多重整合服務的市場策略・商業模式・最佳實務經驗

Multi-play business models continue to gain in popularity across the telecom and media space. At the end of 2006, more than 40% of Canada' s households subscribed to a triple-play package, and nearly 40% of British households subscribe to some form of packaged bundle. The trend has shattered traditional service lines and compelled players with gaps in their portfolios to scramble to offer their own competitive bundles. Telcos have become strong players in the content space, with some starting pay-TV operations from scratch. Satellite players are beginning to offer VoIP; even steadfast pure-play mobile operators like Vodafone have felt compelled to get into the broadband business.

Is this all worth it? Pyramid Research' s new report, From Triple-play to Quad-play: Strategies, Business Models, and Best Practices, provides an in-depth examination of the evolution of multi-play models. Building on case studies and examples from dozens of telco, cable, satellite, and other multi-play providers around the world, the report analyzes multi-play positioning (it' s about protecting the core), pricing (discounts dominate), and the bottom-line performance of triple play (mixed). The report also reviews the emergence of multi-play models driven by a new breed of players (mobile, satellite, WiMAX), and proposes a rethinking of the concept of quad play.

• Is triple play indispensable? Is quad play worth it?
• What multi-play value propositions have proven most successful?
• What is the current proportion of customers with bundled packages, and what is the expected evolution over the next five years?
• Is triple play profitable? What type of impact does the evolution to bundles have on margins?
• What is the optimal approach for service providers to filling the gaps in their portfolios? Acquire, partner, or build?
• How can pure-play satellite and mobile operators compete in a multi-play environment?
• Which players derive the most benefit from bundling?

Fixed operators: Assess the financial implications of long-term positioning strategies to develop a successful multi-play offering. The detailed analysis of content acquisition models, from partnerships to IPTV build-outs, includes assessments of feasibility, technology, and content. The in-depth case studies will help you assess competition and identify telco triple-play best practices and profitability. Use the included market forecasts to quantify the market opportunity.

Cable companies: Through case study analysis and market forecasts, identify best practices to drive penetration of triple-play subscribers and mitigate competitive risk from fixed telcos and other multi-play providers. Use the included market forecasts to quantify the market opportunity.

Vendors: Position your offerings to triple-play service providers through a clear assessment of the impact of triple-play solutions on their operational performance.

Financial services, investment firms: This report will help you assess the short- and long-term financial prospects for multi-play providers through a review of the initial margin patterns of multi-play providers and Pyramid Research' s forecast of the evolution of those margins.

Mobile operators: Assess the threat of future quadruple-play providers on pure-play mobile operations. Develop your strategy now to minimize the risk of churn to telcos and cable companies offering mobile voice as a key component of their strategies.

Content providers, aggregators: Assess the implications of bundled strategies on content acquisition, positioning, and cost.

Satellite DTH players: Assess possible responses to the evolution toward bundles, including the advantages and pitfalls of partnerships and outright acquisitions to fill gaps in service portfolios.

• Advance/Newhouse
• Alice
• Arcor
• AT&T
• Belgacom
• Bell Canada
• Brasil Telecom
• BSkyB
• BT
• China Netcom
• China Telecom
• Cinemax
• Claro
• Clearwire
• Comcast
• Cox
• DirecTV
• DTHi
• Easynet
• EchoStar
• Embarq
• Embratel
• Entel
• E-plus
• Express Vu
• FastWeb
• France Telecom
• Free Telecom
• Freeview
• Globo
• Google
• GTD Manquehue
• H3G
• HBO
• Joost
• Kabel Deutschland
• KPN
• NET Servicos
• Neuf Cegetel
• NTL
• NTT
• O2
• Orange
• PCCW
• Qwest Communications
• Rogers Communications
• Showtime
• Skype
• Sprint Nextel
• T-Com
• T-Mobile
• Telecom Italia
• Telefonica
• Telefonica Chile
• Telekom Austria
• Telemar
• Telewest
• Telmex
• Telstra
• Telsur
• Telus
• TIM
• TIM Brasil
• Time Warner
• T-Mobile
• TVA
• Unity Media
• Verizon Communications
• Video Networks Ltd
• Videotron
• Virgin Media
• Virgin Mobile
• Vivax
• Vivo
• Vodafone
• Vodafone Germany
• Vodafone Italy
• VTR
• Way Brasil
• Wind

