Contents:

Executive summary In a nutshell Ovum view Key messages The European wholesale market was worth more than $68.3 billion in 2008 European wholesale market has maintained its level of concentration Wholesale revenues grew at a slower rate than retail revenues The top five wholesalers account for 58.3% of European wholesale revenues Wholesalers are expanding their enterprise business Objectives and methodology Objectives Methodology Market share matters in parts of the wholesale market The importance of scale Defining wholesale revenues Not all wholesale revenues are wholesale revenues European wholesale market share 2008 2007 The top ten wholesalers in Europe Wholesalers with highest European revenues What has changed? Overall trends Retail revenues grew faster than wholesale revenues Domestic and international wholesale revenues kept growing, but at different speeds Little change in the top ten wholesalers in Europe Slightly lower level of market concentration Exchange rates used Average exchange rates into US dollars List of Tables Table 1: European wholesale as a percentage of telcos’ revenues in 2008 Table 2: European wholesale as a percentage of telcos’ revenues in 2007 Table 3: Top ten wholesalers in Europe, by revenues - 2007 and 2008 Table 4: The companies most dependent on European wholesale revenues Table 5: Average annual exchange rates into US dollars List of Figures Figure 1: Ovum’s definition of wholesale voice Figure 2: Top 15 European carriers and their dependence on wholesale in 2008