Ziggo going ex growth on the digital TV market

Here is the analogue-to-digital conversion ratio for Ziggo (digital net additions divided by analogue net deletions). As you can see below (blue line), the ratio used to be roughly around 80 percent for three years (consumers only). Meaning: of all analogue deletions, around 80% would return as a Ziggo digital customer and the other 20% would defect to a different platform (IPTV, DTH, OTT-only). In 12Q4, all deletions defected to a rival platform.

The digital TV penetration now stands at 80.4%, and there are 546,000 analogue-only viewers left to be converted to digital TV. The red line below shows the utility rate of the network (customers divided by homes passed), or if you will: Ziggo's TV market share in its service area against all competition. Currently, it stands at 65.9%.

If all 546,000 analogue-only viewers would defect away from the Ziggo platform (hence the blue line would be flat at 0,00%), then the red line would end up at 52.9% (assuming a flat number of homes passed: 4.213 mln).