A Financial Comparative Study On the Media Industry In the UK

7/28/2019 A Financial Comparative Study On the Media Industry In the UK

1/25

O Hosd Xtumy bk ]ld NdmjoJkmustry jk ]ld T@5

Fjkokhd okm Dhbkbnjhs NAO=6=8

Outlbrdm ay Crbup ?5

Omrjoko Cbndz (N77=1:::1)

Horbijko Oinokzo (N77=878


2/25

Dxdhutjvd Xunnory

]ljs rdpbrt hbnpords tld fjkokhjoi pdrfbrnokhd bf twb hbnpokjds wjtljk tld Ndmjo

jkmustry (J]V okm As`yA) adtwddk 17?7 okm 17??. Fjrst bf oii, tld T@ ndmjo

jkmustry dxpdhts tb crbw =% pdr okkun, jt js prdmjhtdm tb ad wbrtl 66.6 ajiijbk jk

17?3. Nbrdbvdr, abtl hbnpokjds prdsdkt ljcl dnpibyndkt dffjhjdkhy, abtl lom

strbkc hosl cdkdrotjbk okm o pbsjtjvd dxpdhtotjbk bf futurd dorkjkcs jnprbvdndkt.

Aut, J]Vs hbst dffjhjdkhy prdsdkts o nbrd sotjsfohtbry pdrfbrnokhd, J]V mjrdhts jts

slbrt-tdrn baijcotjbks nbrd suhhdssfuiiy, As`yA los ibwdr ijqujmjty okm J]V usdm

idss mdat tb fjkokhd jts ausjkdssds.


3/25

]oaid bf Hbktdkts

Dxdhutjvd Xunnory ..................................................................................................... 1

?. Jktrbmuhtjbk .............................................................................................................. =

?.? Jkmustry bvdrvjdw .............................................................................................. =

?.1 Hbnpoky Bvdrvjdw ........................................................................................... =

?.1.? J]V-Jkmdpdkmdkt ]didvjsjbk Kdtwbr` .......................................................... =

?.1.1 Arjtjsl X`y Arbomhostjkc Crbup pih ............................................................. =

1. _uoijtotjvd Okoiysjs ................................................................................................. 4

1.? Jkmdpdkmdkt ]didvjsjbk Kdtwbr` (J]V) ........................................................... 4

8. _uoktjtotjvd Okoiysjs ..............................................................................................


4/25

?. Jktrbmuhtjbk

?.? Jkmustry bvdrvjdw

]ld fbrdhostdm nor`dt fbr tld pdrjbm up tb 17?3 js lucdiy prbnjsjkc wjtl tld T@

dktdrtojkndkt & ndmjo jkmustry js sdt tb crbw =% pdr okkun. ]ld T@ hbktjkuds tb ad

o mbnjkokt fbrhd jk tld dktdrtojkndkt okm ndmjo nor`dt, okm jt js prdmjhtdm tb ad

wbrtl 66.6 ajiijbk jk 17?3 (WwH, 17?8).

Nbst noturd nor`dts hok dxpdht hbnpbukm okkuoi crbwtl rotds bf =-4% bvdr tld kdxt

4 ydors, aut jt js dstjnotdm tlot tld T@ dktdrtojkndkt okm ndmjo jkmustry wjii crbw

fostdr tlok Frokhd okm Cdrnoky bvdr tld kdxt 4 ydors wlb wjii sdd 1.=% okm 1.4%

HOCQ rdspdhtjvdiy (WwH, 17?8). Jk o noturd nor`dt tldrd ord cbbm rdvdkuds tb ad

lom fbr jkkbvotjvd hbnpokjds hbktjkubusiy jnprbvjkc tldjr usdr dxpdrjdkhd usjkc

kdw tdhlkbibcjds okm cdkdrotjkc ljcl quoijty hbktdkt.

?.1 Hbnpoky Bvdrvjdw

?.1.? J]V Wih

J]V Wih (IXD5 J]V) js tld iorcdst kdtwbr` jk T@ wjtl =4.8% slord bf arbomhost ot tld

dkm bf 17?? tlot idom tb crbwtl bf ?7% jk jts rdvdkud (J]V, 17??, p.


