regulation but are otherwise held
back by high supply costs and the strength of big brands. Substitutes, on the other hand, are proving to have a great
deal of power over incumbents; highly disruptive digital media channels fall into this category. The media industry in
the UK has experienced digital transformation especially since the COVID-19 pandemic and the industry has been
radically changed over time. The traditional areas have shown positive signs in recent years of digital trends. The UK
market is expected to grow at a moderate rate in the forecast period due to the soaring inflation rate and economic
uncertainty in the market due to the Russia-Ukraine conflict. Thereby, affecting the power of new entrants in various
media segments along with the power of the buyer and supplier.

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 Media in the United Kingdom

Industry Profiles

6.2. Buyer power

Figure 6: Drivers of buyer power in the media industry in the United Kingdom, 2022

Source: MARKETLINE MARKETLINE

In the UK broadcasting and cable TV segment, the main buyers are advertisers and subscription-paying consumers, as
well as state license-fee payers. Subscription-paying consumers are price-sensitive, but advertisers competing for
airtime have considerably more bargaining power, as subscribers are usually locked into yearly contracts. Young
consumers have also exerted increasing buying power in recent years, with large migrations to over-the-top (OTT)
streaming services, particularly Netflix. The BBC's license price will remain at its current level for two years. The annual
TV license charge is a flat rate of GBP159/$195.9 (GBP53.50/$65.9 for TVs that only display black and white images).
The UK has a well-established free-to-air TV service. This minimizes the need for consumers to buy premium content
packages. However, demand for exclusive content, including sports, creates a strong demand for pay-TV operators that
own broadcasting rights to these events. As buyers shift towards digital advertising, advertising agencies are now
required to shift their business plans to fit with their customers’ needs. Digital advertisements may serve to increase
specialization within the advertising industry, reducing buyer power as only select advertising agencies can provide
these specialized services. Customers in this industry are not typically loyal. Due to the low switching costs, buyers are
able to select from a wide range of options from a range of advertising agencies, thus increasing buyer power. Whilst
these moves were publicized as reining in spending on Google and Facebook, they also yielded significantly increased
margins, highlighting an incentive to back out for buyers in this segment.
The buyer power experienced in publishing varies considerably between the book segment and the newspaper and
magazine segment. The main revenue drivers for the latter have had to diversify due to the migration of readers to free
online news outlets such as Buzzfeed News and Twitter. Usually, this diversification involves paywalls for more
prestigious outlets such as The Observer or The Financial Times, or ‘clickbait’ articles that draw advertisers to larger
audiences. By contrast, individual consumers tend to wield little power with book publishers. Educational institutions
are the largest consumers, and these remain diverse and dependent on consistent patronage of the same educational
brands, factors that reduce their overall buyer power.
In the movies and entertainment segment, the main buyers are distributors, including cinemas, TV and radio
broadcasters, streaming services, and retailers of physical DVDs and CDs. Individual cinemagoers and retail consumers
wield relatively less power as they are more dispersed, and the impact on distributors of their migration to streaming
services is felt less by film studios, who simply move their content to those digital channels.
Record labels are the other main players in this segment and can be considerably smaller than film studios. Their buyers
include not only distribution channels and their users but also the other main players in the industry. OTT distributors of

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Media in the United Kingdom

Industry Profiles

their content, predominantly music-only services such as Spotify and Apple Music, wield considerable buyer power,
having whittled down the market shares of most other types of distributors.
The relatively low overall buyer power in most segments is balanced out by the advertising segment, and buyer power
for the whole industry is rated as moderate.

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 Media in the United Kingdom

Industry Profiles

6.3. Supplier power

Figure 7: Drivers of supplier power in the media industry in the United Kingdom, 2022

Source: MARKETLINE MARKETLINE

Production companies form a major supplier to broadcasters, who either commission the production of programming
or purchase broadcast rights for programming. The supplier power of production companies typically depends upon the
quality of content, dictated by viewing figures, to make the product saleable to advertising businesses. For example, a
production company tendering the rights for major sporting events, such as Wimbledon, would have significantly more
supplier power than a production company searching for a broadcaster to commission a new series.
In September 2022, BT Sport and Warner Brothers Discovery reached an agreement for a joint venture that will
eventually combine the Eurosport and BT Sport channels. As a result of the shift, sports fans will be able to watch a
wide range of sports on TNT Sports.
Broadcasting companies, along with advertising agencies and film studios, are fairly able to backward integrate with the
suppliers of their content, reducing the power of those suppliers. The biggest of these players, for example, the BBC or
Channel 4, have long relied on their content for most of their audience capture. Supplier power, however, is weakened
by the fact that players in this market have, in the past, backward integrated to produce the shows that they are
subsequently broadcasting, therefore reducing their reliance on suppliers and decreasing the power of suppliers in this
market. OITV Studios is a production company owned by commercial broadcaster ITV. The company produces a large
proportion of content broadcasted on ITV channels, including reality entertainment shows such as ‘Love Island’ and ‘I’m
a Celebrity Get Me Out of Here’ as well as scripted series including the production of the popular historical period
drama television series Downton Abbey, which enjoyed strong viewing figures and was successfully sold to broadcasters
overseas.
Besides content supply, the industry value chain features suppliers of IT and office infrastructure and production
equipment. These are dependent on the media industry, and their power is limited. In the case of content suppliers,
this indispensability has traditionally gone both ways, although in the movies and entertainment segment, streaming
services such as Amazon Prime, Netflix and, to a lesser extent, Spotify, are increasingly drawing content suppliers which
bypass the main players altogether.
Overall, supplier power is assessed as moderate.

