H3G has made great strides this year, but these have mainly been in terms of reported subscribers and market perception rather than in fundamental terms. In this report we examine in depth both its global business model and the all-important funding available in order to assess the likely future for the business, and its subsequent impact on the GSM operators.

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.