在欧洲释放视频流的力量

QUALIFICATIONS, ASSUMPTIONS, AND LIMITING CONDITIONSThis report is for the exclusive use of the Oliver Wyman client named herein. This report is not intended for general circulation or publication, nor is itto be reproduced, quoted, or distributed for any purpose without the prior written permission of Oliver Wyman. There are no third-party beneficiarieswith respect to this report, and Oliver Wyman does not accept any liability to any third party.Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been independently verified,unless otherwise expressly indicated. Public information and industry and statistical data are from sources we deem to be reliable; however, we makeno representation as to the accuracy or completeness of such information. The findings contained in this report may contain predictions based oncurrent data and historical trends. Any such predictions are subject to inherent risks and uncertainties. Oliver Wyman accepts no responsibility foractual results or future events.The opinions expressed in this report are valid only for the purpose stated herein and as of the date of this report. No obligation is assumed to revisethis report to reflect changes, events, or conditions, which occur subsequent to the date hereof.All decisions in connection with the implementation or use of advice or recommendations contained in this report are the sole responsibility of theclient. This report does not represent investment advice nor does it provide an opinion regarding the fairness of any transaction to any and all parties.In addition, this report does not represent legal, medical, accounting, safety, or other specialized advice. For any such advice, Oliver Wymanrecommends seeking and obtaining advice from a qualified professional. © Oliver Wyman78% OF EU HOUSEHOLDS HAVE VIDEO SUBSCRIPTIONSFRANCE HOLDS THE HIGHEST PENETRATION WHILE SPAIN IS THE LOWEST WITH 72%81%GermanyItaly74%78%72%Pay-TV and streaming services penetration by country2023Source: NPA, Dataxis, Vaunet, OFCOM, AIMC and Oliver Wyman Telco Consumer Survey 2023.1,010 respondents2,022 respondents2,046 respondents1,010 respondents © Oliver WymanEU HOUSEHOLDS HAVE IN AVG 2.7 SUBSCRIPTIONS.HIGHER IN SPAIN AND GERMANY, WHILE FRENCH ONLY HAVE 2.4 IN AVERAGEAverage # Videosubs per HH2023Spain2.8UK2.7France2.4Italy2.6Source: Oliver Wyman Telco Consumer Survey 2023.31%23%16%11%19%37%27%17%9%10%28%26%22%12%13%27%23%20%16%14%5+ subscriptions4subscriptions3subscriptions2subscriptions1subscriptionHow many video services you have (either services that you contract directly by yourself or via your telecom operator)?% of respondents with at least one subscription, by # of subscriptionsGermany2.828%29%21%12%11% © Oliver WymanVIDEO CONSUMPTION IS DRIVEN BY YOUNG ADULTS, WITH 3.5 SUBSCRIPTIONS IN AVERAGE.NOTABLY IN GERMANY, 39% OF CONSUMERS < 35 Y.O. HAVE MORE THAN 4 VIDEO SERVICES5+subscriptions4subscriptions3subscriptions2subscriptions1subscriptionAge group<3535-55>55<35 35-55>55<3535-55>55<35 35-55>55<3535-55>55<3535-55>55Source: Oliver Wyman Telco Consumer Survey 2023.Which video services you have (either services that you contract directly by yourself or via your telecom operator)?% of respondents with at least one subscription, by # of subscriptions and ageAverage # Videosubs per HH20233.22.31.93.12.62.24.12.8 2.23.42.92.33.22.82.23.5SpainUKFranceItalyGermany22%39%19%17%20%25%17%14%16%18%13%15% © Oliver WymanTELCO OPERATORS HAVE BEEN SUCCESSFUL PUSHING THEIR TV PLATFORMS IN SPAIN AND UK,LESS SO IN THE REST OF EUROPEHouseholds with Pay services provided by their FBB operator% of respondents with FBB at home, 202332%15%28%13%8%Source: Oliver Wyman Telco Consumer Survey 2023UKfranceGermanyspainItaly © Oliver Wyman[ZOOM] HOWEVER, VIDEO GROWTH IN SPAIN IS OTT-DRIVEN. TELCO PENETRATION HAS BEENRELATIVELY STABLE AND HAS STARTED TO SHOW SIGNS OF DECLINETV platforms penetration in Spain2015-202237%68%72%31%36%34%4%58%63%20152016201720182019202020212022Pay TV penetrationTV telco platform penetrationOTT penetration+14%+71%+2%2017-22CAGR (%)Source: AIMC; Oliver Wyman Analysis © Oliver Wyman[ZOOM] IN SPAIN, PENETRATION OF TELCO TV PLATFORMS IS DRIVEN BY FMC CUSTOMERS INTRADITIONAL TELCOS. HOWEVER, NON-FMC CUSTOMERS HAVE MORE SUBSCRIPTIONS ON AVERAGEWhich video services you have (either services that you contract directly by yourself or via your telecom operator)?% of respondents, by # of subscriptionsConvergentFBB only43%63%60%34%30%19%3%28%68%67%46%32%14%9%My FBB operator6%58%52%21%19%8%2%12%60%60%27%31%8%8%Average # Video subs per HH20232.93.1Source: Oliver Wyman Telco Consumer Survey 2023.ConvergentFBB only2.42.9Traditional telco operators(Movistar, Orange, Vodafone, Euskaltel, YOIGO and TELECAble)Low-cost operators(digi, jazztel, lowi, o2, masmovil, pepephone, etc) © Oliver Wyman[ZOOM] IN UK, TV PUSH IS RELATIVELY MORE EFFECTIVE IN HH WHERE OPERATORS HAVE THEIROWN TV PLATFORM, AND SKY P