Sunday, April 25, 2021

Week 16 in Telecoms, Internet, Media

CORPORATE

  • General
  • Ratings
  • Results
    • VodafoneZiggo: Impact Report 2020; 100% green energy, net CO2 emissions zero, 7501 employees, total 4572 towers, 118m IoT connections, uptime mobile 99.8%, uptime fixed 99.9%, NPS: Vodafone converged consumer +27, Ziggo converged consumer +7, hollandsnieuwe +22, Vodafone converged business +6, Ziggo converged business -4; Launches CSR targets 2025 (People Planet Progress): halve environmental impact, support 2m people in society
    • Eurofiber: 2020; 38300 network km, adds 40 km/week, 32932 customer connections, 215 datacenters, NPS +33, market share corporate fiber 26%, 100% renewable energy, total invested EUR 820m (50% of annual revenues)
    • Vodafone Ireland: Vodafone IE 2020/21, total 1020 employees
    • Orange Belgium: 21Q1; maintains guidance 2021: rev growth LSD, EBITDA AL EUR 320-340m, capex EUR 200-220m (incl MWingz 50/50 JV with Proximus)
    • Orange: 21Q1
    • Telia: 21Q1; outlook 2021 unchanged: SR flat-LSD, adj mEBITDA flat-LSD, capex SEK 14.5-15.5b; outlook 2021-2023 unchanged: SR LSD growth, adj EBITDA LSD-MSD growth, capex/sales 15% by 2023
    • Tele2: 21Q1; book value T-Mobile NL stake (25%) SEK 7.163b, profit contribution 21Q1 SEK -3m; proposes extraordinary dividend 3.00 SEK/share = SEK 2.1b
    • AT&T: 21Q1; outlook 2021: rev growth 1%, EPS stable, capital investment $22b o/w capex $17b, FCF $26b, div pay-out ratio high 50s
    • Verizon: 21Q1
    • EQT: 21Q1
    • Netflix: 21Q1; highlights:
      • net additions 21H1 slow due to pull forward and delayed slate dynamics plus typical seasonality (not new competitors); biggest competitors linear TV & YouTube, no material effect expected from economies reopening after corona virus pandemic
      • Targets 2021: to spend >$17b cash on content (2020: $11.8b), oper margin 20%, to maintain $10-15b in gross debt, to launch SBB $5b 21Q2, password sharing crackdown will not be aggressive; plans movies based on Sony IP based on distr deal [see 210408]
      • Viewing stats first 28 days: series Firefly Lane 49m, Cobla Kai season 3 45m,  Fate: The Winx Saga 57m, Ginny & Georgia season 1 52m, movies I Care A Lot 56m, YES DAY 62m, Outside the Wire 66m, To All the Boys I’ve Loved Before (final movie) 51m, foreign productions  Below Zero (Spain) 47m, Space Sweepers (S Korea) 26m, Squared Love (Poland) 31m, Who Killed Sara? (Mexico) 55m, Lupin (France) 76m
    • Snap: 20Q1; outlook 21Q2: rev $820-840m, adj EBITDA between -20m and zero

  • CSR
    • Telia
      • Launches new sustainability goals: empower societies in the Nordics & Baltics to achieve zero CO2 & waste by 2030, reach 1m people through digital inclusion initiatives by 2025, implement winning privacy & security strategies by 2023 to gain & maintain customers’ trust
      • Accenture report for Telia The Shift: The Role of Telcos in the Circular Economy: applying circular principles unlocks values of $45-80b annually

    • Orange PL sets climate goals: CO2 reduction, increase in renewable energy
    • Akamai: New sustainability goals: 5 goals in 3 areas (Akamai intelligent edge platform, communities in which it lives, works & operates, global supply chain): 100% Renewably-sourced Energy, 50% More Energy-Efficient Platform, 100% Platform Emissions Mitigationm Responsible Supply Chain Management, Global Expansion of 100% Electronic Waste Recycling Program
    • Amazon: The Climate Pledge reaches >100 signatories (5m employees in 16 countries), incl Elisa, Telefónica
  • WFH

