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Topic “BT”

Format: 2014-04
Format: 2014-04
Sector(s) Datesort icon

Sky and TalkTalk roll out (a bit of) fibre

Sky and TalkTalk are rolling out fibre in a small part of York, using a model that they could potentially extend to cover 10-15% of UK households

The economics of greenfield fibre build are still terrible in general, with even building in cherry-picked areas very hard to justify under current conditions, although the economics will improve over time as demand for speed increases

Moreover, once it is built it is built, and BT loses the wholesale revenue forever. Taking the hint and offering more reasonable wholesale fibre pricing may not be a bad option if Sky and TalkTalk persist

Fixed line, Telecoms April 2014 Access this report

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Media & Telecoms: 2014 and Beyond, part 1

Enders Analysis co-hosted its annual conference, in conjunction with BNP Paribas and Deloitte, in London on 4 March 2014. The event featured talks by 13 of the most influential figures in media and telecoms, and was chaired by Sir Peter Bazalgette. This report provides edited transcripts of the talks given by six of those speakers: Sir Martin Sorrell, WPP; Gavin Patterson, BT; Andrew Griffith, BSkyB; Thomas Rabe, Bertelsmann; David Dyson, Three UK; David Abraham, Channel 4

Media, Mobile, TV, Fixed line, Press, Internet, Non-UK Telecoms, Music and Radio, Non-UK Media, Technology, Telecoms March 2014 Access this report

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UK broadband, telephony and pay TV trends Q4 2013: Volume and price driven growth continues

The UK residential communications sector maintained strong revenue growth of 5% in Q4 on a reported basis, or 4% underlying, bolstered by strong volumes and solid pricing, with recent price increase implementations supporting the latter going forward

It is still hard to see a very significant competitive impact from BT Sport, with BT’s broadband net adds up by only 20k-30k on a year earlier, but the impact on costs is very clear, with increased sports rights costs, increased marketing costs and pay TV box/device subsidies driving up the cost base of all operators

Fixed line, Telecoms March 2014 Access this report

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Pay-TV sports WMO remedy revival

The Court of Appeal has judged that the Competition Appeal Tribunal erred in law in its rejection of the Ofcom Wholesale Must Offer remedy for premium sports by failing to deal adequately with all of Ofcom’s competition concerns but agreed with the Competition Appeal Tribunal that Ofcom had acted within its regulatory powers Sky’s appeal against the 2010 Ofcom decision will therefore be re-heard at the Competition Appeal Tribunal and we believe the likelihood is that the Wholesale Must Offer remedy will be approved, while the jurisdiction issue may yet have some life if Sky takes its appea

Media, TV, Fixed line, Telecoms February 2014 Access this report

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BT Q3 2013/14 results: Solid performance but no thanks to Sport

BT grew both its Group level and consumer retail revenue for the first time in years, and while the extent of growth was flattered by one-off factors, growth is still positive on an underlying basis, an impressive achievement indeed for a European fixed incumbent

This is mainly driven by robust pricing, declining line losses, and continuing fibre adoption, with the indirect impact of BT Sport still hard to discern, but the direct impact absorbing all of BT’s hard won cost reduction gains to leave EBITDA flat

Fixed line, Telecoms February 2014 Access this report

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Channel 5 up for sale?

Richard Desmond’s appointment of Barclays to explore the sale of the Channel 5 Group in 2013 has fuelled speculation over prospective purchasers should Northern & Shell be intent on selling this asset

The reported target of at least £700 million, seven times the £103.5 million paid by Northern & Shell to RTL three years ago, reflects a strong performance in 2013, but needs to be against several distinctive factors, including Channel 5’s near total reliance on advertising and the cross-promotional benefits it gains from the Northern & Shell print publications

Media, TV January 2014 Access this report

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2013 round up and topics for next year

2013 has seen yet another year of strong growth in consumer adoption of mobile devices and screens adding to the challenges facing traditional media. Press and radio have long been affected, but television is now starting to feel the heat BT and Sky’s contest for premium pay-TV sports rights has intensified. August saw the launch of BT Sport, while BT’s acquisition of the European football rights in November was a clear statement of intent, spending half of Channel 4’s total programming budget on approx. 200 hours of content

Media, Mobile, TV, Fixed line, Press, Internet, Non-UK Telecoms, Music and Radio, Non-UK Media, Technology, Telecoms December 2013 Access this report

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BT Sport vision and reality

The launch of BT Sport and the acquisition of European Champions League and Europa League rights have set the scene for the fiercest of conflicts when the domestic live Premier League rights fall due for renewal by auction in 2015

Media, TV, Fixed line, Telecoms December 2013 Access this report

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The Court of Appeal questions the Competition Appeal Tribunal pay-TV ruling

The Court of Appeal held full day hearings on 5 and 6 December 2013 in response to the appeal by BT against the earlier verdict of the Competition Appeal Tribunal (CAT) published on 12 August 2012 that the core competition concerns that led to Ofcom’s Wholesale Must Offer (WMO) remedy were not justified by the evidence

Media, TV December 2013 Access this report

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BT vs. Sky at the Court of Appeal

BT’s case that the Competition Appeal Tribunal failed to address the reasons why the premium sports market works badly will finally arrive at the Court of Appeal tomorrow.

