In this presentation we show our analysis of revenue growth trends for mobile operators in the top five European markets (UK, Germany, France, Italy and Spain). The historical analysis is based on the published results of the operators, although they include our estimates where their data is inconsistent or not complete. A copy of the underlying data in spreadsheet format is available to our subscription clients on request
News International’s decision to raise the price of the Sun on Sunday is partly a result of it being seriously under-priced since launch and partly a signal of a broader strategic focus at News International and press generally
With digital revenues not scaling as publishers had hoped and with print advertising continuing its structural decline, newspaper and magazine publishers are finding success with the oldest trick in the book: increasing cover prices to drive up income
Publishers are realising that circulation decline is accelerating anyway and price increases appear to constitute only a marginal additional loss. It no longer makes sense to undervalue the product
Next-generation consoles from Sony and Microsoft, expected late this year/early next, will kick off a new cycle for the games industry, but enter a much more competitive market
Smartphones and tablets offer an alternative gaming model, with more variety, lower cost, greater convenience and, crucially, rapidly increasing sophistication
These new platforms are expanding gaming to a much larger audience, but also increasingly competing with consoles for the time and attention of core gamers. This could be the last recognisable console cycle
Sky Deutschland is reaping the benefits of its re-launch using BSkyB’s model, with an improving content offering and quality of user experience, plus a favourable environment for household consumption in Germany.
2012 results came in very close to our forecasts and we predict that Sky Deutschland will break even at EBITDA level in 2013 and turn cash flow positive in 2015.
The competitive context is benign and the horizon is clear until the next Bundesliga auction in 2016. But, in the meantime, cable, IPTV, FTA and OTT players are committed to widening their pay offers, which may put pressure on Sky’s subscriber growth and content costs.