Publications

Format: Apr 2015
Sector(s) Datesort ascending
Privatising Radios One and Two: how to kill commercial radio with kindness

The privatisation of the BBC’s two national music radio networks – Radio One and Radio Two – is in the news again and is being proposed by certain commentators as a potential solution to the current problems facing the UK commercial radio industry. This report argues that, far from being a solution, unleashing these two highly successful BBC stations on the commercial sector will imperil the existence of many stations. This would dramatically increase the volume of advertising time available, at a time of glut, and draw advertising spend away from many stations

  • BBC
Media, Music and Radio 2 June 2008
Triple play in France

This presentation reports on the triple play of broadband, full telephony and DSL-delivered IPTV in France, the leading market in Europe for the triple play. Of France’s 16.2 million broadband subscribers, one third have migrated entirely to the VoIP services supplied by their broadband provider, dropping their line rental from France Télécom. We estimate that about 3.5 million households have activated the set-top box to receive DSL-delivered IPTV on their main set, also receiving digital terrestrial TV

  • France Telecom
Telecoms, Fixed Line, Non-UK Telecoms 31 May 2008
Vodafone 2007/08 full year results and outlook: solid prospects, but distractions remain

Vodafone’s Q4 revenues were healthy if a little weak, with underlying growth slowing from 2.0% to 1.8%, but the improvement in Germany is very welcome

  • Vodafone
Telecoms, Mobile 28 May 2008
Cable & Wireless full year results to March 2008: International still weak but continuing progress in the UK

International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge

  • Cable & Wireless
Telecoms, Fixed Line, Non-UK Telecoms 27 May 2008
Regionals at the cliff edge

Regional publishers are reporting steep downturns in advertising revenues in the early weeks of 2008. If the trend continues throughout 2008, print advertising could drop £250 million (9%) to £2.5 billion

Media, Press 19 May 2008
BT FY 2007-08 Q4 results: continued pressure on underlying performance

BT’s Q4 results were a welcome improvement on Q3, with better growth in revenue, consistent growth in EBITDA and strong growth in cash flow

 

 

 

  • BT
Telecoms, Fixed Line 18 May 2008
Sky Picnic on Ice

Ofcom has linked Sky's plans for a pay service on DTT (Picnic) to its wider investigation into the UK market for pay-TV, announcing on 13th May that it will issue its next statement on both issues simultaneously by the end of the summer. This is the first time the regulator has indicated that it is merging its consideration of Picnic with that of the wider pay-TV market

  • Sky
Media, TV 12 May 2008
Virgin Media Q1 2008 results: turning point in prospect

VMed’s Q1 results represent a further step in the recovery of the core cable business, with markedly lower churn and strong growth in operating cash flow (OCF)

  • Virgin Media
TV, Media, Telecoms, Fixed Line 11 May 2008
BT Total Broadband Anywhere: Fusion enhanced, but still nowhere

BT’s new mobile product, BT Total Broadband Anywhere, is sensibly being sold as an optional add-on to its broadband line up, maximising the cross-selling opportunity

  • BT
Telecoms, Fixed Line 7 May 2008
HD now on Freesat

The BBC-ITV Freesat venture, launched on 6th May, is the public service response to Sky’s free satellite service. Once fully up and running in 2009, Freesat aims to match Sky with 200 digital TV channels in standard definition (SD), and surpass Sky with extra channels in High Definition (HD), plus the facility to offer iPlayer and Kangaroo

  • Sky
  • ITV
  • BBC
Media, TV 7 May 2008
Sky Q3 FY 2008 results: strong fixed line growth, but at a price

Sky Q3 FY 2008 results confirm the strength of the core pay-TV business, where the marketing strategy is now focused on subscriber quality rather than pure numbers. Sky+ boxes continue to fly off the shelves, while weak HD and Sky Multiroom sales call for attention in fiscal 2009

  • Sky
TV, Media 4 May 2008
Vodafone UK data pricing: free for £5 a month

Vodafone UK has announced a tariff refresh that includes ‘free’ mobile browsing with all of its new contract plans

  • Vodafone
Telecoms, Mobile 30 April 2008
Recorded Music and Music Publishing

The recorded music market decline continued without pause in 2007, with global sales down an estimated 11% in value. Physical and internet piracy continue to drive the CD sales decline, along with substitution to downloads, and the bankruptcies of physical retailers in the US and UK. Meanwhile, Apple’s iPod+iTunes music ecosystem continues to be favoured by customers, driving the growth of the digital music market, as ringtones stabilise globally. These recorded music market trends are reducing music publishers’ associated royalty income, although offset by rising royalties from the use of music on broadcast media, film, advertising and the internet

  • Apple
Media, Music and Radio 26 April 2008
Carphone Warehouse March quarter trading update and analyst day

Carphone Warehouse had a solid quarter, and its expectation of a currency-aided 9-10% growth rate in 2008/2009 distribution revenue looks achievable, as does guidance of 4-5% growth in fixed line revenue, unless loss of telephony-only customers accelerates

 

 

 

  • Carphone Warehouse
Telecoms, Mobile, Fixed Line 23 April 2008
Ofcom HD Ready to Go

The Digital Dividend resulting from analogue switch-off and digital switchover (DSO) is shaping up into Ofcom’s spectrum sale of the century. It comes at a time when the TV broadcasting industry is coming to see the progress from standard definition (SD) to high definition (HD) as fundamental a step change in broadcast picture quality as was many years ago the shift from black and white into colour. This report examines the Ofcom proposals, the financial costs to the commercial PSBs and the implications of Sky’s Picnic proposals for the successful achievement of Ofcom’s plan

  • Sky
Media, TV 23 April 2008
Tiscali UK: attractive assets, but many bidders?

Tiscali SpA has publicly invited bids for its businesses, the largest of which is the UK’s fourth largest ISP, a key player with 12% broadband market share

Telecoms, Fixed Line 22 April 2008
Iliad: consolidation, 3G licence and fibre

Iliad will be challenged to meet its target of a steady EBITDA margin of 36% in 2008 despite further cuts in mobile termination charges due to the continued drift of the subscriber mix to higher cost (for Iliad) full telephony packages. Some benefit to cash flow could result from reduced charges for one-off LLU services to be mandated by regulator ARCEP

  • Iliad
Telecoms, Mobile 16 April 2008
BT management changes: exit Ben Verwaayen, enter Ian Livingston

BT announced on 8th April that Ian Livingston, currently CEO of BT Retail, will replace Ben Verwaayen as group CEO on 1st June. The Managing Director of BT Retail’s Consumer division, Gavin Patterson, will replace Ian Livingston at the helm of BT Retail. We expect John Petter to take Gavin’s place at the Consumer division

  • BT
Telecoms 8 April 2008
H3G H1 2007 results: slow improvements, unreasonable expectations

H3G Group’s growth continued to slow in H2 2007, and it is now growing at just 6%, versus 10% 6 months ago, with falling ARPU combining with static subscriber net additions

  • Hutchison 3G
Telecoms, Mobile 7 April 2008
GCap Media: one previous owner, needs serious attention

This report examines the proposed acquisition of GCap Media by Global Radio for £375 million which, if successful, will signal the end of a commercial radio giant that, in its brief three-year existence, succeeded in destroying considerable shareholder value and dragging down the rest of the sector. It will also signal the transfer of the most significant portfolio of commercial radio real estate from public to private ownership. Global Radio, which did not even exist a year ago, would become the dominant player in a sector that will have seen three of its largest groups – GCap, Emap Radio and Chrysalis Radio – all change hands from public to private ownership within a year

Media, Music and Radio 6 April 2008

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