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 Media in the United Kingdom

Industry Profiles

6.4. New entrants

Figure 8: Factors influencing the likelihood of new entrants in the media industry in the United Kingdom, 2022

Source: MARKETLINE MARKETLINE

In broadcasting and cable TV, the biggest companies in the UK make it difficult for new entrants into traditional
broadcasting. Strong brands and expensive supply costs await those companies wishing to compete at the top level.
There is also intense rivalry in bidding competitions for exclusive content. Cable TV providers such as Sky also lock in
customer loyalty with subscriptions that usually last for a year meaning that customers incur cancellation fees for
switching to another provider during their contract period.
Players have mounted challenges to Sky's dominance of the subscription market, but these have been seen to struggle
(NTL and ITV Digital). Virgin is currently the strongest rival provider and has to pay to broadcast popular television
stations. For example, Virgin has to pay Sky significant royalties to broadcast Sky channels. This can be off-putting for
potential new entrants. BT Sport, on the other hand, has been able to shake off Sky's dominance in sports coverage,
especially with regards to the lucrative coverage of major footballing tournaments, such as the Champions League and
the Europa League.
In the case of publishers, customers are free to switch the books, newspapers, or magazines they read with few
switching costs (unless they have a subscription to a newspaper or magazine). With consumption of books, newspapers,
and magazines is increasingly moving online, with e-books gaining market share and most newspapers having a
website. In the UK, e-books now account for almost 15% of the total books segment's value; this is particularly
significant considering that e-books tend to be priced lower than physical books. This opens the market up to new
entrants. However, a number of newspapers and magazines have already transitioned over to the Internet, with the
inclusion of a paywall. As such this could potentially offset the threat of new entrants as rival companies are
encroaching into this wide-reaching market. The same goes for movie and entertainment companies, although retailers
may incur switching costs if they break any contracts with players to sell their products.
Differentiation is high across the media industry, making entry more difficult. Advertisers can offer individually tailored
services to each client, while movie and entertainment companies can produce specific genres of film or hold different
live events for specific sports. Publishers can focus on a particular genre of books or magazines or focus on a particular
political stance for their newspapers.
The advertising segment is highly consolidated, with Interpublic Group, Omnicom Group, Publicis Group, and WPP
accounting for a large share of total industry revenues. This is exacerbated by the fact that these companies have been
acquisitive in recent years and so many companies that do not bear the name of the big four are indeed subsidiaries.
Advertising agencies are dependent on creative talent. This is a highly-skilled, highly-specialized role and top

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practitioners are often the subject of headhunting. This means there is a great deal of competition among leading
players for top talent. The big four have the financial might and the offer of work for world-renowned clients to give
them a competitive advantage in this regard.
The high fixed costs associated with media can also prove off-putting, with limited access to the best suppliers of
content in the broadcasting and film industries. Netflix is an example of a new entrant in the UK which has had to spend
prolifically on content to compete successfully with traditional broadcasting companies and has thus been prevented
from turning any profit since entering the market. Online subscriptions to sites such as NOW TV, Netflix, Amazon Prime
TV, and Apple TV have grown in popularity in the UK and are starting to have a large impact on UK pay TV subscriptions,
as well as commercial and public TV viewing figures.
Overall, the threat of new entrants is moderate.

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6.5. Threat of substitutes

Figure 9: Factors influencing the threat of substitutes in the media industry in the United Kingdom, 2022

Source: MARKETLINE MARKETLINE

In terms of individual end users, one of the primary substitutes and the largest threat in relation to broadcasting and
cable TV, publishing, and box-office and entertainment companies, is online piracy. The difficulty in prosecuting illegal
downloaders and streamers, and the developers of software freely available to mask illegal activities, means the
switching costs for this substitute are minimal, and as it is free, it is a cheaper alternative.
In addition to online piracy, there are a number of legal online alternatives. For example, Netflix and Amazon Prime
offer the legal streaming of films and television shows for a subscription fee. As of the third quarter of 2023, Netflix
added more than 247.2 million paid subscribers worldwide. The number of active worldwide subscribers was 238.3
million as of 2023. There are other free alternatives such as YouTube, Vimeo, and music streaming service Spotify
(which also offers a subscription option to remove ads). Many traditional broadcasters offer their streaming services to
compete with these substitutes, for instance, the BBC with its on-demand platform.
For the advertising industry in particular, there are a number of threats in terms of substitutes. For example, a company
may have an in-house marketing department which would negate the need to hire outside advertising agencies.
Smaller firms can also engage in social media marketing strategies without the need for advertising agencies and use
advertising services such as Google AdWords or even classifieds on websites and in magazines and newspapers. These
are all cheaper alternatives with minimal switching costs due to a lack of contracts, although they may not be as
beneficial as an advertising agency due to a lack of expertise and experience.
Overall, the threat of substitutes is considered to be strong.

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6.6. Degree of rivalry

Figure 10: Drivers of degree of rivalry in the media industry in the United Kingdom, 2022

Source: MARKETLINE MARKETLINE

For the media segments that serve end users, switching costs are usually minimal unless customers are locked into a
subscription contract. For industry players such as advertising agencies, buyers purchase their services on a contractual
basis, so switching can be costly for customers, thus resulting in reduced rivalry. The degree of differentiation available
to players in turn alleviates rivalry somewhat, although there is a certain degree of commoditization across the media
industry, for example, with multiple sports channels available from various broadcasters in a country.
Rivalry is strong between broadcasters in relation to the purchase of broadcasting rights for the most popular
programs, public events, and sporting events, such as the UEFA Champions League, which has been the subject of very
aggressive bidding from BT. Other players own multiple stations, allowing them to reach multiple audience groups. The
growth of SVoDs has been felt by traditional broadcasters, with almost half of the population subscribing to at least one
platform. Traditional TV revenues have remained resilient, but digital revenues are in double-digit growth creating a
strong sense of competition between both traditional and digital broadcasting markets. For instance, the year-on-year
growth in the SVOD subscription in the year 2022 stood at 15.7%. However, the transition to digital broadcasting has
resulted in a less lucrative commercial broadcasting market from advertising revenues.
The ease of transferring assets in the media industry reduces the barriers to exiting the market, which might alleviate
the pressure to compete. In the case of newspapers, companies can also be locked into rivalry by the high storage costs
of their product; newspapers have a short shelf-life, meaning that inventory needs to be sold quickly and cost-cutting
can ensue. Advertising agencies, on the other hand, will not usually have any storage costs or major barriers to exiting
the industry, since they are primarily a service-based industry. The emergence of this ‘technological disruption’ has
added to the competitiveness of the industry players. For example, the once-dominant advertising agencies such as
WPP and Publicis are failing to keep up with the likes of Snapchat and Facebook. A key reason for this is the need for
the current drive for speed and efficiency of programmatic online advertising. This increases the competition within the
advertising industry as some of the largest companies in the world are moving into the advertisement industry with a
far greater scope for customers than the ‘big four’ agencies. The broadcasting movies and entertainment segments sit
between these two extremes, with low storage costs and highly transferable assets allowing production companies to
leave competitive environments with relative ease. This usually happens through acquisitions by larger companies.
Overall, the degree of rivalry is assessed as strong.

