ASIA PACIFIC PAY-TV & BROADBAND MARKETS The Authoritative Guide to the Future of Broadband Digital Content, Distribution & Technology in Asia

Transcription

1 ASIA PACIFIC PAY-TV & BROADBAND MARKETS 2015 The Authoritative Guide to the Future of Broadband Digital Content, Distribution & Technology in Asia

2 Media Partners Asia or MPA, founded by its two shareholders Vivek Couto and Rupert Wilkinson in Hong Kong in March 2001, is more than just a company. We are passionately committed to the analysis of the media and communications industries in Asia Pacific - its business, markets and people. Our own people, based in Hong Kong, Singapore and Mumbai, carry this passion and commitment in everything we do across research, consulting, conferences, publishing and digital. Our clients are local, regional and global with representation across the ecosystem including media owners and distributors, policy makers, technology and finance. Our main business verticals include: MPA Research. MPA analysts cover nine different sectors within the media and communication space with market expertise stretching across 19 territories in Asia, combined with perspectives on international geographies. MPA regularly provides detailed, reliable and accurate analysis of media & telecoms industries in Asia Pacific. Key annual, bi-monthly and quarterly reports include: ASIA PACIFIC PAY-TV & BROADBAND MARKETS; ASIA PACIFIC ONLINE VIDEO DISTRIBUTION; ASIA PACIFIC ADVERTISING TRENDS; MEDIA ROUTE 26 INDIA; and THE ROUTE. MPA Consulting. MPA provides a range of consulting services, including corporate strategy, customized research and M&A related due diligence to a wide range of clients with strong teams equipped with decades of industry expertise and local market engagement. MPA provides dedicated and customized consulting to a wide range of players across the media & telecoms ecosystem including content owners, broadcasters, media distributors, telecom platforms, technology suppliers, policymakers, strategic & financial investors, legal institutions and more. Our team of consultants and analysts is equipped with decades of industry expertise and local market engagement. Consulting services include: (1) Benchmarking companies, competitors and industry segments; (2) Commercial & technical due diligence services for M&A transactions; (3) Customized market research; (4) Corporate strategy; (5) Consumer research; (5) Fair market appraisals & independent valuations; and (6) Independent media consultant (IMC) research for initial public offerings (IPOs) and all equity & debt transactions. Media Business Asia (MBA). MPA s digital media platform Media Business Asia (MBA: is the leading platform for insight, analysis and news of Asia s video industries, tracking companies, markets, people and trends with stories, features, analysis and videos. Asia Pacific Pay-TV Operators Summit (APOS). APOS is MPA s annual video industry summit, a catalyst for dynamic conversations, deals and partnerships amongst industry stakeholders. APOS focuses on the commercial creation and distribution of content and related services across multiple screens and networks. The event unites local and global leaders from video & broadband distribution, broadcasting and content creation, finance, technology and regulation. India Digital Operators Summit (IDOS). With a wide range of speakers across the value chain in India and from key international markets, IDOS provides clarity and depth to determine the key drivers and challenges ahead in India s race to digitalize 150 million-plus television households. Organized in partnership with Indian Television Dot Com. Director, Content & Research VP, Research & Consulting Analysts Research Assistants VP, Sales Business Development Manager Creative Director Client Services Manager Company Directors Vivek Couto Aravind Venugopal Mihir Shah Stephen Laslocky Adrian Tong Jambi Reyes Milan Ashar Anurag Gaur Atikah Shaftee Myrna Dignadice Reagan Chan Dora Chan Frances Chan Lavina Bhojwani Rupert Wilkinson, Vivek Couto Permission to cite information contained in this report in any form of public documentation must be obtained from Media Partners Asia, Ltd. To request permission, please contact: lavina@media-partners-asia.com Queries about forecasts and data will be handled by MPA analysts - please contact: vivek@media-partners-asia.com 2015 Media Partners Asia, Ltd. All rights reserved. Printed by Jet Set Graphic Arts Co., Ltd. 15/F, Heung Wah Industrial Building, 12 Wong Chuk Hang Road, Hong Kong Hong Kong Suite 13A, 50 Stanley Street Central, Hong Kong PH: Singapore Level 28, 8 Cross Street Singapore PH: Mumbai The Hub, One Indiabulls Centre, Tower 2A, 10/F, Senapati Bapat Marg. Elphinstone Road, Mumbai PH:

