UK video-on-demand forecasts to 2015
This presentation details our assessment of the UK prospects for video-on-demand advertising through to 2015, covering through-the-middle and over-the-top services
While video-on-demand consumption is set to grow strongly, particularly to the TV, linear broadcast services, supported by PVR timeshift, will continue to account for over 90% of viewing to the TV and PC/ tablet over the next five years. As a result, we forecast that VOD advertising will equate to 7% of TV NAR by 2015, with current high prices for in-stream video ads falling as it becomes more integrated with TV airtime sales |
Media, TV, Internet |
August 2011 Access this report
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Universal Music - Valuation
Universal Music is an important component of Vivendi’s business. As M. Fourtou shuffles his cards, the disposal or flotation of Universal becomes more likely by the day and this report values this market-leading record company. |
Media |
December 2002 Access this report
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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 |
October 2003 Access this report
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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.
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Mobile, Telecoms |
September 2004 Access this report
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Update on BSkyB forecasts
All the recent attention to BSkyB has had to do with the proposed News Corporation takeover and its impact on the share price. For the BSkyB business itself, we think the troubles of News International have so far had very little effect, as there is nothing to link the pay-TV operator Sky directly with the News of the World, the epicentre of the current judicial and political storm. Nothing, that is, apart from the Murdoch factor, which certainly seemed to do no harm to sales of the final News of the World edition on Sunday 10 July which topped 4.5 million. |
Media, TV, Fixed line, Telecoms |
July 2011 Access this report
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Update on KPN’s fibre roll-out
In The Netherlands, KPN faces strong competitive pressure on voice and broadband from cable operators historically addressing subscription TV services due to their superior fibre/coax networks – KPN needs to upgrade its ADSL network to increase IPTV coverage and bandwidth to compete effectively on the triple play |
Fixed line, Non-UK Telecoms, Telecoms |
December 2009 Access this report
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US digital music sales in 2006
US digital music sales continue to perform well, despite press reports to the contrary, with the average weekly volume of tracks sold up 75% in 2006, supported by steady sales of iPods |
Media, Music and Radio, Non-UK Media |
December 2006 Access this report
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US mechanical rates outcome – the status quo prevails
The Copyright Royalty Board ruling issued on 2nd October gives the US music industry certainty on the statutory mechanical royalty rates payable to music publishers for 2008-2012 |
Media, Music and Radio, Non-UK Media |
October 2008 Access this report
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US music publishers reach royalty agreements
US music publishers have reached agreement on rolling over the mechanical royalties due on sales of digital and physical music formats for 2013-17
The expanded scope of the statute to cover ‘scan and match’ cloud locker services, such as Apple’s iTunes Match, provides incremental revenues to music publishers; the unlicensed ‘storage’ cloud locker services are not concerned
ASCAP’s agreement on US radio performance royalties will however reduce music publisher revenues |
Media, Music and Radio, Non-UK Media |
April 2012 Access this report
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US Q3 handset sales: 80% smart, 41% iPhone
In Q3 the ‘big four’ US mobile operators sold 22.6m phones to retail contract customers (90% of the market): 80% were smartphones and 41% were iPhones The iPhone has had close to 50% of US smartphone sales every quarter since December 2011, when Sprint began selling the iPhone, and shows no sign of weakness US iPhone sales are supported by a market pricing structure that masks the iPhone’s price premium |
Mobile, Technology, Telecoms |
November 2012 Access this report
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US recorded music gets some mojo
The US recorded music market (at retail level) touched bottom in 2012 on strong digital sales and adoption of digital subscription services, and will grow in 2013 The industry’s licensing revenues in 2012 were also boosted by much higher performance revenues collected by SoundExchange from digital radio services such as webcaster Pandora and satellite provider Sirius XM The margin enhancing effect of an improved sales mix as the physical to digital transition proceeds to a licensing model is mirrored in the results of Warner Music Group, which also includes a music publishing segment |
Media, Music and Radio, Non-UK Media |
February 2013 Access this report
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UTV and SMG merger could revive commercial radio sector