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7. Competitive Landscape
The media industry in the UK is one of the most vibrant and diverse in the world, known for its quality journalism,
creative television programming, and innovative digital media. According to in-house research, the UK media
industry primarily comprises Advertising, accounting for 60.2%, Broadcasting and cable TV accounting for 23.8%,
Publishing representing 13.0%, and Movies and entertainment making up 3.0%. All segments continue to be
disrupted by US tech giants, with Google and Facebook eating away at the advertising and publishing industries,
and streaming services such as Netflix changing the broadcasting landscape. The UK media industry is dominated
by Omnicom, Sky Ltd, Daily Mail & General Trust Plc, and Walt Disney.

7.1. Who are the leading players?

Advertising: Omnicom Group Inc
Omnicom is a provider of advertising, corporate communications, and marketing services through branded
networks and agencies. The company offers digital and interactive marketing, strategic media planning and buying,
direct and promotional marketing, public relations, and other specialty communications services. The company
classifies its business operations into seven categories: Advertising; Public Relations; Healthcare; Precision
Marketing; Execution and Support; Commerce and Brand Consulting; and Experiential. It has an operational
presence in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa and serves more than
5,000 clients in more than 70 countries. Omnicom is headquartered in New York, the US.
Broadcasting and cable TV: Sky Ltd
The British media company Sky sees by far the highest revenues in the European broadcasting segment. It is a
satellite broadcasting company that provides multi-channel, multi-platform television services. The company owns,
operates, distributes, and retails channels under the Sky brand, including Sky 1, Sky Sports, Sky News, Sky Atlantic,
Sky Arts, Sky Cinema, Sky UNO, and others. It offers these channels through the DTH (direct-to-home) television
platform. The company offers its services to both retail and wholesale customers across the UK, Ireland, Germany,
Austria, Portugal, Switzerland, Belgium, and Italy. It serves more than 23 million customers across seven countries.
Sky is based in Middlesex, England, the UK.
Publishing: Daily Mail and General Trust Plc (DMGT)
DMGT, a subsidiary of Rothermere Continuation Limited, is a provider of media services. The company manages a
diverse, multinational portfolio of companies, which offer businesses and consumers persuasive information,
insight, analysis, events, news, and entertainment services. It is a leading player in the UK publishing segment
through its Daily Mail and Sunday Mail publications. It provides products and services under Landmark, Trepp,
DMG, EGYPS, Adipec, Gastech, and the Big 5 brand name. DMGT is headquartered in London, Greater London, the
UK.
Movies and entertainment: The Walt Disney Company
Disney is a diversified international family entertainment and media enterprise based in the US. It produces and
acquires television programs, live-action films, and animated motion pictures. The company owns and operates
theme parks and resorts, and television networks and channels; develops and publishes books, comic books, and
magazines; sells products related to Disney themes, and delivers an English language learning curriculum for
Chinese children. It owns and operates stores in America, Europe, and Asia Pacific regions.

7.2. What strategies do the leading players follow?

Omnicom is focused on expanding its business relationships by effectively serving clients across various networks,
disciplines, and regions. The company is actively working to augment its portfolio by identifying key areas for
investment and potential acquisition opportunities, particularly valuing the specialized skills and knowledge of the

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 Media in the United Kingdom

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workforce in these acquisitions. Omnicom is committed to strengthening the core competencies of its strategic
business platforms and agency brands, aiming to enhance its geographic presence or service range. In line with
this strategy, Omnicom formed a partnership with Adobe in April 2023. This collaboration revolves around
reinventing the creation and distribution of creative content, facilitated by an enterprise license agreement for
Adobe's innovative Content Supply Chain solution.
DMGT is committed to fostering expertise and cultivating relationships with stakeholders and customers. The
company places a strong emphasis on investing in technology and innovation, enhancing financial agility,
minimizing debt, and advancing the development of its products and services.

7.3. Which companies offer substitutes for the main industry?

In the UK, the media industry faces competition from a variety of substitutes, particularly in the digital domain.
Global streaming giants like Netflix, Amazon Prime Video, and Disney+ have become key players, offering a vast
array of international and original content that competes with traditional broadcasters like the BBC, ITV, and
Channel 4.
The media industry is notable in the UK for facing substitutions in more than one of its segments, effectively from
just two companies. Google and Facebook are taking away advertising revenue from traditional advertising
agencies and dominating online news distribution. Google disrupts advertising largely through its paid online
search service and hosting of advertising space on webpages, and both Google and Facebook drive sponsored ads
to users of their products based on insights about their online activities. The two companies also act as news
aggregators, pushing customized news content to users based on their preferences or past activity.
Both the advertising and the news aggregation arms of these companies are highly complementary, with
customers able to pay for better exposure to massive online audiences whether they are pushing marketing or
information. This has arguably reinforced their compound impact on the traditional media industry, especially in
mature economies such as the UK, with widespread access to the internet and mobile devices. For Facebook, it has
also led to a series of high-profile scandals around the spread of misinformation, or ‘fake news’, on its site.