3 Executive Summary 1 Regional Cable TV & Broadband Operators 62 Regional DTH Satellite Pay-TV Operators 77 Regional IPTV & Broadband Operators 86 Regional Broadcasters 93 Regional Digital & Interactive 120 Regional Fixed Service Satellite 156 Regional Broadcasting & Pay-TV Finance 160 Regional Regulation 179 Australia 186 Cambodia 199 China 203 Hong Kong 218 India 231 Indonesia 252 Japan 267 Korea 279 Malaysia 295 Myanmar 307 New Zealand 311 Pakistan 323 Philippines 332 Singapore 346 Sri Lanka 358 Taiwan 368 Thailand 381 Vietnam 393

4 (continued) Pay-TV & Broadband Packs: Australia 406 China 410 Hong Kong 416 India 428 Indonesia 502 Japan 523 Korea 535 Malaysia 557 New Zealand 566 Philippines 569 Singapore 586 Sri Lanka 597 Taiwan 609 Thailand 621 Vietnam 629

5 Executive Summary 1-61 Methodology & Definitions 2 Overview 3-8 Market Projections ( ) 9-42 Population (000) 9 Total Households (000) 9 TV Homes (000) 9 TV Penetration of Total Households (%) 10 Pay-TV Subs (000) 10 Net Pay-TV Adds (000) 10 Pay-TV Penetration of TV Homes (%) 11 Total Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 11 Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 11 Digital Pay-TV Subs (000) 12 Digital Pay-TV Penetration of TV Homes (%) 12 Digital Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 12 Digital Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 13 Digital Penetration of Total Pay-TV Subs (%) 13 Digital Penetration of Total Pay-TV Subs (includes customers that subscribe to multiple platforms) (%) 13 HD Pay-TV Subs (000) 14 HD Pay-TV Penetration of TV Homes (%) 14 HD Penetration of Total Digital Pay-TV Subs (%) 14 Pay-TV DVR Subs (000) 15 Pay-TV DVR Penetration of Total Digital Pay-TV Subs (%) 15 Pay-TV TVE Subs (000) 15 Pay-TV TVE Penetration of Total Digital Pay-TV Subs (%) 16 Cable TV Subs (000) 16 Cable TV Penetration of TV Homes (%) 16 Digital Cable TV Subs (000) 17 Digital Cable TV Penetration of TV Homes (%) 17 Digital Cable Penetration of Total Cable TV Subs (%) 17 DTH Satellite Subs (000) 18 DTH Satellite Penetration of TV Homes (%) 18 IPTV Subs (000) 18 IPTV Penetration of TV Homes (%) 19 Cable TV Share of Total Pay-TV Subs (%) 19 DTH Satellite Share of Total Pay-TV Subs (%) 19 IPTV Share of Total Pay-TV Subs (%) 20 Digital Cable TV Share of Digital Pay-TV Subs (%) 20 DTH Satellite Share of Digital Pay-TV Subs (%) 20 IPTV Share of Digital Pay-TV Subs (%) 21 HD Cable Subs (000) 21 HD DTH Subs (000) 21 HD IPTV Subs (000) 22 Cable DVR Subs (000) 22 DTH DVR Subs (000) 22 IPTV DVR Subs (000) 23 Cable TVE Subs (000) 23 DTH TVE Subs (000) 23 IPTV TVE Subs (000) 24 III