• Table of contents
• Table of exhibits
• Acronyms and abbreviations
• Companies mentioned in this report
• Executive summary

• 1.1 Options to fill the gap in the portfolio: build, acquire, or partner
• 1.2 The irrelevance of the “subscriber and the advent of the RGU

• 2.1 Discounts reign supreme
• 2.2 More than a single-bill proposal, quad play is about richer service combinations15
• Country snapshot - Why Canada is one of the world' s leading triple-play markets
  • 2.3 The flip side of discounts: potentially declining revenue
  • 2.4 Revenue preservation through multi-play works better for some than others
  • 2.5 Using “free” services to drive growth
  • 2.6 Providing value beyond price
  • 2.7 Can operators charge a premium for VoIP?
  • 2.8 Multi-play offerings lacking TV will be a difficult sell in medium term
  • 2.9 A segmented approach can extend the reach of triple play
  • 2.10 The future of multi-play: from bundled services to blended services

• Country snapshot - Brazil: service providers adjust to the challenge of regulating multi-plays
• Country snapshot - Mexico: a convergence agreement and asymmetric regulations

• 4.1 Bundles are good for cable
• 4.2 Multi-play not as good for telcos, but they still need it
• 4.3 For satellite and mobile players, multi-play will hurt margins
• 4.4 Pure integrated players (FastWeb/Free Telecom) see high margins

• BSkyB: Using triple play to protect core TV business
  • A mix of technologies enables triple play
  • Triple play with free voice and broadband
  • Responding to competitive pressures
  • Triple play helps ARPU
  • Lessons learned
• Clearwire: Looking to partnerships to push WiMAX-based triple play
  • Triple play enabled by partnerships in the works
  • Discounts in exchange for customer agreements
  • Competitive prices but less value
  • An increase in ARPU
  • Quad play on the horizon with additional partnerships
• Comcast: Pushing large bundled discounts, seeing top-line and bottom-line success
  • All-cable triple play
  • More aggressive on discounts
  • Triple play driving broadband growth?
  • Number one in triple-play market share
  • Comcast quad play: beyond the bundle
  • Lessons learned
• NET Servicos: Using triple play to drive broadband share in Brazil
  • The first Brazilian player to offer triple play
  • Pricing: 20 package combinations
  • Competitive against telco/DTH bundles
  • Using triple play to drive broadband market share
• Verizon Communications (US) - Triple play to protect voice, pushing fiber
  • A PSTN-inspired triple-play package
  • No major discounts here
  • Priced at the same level as cable, but not as discounted
  • Triple-play market share could be better
  • Lessons learned
• Virgin Media: Facing a challenging triple-play environment, and quad-play uptake is still slow
  • Early to the quad-play game
  • Insistent on discounting
  • Protecting the landline business
  • An increasingly competitive market for multi-play
  • Rising triple-play penetration but flat revenue
  • More mobile customers under contract
  • Lessons learned
• Vodafone Arcor: A mobile operator gets into DSL to maintain revenue share
  • Bundled service offers led by substitution
  • Mobile quad play opportunities: mobile TV and femtocells
  • Lessons learned
• VTR: A tiered approach to service bundles - one size doesn' t fit all
  • Three tiers of triple play
  • Competitive pricing
  • Number one in triple play
  • Quad-play opportunities?
  • Lessons learned
• Additional resources