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8. Company Profiles

8.1. Omnicom Group, Inc.

8.1.1. Company Overview

Omnicom Group, Inc. (Omnicom or "the company") is a provider of marketing, advertising and corporate
communications services. Its service offerings include strategic media planning and buying, public relations,
digital and interactive marketing, direct and promotional marketing, and specialty communications. Omnicom
also provides investor relations, marketing research, media planning and buying, mobile marketing, multi-
cultural marketing, non-profit marketing, organizational communications and outsource sales support. The
company serves pharmaceuticals and health care, technology, consumer products, food and beverage,
automobile, financial services, telecommunications, retail, travel and entertainment, and other industries.
Omnicom has business across the Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific regions.
The company is headquartered in New York, The US.
The company reported revenues of (US Dollars) US$14,289.1 million for the fiscal year ended December 2022
(FY2022), a decrease of 0% over FY2021. In FY2022, the company’s operating margin was 14.6%, compared to
an operating margin of 15.2% in FY2021. In FY2022, the company recorded a net margin of 9.2%, compared to a
net margin of 9.9% in FY2021. The company reported revenues of US$3,578.1 million for the third quarter
ended September 2023, a decrease of 0.9% over the previous quarter.

8.1.2. Key Facts

Table 6: Omnicom Group, Inc.: key facts

Head office: 280 Park Avenue New York, New York, United States
Number of Employees: 74200
Website: www.omnicomgroup.com
Financial year-end: December
Ticker: OMC
Stock exchange: New York Stock Exchange
Source: COMPANY WEBSITE MARKETLINE

8.1.3. Business Description

Omnicom Group, Inc. (Omnicom or "the company") offers a diverse range of marketing solutions spanning
advertising, customer relationship management (CRM), media planning and buying services, public relations (PR)
and specialty communications services. The company serves approximately 5,000 clients in more than 70
countries.
The company caters various industries such as food and beverage, consumer products, pharmaceuticals and
healthcare, financial services, technology, auto, travel and entertainment, telecommunications, retail, services, oil,
gas and utilities, not-for-profit, government, education, and other. Pharmaceuticals and health care industry
accounted for 16% of the company’s revenue, followed by food and beverage (14%), technology (10%), auto
(10%), consumer products (8%), financial services (8%), travel and entertainment (7%), retail (6%),
telecommunications (4%), government (4%), services (2%), oil, gas and utilities (2%), not-for-profit (1%), education
(1%), and other (7%) in FY2022.
The company classifies its operations into seven categories: Advertising; Public Relations; Healthcare; Precision
Marketing; Execution and Support; Commerce and Brand Consulting; and Experiential.

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The company’s Advertising category offers creative buying services, strategic media planning and advertising
services. In FY2022, the Advertising category reported revenues of US$7,424.7 million, which accounted for 52% of
the company's revenue.
The company’s Precision Marketing category comprises digital and direct marketing, digital transformation and
data and analytics. In FY2022, Precision Marketing category reported revenues of US$1,417.9 million, which
accounted for 9.9% of the company's revenue.
The company’s Public Relations category offers corporate communications, crisis management, public affairs, and
media and media relations services. In FY2022, the Public Relations category reported revenues of US$1,545.8
million, which accounted for 10.8% of the company's revenue.
The company’s Healthcare category offers advertising and media services to global healthcare and pharmaceutical
clients. In FY2022, Healthcare category reported revenues of US$1,316.8 million, which accounted for 9.2% of the
company's revenue.
The company’s Execution & Support category offers field marketing, sales support, digital and physical
merchandising and point-of-sale, other specialized marketing and custom communications services. In FY2021, the
Execution & Support category reported revenues of US$980 million, which accounted for 6.9% of the company's
revenue.
The company’s Commerce and Brand Consulting offers brand consulting, strategy and research, and retail
ecommerce. In FY2022, the Commerce and Brand Consulting category reported revenues of US$958.4 million,
which accounted for 6.7% of the company's revenue.
The Experiential category offers live and digital events and experience design and execution. In FY2022, the
Experiential category reported revenues of US$645.5 million, which accounted for 4.5% of the company's revenue.
Geographically, the company classifies its operations into five segments: North America, Europe, Asia Pacific, Latin
America, and Middle East and Africa. In FY2022, North America segment accounted for 55% of the company's
revenues, followed by Europe (28.1%); Asia Pacific (12.2%); Latin America (2.3%); and Middle East and Africa
(2.4%).

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Table 7: Omnicom Group, Inc.: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 0.11 -2.20 -11.92 8.49
Operating Income Growth % 2.39 -0.52 -25.03 36.47 -4.05
EBITDA Growth % 1.34 -1.82 -22.95 31.41 -3.39
Net Income Growth % 21.87 0.96 -29.40 48.91 -6.49
EPS Growth % 5.07 13.11 -16.08 31.42 1.01
Working Capital Growth % 55.43 -9.53 -104.66 -587.23 38.87
Equity Ratios
EPS (Earnings per Share) USD 5.36 6.06 5.09 6.69 6.75
Dividend per Share USD 2.40 2.55 2.60 2.75 2.80
Dividend Cover Absolute 2.23 2.38 1.96 2.43 2.41
Book Value per Share USD 11.38 13.15 14.35 15.64 16.04
Profitability Ratios
Gross Margin % 26.06 26.63 26.51 27.20 27.74
Operating Margin % 13.95 14.19 12.08 15.20 14.58
Net Profit Margin % 8.67 8.95 7.18 9.85 9.21
Profit Markup % 35.24 36.29 36.07 37.37 38.38
PBT Margin (Profit Before Tax) % 12.59 12.96 10.70 13.92 13.61
Return on Equity % 52.07 46.92 30.65 43.05 40.48
Return on Capital Employed % 22.83 19.65 13.13 17.80 17.43
Return on Assets % 5.35 5.21 3.47 5.02 4.75
Return on Working Capital % -138.24 -152.01 2447.85 -685.60 -473.69
Operating Costs (% of Sales) % 86.05 85.81 87.92 84.80 85.42
Administration Costs (% of Sales) % 11.54 10.88 11.38 10.69 10.83
Liquidity Ratios
Current Ratio Absolute 0.90 0.91 1.00 0.98 0.97
Quick Ratio Absolute 0.86 0.88 0.97 0.94 0.92
Cash Ratio Absolute 0.24 0.27 0.36 0.33 0.28
Leverage Ratios
Debt to Equity Ratio Absolute 1.92 1.85 1.92 1.74 1.72
Net Debt to Equity Absolute 0.48 0.34 0.11 0.12 0.38
Debt to Capital Ratio Absolute 0.66 0.65 0.66 0.64 0.63
Efficiency Ratios
Asset Turnover Absolute 0.62 0.58 0.48 0.51 0.52
Fixed Asset Turnover Absolute 22.07 10.85 6.81 7.14 6.71
Inventory Turnover Absolute 13.06 18.44 16.57 15.63 14.18
Current Asset Turnover Absolute 1.10 1.06 0.87 0.91 0.94
Capital Employed Turnover Absolute 1.64 1.38 1.09 1.17 1.20
Working Capital Turnover Absolute -9.91 -10.71 202.63 -45.12 -32.49
Source: COMPANY FILINGS MARKETLINE