6 Broadband Subs (000) 24 Fixed Broadband Penetration of Total Households (%) 24 Wireless Broadband Penetration of Population (%) 25 Fixed Broadband Subs (000) 25 Wireless Broadband Subs (000) 25 Cable Modem Broadband Subs (000) 26 ADSL Broadband Subs (000) 26 FTT x Broadband Subs (000) 26 Fixed Share of Broadband Subs (%) 27 Wireless Share of Broadband Subs (%) 27 Cable Share of Fixed Broadband Subs (%) 27 ADSL Share of Fixed Broadband Subs (%) 28 FTT x Share of Fixed Broadband Subs (%) 28 Cable Telephony Subs (000) 28 Total Pay-TV Industry Revenue (US$ mil.) 29 Pay-TV Subscription Revenue (US$ mil.) 29 Pay-TV Monthly ARPU (US$) 29 Net Pay-TV Advertising Revenue (US$ mil.) 30 Analog Pay-TV Subscription Revenue (US$ mil.) 30 Digital Pay-TV Subscription Revenue (US$ mil.) 30 SD Pay-TV Subscription Revenue (US$ mil.) 31 HD Pay-TV Subscription Revenue (US$ mil.) 31 VAS Subscription Revenue (US$ mil.) 31 Multichannel On-Demand (VOD+PPV+NVOD) Revenue (US$ mil.) 32 Multichannel VOD Revenue (US$ mil.) 32 Multichannel DVR Revenue (US$ mil.) 32 Multichannel TVE Revenue (US$ mil.) 33 Multichannel PPV/NVOD Revenue (US$ mil.) 33 Total Cable TV Revenue (US$ mil.) 33 Total DTH Satellite Revenue (US$ mil.) 34 Total IPTV Revenue (US$ mil.) 34 Cable TV Monthly ARPU (US$) 34 DTH Satellite Monthly ARPU (US$) 35 IPTV Monthly ARPU (US$) 35 Cable TV Subscription Revenue (US$ mil.) 35 DTH Satellite Subscription Revenue (US$ mil.) 36 IPTV Subscription Revenue (US$ mil.) 36 Cable TV Net Advertising Revenue (US$ mil.) 36 DTH Satellite Net Advertising Revenue (US$ mil.) 37 IPTV Net Advertising Revenue (US$ mil.) 37 Cable TV Share of Total Pay-TV Subscription Revenue (%) 37 DTH Satellite Share of Total Pay-TV Subscription Revenue (%) 38 IPTV Share of Total Pay-TV Subscription Revenue (%) 38 Fixed Broadband Monthly ARPU (US$) 38 ADSL Monthly ARPU (US$) 39 FTT x Monthly ARPU (US$) 39 Cable Modem Broadband Monthly ARPU (US$) 39 Cable Telephony Monthly ARPU (US$) 40 Fixed Broadband Subscription Revenue (US$ mil.) 40 ADSL Subscription Revenue (US$ mil.) 40 IV

7 FTT x Subscription Revenue (US$ mil.) 41 Cable Modem Broadband Subscription Revenue (US$ mil.) 41 Cable Telephony Subscription Revenue (US$ mil.) 41 Total Cable Industry (Video, Voice, Data) Sub Revenue (US$ mil.) 42 Total Telco Broadband (Broadband+IPTV ) Industry Revenue (US$ mil.) 42 Total Pay-TV + Broadband Industry Revenue (US$ mil.) 42 Market Rankings (2014/2019/2023) Pay-TV Subs (000) 43 Pay-TV Penetration of TV Homes (%) 43 Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 43 Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 44 Digital Pay-TV Subs (000) 44 Digital Pay-TV Penetration of TV Homes (%) 44 Digital Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 45 Digital Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 45 Digital Penetration of Total Pay-TV Subs (%) 45 Digital Penetration of Total Pay-TV Subs (includes customers that subscribe to multiple platforms) (%) 46 HD Pay-TV Subs (000) 46 HD Pay-TV Penetration of TV Homes (%) 46 HD Pay-TV Penetration of Digital Pay-TV Subs (%) 47 DVR Pay-TV Subs (000) 47 DVR Pay-TV Penetration of Digital Pay-TV Subs (%) 47 Cable TV Subs (000) 48 Cable TV Penetration of TV Homes (%) 48 Digital Cable TV Subs (000) 48 Digital Cable TV Penetration of TV Homes (%) 49 Digital Cable TV Penetration of Total Cable TV Subs (%) 49 DTH Satellite Subs (000) 49 DTH Satellite Penetration of TV Homes (%) 50 IPTV Subs (000) 50 IPTV Penetration of TV Homes (%) 50 Cable TV Share of Total Pay TV Subs (%) 51 DTH Satellite Share of Total Pay TV Subs (%) 51 IPTV Share of Total Pay TV Subs (%) 51 Broadband Internet Subs (000) 52 Wireless Broadband Internet Penetration of Population (%) 52 Fixed Broadband Internet Penetration of Total Households (%) 52 Fixed Broadband Subs (000) 53 Wireless Broadband Subs (000) 53 Cable Broadband Subs (000) 53 ADSL Broadband Subs (000) 54 FTT x Broadband Subs (000) 54 Fixed Share of Total Broadband Subs (%) 54 Cable Share of Fixed Broadband Subs (%) 55 ADSL Share of Fixed Broadband Subs (%) 55 FTT x Share of Fixed Broadband Subs (%) 55 Total Pay-TV Industry Revenue (US$ mil.) 56 Pay-TV Subscription Revenue (US$ mil.) 56 Pay-TV Monthly ARPU (US$) 56 Pay-TV Net Advertising Revenue (US$ mil.) 57 V