• Exhibit 1: Service providers' strategic options for filling gaps
• Exhibit 2: Impact of multi-play approach on Capex, Opex, revenue, and control
• Exhibit 3: Sample approaches to building bundles
• Exhibit 4: Triple-play bundle discounts
• Exhibit 5: Triple-play penetration of households in selected markets
• Exhibit 6: Canada key player presence by segment
• Exhibit 7: Canada: Bell Canada and Rogers triple-play packaging
• Exhibit 8: Subscriber market shares of Vodafone Italy and its competitors
• Exhibit 9: Revenue market shares of Vodafone Italy and its competitors
• Exhibit 10: Belgacom' s multi-play combinations provide a glimpse of PSTN' s inevitable demise
• Exhibit 11: Service bundle regulation in sample markets
• Exhibit 12: How Brazilian telcos do TV
• Exhibit 13: Multi-play providers' EBITDA margins
• Exhibit 14: Telenet' s monthly ARPU and RGU per subscriber
• Exhibit 15: Rogers' EBITDA margin for consolidated business and for wireless and cable/telecom segments
• Exhibit 16: The triple-play effect on Belgacom' s and Telefonica Chile' s fixed-line EBITDA margins
• Exhibit 17: Triple-play provider Opex-to-revenue ratios
• Exhibit 18: Global triple-play subscribers by region
• Exhibit 19: Breakdown of Sky' s subscriptions at the end of June 2007
• Exhibit 20: Prices of Sky' s bundles
• Exhibit 21: Sky' s baseline triple play compared with most similar packages of BT and Virgin Media
• Exhibit 22: Sky' s highest-tiered triple play compared with Virgin Media' s most similar package
• Exhibit 23: Sky' s share of UK pay-TV market vs. its share of UK TV market including free satellite services
• Exhibit 24: Net additions to Sky' s TV subscriber base
• Exhibit 25: Evolution of Sky' s triple-play base and RGU per subscriber
• Exhibit 26: Sky' s monthly ARPU
• Exhibit 27: Triple-play market shares in the UK
• Exhibit 28: Sources of Clearwire' s customer base as of March 2007
• Exhibit 29: Clearwire' s broadband and bundle pricing
• Exhibit 30: US broadband prices per download speed (US$ per Mbps)
• Exhibit 31: Breakdown of Comcast' s subscription base, 2Q2007
• Exhibit 32: Comcast bundle price vs. sum of parts
• Exhibit 33: Comcast and AT&T pricing and discounts on bundles
• Exhibit 34: Comcast' s video, Internet, and phone revenues
• Exhibit 35: Comcast' s Internet, phone, video, and total ARPS
• Exhibit 36: Comcast' s total RGUs, customer relationships, and RGUs per customer
• Exhibit 37: Comcast' s triple-play subscribers and market share
• Exhibit 38: Breakdown of NET Servicos' 3.8m subscriptions as of 2Q2007
• Exhibit 39: Price of NET Combo bundles vs. the sum of the services' stand-alone prices, with percent savings
• Exhibit 40: Price comparison of NET bundles vs. the stand-alone services
• Exhibit 41: Savings from bundling with NET and Telefonica
• Exhibit 42: RGUs increase since the launch of triple-play services
• Exhibit 43: Subscriber growth since triple-play launch
• Exhibit 44: NET' s financial results, same-quarter comparisons (1Q2006 vs. 1Q2007, 2Q2006 vs. 2Q2007)
• Exhibit 45: Brazil' s broadband market
• Exhibit 46: Brazil' s pay-TV market
• Exhibit 47: Breakdown of Verizon' s 112m subscriptions as of 1Q2007
• Exhibit 48: Price of Verizon Freedom bundles vs. the sum of the services' stand-alone prices, with percent savings
• Exhibit 49: Savings from bundling: Verizon vs. Comcast
• Exhibit 50: Verizon' s residential PSTN lines in service
• Exhibit 51: Verizon' s triple-play market share
• Exhibit 52: Breakdown of Virgin Media' s 15.2m subscriptions at the end of June 2007
• Exhibit 53: Price of Virgin Media' s bundles vs. the sum of the services' stand-alone prices, with percent savings
• Exhibit 54: Comparison of triple-play packages offered by Virgin Media, BT, and Sky
• Exhibit 55: Virgin Media' s net additions for landline, television, and broadband
• Exhibit 56: Virgin Media' s broadband and pay-TV market shares
• Exhibit 57: Virgin Media' s unique customer relationships and RGU per customer
• Exhibit 58: Vodafone' s bundles - the mobile pure-play way
• Exhibit 59: Triple-play bundles in Germany
• Exhibit 60: Price of Arcor/Vodafone bundles vs. the sum of the services' stand-alone prices, with percent savings
• Exhibit 61: Vodafone' s market share continues to decline in Germany
• Exhibit 62: Vodafone retained the top spot in terms of revenue
• Exhibit 63: VTR' s triple-play packages
• Exhibit 64: Pricing and savings from VTR' s triple-play bundles
• Exhibit 65: Comparison of VTR and Telefonica Chile triple-play pricing
• Exhibit 66: VTR' s number of customer relations and RGU per unique customer
• Exhibit 67: VTR' s number of double- and triple-play subscribers