5/25

jnpohtdm pbsjtjvdiy jk jts stbh` prjhds ay crbwjkc ?6=.1


6/25

Lbwdvdr, J]V oisb cdts rdvdkud tlrbucl suashrjptjbk fdd poyndkts jk portkdrsljp

wjtl X`y ]V fbr J]V LM wldrd vjdwdrs hok wothl prbcrons wjtlbut oky

omvdrtjsdndkts (sdd fjcurd 1). J]V mdvdibpdm tljs ausjkdss nbmdi adhousd jt rdoijzdm

tlot tld crbwtl bf ]V omvdrtjsjkc sdcndkt js hurrdktiy sibwjkc mbwk (Xwdkdy, 17?1).

!"#$#%&

(%)*%+,& "-

."*/ 7#?-"1)-

8.7=

(%)*%+,

4)-6#-6

(%)36


7/25

!"#$%"#&

()*(+#,-.,/7

?,&%(

!"#$% '("))*+

,-./-"7

'.)?*)?,-.18%*-#

HrdotjkcWrbcrons

Wrbcronswjii adarbomhostdm

Xuashrjptjbk Fdd ()

=?(*- 46

%("))*+# 3*$/( ;*2)$G.)

3>;9

6$1*. .)

;*7")1

:)#?"++"G.)

>"-1O"-* A"+*#

HM*- A*-D$%*

Xuashrjptjbk Fdd ()

Xuashrjptjbk Fdd ()

Nojktdkokhd Fdd ()

Lormword Xoids ()

Jkstoiiotjbk Fdd ()

Xuashrjptjbk Fdd Wrbt Xlorjkc ()

Hbst ()

Fjcurd 85As`yA Xuashrjptjbk okm Arbomhostjkc Wiotfbrn Qdvdkud Xtrdon

As`yAs sdhbkm rdvdkud strdon js tlrbucl tld soids bf omvdrtjsjkc sibts (omvdrtjsjkc

rdvdkud). As`yA mbds kbt rdoiiy fbhus bk ]V omvdrtjsjkc adhousd bf tld ibw crbwtl

rotd (oabut 1,3%) bf tljs sdhtbr (BFHBN, 17?1). Lbwdvdr, As`yA hok dork rdvdkud

tlrbucl bkijkd okm nbajid omvdrtjsjkc, adhousd tld crbwtl rotd bf tljs sdhtbr js ?=,=%

okm jt js crbwjkc ropjmiy (Xwdkdy, 17?1).

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ArbomhostdmOmvdrtjsdndkt

Arokm Owordkdss

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Wrbcronswjii adarbomhostdm

HrdotjkcOms

OmvdrtjsjkcQdvdkud ()

3!


8/25

]ld iost rdvdkud strdon js tlrbucl tld soids bf tldjr lbnd hbnnukjhotjbks prbmuht

tlot hbksjst bf lbnd arbomaokm okm fjxdm ijkd tdidplbky. Jt js oisb port bf tld

mjvdrsjfjhotjbk strotdcy tlot wjii no`d As`yA cdkdrotd nbrd rdvdkud (Arjtjsl X`y

Arbomhostjkc Crbup, 17??, p. ?1).

!"#$%"#&

(#)$*+,

+*-,).-

!"#$%&$'%Nbktliy Fdd ()

)*+,% -*',

.,/,7?#'1

8'=4$//$6#'

3$"%


9/25

8. _uoktjtotjvd Okoiysjs

8.? Fjkokhjoi Xtotdndkt Okoiysjs

8.?.? Hbkmdksdm Nuitj Xtdp Jkhbnd Xtotdndkt

HBKMDKXDM NTI]J - X]DW

JKHBND X]O]DNDK]

jk njiijbks 17?? 17?7 177:8 Zdor

]rdkm17?? 17?7 177:

8 Zdor

]rdkm

Qdvdkud 1,?=7 1,76= ?,


10/25

8.?.1 Hbkmdksdm Hiossjfjdm Xtotdndkt bf Fjkokhjoi Wbsjtjbk

HBKMDKXDM HIOXXJFJDM

X]O]DNDK] BF FJKOKHJOI

WBXJ]JBK


]rdkm 17?? 17?7 177:8 Zdor

]rdkm

Hurrdkt Ossdts ?,=


11/25

8.?.8 Hbkmdksdm Hosl Fibw Xtotdndkt

HBKMDKXDM BF HOXL FIBS


]rdkm17?? 17?7 177:

8 Zdor

]rdkm

Kdt Hosl frbnBpdrotjkc Ohtjvjtjds 843 =71 1=8 ?,843 ?,86= ?,734

Kdt Hosl frbn Jkvdstjkc Ohtjvjtds (43) 4? (3?) (6?


12/25

J]Vs prbfjtoajijty jkhrdosdm nbmdrotdiy adhousd tldy hok dork adttdr DAJ]

dffdhtjvdiy ay usjkc jts ossdts, hopjtoi, ibkc-tdrn iboks, okm rdsdrvds. Lbwdvdr o

ljcldr prbvjsjbk jkhbnd tox jk 17?? nomd o ibwdr kdt prbfjt, ldkhd tld QBJ

mdhrdosds. Sljid mdhrdosjkc jk QBD jkmjhotjkc tlot jk 17?? J]V mjm kbt usd tld

slordlbimdrs dqujty dffdhtjvdiy tb cdkdrotd jkhbnd.

Mdhrdosjkc crbwtl rotd jk AX`yAs prbfjtoajijty js housdm ay tld ijtjcotjbk sdttidndkt

jkhbnd tlot jt dorkdm jk 17?7 wljid tljs mjm kbt bhhur jk 17??. Sjtlbut tljs jkhbnd jk

17?7, AX`yA wbuim lovd o pbsjtjvd prbfjtoajijty crbwtl rotd.

8.1.1 Ijqujmjty Qotjb

*_ujh` Qotjb (Ohjm ]dst) (HO-Jkvdktbry)/HI

*Hurrdkt Qotjb HO/HI

Ijqujmjty Qotjbs Fbrnuio17?? 17?7

?.4: ?.6?

?.:3 ?.:4

J]V

Crbwtl rotd 17?? 17?7

-?.6=% ?.71 7.:6

7.::% ?.11 ?.?6

AX`y

Crbwtl rotd

6.?


13/25

]ld dqujty-cdorjkc rotjb los jkhrdosdm sjckjfjhoktiy fbr abtl J]V okm AX`yA ot tld

rdpbrtdm pdrjbm mud tb tld ljcl onbukt bf mdat poyndkt ay abtl bf tld hbnpoky.

Ldkhd, jt jkmjhotds o idss rjs` jk tdrn bf ijqujmjty wldk tld mdats ord noturdm. Abtl bf

tld hbnpokjds lovd oajijty tb poy tld jktdrdst wjtl tldjr dorkjkcs. Lbwdvdr, AX`yAs

dorkjkcs ord suffjhjdktiy ljcldr tlok J]V, ossbhjotdm o adttdr oajijty tb hbvdr tldjr

okkuoi jktdrdst poyndkts. Lbwdvdr, wjtl tld mdhijkjkc prbfjtoajijty, AX`yA jkhbnd

cdorjkc rotjbs los sijcltiy mdhrdosdm jk 17??.

8.1.= Dffjhjdkhy Qotjb

*Mdatbr Moys Butstokmjkc (Ohh rdh/ Xoids) *864Sbr`jkc Hopjtoi/ Xoids (%) (HO-HI)/ Xoids*Xtbh`s/ Xoids (%) Jkvdktbry/Xoids

*Xoids/ Hopjtoi DnpibydmXoids/]btoi ossdts-Hurrdkt

Ijoajijtjds

*Xoids/ Fjxdm OssdtsXoids / ]okcjaid Fjxdm

Ossdts*Ossdt Ttjijsotjbk Xoids/]btoi Ossdts

Dffjhjdkhy Qotjbs Fbrnuio17?? 17?7

=6.11 61.678=.71 7.8:?8.81 ?8.36

7.:: 7.:?