8 Pay-TV Net Advertising Revenue (US$ mil.) 57 Analog Pay TV Sub Revenue (US$ mil.) 57 Digital Pay TV Sub Revenue (US$ mil.) 58 HD Pay TV Sub Revenue (US$ mil.) 58 VAS Sub Revenue (US$ mil.) 58 On-Demand Revenue (US$ mil.) 58 VOD Revenue (US$ mil.) 59 DVR Revenue (US$ mil.) 59 PPV/NVOD Revenue (US$ mil.) 59 Fixed Broadband Monthly ARPU (US$) 59 ADSL Monthly ARPU (US$) 60 FTT x Monthly ARPU (US$) 60 Cable Modem Monthly ARPU (US$) 60 Fixed BB Subscription Revenue (US$ mil.) 61 Regional Cable TV & Broadband Operators Sector Highlights Asia Pacific Broadband Cable TV Development: A Summary 64 Asia Pacific Cable TV Subscriber Development 64 Asia Pacific Cable Subscription Revenue Progression 65 Leading Operators Leading Asia Pacific Cable Operators: Ranked by Pay-TV Subs (Y/E Dec. 2014) 66 Ranked by Digital Pay-TV Subs (Y/E Dec. 2014) 67 Ranked by Fixed Broadband Subs (Y/E Dec. 2014) 68 Ranked by Cable TV ARPU (Y/E Dec. 2014) 69 Ranked by Fixed Broadband ARPU (Y/E Dec. 2014) 70 Ranked by Turnover (Y/E Dec. 2014) 71 Ranked by EBITDA (Y/E Dec. 2014) 72 Ranked by Margin 73 Regional Cable Operators (Listings) Regional DTH Satellite Pay-TV Operators Sector Highlights Asia Pacific Broadband DTH Development: A Summary 79 Leading DTH Markets by Pay-TV subscribers by 2023 (excl. China) 80 Leading DTH Markets by Revenue by 2023 (excl. China) 80 Leading Operators Leading Asia Pacific DTH Operators: Ranked by Pay-TV Subs (Y/E Dec. 2014) 81 Ranked by Pay-TV ARPU (Y/E Dec. 2014) 82 Ranked by Turnover (Y/E Dec. 2014) 82 Ranked by Turnover (Y/E Dec. 2014) 83 Ranked by Margin 83 Regional DTH Operators (Listings) Regional IPTV & Broadband Operators Sector Highlights Asia Pacific Broadband IPTV Development: A Summary 87 Leading IPTV Markets by VI

9 Leading Fixed Broadband Markets by Leading Wireless Broadband Markets by Leading Operators Leading Asia Pacific IPTV Operators: Ranked by Pay-TV Subs (Y/E Dec. 2014) 89 Ranked by BB Subs (Y/E Dec. 2014) 89 Ranked by Pay-TV ARPU (Y/E Dec. 2014) 90 Regional IPTV Operators (Listings) Regional Broadcasters Sector Highlights Leading Pay-TV Broadcasters in Asia Pacific 94 Pay-TV Channel Economics 95 Pay TV Channel Subscription Fees: Leading Markets by Leading Markets for Pay-TV Channels in Asia Pacific by Leading Local Advertising Markets by Pay-TV Advertising Share of Total TV Advertising, 2014 vs 2019 (Ranked by Market) 97 Market Analysis Market Projections ( ) Regional Broadcasters (Listings) Regional Digital & Interactive Sector Highlights Asia Pacific Digital Pay-TV Projections 122 APAC Digital Pay-TV Penetration Key Metrics 122 Market Analysis Market Projections ( ) Market Rankings (2014/2019/2023) Digital Technology Providers (Listings) Regional Fixed Service Satellite Sector Highlights Asia Pacific Satellite Launches 157 Regional Satellite Operators 159 Regional Broadcasting & Pay-TV Finance Sector Highlights Asia Pacific Broadband Pay-TV Operator Valuations 161 Asia Pacific Pay-TV & Broadband Operators by Market Value 162 Asia Pacific Pay-TV & Broadband Operators - Stock Price Performance (2015 YTD) 162 Sector Analysis Leading Asia Pacific Pay-TV Operators: Ranked by Turnover 163 Ranked by EBITDA 163 Ranked by EBITDA Margin (Y/E Dec. 2014) 163 Leading Asia Pacific Broadcasters: Ranked by Turnover (Calendar Year End 2014) 164 Ranked by EBITDA (Calendar Year End 2014) 164 Ranked by EBITDA Margin (Calendar Year End 2014) 164 VII

