2010 off to a good start: Sky fiscal Q1 2010 results
Latest fiscal Q1 2010 results show continuation of the strong subscriber and revenue growth trends, but as Sky forges ahead of its rival pay-TV operators so attention is turning to competition issues |
Media, TV |
October 2009 Access this report
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2010 TV NAR bounce back to continue into Q4
The bounce back in TV NAR (Net Advertising Revenue) now looks set to continue into Q4, resulting in full year- on-year growth of about 12.5%
The bounce back has more than reversed the -11% fall in 2009, although it still leaves TV NAR in 2010 about -5% below pre-recessionary levels in 2007 (nominal prices). Meanwhile, persistent worries about the economy and the impact of government debt reduction measures suggest flat growth in 2011 |
Media, TV |
August 2010 Access this report
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A U-turn at the Competition Commission?
The CC seems to be preparing to reverse its provisional conclusion that Sky’s hold over premium movies is damaging competition |
Media, TV |
March 2012 Access this report
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Al Jazeera needs Canal+
Qatar’s Al Jazeera will launch its French pay-TV channel by this summer, showing weekly Ligue 1 and Champions League games, but it has yet to disclose a business plan and distribution deals
The new channel is a complement to Canal+, which broadcasts the most attractive games. Al Jazeera would need to obtain distribution on the Canal+ platform
Even if such a deal were to be struck, Al Jazeera would struggle to break even |
Media, TV |
January 2012 Access this report
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All about multi-products: Sky fiscal Q3 2010 results
Sky Q3 2010 adjusted revenues showed strong year-on-year growth of around ten percent in the year to date (10.7%), and in the third quarter (11.1%), marked by strong product sales into its existing subscriber base, especially in HD, but also solid progress in broadband, telephony and line rental |
Media, TV, Fixed line, Telecoms |
May 2010 Access this report
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Apple TV in the UK
Apple has now launched downloads of 28 US TV series in the UK, hoping to drive demand for portable video watching on iPod or for home viewing via Apple TV |
Media, TV |
August 2007 Access this report
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Apple, television and disruption
The Apple rumour mill turns to television, with widespread speculation that Apple will shortly announce… something, that will offer a different approach to the TV experience. However, if Apple distributes TV content in new ways, it will need to work with existing channels and often pay providers, who are unlikely to enable fundamental disruption to their business models. |
Media, TV, Fixed line, Telecoms |
June 2012 Access this report
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Audiovisual advertising blues 2007
Television advertising revenues fell by nearly 7% and radio advertising by more than 4% in 2006 according to latest market estimates. We expect declines of around 4% for both media in 2007 |
Media, TV, Music and Radio |
January 2007 Access this report
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BBC iPlayer
Set for launch in May/June, the BBC’s iPlayer is a PC-based application offering live and on-demand access to around 3,500 hours of BBC programmes per week via the internet, using peer-to-peer (P2P) and multi-cast technology to overcome cost and bandwidth issues |
Media, TV, Internet |
March 2007 Access this report
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BBC iPlayer: forever niche?
On 27th July the BBC will open access to the iPlayer to UK internet users, en route to a hard launch later this summer. This PC-based application allows the user to download BBC TV content after broadcast to view on the PC for a limited time, and provides a TV-like display on the PC. Delays to the launch will mean the iPlayer enters a field already crowded by other broadcasters, including Channel 4's 4oD service, ITV's broadband portal, Sky Anytime, as well as content aggregators such as Joost and Babelgum (both currently in beta) |
Media, TV, Internet |
July 2007 Access this report
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BT Q2 2012/13 results: Revenue slows, cost cutting compensates
BT Group revenue growth disappointed at the reported level, dropping from -6% to -9%, but adjusting for a series of one-offs underlying growth only dropped from -3.2% to -3.6%, easily made up for by another quarter of strong cost reductions Broadband net adds were again a little weak, with weather-related repairs slowing new line installations, but BT’s share held up well, at least against its fellow DSL operators Fibre-based connections continued to grow and BT further accelerated its build-out plans, with this (and not TV) holding the key to stabilising ARPU and increasing wholesale rev |
Media, TV, Fixed line, Telecoms |
November 2012 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 steps into ESPN's trainers
BT Group’s acquisition of ESPN’s television business in the UK and Ireland marks an important step in cementing BT Sport’s position as the number two premium sports provider from the moment of launch.