?1.


14/25

8.1.4 Dnpibydd Wdrfbrnokhd Qotjb

*Woy pdr Dnpibydd ()Dnpibydd poy/Kb. bf

dnpibydds

Wrbfjt pdr bf Woy () DAJ]/Dnpibydd poy*Wrbfjt pdr Dnpibydd () DAJ]/Kb. bf dnpibydds

*Xoids pdr Dnpibydd () Xoids/Kb. bf dnpibydds

Hopjtoi Dnpibydm pdr

Dnpibydd ()HD/ Kb. bf dnpibydds

Fjxdm Ossdts pdr Dnpibydd

()

Fjxdm ossdt/Kb. bf

dnpibydds

Woy/ Xoids (%) (Dnpibydss poy/Xoids)*?77

Dnpibydd Wdrfbrnokhd Fbrnuio17?? 17?7

44,4


15/25

8.8 Qotjb Sjtl Jkmustry Adkhlnor` Hbnporotjvd Okoiysjs

Jkmustry

Ovdrocd

17?? 17?? 17??*Qdturk bk ]btoi Ossdts (%) ??.? ??.?: ?


16/25

hbiidht poyndkts js idss tlok btldr hbnpokjds0 ldkhd AX`yA wos nbrd dffjhjdkt jk

cdkdrotjkc hosl jkfibw.Iost aut kbt idost, abtl hbnpokjds wdrd adttdr jk nokocjkc idss kunadr bf dnpibydds

tb cdkdrotd nbrd prbfjts tlok tld jkmustry ovdrocd.

Hbkhiusjbk

O futurd jkvdstndkt wjtljk tld ndmjo jkmustry hok lovd o nbrd pbsjtjvd tlok kdcotjvd

jnpoht. J]V os wdii os As`yA usd tld Wrbmuhdr Arbomhostdr nbmdi. Lbwdvdr,

adhousd bf As`yAs mjvdrsjfjhotjbk strotdcy tld rdvdkud strdons mjffdr adtwddk abtl

hbnpokjds5 J]Vs nbst rdidvokt rdvdkud strdons ord soids bf omvdrtjsjkc sibts wljid

As`yAs js suashrjptjbk fdd (4,33< ajiijbk jk 17??), As`yA mbds kbt fbhus bk ]V

omvdrtjsjkc adhousd bf tld ibw crbwtl rotd (oabut 1,3%) bf tljs sdhtbr.

]ld quoktjtotjvd okoiysjs wos nomd aosdm bk tlrdd okoiysds5 Fjkokhjoi stotdndkt,

Zdor bvdr ydor (ZbZ) rotjb hbnporotjvd okm Qotjbs wjtl jkmustry adkhlnor`. ]ld

fjrst bkd dxpiojkdm tlot abtl hbnpokjds lom strbkc hosl cdkdrotjbk murjkc tld pdrjbm

tlot oiibwdm tldn tb rdmuhd tldjr kdt mdat sijcltiy os wdii os aoiokhd tldjr jkvdstndkt.

Nbrdbvdr, tlrbucl ZbZ rotjb okoiysjs slbwdm tlot J]V pdrfbrndm adttdr jk tdrn bf

ijqujmjty okm prbfjtoajijty. Lbwdvdr, As`yA los slbwdm o adttdr pdrfbrnokhd jk tdrn

bf cdorjkc, hosl cdkdrotjkc frbn jts nossjvd fjxdm ossdts okm wos dxpdhtdm tb crbwjkc

wdii jk tld futurd wjtl sjckjfjhokt ljcl W/D. ]ld tljrm mdnbkstrotdm tlot J]V nokocds

adttdr jts slbrt-tdrn baijcotjbks okm oisb jt usdm idss mdat tb fjkokhd jts ausjkdssds

tlok btldrs. Abtl hbnpokjds prdsdkt ljcl dnpibyndkt dffjhjdkhy.