Media, TV, Fixed line, Telecoms December 2013 Access this report

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UK broadband, telephony and pay TV trends Q3 2013: Revenue growth strong, cost growth stronger

The UK residential communications sector again had a strong quarter for revenue growth, with reported growth from the top four operators at 5%, or around 4% excluding the one-off impact of extra BT Sport related revenuesUnfortunately cost growth was even stronger, with margins dropping at three of the four largest operators. The aggressive launch of BT Sport has driven up content costs, marketing costs or both for all of the operators

Fixed line, Telecoms December 2013 Access this report

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BT Sport Euro football winner – what a price!

BT has doubled the price of the live ECL/EEL rights to £900m in order to outbid Sky and ITV and become the sole owner from 2015/16 to 2017/18 BT can easily absorb these extra costs through cost savings in other parts of its business, but the direct revenue returns through subscription charges and advertising on BT Sport are expected to fall far below the annual rights payments of £300m BT’s Euro victory is not a game changer in itself, but eyes are now firmly fixed on the next auction in about 18 months time of live PL rights, which could prove to be an inflationary bloodbath for all mar

Media, TV, Fixed line, Telecoms November 2013 Access this report

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BT Q2 2013/14 results: Gathering momentum

BT’s subscriber and revenue results continued to show strong progress, with its consumer business gathering momentum even excluding the direct impact of BT Sport

BT Sport had a discernible impact, but this was modest given the spend levels involved. However, the negative impact will only improve from this point, with BT sounding cautious about bidding for new rights

Fibre growth has at last started to accelerate at BT’s competitors, with the potential wholesale revenue from this truly game-changing for BT

Media, TV, Fixed line, Telecoms November 2013 Access this report

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BT Sport - measuring success

Although it is early days, BARB audience data already supply useful insights into the potential impact of BT Sport on the acquisition and retention of BT broadband customers and take-up of BT InfinityNow entering its third month the very heavily publicised BT Sport has made a relatively good start in Sky households compared with its predecessors Setanta and ESPN, but less of a difference in DTT households, where getting BT Sport on BT TV is not straightforward

Media, TV, Fixed line, Telecoms October 2013 Access this report

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UK broadband, telephony and pay TV trends Q2 2013: Revenue strong, uncertainties abated

UK residential communications revenue growth was again strong in Q2 2013 at 4% supported by strong unit volume growth (despite seasonal factors in the quarter) and firming ARPU, helped by firm pricing and high speed broadband take up

High speed broadband adoption continued apace at BT and Virgin Media, but much more slowly at the other operators. This may start to change in the second half of the year, as Sky and TalkTalk market the product more aggressively, and a wires-only self-install version becomes available

Fixed line, Telecoms August 2013 Access this report

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BT Q1 2013/14 results: Performance and prospects strong, BT Sport mainly defensive so far

BT’s underlying revenue growth of -1% in the June quarter was a slight dip from the March quarter, but remains very impressive compared to historic trends and international peers

BT Sport gained over 500k sign-ups, a pretty respectable figure in context, but so far it is looking mostly defensive, with any impact on broadband trends in the quarter indiscernible

Regulated cuts to copper pricing look like they will drop out completely from 2014/15, and BT’s DSL competitors are starting to push fibre more aggressively, both of which will give BT a very solid boost from 2014

Fixed line, Telecoms July 2013 Access this report

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UK broadband, telephony and pay TV trends Q1 2013: Revenue strong, uncertainty ahead

UK residential communications revenue growth was very strong in Q1 2013, rising to 4.6% from 2.1% in the previous quarter with most of the improvement driven by improved unit ARPU growth, which turned positive for the first time since early 2011

We expect unit volume growth to remain strong for the rest of the year, although ARPU growth is likely to moderate as overlapping price increases drop out, but it is still likely to be firmer than 2012 given the continued growth of high speed broadband (at least at BT and Virgin Media) and firm pricing in general

Fixed line, Telecoms June 2013 Access this report

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BT Sport - not a game changer

BT has thrown down the gauntlet to Sky, as it has launched a premium sports offering that will be free to all BT broadband customers upon its launch on 1 August 2013 The product being ‘free’ makes it a potentially effective defence of BT’s broadband base, with the possibility for win-back as well, but this also raises the direct operating losses that have to be set against these benefits The main damage to Sky comes from elevated rights costs, with there being a risk of further inflation in three years as another major round of renewals comes up

Media, TV, Fixed line, Telecoms May 2013 Access this report

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BT Q4 2012/13 results: Revenue very strong, costs to be hit by Sport

BT’s underlying revenue growth improved from -3% last quarter to around zero at both the Retail and Group level, its best performance for years, with high speed broadband helping to stabilise ARPU

BT Sport is positioned well as a defensive/win-back product against broadband losses to Sky, but BT’s ability to win triple play subscriptions off Sky is still hampered by lack of content, and the cost appears disproportionate to its aims

Fixed line, Telecoms May 2013 Access this report

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TV platform growth forecasts 2013-2020

The completion of digital switchover has left an equilibrium between the digital satellite, cable and terrestrial platforms that is not expected to alter significantly by 2020

The main anticipated change over the forecast period is pay-TV subscription take-up where the 50/50 split between pay and free TV households is expected to rise steadily to 60/40, or even 67/33 if we include more individually-, as opposed to household-, based OTT online services such as Netflix, LoveFilm or Sky’s NOW TV

Media, TV, Technology, Telecoms April 2013 Access this report

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