The acquisition also raises the stakes, leaving BT with the strategic challenge of what distribution to opt for on the satellite and cable platforms to mitigate the high costs of BT Sport, but without overly sacrificing its USP for strengthening customer retention and building demand for high speed broadband on its own platform. |
Media, TV, Fixed line, Telecoms |
February 2013 Access this report
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C4 and Digital Diversification
Channel 4's digital diversification strategy is a topic we first considered in 2002. At that time, we urged Channel 4 to husband its resources to meet its public service remit and maintain audiences on its terrestrial service, rather than diversify into new digital satellite channels. If anything, the progress of time has reinforced our conclusion that Channel 4's digital diversification strategy is risky. The risks for Channel 4 are greater than for the BBC, since Channel 4's public service remit is funded by advertising alone |
Media, TV |
August 2007 Access this report
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Can Sky deliver a German pay-TV turnaround?
The News Corp management has given Sky Deutschland a full and costly revamp in 2009, leading to a steep year on year increase in negative EBITDA of around €200 million
Underlying trends of improvement in net subscriber additions, ARPU growth and churn reduction, assisted by its HD offer, suggest that Sky management will get close to, if not actually meet, its 2011 breakeven target
However, there are significant downside risks in the historically tough German pay-TV market, and robust profitable growth beyond 2012 presents a real challenge |
Media, TV, Non-UK Media |
March 2010 Access this report
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Can TF1 meet its 2012 Ebitda target?
To encourage investors, TF1 announced continued diversification of group revenues from reliance on the flagship TF1 channel, and an increase in group Ebitda from 16% in 2007 to 20% in ‘4-5 years’. Accelerating audience share decline at the TF1 channel indicates that new programming is also urgently required to maintain TF1’s ‘premium’ for advertisers |
Media, TV, Non-UK Media |
March 2008 Access this report
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Canal+ bursts into free TV
Advancing its free-to-air TV project, France’s Canal+ is to buy Bolloré TV’s national channels for €465 million to gain (scarce) licences for FTA terrestrial broadcast
Canal+ plans to leverage its library of original programming to attract upscale audiences, neglected by commercial rivals
However, the Vivendi investment case of a 9% return on capital is built on incompatible assumptions about profit margins and market share – to grow the latter in a mature market, a channel needs to sacrifice the former |
Media, TV |
September 2011 Access this report
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Canal+ France prospectus
Canal+ France has issued a prospectus in view of the April flotation of Lagardère’s 20% stake, which could still reach an agreement to sell with majority owner Vivendi
The prospectus provides a unique insight on the performance of Canal+, which has increased ARPU and profitability in the past three years, despite erosion of its subscriber base due to competitive pressures and the recession
Management’s revenue and profit targets for 2013 appear within reach, and we also see potential upsides |
Media, TV, Non-UK Media |
March 2011 Access this report
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Canal+ FY 2008 results
Vivendi’s Canal+ Group overshot its 2008 EBITA target, despite sluggish subscription growth, delivering to shareholders some of the promised post-merger gains from “synergies” with TPS
For 2009, Vivendi has issued cautious revenue and EBITA guidance that, on current trends, will easily be met. However, management has now recognised that initial targets for 2010 will be “hard to reach” – as we have already warned |
Media, TV, Non-UK Media |
March 2009 Access this report
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Canal+ Group after the merger
Ten years of fierce and implacable rivalry between Canal+ Group and TPS, the two French pay-TV operators, is expected to end in November 2006, when they close their merger deal and Canal+ France emerges. This report examines the strategic rationale for pay-TV consolidation in the French TV market, where digital terrestrial TV has recently launched and where TV-over-DSL is rapidly being deployed, as well as the potential for the currently low pay-TV margins to rise |
Media, TV, Non-UK Media |
October 2006 Access this report
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