10 Asia Pacific Pay-TV & Broadcasting Bonds (2014/Q1 2015) 165 Asia Pacific Pay-TV & Broadcasting Loans (2014/Q1 2015) 165 Asia Pacific Broadcasting & Pay-TV IPOs (2014/Q1 2015) 165 Asia Pacific Broadcasting & Pay-TV M&A (2014/Q1 2015) 166 Strategic Investors, Financial & Venture Cap Investors (Listings) Regional Regulation Sector Analysis Regulatory Bodies (Listings) Australia Operating Indicators 187 Market Highlights 188 Broadband Pay-TV Industry Economics 188 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 193 Foxtel 193 Fetch TV 193 Telstra 193 Singtel Optus 193 Key Pay-TV & Broadband Companies: Financial Indicators 193 Foxtel 193 Australia Pay-TV & Broadband Market Model: Historicals & Forecasts Cambodia Operating Indicators 200 Market Highlights 200 Market Analysis China Operating Indicators 204 Market Highlights Broadband Pay-TV Industry Economics 205 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 211 BesTV 211 Wasu Media 211 Oriental Cable 211 Shenzhen Topway 211 Beijing Gehua 211 China Cable Network 211 China Telecom 211 China Unicom 211 China Mobile 211 Key Pay-TV & Broadband Companies: Financial Indicators 212 BesTV 212 Wasu Media 212 Beijing Gehua 212 Shenzhen Topway 212 China Telecom 212 VIII

11 China Unicom 212 China Mobile 212 China Pay-TV & Broadband Market Model: Historicals & Forecasts Hong Kong Operating Indicators 219 Market Highlights 220 Broadband Pay-TV Industry Economics 220 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 225 i-cable 225 PCCW / HKT 225 TVB Network Vision 225 Hong Kong Broadband Network 225 Key Pay-TV & Broadband Companies: Financial Indicators 225 i-cable 225 PCCW 225 HKT 225 Hong Kong Broadband Network 225 Hong Kong Pay-TV & Broadband Market Model: Historicals & Forecasts India Operating Indicators 233 Market Highlights 234 Broadband Pay-TV Industry Economics 234 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators Hathway Cable & Datacom (Hathway) 243 DEN Networks (DEN) 243 IndusInd Media & Communications (InCable) 243 Siti Cable Network (Siti Cable) 243 You Broadband India 243 Ortel Communications 243 Digicable 243 Asianet Satellite Communications 243 Dish TV India 243 Tata Sky 244 Sun Direct TV 244 Reliance Digital TV 244 Bharti Telemedia (Airtel Digital TV) 244 Videocon D2h 244 DD Freedish 244 Grant Investrade Ltd (GIL) 244 JAINHITS 244 Key Pay-TV & Broadband Companies: Financial Indicators 245 Hathway Cable & Datacom (Hathway) 245 DEN Networks (DEN) 245 Siti Cable Network (Siti Cable) 245 Ortel Communications 245 Digicable 245 IX

12 Asianet Satellite Communications 245 Dish TV India 245 Tata Sky 245 Sun Direct TV 245 Reliance Digital TV 245 Bharti Telemedia (Airtel Digital TV) 245 Videocon D2hv 245 DD Freedish 245 India Pay-TV & Broadband Market Model: Historicals & Forecasts Indonesia Operating Indicators 253 Market Highlights 254 Broadband Pay-TV Industry Economics 254 Market Analysis Broadband Market Key Pay-TV & Broadband Companies: Operating Indicators 260 MNC Sky Vision 260 Link Net 260 Big TV 260 TransVision 260 Telkom 260 MNC Play Media 260 Key Pay-TV & Broadband Companies: Financial Indicators 260 MNC Sky Vision 260 Link Net 260 Indonesia Pay-TV & Broadband Market Model: Historicals & Forecasts Japan Operating Indicators 268 Market Highlights 269 Broadband Pay-TV Industry Economics 269 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 273 J:COM 273 Sky Perfect JSAT 273 Nippon Telegraph and Telephone Corp. (NTT) 273 KDDI 273 Key Pay-TV & Broadband Companies: Financial Indicators 273 J:COM 273 Sky Perfect JSAT 273 Nippon Telegraph and Telephone Corp. (NTT) 273 KDDI 273 Japan Pay-TV & Broadband Market Model: Historicals & Forecasts Korea Operating Indicators 280 Market Highlights 281 Broadband Pay-TV Industry Economics 281 Market Analysis X