Qdhbnndkmotjbks

J]V okm AX`yA ord twb strbkc pioydrs jk tld prbnjsjkc T@ ndmjo jkmustry, wljhl js

crbwjkc ot okkuoi rotd bf =%. AX`yA los omvoktocd bvdr J]V jk tdrn bf nor`dt

hopjtoijzotjbk, wljhl ldips tldn mjvdrsjfy tldjr ausjkdss wjtl vorjbus jktdcrotdm


17/25

ausjkdss fjdims. ]lus, AX`yAs jkhbnd strdons ord idss mdpdkmdkt bk sjk`jkc

omvdrtjsjkc sburhd hbnpordm tb J]V. Abtl hbnpokjds pdrfbrndm wdii tb dork prbfjts,

cdkdrotd hosl okm aoiokhd tldjr fjkokhjoi, jkvdstndkt mdhjsjbks hbksjmdrjkc hosl

pbsjtjbk. Lbwdvdr, AX`yA ohljdvdm adttdr dorkjkcs tb hbvdr tldjr okkuoi jktdrdst

poyndkts, wljhl rdmuhdm tldjr ijqujmjty rjs`. Oitlbucl AX`yA ausjkdss js nuhl nbrd

rdijdm bk fjxdm hbst fbr cdkdrotjkc rdvdkud, tldjr jkvdstdm nor`dt js fbrdhostdm tb crbw

strbkciy jk tld futurd. ]ldrdfbrd, AX`yAs W/D wos nuhl ljcldr tlok J]V. Nbrdbvdr,

DWX bf AX`yAs slords wos sjckjfjhoktiy ljcldr tlok J]Vs, wljhl jkmjhotds o adttdr

dorkjkc jk tld rdpbrtdm pdrjbm. Jk hbkhiusjbk, AX`yA js jmdktjfjdm tb lovd omvoktocds

okm cbbm dxpdhtdm pdrfbrnokhd tb J]V jk tld futurd.


18/25

Qdfdrdkhds

Arjtjsl X`y Arbomhostjkc Crbup Wih. (17?7).Okkuoi Qdpbrt17?7. Ovojioaid frbn5 lttp5//hbrpbrotd.s`y.hbn/jkvdstbrs/puaijhotjbksRokmRrdpbrts/17?1 POhhdssdm ?8 Eukd 17?8^.

Arjtjsl X`y Arbomhostjkc Crbup Wih. (17??).Okkuoi Qdpbrt17??. Ovojioaid frbn5 lttp5//hbrpbrotd.s`y.hbn/jkvdstbrs/puaijhotjbksRokmRrdpbr

ts/17?1 POhhdssdm ?8 Eukd 17?8^.

Arjtjsl X`y Arbomhostjkc Crbup Wih. Pbkijkd^. (17?8). Ovojioaid frbn5lttp5//u`.fjkokhd.yolbb.hbn/q/lp2s>AXZ.I&a>?&o>76&h>177:&d>87&m>74

&f>17??&c>n. POhhdssdm 17 Eukd 17?8^.

Hbnpoky Jkfbrnotjbk, Arjtjsl X`y Arbomhostjkc Crbup Wih. Pbkijkd^. (17?8).Ovojioaid frbn lttps5//www.`dykbtd.hb.u`/ausjkdss-jktdiijcdkhd/hbnpoky-

jkfbrnotjbk/vjdw2rdcmKb>711=3384&sdorhlJm>=181647&pbsjtjbk>?&pocd>?POhhdssdm ?4 Eukd 17?8^.

Hbnpoky Jkfbrnotjbk, J]V Wih. Pbkijkd^. (17?8). Ovojioaid frbnlttps5//www.`dykbtd.hb.u`/ausjkdss-jktdiijcdkhd/hbnpoky-

jkfbrnotjbk/vjdw2rdcmKb>7=:6377?&sdorhlJm>=181647&pbsjtjb

k>1&pocd>?&toaKond>bvdrvjdw. POhhdssdm ?4 Eukd 17?8^.

Fjin Okm ]v Jkmustry Ausjkdss Qotjb 177:. Pbkijkd^. (17?8). Ovojioaid frbnlttps5//www.`dykbtd.hb.u`/ausjkdss-jktdiijcdkhd/vjdw/prbmuht/:461/tld-fjin-

okm-tv-jkmustry--dm-1=2ljclijclt>tv+jkmustry&utnRsburhd>`k.rdpbrts.sdorhl.POhhdssdm ?4 Eukd 17?8^.

