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Sky fiscal FY2009 closes on the best quarter ever?

20 July 2010
Access report

Fiscal FY 2009 closed on a very strong note, with record Sky+ HD additions contributing to Q4 net growth of 124,000, the highest Q4 increase since 2003, and opening up the opportunity for a large increase in TV operating margins after absorption of the initial subscriber acquisition costs

In assessing the medium-term outlook, the Ofcom pay-TV investigation appears unlikely to have a material impact on Sky earnings, even if Ofcom pushes through its premium wholesale proposals, while the advertising downturn may work to Sky’s benefit in developing its competitive strengths in programme origination outside sports

Results for the telecoms business again displayed strong volume growth in a difficult market. The business has now turned EBITDA-positive and is expected to generate a quarterly operating profit during FY 2011. However, original guidance for IRR remains challenging

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Football's broadcast models: Deeper partnerships will create value

18 April 2024

Football leagues must think innovatively about maintaining broad exposure, but relying on advertising revenues from free-to-air TV makes no economic sense.

Creating league-operated direct-to-consumer platforms would undermine the very competition between broadcasters that has propelled rights.

The only realistic option for sustainable growth is deeper, longer-term partnerships with broadcasters.

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Pricing under pressure: European mobile in Q4 2023

10 April 2024

Service revenue took a dip in Q4 to 1.5% as a waning price rise impact in the UK combined with the loss of positive one-offs in Germany.

We expect growth to slow further through 2024 as many operators implement lower index-linked price rises which are also coming under increasing regulatory scrutiny.

Vodafone has made progress on its turnaround plan—striking deals for its Italian and Spanish units—but it is not yet out of the woods, with ongoing challenges in Germany and approval still uncertain in the UK.

Access report

Sky/DAZN peace challenged: Bundesliga tries to buck the downward trend

8 April 2024

The German football league’s rights tender for its 2025-29 cycle is designed to create competitive tension between Sky and DAZN.

Based on precedents and public statements, we would expect Sky to increase coverage and DAZN to scale it down without a head-on bidding battle.

With low international potential, the Bundesliga can only count on its deep fan base to meet competitive pressure from the Premier League.

Access report