The prospect of a merger between Scottish Media Group (SMG) and UTV (formerly Ulster Television) provides exactly the positive news the commercial radio sector needs at this time. The merger would bring together two national stations, Virgin Radio and TalkSport, under the same ownership, creating opportunities to increase these stations’ audiences, grow their revenue yields, and improve profitability whilst, at the same time, reducing operational costs by combining their management and sales functions. |
Media |
August 2006 Access this report
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Valuing Chrysalis music publishing assets
Chrysalis, the music publishing company, is for sale and expressions of interest have been received from EMI Music Publishing, Warner Chappell, SonyATV as well as a small number of private equity companies, with final bids due this week |
Media, Music and Radio |
January 2008 Access this report
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Valuing Premier League Football Rights
The FA Premier League Limited has set a deadline of 14:00 on Thursday 27th April 2006 for receiving bids for live televised Premier League (PL) rights under the new three-year contract due to start with the 2007/08 football season. BSkyB is everyone's favourite to win at least four out of the six packages of 23 games up for auction, but probably the maximum best-looking five under the new rules that will not allow total exclusivity. Valuing Premier League Football Rights [2006-11] addresses the question of how much BSkyB may have to bid in order to win. |
Media |
April 2006 Access this report
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Versatel - Football-driven LLU?
The experience of Versatel (now owned by Tele2) in The Netherlands provides a cautionary tale for new entrant altnets hoping to use premium content to gain broadband market share in a well-contested and maturing broadband market (58% household penetration). |
Telecoms |
May 2006 Access this report
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Versatile multiproduct strategy: Sky fiscal Q1 2011 results
A switch in marketing focus from HD to home communications and sports appeared chiefly responsible for a record quarter in multiproduct take-up, with the biggest increases being registered in broadband, telephony and line rental
Although Q1 2011 net HD take-up halved against the previous quarter, partly reflecting reduced emphasis in marketing plus the World Cup factor, there is abundant room for growth and we expect a strong Q2 as Sky enlarges its HD offer with the ITV digital channels, and prepares for the launch of Sky Atlantic HD in early calendar 2011 |
Media, TV, Fixed line, Telecoms |
October 2010 Access this report
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Very High Speed Broadband: A Case For Intervention?
In continental Europe ‘public/private partnerships’ rolling out very high speed broadband (VHSB) access networks to consumers are the latest rage, with local governments pushing their own subsidy initiatives and seeking to secure cover from European Commission rules on state aid. These initiatives raise basic questions about the future of the telecommunications industry, including whether the supply of network infrastructure will be led by demand for applications or by the will of politicians, subsidies at hand |
Fixed line, Non-UK Telecoms, Telecoms |
January 2007 Access this report
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Video streaming and news online
The UK is now entering a period of intense discussion of the regulation and ownership of news outlets. In this context it is revealing to look at a case study of news viewing online
Livestation is an online service which aggregates several dozen TV news channels and makes them available online. Two of the most prominent are Al Jazeera and Al Arabiya. These channels experienced explosive growth during the ‘Arab Spring’ events, and this was reflected in the statistics for access to their online streams, which we analyse here |
Media, TV, Internet |
September 2011 Access this report
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View from Mobile World Congress
Major European mobile operators were downbeat, with mobile revenue growth in Europe still massively underperforming the US, and their (misplaced in our view) anger at the OTT players being channelled into promoting new mobile OSs to compete with both Apple and Android
Samsung is cementing its dominance, while the other branded players focus on flagship models to try to cut through the noise. Meanwhile the flood of Android from Chinese OEM/ODMs is growing, at increasingly good quality. All other mobile platforms appear increasingly marginal |
Mobile, Telecoms |
March 2013 Access this report
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Virgin Media 50 Mbit/s broadband launch: product differentiation - at a price
On Monday 15th December, Virgin Media (VMed) announced the launch of its 50 Mbit/s ‘XXL’ broadband service, implemented over the existing cable network using the DOCSIS3 standard. This note looks at the details of the offer and the implications for VMed, other ISPs and the residential telecoms market as a whole |
Fixed line, Telecoms |
December 2008 Access this report
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