We believe 2024 could be the year when the media sector begins to turn the corner and improves EBITDA and cash flow. Streaming losses should lessen, improving on a trend that began in 2023. We forecast information technology (IT) spending will rebound to 8% in 2024, up from 4% in 2023 and well above global GDP growth. For the telecoms sector, we continue to expect stable trends, with a moderate earnings growth as demand for data remains solid.