Q4 earnings season in full swing

NEWSLETTER

4 February 2026

 

Welcome to another edition of Mediavision’s newsletter. Here are the main topics this week:

 

  • Q4 earnings season in full swing
  • Mediavision’s Industry Outlook 2026
  • SVT to save SEK 355 million

 

EARNINGS

Q4 earnings season in full swing

 

Apple

  • Apple posted revenue of USD 143.8 billion for the quarter ending December 27, 2025, representing a 16% year-on-year increase.
  • The company reported net income of USD 42.1 billion, or USD 2.84 per share, compared with USD 36.33 billion, or USD 2.40 per share, in the year-ago period.
  • Apple also said it expects its services unit, including its streaming service Apple TV, to deliver a year-on-year growth rate similar to the 14% seen in the December quarter.
  • Overall iPhone revenue surged 23% year on year to USD 85.27 billion, which the company attributed to strong sales of the iPhone 17 models released in September.
  • Shares of the company were up just over 1% in extended trading after the report.

 

Elisa

  • Elisa’s revenue increased by EUR 9 million, or 1.5% year on year, to EUR 588 million in Q4 2025, mainly driven by growth in mobile services and international software services.
  • Comparable EBITDA remained stable at EUR 198 million.
  • Full-year revenue for 2026 is expected to be at the same level as or slightly higher than in 2025. Full-year comparable EBITDA is anticipated to reach EUR 815–845 million.
  • Elisa’s stock dipped after the report but has since recovered.

 

Disney

  • Disney’s revenues increased 5% for the quarter to USD 26.0 billion, up from USD 24.7 billion in the year-ago period.
  • Net income was USD 2.48 billion, or USD 1.34 per share, down from USD 2.64 billion, or USD 1.40 per share, in the same period a year earlier.
  • For its fiscal second quarter (upcoming quarter), Disney said it projects its streaming unit, which consists of Disney+ and Hulu, to notch about USD 500 million in operating income, or an increase of roughly USD 200 million compared with the same period last year.
  • Disney shares were down 7% in early trading following the release.
  • Yesterday, Disney named Josh D’Amaro as new CEO of the company, succeeding longtime Disney CEO Robert Iger.

 

Meta

  • Meta’s Q4 earnings report topped analysts’ revenue expectations, with revenue of USD 59.89 billion compared to USD 58.59 billion estimated by LSEG. This represents a 24% year-on-year increase.
  • Family daily active people (DAP) averaged 3.58 billion in December 2025, up 7% year on year.
  • The company said its advertising business generated USD 58.1 billion in revenue for the quarter, accounting for nearly 97% of total revenue.
  • Meta expects first-quarter sales in the range of USD 53.5 billion to 56.5 billion, exceeding analysts’ estimates of USD 51.41 billion. This contributed to Meta’s stock rising by as much as 10% in after-hours trading.

 

Telia

  • Revenue for Telia amounted to SEK 21.3 billion in Q4 2025, an increase of 1.6% on a like-for-like basis.
  • Service revenue reached SEK 17.4 billion, up 2.1% like for like, driven by strong momentum in Sweden and the Baltics.
  • Operating income declined to SEK -0.5 billion, compared to SEK 1.3 billion in the year-ago period.
  • Telia’s shares fell nearly 2 percent on Thursday following the earnings report

 

Warner Bros’ shareholders likely to vote on Netflix deal in March

 

Bonnier News Local’s acquisition of group Mitt i is approved

 

Telia & Lyse to combine Norwegian mobile radio networks

 

Podme acquires another popular Swedish podcast

OUTLOOK

Mediavision Industry Outlook 2026

 

For the seventh consecutive year, Mediavision has conducted an online survey with Nordic media industry stakeholders to gather their perspectives on market developments. The survey was carried out between December 9th and January 12th, 2025, and includes anonymous responses from 126 senior industry stakeholders across the Nordics.

 

The report is free and available for download – simply follow this link. Here are a few of the highlights from the report:

 

Structural shift continues towards new digital media

The industry’s expectations for 2026 point to a continued structural shift. In terms of household spending, respondents anticipate growth in digital media categories such as gaming, paid podcasts, and SVOD. At the same time, cinema, digital magazines, traditional pay TV, and print are expected to decline in household spending over the next 12 months.

 

 

Platforms, partnerships and media consolidation

2026 is expected to be shaped by increased partnerships and consolidation. The industry believes more players will distribute content via third-party platforms, and consolidation is also on the horizon, with Netflix’s acquisition of HBO Max seen as a leading example.
When it comes to sports, respondents expect global players to increase their investments in live sports in the Nordics. Seventy percent believe current investments represent a cautious test phase, with more to come. A large majority also anticipates that companies will partner on, and share sports rights.

 

 

Media investments to remain AI-led

AI continues to be the most attractive investment area for stakeholders in the Nordic media industry. Some 66 percent say they would invest in AI if given the opportunity.
Streaming video is one of the areas gaining increased interest compared to last year’s survey. The industry has also shown growing investment interest in esports and sports betting.

 

 

Download the full report by following this link.

 

 

LaLiga invites media rights bids across the Nordics

 

Schibsted demands data or payment from users

 

Telia continues partnership with Skyshowtime

 

Netflix renews Danish crime series The Asset

 

Love is Blind: Sweden returns for a third season

 

PUBLIC SERVICE

SVT to save 355 million

 

The Swedish public service broadcaster SVT must cut costs by SEK 355 million. The main reason is rising expenses for the terrestrial broadcast network, which TV4 withdrew from last year. In addition, SVT has been given an expanded remit with increased requirements for digital preparedness.

 

SVT’s CEO, Anne Lagercrantz, is critical of the fact that these new obligations are not funded within SVT’s budget.

 

“Money intended for news and programmes risks being diverted to society’s infrastructure instead of content,” she says.

 

SVT’s management has not yet detailed exactly how the savings will be implemented, but states that audiences will be affected. With the global situation remaining uncertain, SVT is prioritising its news operations, which will face smaller reductions.

 

Programme operations are expected to save SEK 220 million, news and sports SEK 80 million, and administration and technology SEK 55 million. Management does not rule out staff reductions and has begun planning cuts across all departments. The new lower cost level is expected to be reached by early 2027.

 

SVT also notes that despite assurances from the public service committee that “extraordinary costs for the terrestrial network” should not burden public service broadcasters, no announcement has yet been made by the government. For 2026, SVT’s terrestrial network costs have increased by SEK 192 million.

 

“I am disappointed that the politicians have not presented a solution, but they must take responsibility for SVT’s finances and act. That invoice has already arrived,” Lagercrantz says.

 

In 2025, SVT received a total of SEK 5.565 billion in funding.

Mediavision in the News

 

Mediavision: Nordic streamers deliver higher impact with smaller catalogues – Broadband TV News

 

Nordic video market nears €11bn as growth shifts from expansion to reallocation – Nordisk Film & TV Fond

 

Netflix–Warner Bros deal could cement Nordic streaming dominance – Broadband TV News

 

Research: Streaming market declines in Finland – Advanced Television
 

Netflix miljardköp – så påverkas du som tittare – Expressen

 

Danish linear TV hits all-time low as digital video captures 65% of viewing time – Senal News

 

Streaming driver nordisk tv-marknad mot nya höjder – Dagens Media

 

Spotifys nya drag: ”Tror på något annat” – SvD

 

Nya poddtrenden: Går över till video – ”Roligare” – Expressen

 

Spotify lanserar ljudböcker i Sverige – Dagens Industri

 

Traditional TV viewing in Sweden falls to less than a third of overall watch time – C21 Media