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Table 8: Omnicom Group, Inc.: Key Employees

Name Job Title Board

Chief Executive Officer Omnicom Advertising
Aditya Kanthy Senior Management
Services group India
Alex Hesz Chief Strategy Officer Senior Management
Global Chief Executive Officer- DDB
Alex Lubar Senior Management
Worldwide
Ali Alkhafaji President Senior Management
Andrea Lennon Chief Client Officer Senior Management
Andrew Castellaneta Chief Accounting Officer Senior Management
Andrew Castellaneta Senior Vice President Senior Management
Asit Mehra Executive Vice President Senior Management
Global Chief Creative Experience Officer,
Ben Williams Senior Management
TBWA\Worldwide
Brian Clayton Chief Data Privacy Officer Senior Management
Cheryl Policastro Chief Strategy Officer TPN Senior Management
Managing Director RXMosaic Healthcare
Courtney Walker Agency and Spearhead Healthcare, Marina Senior Management
Maher Communications
Daryl Simm Chief Operating Officer Senior Management
Daryl Simm President Senior Management
Deborah J. Kissire Director Non Executive Board
Emily K. Graham Chief Equity and Impact Officer Senior Management
Senior Vice President Diversity and Inclusion
Emily K. Graham Senior Management
Communications
Frank Kochenash Chief Executive Officer eCommerce Senior Management
Gracia C. Martore Director Non Executive Board
Chief Communications Officer Worldwide
Joanne Trout Senior Management
Communications
John D. Wren Chairman Executive Board
John D. Wren Chief Executive Officer Executive Board
Jonathan Nelson Chief Executive Officer Omnicom Digital Senior Management
Julio Castellanos Chief Executive Officer Chile Senior Management
Kathleen Saxton Chief Marketing Officer Senior Management
Kevin Allan Executive Vice President Senior Management
Laura Fenton Chief Executive Officer OMG UK Senior Management
Leonard S. Coleman, Jr. Director Non Executive Board
Linda Johnson Rice Director Non Executive Board
Mark D. Gerstein Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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Table 9: Omnicom Group, Inc.: Key Employees Continued

Name Job Title Board

Marty O’Halloran Chairman DDB Worldwide Executive Board
Mary C. Choksi Director Non Executive Board
Michael J. O'Brien Executive Vice President Senior Management
Michael J. O'Brien General Counsel Senior Management
Michael J. O'Brien Secretary Senior Management
Olga Fleming President MMC and RXMOSAIC Senior Management
Patricia Salas Pineda Director Non Executive Board
Peter Sherman Executive Vice President Senior Management
Peter Swiecicki Controller Senior Management
Peter Swiecicki Senior Vice President Finance Senior Management
Philip J. Angelastro Chief Financial Officer Senior Management
Philip J. Angelastro Executive Vice President Senior Management
Rita E. Rodriguez Executive Vice President Senior Management
Rochelle Tarlowe Senior Vice President Senior Management
Rochelle Tarlowe Treasurer Senior Management
Ronnie S. Hawkins Director Non Executive Board
Sarah Lent President Doremus+Co Senior Management
Valerie M. Williams Director Non Executive Board
Source: COMPANY FILINGS MARKETLINE

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 Media in the United Kingdom

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8.2. Sky Limited

8.2.1. Company Overview

Sky Limited (Sky or ‘the company’), a subsidiary of Comcast Corp, provides its customers television, broadband,
fixed line telephony services and other services including interactive services such as betting, gaming and
mobile TV services. It owns, operates and distributes channels under the brand of Sky. The channels of the
group are comprised of different genres like, news, entertainment and sports. Its channels include Sky 1, Sky
Sports, Sky News, Sky Atlantic, Sky Arts, Sky Cinema and Sky UNO, among others. Sky uses DTH (direct-to-home)
television platform and other cable operators to deliver its broadcasting services to customers. It also provides
broadband and fixed line telephony services, besides offering interactive services such as betting, gaming and
mobile TV services. The company is headquartered in Middlesex, England, the UK.