NETWORKS

  • FTTH
    • Netherlands

SERVICES

  • Telecoms
    • Telenet launches ONE (to replace WIGO and YUGO): internet access (fixed & mobile & WiFi, no data cap), pricing speed-based pricing (at home 150 Mb/s or 1 Gb/s; away from 30 Mb/s), dependent on household; TV as add-on (managed via TV-box or OTT via Flow app); free extra data SIM (optionally for Minimodem: hotspot for max 10 devices)
  • Video
    • Pathe Thuis: Reaches 1m active users; usage 2021: total 7m films, average 2.2 viewers per film; distr deal with KPN from 210701: access to 3700 titles
    • Samsung: Expands Samsung TV Plus (on Samsung smart TVs) to NL, BE, LU, SE, FI, NO, DK, IE, PT; total 23 countries; also for Galaxy smartphones & tablets
    • Sony: Plans to trial PlayStation Plus Video Pass (15 movies, 6 series) in Poland, free for PlayStation Plus subs
    • Walt Disney: Content deal with Sony for Disney+, Hulu, ABC, Disney Channels, Freeform, FX, NatGeo in US for new theatrical releases & library titles 2022-2026 for Pay 1 TV window (after Netflix)
    • MTS plans OTT service Kion 210420 (to add AVOD tier end 2021)
  • Music, audio, podcasts
    • Apple
      • Launches Podcast Subscriptions in 170 countries per creator, price set by creator (from 49 c/mo in US; with Family Sharing)
      • Apple takes 30% in first year, 15% thereafter
      • Launches Apple Podcasters Program for creators, 20 $/mo
    • Spotify: WSJ: plans podcast subscription, creators keep 100% of fees (currently hosts 2.2m podcasts)
    • SoundCloud: Reaches 100k creators
    • Reddit: Launches Reddit Talk for subreddits, with moderators [a la Clubhouse]
    • Facebook: Plans new audio services in 3-6 mo
      • Soundbites (recorded audio messages)
      • Podcasts (discovery)
      • Live Audio Rooms (in Groups in Facebook & Messenger) [a la Clubhouse]
      • establishes Audio Creator Fund
      • partners with Spotify to integrate music (Project Boombox)
  • Hardware
    • Google: Fitbit launches Luxe, $150 (incl 6 mo Fitbit Premium): fitness tracker
    • Apple: Spring Loaded event
      • Launches new iPad (with M1 processor)
      • new Apple TV (with A12 Bionic processor, 4K, new Siri remote control)
      • AirTags (with U1 chip; keychain device for locating devices)
      • iOS 14.5
      • new iMac computer (with M1 chip) with new Magic Keyboard (with Touch ID)
      • launches Apple Card Family (to build joined credit)
      • launches podcast subscriptions

REGULATORY

  • Spectrum auctions
    • Slovenia raises EUR 164m from multiband auction (700, 1500, 2.1, 2.3, 3.5, 26) from Telekom Slovenia (EUR 52m), Telemach (EUR 52m), A1 (EUR 42m), T2 (EUR 18m)
    • Energistyrelsen (DK) raises DKK 2.08b from multiband auction (1.5, 2.1, 2.3, 3.5, 26 GHz); pops coverage demands 3.5 GHz band: 60% YE 2023, 75% YE 2025
      • TDC Net 45 MHz in 1,500 MHz band, 40 MHz in 2,100 MHz band, 40 MHz in 2,300 MHz band, 130 MHz in 3.5 GHz band, 1,250 MHz in 26 GHz band for DKK 795m
      • Hi3G 40 MHz in 2,100 MHz band, 120 MHz in 3.5 GHz band, 1,000 MHz in 26 GHz band for DKK 541m
      • TT-Network (Telia, Telenor) 45 MHz in 1,500 MHz band, 40 MHz in 2,100 MHz band, 140 MHz in 3.5 GHz band (incl 60 MHz with a leasing obligation), 600 MHz in 26 GHz band for DKK 741m
    • ACMA (Australia) raises AUD 648m from 26 GHz auction; Dense Air 2 lots for AUD 28.7m, Mobile JV 86 lots for AUD 108m, Optus Mobile 116 lots for AUD 226m, Pentanet 4 lots for AUD 7.90m, Telstra 150 lots for AUD 277m

  • Platforms
    • EC proposes harmonised rules on AI; list of high-risk use cases (critical infrastructure, college admissions, loan applications) subject to supervision and standards for development & use; fine on violations max 6% of annual global revenues; to be approved by European Council & European Parliament
    • US Senate antitrust hearing with Apple, Google over app store fees [monopoly rents]

at 1:23 pm
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