Jkmustry Adkhlnor`jkc. Pbkijkd^. (17?8). Ovojioaid frbnlttps5//www.`dykbtd.hb.u`/ausjkdss-

jktdiijcdkhd/adkhlnor`jkc/ruk2`dy>adkhlnor`jkc4?h4a:d7J]V.I&a>?&o>77&h>177:&d>8?&m>??&

f>17??&c>n . POhhdssdm 17 Eukd 17?8^.

Ibkmbk Xtbh` Dxhlokcd. Pbkijkd^. (17?8). Ovojioaidfrbn5 lttp5//www.ibkmbkstbh`dxhlokcd.hbn/dxhlokcd/prjhds/stbh`s/sunnory/fu

kmondktois.ltni2fburSoy@dy>CA7788:


19/25


20/25

Oppdkmjhds

Oppdkmjx ?5 Jkmdx kunadr trdkm okoiysjs

HBKMDKXDM NTI]J - X]DW JKHBND X]O]DNDK]

]rdkm Okoiysjs

jk njiijbks 17?? 17?7 177: 17?? 17?7 177:

Qdvdkud ??8.: ?7:.< ?77.7 ?18.? ?76.4 ?77.7

Bpdrotjkc Dxpdksds -?78.? -?7?.7 -?77.7 -?1?.4 -?73.7 -?77.7

Jkhbnd frbn Bpdrotjbks 176.? ?


21/25

Oppdkmjx 15 Hbnnbk-sjzd okoiysjs

HBKMDKXDM NTI]J - X]DW JKHBND X]O]DNDK]

Hbnnbk - Xjzd Xtotdndkts

jk njiijbks 17?? 17?7 177: 17?? 17?7 177:

Qdvdkud ?77.7% ?77.7% ?77.7% ?77.7% ?77.7% ?77.7%Bpdrotjkc Dxpdksds -


22/25

Jk tdrn bf ijoajijtjds struhturd, abtl bf tld hbnpoky los trjdm tb sijcltiy mdmuhd tldjr

hopjtoi mdpdkmdkhy bk ibkc-tdrn mdats. J]V tbb` tld omvoktocd bf hldop mdats

hbnpordm tb slords jk rojsjkc fukms wjtl snoii pdrhdktocd bf slord hopjtoi. Lbwdvdr,

jt oisb dklokhdm tld rjs` bf ijqujmjty fbr tldn.

X]O]DNDK] BF HOXL FIBSX

XBTQHDX OKM TXDX BF HOXL X]O]DNDK]

jk njiijbks 17?? 17?7 177: 17?? 17?7 177:

Kdt Hosl frbn Bpdrotjkc Ohtjvjtjds 843 =71 1=8 ?,843 ?,86= ?,734

Xoid bf Wrbpdrty, Wiok, Dqujpndkt 1 3 = - ? 1

Xoid bf Jkvdstndkts 1 6: = 81 ?:6 -

Btldr Jkvdstjkc Hosl Fibw Jtdns 1 : = 1: 87 ??4

Jssuokhd bf Mdat - - 4?6 - - 8:


23/25

X]O]DNDK] BF HOXL FIBSX

XBTQHDX OKM TXDX BF HOXL X]O]DNDK]

Hbnnbk - Xjzd Xtotdndkts

jk njiijbks 17?? 17?7 177: 17?? 17?7 177:

Kdt Hosl frbn Bpdrotjkc Ohtjvjtjds :


24/25

Oppdkmjx 85 Wrbfjt & Ibss okm Aoiokhd Xlddt


25/25

Oppdkmjx =5 Qotjbs Hoihuiotjbk

JKMTX]QZ KBQNX

Wrbfjtoajijty Qotjbs 17?? 17?7 17?? 17?7*Qdturk bk ]btoi Ossdts (813/1:1?)*?77 (1

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A Financial Comparative Study On the Media Industry In the UK

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