8.2.2. Key Facts

Table 10: Sky Limited: key facts

Head office: Grant Way , Isleworth, Middlesex, United Kingdom

Number of Employees: 34677
Website: www.skygroup.sky
Financial year-end: December
Source: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

Sky Limited (Sky or ‘the company’) is a provider of pay based television and communication services. The company
offers retail and wholesale pay TV subscriptions broadcasting services, broadband and fixed line telephony
services, advertising, betting, and interactive services, among others.
Sky Live, with its interactive camera, revolutionizes the way people engage with television. It allows users to enjoy
their favorite TV shows with friends and family, participate in interactive exercises, play games, and even make
video calls, all from the comfort of their television screens. On the other hand, Sky Stream offers convenient
access to Sky services without the need for a satellite dish or a lengthy contract.
The company classifies its operations into three divisions: Direct-to-consumer, and Advertising Services and
Content and Related Services.
Under the Direct-to-Consumer division, it is engaged in providing pay television and digital television broadcast
services in Ireland and the UK under Sky brand. The company through subscription basis provides channels such as
Sky Sports, Sky 1, Sky Sports 1, Sky Sports 3, Sky Sports 2, Sky Sports 4, Sky Sports F1 and Sky Sports Xtra, Sky
Sports News, Sky News, Sky Arts, Sky Atlantic, Sky Movies and Sky Living. These channels are broadcasted using a
variety of set top boxes offered by Sky.
Through the Content and Related Services division, the company authorizes certain of its channels for
retransmission by other cable operators in the UK, Ireland and other countries. In the UK, Riviera delivered almost
12 million downloads and in Italy, a new series of the original drama 1993 was the second best performing series
on Sky Atlantic channel.
Under the Advertising Services division, it operates through Sky Media business unit. Sky Media enables some of
the leading global brands to advertise on all of Sky branded channels and third party channels such as National
Geographic, Discovery, History, FOX, MTV and ESPN. The company provides advertising services on a wide range of
platforms such as internet, TV, mobile, games consoles and mobile applications.
Sky operates through offices in Germany, the UK, Belgium, Italy, Austria, Ireland, Portugal and Switzerland.

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Table 11: Sky Limited: Key Employees

Name Job Title Board

Andrea Duilio Chief Executive Officer Sky Italia Senior Management
Ann-Marie Mackay Chief Growth & Brand Officer Senior Management
Chief Executive Officer Germany, Austria and
Barny Mills Senior Management
Switzerland
Cecile Frot-Coutaz Chief Executive Officer Sky Studios Senior Management
Clare Weston Chief Strategy Officer Senior Management
Chief People Officer UKandI, Group Talent
Claudia Osei-Nsafoah Senior Management
and DandI
Colin Jones Chief Operating Officer Senior Management
Dana Strong Chief Executive Officer Senior Management
Devesh Raj Chief Operating Officer Senior Management
Elizabeth Wideman Director Non Executive Board
Fraser Stirling Chief Product Officer Senior Management
JD Buckley Chief Executive Officer Ireland Senior Management
Jo Osborne Head Women's Sport Senior Management
Karl Holmes Chief Data Officer Senior Management
Karl Holmes Chief Financial Officer UKandI Senior Management
Matt Ridsdale Chief Corporate Affairs Officer Senior Management
Niamh Grogan General Counsel Senior Management
Nick Herm Chief Business Officer Senior Management
Prasanna Gopalakrishnan Chief Technology Officer Senior Management
Simon Robson Chief Financial Officer Executive Board
Simon Robson Director Executive Board
Stephen van Rooyen Chief Commercial Officer- Sky Group Senior Management
Stephen van Rooyen Chief Executive Officer Sky UK and Ireland Senior Management
Source: COMPANY FILINGS MARKETLINE

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8.3. Daily Mail and General Trust Plc.

8.3.1. Company Overview

Daily Mail and General Trust plc. (DMGT or ‘the company’) is a media conglomerate that operates a portfolio of
digital, information, and media and events businesses. The company provides information and analysis, data
and research, trade publications, risk models as well as daily online and weekly newspaper and digital
recruitment businesses under brands such as Daily Mail, Gastech, Hobsons, Landmark, and RMS. DMGT also
provides brands such as MailOnline, Metro, The Mail, Trepp, Yopa, Cazoo, DMG, Adipec, Intersect, Naviance
and Starfish, the company’s services include trade exhibitions, FM network, conferences, seminars and training.
DMGT has its presence in UK, North America, Rest of Europe, and Australia. The company is headquartered in
London, the UK.
The company reported revenues of (British Pounds) GBP885.3 million for the fiscal year ended September 2021
(FY2021), a decrease of 26.4% over FY2020. In FY2021, the company’s operating margin was 0.9%, compared to
an operating margin of 4.7% in FY2020. The net profit of the company was GBP1,542.4 million in FY2021,
compared to a net profit of GBP189.3 million in FY2020.

8.3.2. Key Facts

Table 12: Daily Mail and General Trust Plc.: key facts

Head office: Northcliffe House 2 Derry Street, London, United Kingdom

Number of Employees: 5899
Website: www.dmgt.com
Financial year-end: September
Source: COMPANY WEBSITE MARKETLINE

8.3.3. Business Description

Daily Mail and General Trust Plc. (DMGT or ‘the company’) is an international information, media and events
company based in the UK. The company holds interests in national and regional newspapers, information
publishing and exhibitions. The company provides information, analysis, insight, news and entertainment for both
businesses and consumers.
The company offers its services through five business segments: Events and Exhibitions, Insurance Risk Business
(RMS), Property Information, EdTech, and Consumer media (dmg Media).
Under Consumer Media (dmg Media) segment offers international publisher with print and digital consumer
media portfolios. It provides news and information in national newspapers, websites, mobile and tablet
applications. Its brand portfolio includes Daily Mail, The Mail on Sunday, MailOnline website, Metro, and Elite
Daily. In FY2021, the dmg Media segment reported revenue of GBP623.8 million which accounted for 54.6% of the
company's total revenue.
The Property Information segment encompasses a portfolio of companies operating in the property information,
education and energy sectors. In FY2021, the Information segment reported revenue of GBP277.1 million which
accounted for 19.9% of the company's total revenue.
The company's Insurance Risk Business (RMS) segment offers risk models, software applications, and analytical
data services used by the global risk and insurance industry to quantify and manage catastrophic risks. Its clients
include insurers, reinsurers, trading companies and other financial institutions. In FY2021, the RMS segment
reported revenue of GBP223 million which accounted for 19.5% of the company's total revenue.
The company’s EdTech segment offers college, career and student success solutions to middle and high schools, fit
solutions to college admissions and offers student success platform for colleges and universities to guide students