13 Key Pay-TV & Broadband Companies: Operating Indicators 287 CJ HelloVision (CJHV) 287 C&M Co. Ltd 287 Hyundai Communications Network (HCN) 287 Tbroad 287 KT SkyLife (KTS) 287 KT Corp. (KT) 287 SK Broadband (SKB) 287 LG Uplus 287 Key Pay-TV & Broadband Companies: Financial Indicators 288 KT SkyLife (KTS) 288 CJ HelloVision (CJHV) 288 C&M Co. Ltd 288 Hyundai Communications Network (HCN) 288 Korea Pay-TV & Broadband Market Model: Historicals & Forecasts Malaysia Operating Indicators 296 Market Highlights 297 Broadband Pay-TV Industry Economics 297 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 301 Astro Malaysia Holdings 301 Telekom Malaysia 301 ABN 301 Key Pay-TV & Broadband Companies: Financial Indicators 301 Astro Malaysia Holdings 301 Malaysia Pay-TV & Broadband Market Model: Historicals & Forecasts Myanmar Operating Indicators 308 Market Highlights 308 Market Analysis New Zealand Operating Indicators 312 Market Highlights 313 Broadband Pay-TV Industry Economics 313 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 317 Sky Network TV 317 Spark 317 Chorus 317 Key Pay-TV & Broadband Companies: Financial Indicators 317 Sky Network TV 317 New Zealand Pay-TV & Broadband Market Model: Historicals & Forecasts Pakistan Operating Indicators 324 Market Highlights 325 XI

14 Broadband Pay-TV Industry Economics 325 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 328 PTCL 328 Wateen Telecom 328 WorldCall Telecom Ltd 328 Pakistan Pay-TV & Broadband Market Model: Historicals & Forecasts Philippines Operating Indicators 333 Market Highlights 334 Broadband Pay-TV Industry Economics 334 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 340 Cignal TV 340 Globe Telecom 340 PLDT 340 SkyCable 340 Key Pay-TV & Broadband Companies: Financial Indicators 340 Cignal TV 340 SkyCable 340 Philippines Pay-TV & Broadband Market Model: Historicals & Forecasts Singapore Operating Indicators 347 Market Highlights 348 Broadband Pay-TV Industry Economics 348 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 352 StarHub 352 Singtel 352 M1 352 MyRepublic 352 Key Pay-TV & Broadband Companies: Financial Indicators 352 StarHub 352 Singtel 352 Singapore Pay-TV & Broadband Market Model: Historicals & Forecasts Sri Lanka Operating Indicators 359 Market Highlights 360 Broadband Pay-TV Industry Economics 360 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 364 Dialog TV 364 Sri Lanka Telecom 364 Key Pay-TV & Broadband Companies: Financial Indicators 364 Dialog TV 364 Sri Lanka Pay-TV & Broadband Market Model: Historicals & Forecasts XII

15 Taiwan Operating Indicators 369 Market Highlights 370 Broadband Pay-TV Industry Economics 370 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 375 China Network Systems (CNS) 375 Kbro 375 Taiwan Broadband Communications (TBC) 375 Taiwan Mobile 375 Chunghwa Telecom (CHT) 375 Key Pay-TV & Broadband Companies: Financial Indicators 375 China Network Systems (CNS) 375 Kbro 375 Taiwan Broadband Communications (TBC) 375 Taiwan Mobile 375 Chunghwa Telecom (CHT) 375 Taiwan Pay-TV & Broadband Market Model: Historicals & Forecasts Thailand Operating Indicators 382 Market Highlights 383 Broadband Pay-TV Industry Economics 383 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 387 TrueVisions (True Corp.) 387 TOT IPTV 387 CTH 387 PSI 387 TOT 387 TrueOnline 387 Jasmine 387 Key Pay-TV & Broadband Companies: Financial Indicators 387 TrueVisions (True Corp.) 387 TrueOnline (True Corp.) 387 Jasmine 387 Thailand Pay-TV & Broadband Market Model: Historicals & Forecasts Vietnam Operating Indicators 394 Market Highlights 395 Broadband Pay-TV Industry Economics 395 Market Analysis Key Pay-TV & Broadband Companies: Operating Indicators 400 VSTV (K+) 400 SCTV 400 VTV Cable 400 TMS 400 An Vien Telecommunications and Media 400 MyTV 400 XIII

