Virgin Media Q2 2007 results: cash flow down; outlook for top line growth remains dubious
The loss of Sky basic channels, strong competition and a maturing broadband market have combined to weaken Virgin Media’s top line results sufficiently to cause cash flow to decline |
Fixed line, Telecoms |
August 2007 Access this report
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Virgin Media Q1 2013 results: Early price increase boosts revenue
Virgin Media’s consumer business had a very strong quarter in revenue growth terms, but a weaker one in subscriber terms, both driven by the annual price increase occurring during the quarter
On the wholesale side, the company signed up both Sky and two mobile operators for backhaul services, likely at BT Wholesale’s expense
Net net Virgin Media is well on course, with the completion of the acquisition by Liberty Global expected by the end of Q2 unlikely to derail this |
Media, Mobile, TV, Fixed line, Telecoms |
April 2013 Access this report
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Virgin Media Q1 2011 results: still respectable, but growth dropping
VMed’s Q1 results were respectable, helped by strong revenue growth at Virgin Media Business
However, growth in volume, ARPU and OCF, while still positive, is trending downwards, and we retain our expectation of more limited progress in 2011 compared to 2010
VMed’s strategy is coherent; the issue is the pace at which initiatives such as high speed broadband, service convergence and footprint expansion can be converted into cash flow growth |
Media, Mobile, TV, Fixed line, Telecoms |
April 2011 Access this report
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Virgin Media Q1 2010 results: volume growth strengthening; still potential for improvement
VMed’s Q1 results were again strong, with price increases and opex reduction continuing as the main drivers, underpinned by strengthening volume growth
The company’s recently completed debt refinancing gives management much greater flexibility in deciding how much to reinvest in growing the business
The outlook continues to look very encouraging, with the April price increases, further cost reduction, modest turnarounds at Mobile and Business and improved wholesale terms for Sky content still to come |
Media, Mobile, TV, Fixed line, Telecoms |
April 2010 Access this report
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Virgin Media Q1 2009 results: awaiting impact of price changes
VMed’s Q1 results were again mixed, with declining group revenue and OCF margin but improving performance at Virgin Mobile and continuing strength in TV
The core cable business is facing a return to negative customer growth due to a combination of seasonality and stalling demand for broadband |
Media, TV, Fixed line, Telecoms |
May 2009 Access this report
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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) |
Media, TV, Fixed line, Telecoms |
May 2008 Access this report
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Virgin Media Q1 2007 results: headwinds increasing
Virgin Media’s Q1 top line results were again mixed, with a growing number of customers leaving as competition intensifies, despite the rebrand to Virgin. But it could have been worse; most higher-spending customers are remaining |
Media, TV, Fixed line, Telecoms |
May 2007 Access this report
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Virgin Media Investor Day 2010: pausing for breath
Virgin Media’s recent investor day served to emphasise the potential for further growth in cash flow, with Virgin Mobile, next generation TV and Business taking more prominent roles
The new TiVo service, launched on 1 December, is impressive, but will not be available throughout the cable footprint until Q3 2011 and is more likely to help maintain the company’s differentiated position, keeping churn low and subscriber growth positive, than generate a sudden revenue boost |
Media, Mobile, TV, Fixed line, Internet, Telecoms |
December 2010 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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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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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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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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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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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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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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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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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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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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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 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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