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.

In this presentation we highlight Mediaset's star position among European FTA broadcasters, enjoying the highest share of its national advertising market (and profit margin), stable throughout digitalisation and secure for the future

Mediaset Premium, the pay-as-you-go and subscription DTT service, grew customers rapidly up to 2010, leveraging both DTT expansion and the appetite for low cost football and film programming. This hampered subscriber recruitment at satellite pay-TV operator Sky Italia, which relaunched its sales in 2010 on heavy programming in programming, set-top boxes and marketing

Sky Italia's subscriber base may be just above that of Mediaset Premium, but Sky's ARPU is 8x that of Mediaset premium, underlining the greater efficiency of the monthly subscription bundle in relation to PAYG pay-TV. Sky Italia is profitable while Mediaset Premium might just reach breakeven in 2010

This report on Sky Italia and Sky Deutschland, News Corporation’s Continental Europe pay-TV assets, complements our coverage of BSkyB in the UK. We look at the market environment, including regulation and competition. The report also provides subscriber, revenue and earnings forecasts and SWOT analysis.