16 Vietnam Posts and Telecommunications Group (VNPT) 400 FPT Telecom 400 Viettel 400 Vietnam Pay-TV & Broadband Market Model: Historicals & Forecasts Pay-TV & Broadband Packs: Australia Pay-TV Prices & Packs Fetch TV 407 Foxtel 408 Internet Prices & Packs 409 Telstra 409 Pay-TV & Broadband Packs: China Pay-TV Prices & Packs Oriental Cable Shenzhen Topway Pay-TV & Broadband Packs: Hong Kong Pay-TV Prices & Packs Now TV (PCCW) i-cable Internet Prices & Packs 427 PCCW 427 Hong Kong Broadband Network 427 i-cable 427 Pay-TV & Broadband Packs: India Pay-TV Prices & Packs Dish TV India Airtel Digital TV (Bharti Telemedia) Videocon D2h Tata Sky Reliance Digital TV Sun Direct TV Hathway Cable & Datacom Siti Cable Network Internet Prices & Packs Hathway Cable & Datacom 493 Siti Broadband (Siti Cable Network) 494 DEN Boomband (DEN Networks) 494 You Broadband India ACT Fibernet 501 Pay-TV & Broadband Packs: Indonesia Pay-TV Prices & Packs Indovision (MNC Sky Vision) Top TV (MNC Sky Vision) 506 OkeVision (MNC Sky Vision) Nexmedia (Emtek) 509 Orange TV XIV

17 Link Net (First Media) TransVision Big TV (Lippo) Internet Prices & Packs 522 Biznet 522 Link Net (First Media) 522 Innovate 522 IndiHome (Telkom) 522 Pay-TV & Broadband Packs: Japan Pay-TV Prices & Packs J:COM Sky PerfecTV! (Sky Perfect Communications) Hikari TV (Nippon Telegraph and Telephone Corp.) Internet Prices & Packs 534 J:COM 534 Pay-TV & Broadband Packs: Korea Pay-TV Prices & Packs CJ HelloVision Olleh TV SkyLife (KT SkyLife) Skylife HD (KT SkyLife) 548 C&M Co. Ltd Internet Prices & Packs 556 CJ HelloVision 556 KT Corp. (KT) 556 C&M Co. Ltd 556 Pay-TV & Broadband Packs: Malaysia Pay-TV Prices & Packs Astro Malaysia Holdings HyppTV (Telekom Malaysia) Internet Prices & Packs 565 Telekom Malaysia 565 Pay-TV & Broadband Packs: New Zealand Pay-TV Prices & Packs Sky Network Television Ltd 567 Igloo 568 Pay-TV & Broadband Packs: Philippines Pay-TV Prices & Packs SkyCable Destiny Cable (SkyCable) 580 Cignal TV Internet Prices & Packs PLDT 584 Globe Telecom 585 XV

18 Pay-TV & Broadband Packs: Singapore Pay-TV Prices & Packs StarHub Singtel TV Internet Prices & Packs 596 StarHub 596 Singtel TV 596 Pay-TV & Broadband Packs: Sri Lanka Pay-TV Prices & Packs Dialog TV LBN Peo TV (Sri Lanka Telecom) Internet Prices & Packs 608 Sri Lanka Telecom 608 Pay-TV & Broadband Packs: Taiwan Pay-TV Prices & Packs China Network Systems 610 Kbro Taiwan Broadband Communications Chunghwa Telecom Internet Prices & Packs 620 China Network Systems 620 Kbro 620 Taiwan Broadband Communications 620 Chunghwa Telecom 620 Pay-TV & Broadband Packs: Thailand Pay-TV Prices & Packs TrueVisions (True Corp.) Internet Prices & Packs 628 TrueOnline (True Corp.) 628 Pay-TV & Broadband Packs: Vietnam Pay-TV Prices & Packs Vietnam Cable (VTV Cable) 630 SCTV 631 K+ (VSTV) MyTV (VNPT) 634 XVI