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in enrollment processes in the North American market. In FY2021, the EdTech segment reported revenue of
GBP33.5 million which accounted for 2.9% of the company's total revenue.
The company's Events and Exhibitions segment organizes B2B exhibitions and conferences focusing on the energy,
construction, interiors, hotel and hospitality sectors. In FY2021, the Events and Exhibitions segment reported
revenue of GBP34.4 million which accounted for 3.0% of the company's total revenue.
The company ceased operations of The Energy Information segment since November 2019.
In addition, the company holds stakes in businesses, in joint ventures and associates. DMGT holds an equity stake
in Zoopla Property Group which is a property search engine. Its portfolio consists of Zoopla, PrimeLocation,
uSwitch, Property Software Group and Hometrack.
Geographically, the company classifies its operations into three segments: the UK, North America and Rest of the
World. In FY2021, the UK segment accounted for 87.8% of the company's total revenues, followed by North
America with 6.9% and Rest of the World with 5.2%.

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Table 13: Daily Mail and General Trust Plc.: Key Employees

Name Job Title Board

A H Lane Director Non Executive Board
D H Nelson Director Non Executive Board
F Wallestam Director Non Executive Board
Fran Sallas Secretary Senior Management
JP Rangaswami Director Non Executive Board
K A H Parry Director Non Executive Board
K J Beatty Director Executive Board
Tim Collier Chief Financial Officer Executive Board
Tim Collier Director Executive Board
Viscount Rothermere Chairman Executive Board
Source: COMPANY FILINGS MARKETLINE

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8.4. The Walt Disney Company

8.4.1. Company Overview

The Walt Disney Company (Walt Disney or ‘the company’), together with its subsidiaries, is a diversified
entertainment and media company. Its major products and services include entertainment, books, magazines,
comic books, media networks, cable programming, radio broadcasting, television broadcasting, video games
and toys. The company also operates resorts, hotels and other facilities, vacation club, and cruise lines, linear
networks, direct-to-consumer video streaming services. Its content sales/licensing provides film and television
content, home entertainment distribution, music and staging and licensing of live entertainment events . The
company has operations across the Europe, Asia-pacific and the Americas. The company is headquartered in
Burbank, California, the US.
The company reported revenues of (US Dollars) US$88,898 million for the fiscal year ended September 2023
(FY2023), an increase of 7.5% over FY2022. In FY2023, the company’s operating margin was 5.7%, compared to
an operating margin of 7.9% in FY2022. In FY2023, the company recorded a net margin of 2.6%, compared to a
net margin of 3.8% in FY2022.

8.4.2. Key Facts

Table 14: The Walt Disney Company: key facts

Head office: 500 South Buena Vista Street Burbank, California, United States
Number of Employees: 225000
Website: thewaltdisneycompany.com
Financial year-end: September
Ticker: DIS
Stock exchange: New York Stock Exchange
Source: COMPANY WEBSITE MARKETLINE

8.4.3. Business Description

The Walt Disney Company (Walt Disney or 'the company') is a diversified entertainment and media service
provider. The company operates a portfolio of broadcasting, cable, domestic and international channels. Walt
Disney is involved in the operation of theme parks and resorts; consumer products; media and entertainment
business. The company creates, distributes and publishes a variety of products in several countries and languages
based on its branded franchises. As of October 2023, it consisted of 40 retail stores in Japan, 20 in North America,
two in Europe and one in China. It also operated 220 general entertainment channels outside the US under Fox,
National Geographic and Star brands, 55 Sports channels outside the US under ESPN, Fox and Star brands names.
It also provided 75 Family channels outside the US under the Disney brand name. The company has operations in
the US and Canada, Europe, Asia-Pacific, Latin America and Other.
The company operates through three segments: Entertainment, Experiences and Sports
The Entertainment segment includes linear networks' revenue is through affiliate fees and advertising. Direct-to-
Consumer relies on subscriptions and ads. Content Sales/Licensing thrives on film/TV content sales, theatrical
distribution, music rights, and IP licensing, with an intersegment allocation reflecting consumer product royalties.
In FY2023, the entertainment segment reported revenues of US$40,635 million, which accounted for 45% of the
company's total revenue.
The Sports segment primarily generates revenue from affiliate fees, advertising, pay-per-view fees, subscription
fees, and sub-licensing of sports rights. In FY2023, the sports segment reported revenues of US$17,111 million,
which accounted for 19.0% of the company's total revenue.

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The Experiences segment's main sources of income are theme park admission sales, food, beverage, and
merchandise sales at our theme parks and resorts, hotel room night fees, cruise vacation sales, vacation club
property sales and rentals, royalties from licensing our intellectual property for use on consumer goods, and
branded merchandise sales. . In FY2023, the sports segment reported revenues of US$40,635 million, which
accounted for 45.0% of the company's total revenue.
Geographically, the Walt Disney classifies its operations into three regions: the Americas, Europe and Asia-Pacific.
In FY2022, Americas accounted for 80.1% of the group’s revenue, followed by the Europe (10.7%) and Asia Pacific
(9.2%).

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Table 15: The Walt Disney Company: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018
Growth Ratios
Equity Ratios
Profitability Ratios
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Source: COMPANY FILINGS MARKETLINE

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Table 16: The Walt Disney Company: Key Employees

