Puzzle, Problem, Mess

In June 2025 Netflix and TF1, France’s largest commercial broadcaster, announced a deal to bring the TF1 channels and on demand content from TF1+ directly to France’s ~14m Netflix subscribers.     Last week (June 23rd, 2026) the partnership went live, and in this episode, François Godard takes us inside the deal context, the deal specifics, the risks for both TF1 and Netflix, the impact on the wid...

What are traditional media companies really buying when they acquire creator-economy businesses? On the surface, the answer might be audiences, revenue, formats, talent relationships or advertising capability. But in this conversation with Chris Erwin, founder and CEO of RockWater, a deeper picture emerges. Creator-economy M&A is becoming a way for media companies to buy speed: speed to talent...

Why do media organisations, filled with smart people who spot early the visible warning signs of coming disruption, nearly always seem to end up reacting too late, or too slow? This episode explores that question through the OODA loop — John Boyd’s influential model of observation, orientation, decision and action. My guest is Chet Richards, a long-time associate of Boyd and one of the key interpr...

For the last decade, the streaming industry has been obsessed with subscriber growth. But in 2026, with ad tiers rising, subscriber growth slowing, and churn becoming structural, a different competitive dynamic is emerging: habit. In this episode, Dan Fahy speaks with Matt Ross, Chief Analytics Officer at Digital-i, about the company’s new “First View of the Day” metric — the first title watched o...

 This is Puzzle Problem Mess, conversations about the media economy and how to think clearly when things get messy. In this episode, I'm joined by Guy Bisson. Guy is one of the UK and Europe's leading entertainment market analysts and has specialized in the global television business for more than 30 years. He is co-founder of Ampere Analysis, a London-based global analyst house focused on the ent...

In this episode, I'm joined by Claire Enders. Claire is the founder of Enders Analysis, the UK's leading media, telecoms, and technology research firm. Since founding the company in 1997, she's become one of the most influential analysts in the European media sector advising on the economics of television, streaming, digital platforms, and the wider creative industries. Claire's work is widely cit...

Ian Whittaker is a London-based analyst with over twenty years’ experience covering media and technology equities, and he’s one of the clearest voices making sense of the shifts underway in the media sector — particularly around advertising and marketing.   In this conversation, we focus on the rise of YouTube, and why broadcasters and content owners continue to struggle with where to place it in...

Gerald Ashley is a sought-after speaker, advisor, broadcaster and writer on change, risk and decision making. It was through Gerald’s guest appearance on another podcast that I came across the concept of the ‘Puzzle Problem Mess’.  So I was very grateful when Gerald agreed to do this first episode of the Puzzle Problem Mess podcast, to explain the concept that underpins this podcast.   The Puzzle...