Publications

Format: Nov 2017
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Sector(s) Datesort ascending
UK Digital TV Platform Growth

The success of Freeview has ignited demand from channel operators to jump on board. The lure of Freeview is exemplified by this week's decision of Channel 4 to broadcast E4 free-to-air. The enticement is the advertising promise of such a large potential audience. But, how big an advertising opportunity is it really?

Media 27 April 2005
Digital Terrestrial Television in France

Digital terrestrial TV (DTT) launched in France on 31st March. We expect significant enthusiasm for the wider channel choice available to the 15 million French homes (62%) served only by analogue terrestrial feeds and the roughly 40% of homes that cannot receive a satellite feed. 14 channels were launched on a free-to-air (FTA) basis, and low prices of entry-level STBs have led to brisk sales.

Media 20 April 2005
Fastweb - New Targets

As unbundlers in France increasingly look to migrate their customers from shared to full access – principally to sever the underlying telephony customer relationship with the incumbent and reduce churn – Fastweb in Italy has decided to go in the opposite direction.

Telecoms 17 March 2005
UK Mobile Spectrum Review

In January this year, Ofcom published its eagerly-awaited consultation document, “Spectrum Framework Review: Implementation Plan”, containing its plans for the release of new mobile spectrum and the liberalisation of existing mobile spectrum. This report reviews the implications of Ofcom's hesitant moves towards spectrum liberalisation and the vast amount of new mobile spectrum that will be released onto the market.

We find that the hype is overblown, with low underlying consumer interest and the potential for a mass market service still several years away due to 3G actually being an inappropriate delivery mechanism.

Handset manufacturers are likely to be the only significant winners from mobile TV, able to keep top-end handset prices high with yet another seldom-used feature.

 

Telecoms, Mobile 11 March 2005
Analogue switch-off

Analogue switch-off is of huge significance to audience share and thus advertising revenue of the existing terrestrial broadcasters (see Analogue Switch-Off [2004-26]). When switch-off occurs, ITV’s audience share will fall, thus affecting revenue from advertising, but its financial impact will be balanced to some extent by an end to ITV’s analogue licence fee payments (see ITV Licence Fees [2004-29]). Where do matters currently stand?

Media 21 February 2005
UK Residential Telephony Market Update

Carrier Pre-Selection (CPS) providers such as One.Tel and Carphone Warehouse are adding thousands of customers for fixed-line voice calls every week. BT has improved its competitive positioning in the course of 2004, but many service providers are still able to provide a discount to BT. As a result, BT lost almost 7% of UK geographic call minutes in the past year.

Fixed Line 16 February 2005
Digital Music Downloads

Our first report of 2005 deals with prospects for music download services to the PC and the mobile handset.

Media 12 January 2005
Device and Network Convergence

Our last report of the year 2004 covers device and network convergence – a recently resurgent growth story for media, telecommunications and consumer electronics companies. But does it represent any more of a reality, threat or opportunity than before?

Media 22 December 2004
Hutchison 3G - Predicting the Fall

H3G has made great strides this year, but these have mainly been in terms of reported subscribers and market perception rather than in fundamental terms. In this report we examine in depth both its global business model and the all-important funding available in order to assess the likely future for the business, and its subsequent impact on the GSM operators.

  • Hutchison 3G
Telecoms 10 December 2004
French Football Rights Auction

France's Ligue de football professionnel (LFP) will reveal the outcome of its first assessment of bids for broadcast rights to 380 first division football events and highlights for the seasons 2005-2008 on this coming 10th of December. The 2004 auction picks up the thread of the 2002 auction, 'won' by Canal+ by offering an exclusivity premium, but whose outcome was annulled following a complaint by rival TPS. Broadcast rights, first split between Canal+ and TPS in 1999, have simply been carried over.

Media 8 December 2004
LLU in France 2004

The experience in France of local loop unbundling (LLU) could be indicative of LLU in the UK. About 20% of France's 6 million DSL connections will be unbundled by Q4 2004 (just 4.5% of all lines), and the LLU share of DSL connections could climb to 50% by the end of 2006.

Telecoms 3 December 2004
Vodafone 3G Launch

Vodafone this week announced its formal 3G launch to great fanfare, with new handsets, services and pricing. This brief note gives our view on the launch and likely impact in Europe and Japan.

 

 

 

  • Vodafone
Telecoms, Mobile 12 November 2004
TV-over-DSL in the UK

TV-over-DSL has been pioneered in the UK by HomeChoice and Kingston Interactive Television (KIT), but their combined customer base is only about 15,000. ISPs and telcos are considering TV as a potential extra application for the local networks they intend to build in urban areas by unbundling local loops. We define TV-over-DSL as the multicast distribution of conventional free-to-air (FTA), subscription and PPV channels over the copper wire to the TV set. Unicast on demand video (VoD) services is the subject of a forthcoming report because its characteristics and market context are entirely different.

Media, Telecoms 11 November 2004
BSkyB Targets II

The BSkyB change of strategy announced last August by James Murdoch has claimed its first victim according to this report: the company's own original target of 30% operating margin by FY 2006/07. That leaves the company with just two of its core targets: £400 ARPU and 8 million subscribers by the end of 2005. Meanwhile, the profit target has been replaced by the long-term growth target of 10 million Sky Digital subs by 2010, over 25% with Sky+ boxes and more than 30% with multiroom subs.

  • Sky
Media 5 November 2004
NTL 2004

NTL’s successful reshaping of its balance sheet over the last two years since it emerged from Chapter 11 has meant that the company is now a reliable future generator of cash. Management disciplines have improved substantially. Unsurprisingly, the company would therefore also like to be considered as a growth stock.

Telecoms 26 October 2004
Recorded Music 2004

Our annual assessment of the global recorded music market highlights the key drivers of the market's development – competition for the consumer wallet from mobile telephony, video games, DVD sales and live performances, as well as piracy.

Media 17 October 2004
Update on 3G in Japan

This note updates on 3G in Japan [2004-24] after visits to NTT DoCoMo, KDDI and Vodafone Japan, and recent announcements in advance of Vodafone’s investor day next week. We conclude that the market's outlook remains poor and, in particular, Vodafone Japan will struggle.

 

 

 

Telecoms, Mobile 21 September 2004
UK Mobile Call Charge Trends

The profitability of the UK 2G mobile networks depends on the continued avoidance of a price war. Are there any signs yet of retail price erosion? This report suggests that mobile prices have in fact risen in the last two years, despite the entry of ‘3’, the growth of Virgin Mobile and the regulatory pressure on termination charges.

 

 

 

Telecoms, Mobile 20 September 2004
Virgin Mobile and MVNOs

MVNOs have attracted much attention recently. Virgin Mobile's IPO revealed attractive economics and discount MVNOs in certain smaller European markets have had success. This report considers the question of whether Virgin Mobile is a one-off or the start of a trend, and whether discount MVNOs can replicate their success in larger countries.

 

 

 

  • Virgin Media
Telecoms, Mobile 13 September 2004
LLU in the UK II

Local loop unbundling (LLU) is about to become a reality in the UK. This is the main conclusion of our quantitative assessment of the cost savings to be realised from unbundling local exchanges following price declines to connection and rental charges by BT in May 2004, as well as those recommended on 26th August 2004 by Ofcom.

Fixed Line 8 September 2004

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