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. |
Media, Telecoms |
November 2003 Access this report
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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 Meanwhile, the profit target has been replaced by the long-term growth target of 10 million Sky Digital subs by 2010, over 25% with Sky+ boxes and more than 30% with multiroom subs. |
Media |
November 2004 Access this report
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BSkyB trading update to 30 June 2007
Another record quarter of subscriber growth testifies again to the strengths of Sky’s marketing strategy and its successful entry into the telecommunications arena. The target of 10 million subscribers by the end of 2010 looks increasingly likely
TM is now looking at a sales target of £450 million instead of £600 million, though the revised target may still be too high, with the sale taking place at a time when regional newspaper fortunes are at a low ebb |
Media, Telecoms |
July 2007 Access this report
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BSkyB's Results and the State of Pay-TV in the UK
NTL's share price slide over the last few weeks has focused attention again on the prospects for UK pay-TV.
This report extends the analysis to the two largest European incumbents, France Telecom and Deutsche Telekom. We look at trends in market share, wholesale and retail pricing, and the impact of increased competition. We identify the companies' strategies in the face of these forces and show the impact of stretched balance sheets on corporate actions. |
Media |
July 2001 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 Q3 2011/12 results: reasonable progress, on balance
BT’s results for the December quarter saw continuing trends of gradual improvement at BT Retail and efficient deployment of next generation access at Openreach, plus strong control of unallocated property costs, enabling management to issue slightly improved group-level guidance for the current financial year to March
Cash flow growth at group level continued to be compromised by the cost of overseas expansion at Global Services and a continuing shift to LLU and IP-based services at BT Wholesale |
Media, Fixed line, Internet, Telecoms |
February 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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BT Vision
BT plans to launch BT Vision – its hybrid Freeview-IPTV service – in Q4 2006. The aim is to broaden the appeal of its broadband offerings and help it to withstand aggressive competition from local-loop unbundlers such as Carphone Warehouse, Wanadoo/Orange and, soon, BSkyB |
Media, Telecoms |
May 2006 Access this report
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BT Yahoo! Broadband
BT and Yahoo! recently announced the launch of BT Yahoo! Broadband for September 2003, a co-branded DSL transport/personalised home page/broadband portal service. The goal is to revitalise BTopenworld, which lost 10 percentage points in DSL market share in H1 2003. The new service will be provided to BTOW subscribers at the same price as the DSL service today, improving BTOW's value-for-money proposition and providing clear proprietary differentiation over other ISPs. |
Media, Telecoms |
July 2003 Access this report
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BT's IPTV play
BT has gone further than expected in setting a “medium term” goal of 2-3 million customers for BT Vision, remaining vague on when it will be achieved. Giving away the PVR and a cheap self-install option, due later in 2007, are essential to achieve this target
Radio groups implement further cutbacks and increased centralisation to combat shrinking audiences and revenues |
Media, Telecoms |
January 2007 Access this report
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Burberry’s digital activism
Reallocation of Burberry’s marketing spend to digital at the expense of magazines since 2009 has been a key driver of the brand’s increased global awareness.
Burberry’s digital activism is tied to its strategy of ‘democratic luxury’ to engage and cultivate a new generation of 20-something potential customers.
Other luxury brands also have digital tactics, but the scale and depth of Burberry’s approach suggests that it is alone in having an integrated retail and communications strategy. |
Media |
August 2012 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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C4 and E4
One response to the growth of the satellite and cable households has been for terrestrial broadcasters to launch their own digital channels. These channels are beginning to absorb significant fractions of the total programming budget and in this report we look at the implications for the parent broadcasters. We examine E4, Channel 4’s main satellite entertainment channel, showing that it is likely to remain a drain on the parent for many years to come. |
Media |
November 2002 Access this report
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Can mobile save print publishers? - Do tablets bring salvation, or 40 years in the wilderness?
Large parts of print media face existential problems from the structural decline of consumption and core advertising businesses, and the growth of an internet model of free content and large-scale disaggregation
Employment trends in US media underline the depth of the decline in sales of print media (no similar data is available for the UK), across newspapers, periodicals and books |
Media, Press, Internet |
February 2010 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 Plus and French Pay-TV
This in-depth report on pay-TV in France charts the course of Canal Plus and its main, but much smaller, competitor, TPS, over the period 2004-06. We anticipate pay-TV penetration will rise from 35% in 2003 to 38.7% by 2006, driven mainly by aggressive competition between TPS and Canal Plus in an improving economic environment. |
Media |
May 2004 Access this report
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Canal+ and Cegetel
The November 12th bids for football rights are a nightmare for Canal+. Its operating margins and cash flow are under pressure, but failure to outbid TPS would mean a probable loss of perhaps 25% of its subscribers. This makes it likely, we think, that TPS will end up buying Canal+ from Vivendi, whoever wins the football rights, at a much lower price than the valuation of €3.5bn suggested recently by Morgan Stanley. Similarly, Vivendi may realise that it will be forced to sell the studio and the record business to Bronfman/Diller for less than current valuations. |
Media |
November 2002 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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