Name Job Title Board

Ajit Varghese Head Network Advertising Sales, Disney Star Senior Management
Alan Bergman Chairman Disney Studios Content Executive Board
Alexia S. Quadrani Senior Vice President Investor Relations Senior Management
Alicia Schwarz Chief Compliance Officer Senior Management
Alicia Schwarz Senior Vice President Senior Management
Alisa Bowen President Disney+ Senior Management
Amy L. Chang Director Non Executive Board
Vice President Disney Studios Content
Anastasia Ali Senior Management
Marketing
Head Communications Direct to Consumer
April Carretta Senior Management
Business
Asad Ayaz Chief Brand Officer Senior Management
Executive Vice President Controllership,
Brent A. Woodford Senior Management
Financial Planning and Tax
Executive Vice President Controllership,
Brent Woodford Senior Management
Financial Planning and Tax
Calvin R. McDonald Director Non Executive Board
Carlos A. Gomez Senior Vice President Senior Management
Carlos A. Gomez Treasurer Senior Management
Carolyn Everson Director Non Executive Board
Chairman Disney General Entertainment
Dana Walden Executive Board
Content (DGE)
Derica W. Rice Director Non Executive Board
Diane Jurgens Chief Information Officer Senior Management
Executive Vice President Enterprise
Diane Jurgens Senior Management
Technology
Francis A. Desouza Director Non Executive Board
Geoff Morrell Chief Corporate Affairs Officer Senior Management
Head Rights Acquisition and Syndication,
Harry Griffith Senior Management
Disney Star sports
Horacio E. Gutierrez General Counsel Senior Management
Horacio E. Gutierrez Senior Executive Vice President Senior Management
Hugh F. Johnston Chief Financial Officer Senior Management
Hugh F. Johnston Senior Executive Vice President Senior Management
James Pitaro Chairman ESPN and Sports Content Executive Board
Jan Coleman Manager-Global promotions Senior Management
Jennifer Cohen Executive Vice President Social Responsibility Senior Management
Source: COMPANY FILINGS MARKETLINE

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Table 17: The Walt Disney Company: Key Employees Continued

Name Job Title Board

Jeremy Diog Chief Technology Officer Disney Streaming Senior Management
President Direct To Consumer, Disney
Joe Earley Senior Management
Entertainment
Jolene Negre Associate General Counsel Senior Management
Jolene Negre Secretary Senior Management
Chairman Disney Parks, Experiences and
Josh D’Amaro Executive Board
Products
K Madhavan President India and Star India Senior Management
Chairman Media and Entertainment
Kareem Daniel Executive Board
Distribution
Kristina K. Schake Chief Communications Officer Senior Management
Kristina K. Schake Senior Executive Vice President Senior Management
Latondra Newton Chief Diversity Officer Senior Management
Latondra Newton Senior Vice President Senior Management
Maria Elena Lagomasino Director Non Executive Board
Mark G. Parker Director Non Executive Board
Mary T. Barra Director Non Executive Board
Michael Froman Director Non Executive Board
Nancy Lee Chief of Staff Senior Management
Nancy Lee Senior Vice President Senior Management
Neha Sharma Katyal Director Agency Sales Senior Management
Paul J. Richardson Chief Human Resources Officer Senior Management
Paul J. Richardson Senior Executive Vice President Senior Management
Peter Rice Chairman General Entertainment Content Executive Board
Chairman International Operations and Direct
Rebecca S. Campbell Executive Board
To Consumer
Executive Vice President Unscripted and
Rob Mills Senior Management
Alternative Entertainment
Robert A. Iger Chief Executive Officer Executive Board
Robert A. Iger Director Executive Board
Ronald L. Iden Chief Security Officer Senior Management
Ronald L. Iden Senior Vice President Senior Management
Safra A. Catz Director Non Executive Board
Susan E. Arnold Chairman Executive Board
Thomas Mazloum President Disney Signature Experiences Senior Management
Source: COMPANY FILINGS MARKETLINE

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Table 18: The Walt Disney Company: Key Employees Continued

Name Job Title Board

Zenia Mucha Senior Executive Vice President Senior Management
Source: COMPANY FILINGS MARKETLINE

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 Media in the United Kingdom

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9. Macroeconomic Indicators

9.1. Country data

Table 19: United Kingdom size of population (million), 2018–22

Year Population (million) % Growth

2018 65.9 0.5%
2019 66.2 0.5%
2020 66.5 0.4%

Source: MARKETLINE MARKETLINE

Table 20: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22

Year Constant 2005 Prices, $ billion % Growth

2018 2,772.3 2.5%
2019 2,841.2 2.5%
2020 2,912.3 2.5%

Source: MARKETLINE MARKETLINE

Table 21: United Kingdom gdp (current prices, $ billion), 2018–22

Year Current Prices, $ billion % Growth

2018 3,389.9 4.5%
2019 3,544.9 4.6%
2020 3,714.3 4.8%

Source: MARKETLINE MARKETLINE

Table 22: United Kingdom inflation, 2018–22

Year Inflation Rate (%)

2018 2.0%
2019 2.1%
2020 2.1%

Source: MARKETLINE MARKETLINE

Table 23: United Kingdom consumer price index (absolute), 2018–22

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 Media in the United Kingdom

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Year Consumer Price Index (2005 = 100)

2018 138.6
2019 141.5
2020 144.4

Source: MARKETLINE MARKETLINE

Table 24: United Kingdom exchange rate, 2018–22

Year Exchange rate ($/£) Exchange rate (€/£)

2018 0.7502 0.8850
2019 0.7837 0.8779
2020 0.7795 0.8899
2021 0.7274 0.8600
2022 0.8114 0.8526

Source: MARKETLINE MARKETLINE

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Appendix

9.2. Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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Media in the United Kingdom

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9.3. Industry associations

9.3.1. International Publishers Association

23, avenue de France

Tel.: +41 22 704 18 20
Fax: -
www.internationalpublishers.org

9.3.2. International Telecommunication Union (ITU)

Place des Nations

1211 Geneva 20 Switzerland
Tel.: 41 22 730 5111
Fax: 41 22 733 7256
www.itu.int

9.3.3. National Association of Broadcasters

1 M Street SE
Washington DC 20003
Tel.: 202 429 5300
Fax: -
www.nab.org

9.3.4. International Federation of the Phonographic Industry (IFPI)

10 Piccadilly, London, W1J 0DD, GBR

Tel.: 44 20 7878 7900
Fax: 44 20 7878 7950
www.ifpi.org

9.4. Related MarketLine research

9.4.1. Industry Profile

Global Media

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Media in the United Kingdom

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Media in Europe
Media in Asia-Pacific
Media in Belgium

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Media in the United Kingdom

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About MarketLine
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