Format: Feb 2020
Sector(s) Datesort descending
H3G UK Update

On 21st August Hutchison Whampoa reported on the progress of its 3G investments as part of its interim report. This brief note examines this progress compared to our expectations, and reassesses the threat to the GSM operators.

  • Hutchison 3G
Telecoms 26 August 2003
Global Mobile Trends

In this report we compare the mobile markets and operator business models in Western Europe, the US and Japan. We examine the main differences, and judge whether convergence is possible or likely.




Telecoms, Mobile 27 August 2003
UK Cable

The UK cable sector is now hardly covered by investment bank analysts. (It may be impossible to find anyone who isn’t tarnished by having a previous ‘Buy’ recommendation on the stocks.) But since NTL’s return from its near death experience, its share price has performed extremely well. This note takes a close look at the fundamentals for UK cable.

Telecoms 3 September 2003
Recorded Music

The severity of the issues facing the world recorded music business is becoming clearer by the month. As a result, our concerns about the future of music business have increased over the last year. In this report, we examine the individual components of the revenues of the industry, including sales of physical formats and legitimate downloads.

Media 14 September 2003

This report looks at the characteristics of today’s UK broadband users in order to understand (a) likely future trends in subscriber numbers growth; and (b) how usage patterns vary between broadband and narrowband customers. We carried out a large piece of market research during the summer and the results are presented here.

Telecoms 18 September 2003
Better Than Free'

This report sets out a programme of actions to help slow the growth of music and video piracy. For the last five years the content industries and ISPs have been in a state of almost open war as a result of rampant copyright theft, largely made possible by broadband networks. Our report, by contrast, stresses the importance of cooperation between ISPs and the content industries.

Media 21 September 2003
UK TV Viewing Trends

This report covers some of the important developments in UK television viewing in the first half of 2003. It focuses on assessing the true number of Freeview homes, the encouraging progress of ITV2 and the potential impact of Sky’s PVR. We also look at the marked slowdown in the decline of ITV1 which, for the first time in recent memory, has seen yearly audience share increases in two of the last six months.

Media 29 September 2003
UK Broadband and Internet Trends Autumn 2003

This note updates on the positioning strategies of ISPs serving the DSL market in autumn 2003, as a companion to our recent reports on Cable [2003-38] and Broadbanders [2003-39]. The UK Internet market is slow moving and we expect just over 20% of Internet households to have migrated to broadband by the end of Q4 2003, up from 15% in H1 2003. A substantial share of narrowbanders will switch ISPs when migrating, making customer retention the key focus of ISP strategies.

Media, Telecoms 1 October 2003
Universal Music H1 2003 Results

Universal Music is the world’s largest music company, but has not been immune from the savage downturn in the industry. This note provides our sales projections for the company and places an approximate valuation on the business of $5bn, down significantly from last year.

Media 8 October 2003
French Pay-TV Update

The promised turnaround at Canal+, the core asset of Groupe Canal+, the pay-TV division of Vivendi Universal, looks less certain due to sluggish growth of the French pay-TV market in 2003 to date and continued declines in the premium service's subscriber base. Rival platform TPS dramatically reduced the price of an entry-level package for the autumn, hoping to build market share at its expense.

Media 12 October 2003
Consumer Reactions to 3G

The service from '3' in the UK is one of the few examples of a 3G network in action in Europe. In this report we look at the evidence of customer experiences at 3 to determine the potential popularity of the services to a wider audience. Our sources include two studies performed by GSM operators and an NOP survey.




Telecoms, Mobile 27 October 2003
Mobile Number Portability

On 24th November, the FCC hopes finally to force through mobile number portability to the US market. In this report we look at the impact that MNP has had in European markets, drawing conclusions for the potential impact in the US and Japan, and the future of MNP in Europe.




Telecoms, Mobile 7 November 2003
BSkyB Targets

BSkyB’s quarterly results will be delivered on Friday 14th November. Prior to these new figures, this report gives our views on the attainability of BSkyB’s medium term targets.

  • Sky
Media, Telecoms 13 November 2003
Music Mergers Update

The elaborate mating dance in the music industry is nearing a conclusion. We look briefly at the main participants in the game and conclude that the Warner/EMI combination still looks likely to happen.

Media 18 November 2003
Local Loop Unbundling in France

Comparisons between the French and UK broadband market are thought-provoking. In France there will be 3 million DSL connections and 210,000 unbundled lines by the end of 2003; in the UK in October this year there were 1.5 million DSL connections and just 7,800 unbundled lines. In the first of two reports we look at how local loop unbundling (LLU) in France is changing the market outlook for incumbent and altnets alike.

Telecoms 27 November 2003
The Personal Video Recorder

So far, the PVR has had indifferent success. Despite the extraordinary enthusiasm of owners, PVRs have struggled to become a fixture in the home. This is now changing as prices fall and pay-TV operators begin to push the technology. This report examines the future of this device.

Media 1 December 2003
Contracts Rights Renewal

The Competition Commission inquiry into the proposed merger of Carlton and Granada imposed a remedy called Contracts Rights Renewal. Ofcom devised the details. We conducted a series of interviews to determine the likely effect of these new rules.

Media 10 December 2003
Vodafone: Strategy vs. Reality

Vodafone's strategic direction appears little altered since its change of CEO earlier this year. In this report we look at the company’s overall global positioning and prospects.

  • Vodafone
Telecoms 19 December 2003
The Major Music Groups

As we predicted in our last report on the music business, the end of 2003 saw the beginning of the corporate activity that the industry has been itching to carry out for a decade. In this note, we look at the major record companies’ current position in the world music industry and consider how it is likely to evolve in 2004 and beyond.

Media 8 January 2004

We write regularly about Free, the French ISP that is leading Europe in unbundling local loops. Through its proprietary technology, the Freebox, Free now offers cheap DSL access, free VoIP (voice over Internet) telephone calls and a limited TV offer, over unbundled local loops. Iliad, Free’s parent company, is preparing for flotation and the company has released details about its performance and plans.

  • Iliad
Telecoms 14 January 2004