Contents:

Executive summary In a nutshell Ovum view Key messages European wholesale revenues are growing at half the rate of European retail revenues BT and France Telecom are the European wholesale giants, Telecom Italia and KPN are catching up International wholesale revenues grew four times faster than domestic wholesale revenues Voice doesn’t go away; it just becomes data Non-voice wholesale revenues grow; voice wholesale revenues decrease Decreasing domestic dependence on voice, but increasing international dependence on voice Recommendations Reach a consensus on classifying VoIP revenues Focus on wholesale business opportunities - an increasingly valuable segment of the market Keep on partnering and/or outsourcing Expand and push your portfolio of non-voice services Be careful when estimating the demand for non-voice services Search for new niche markets - CDN is just one option Objectives and methodology Objectives Methodology Growth in European wholesale Overview European domestic and international wholesale revenues and market shares in 2008 Market worth $68.3 billion in 2008 Highest and lowest European domestic wholesale revenue growth Highest and lowest European international revenue growth European domestic wholesale market shares in 2008 Overview European domestic wholesale voice market shares European domestic wholesale non-voice market shares European domestic wholesale voice and non-voice comparison European international wholesale market shares in 2008 Overview European international wholesale voice market shares European international wholesale non-voice market shares European international wholesale voice and non-voice comparison European domestic and international wholesale market comparison European wholesale giants What has changed? Overall trends Wholesale revenues grew at a slower rate than retail revenues Growth in both domestic and international wholesale Changes in the domestic and international wholesale breakdowns Decreasing domestic dependence on voice… …but increasing international dependence on voice Change in the top five domestic voice and non-voice wholesalers in Europe Change in the top five international voice and non-voice wholesalers in Europe Exchange rates used Average exchange rates into US dollars List of Tables Table 1: European wholesale revenues in 2008 Table 2: Voice versus non-voice wholesale revenues - domestic (2008) Table 3: Top ten European domestic voice wholesalers by market share Table 4: Top ten European domestic non-voice wholesalers by market share Table 5: Voice versus non-voice wholesale international revenues (2008) Table 6: Top ten European international voice wholesalers by market share Table 7: Top ten European international non-voice wholesalers by market share Table 8: Average annual exchange rates into US dollars List of Figures Figure 1: Revenue growth rates: 2007 to 2008 Figure 2: European wholesale revenue growth rates, 2007 to 2008 Figure 3: European wholesale revenue growth rates versus carriers’ dependence on non-voice wholesale services (2008) Figure 4: European wholesale revenues in 2008 Figure 5: European domestic voice and non-voice revenues in 2008 Figure 6: European international voice and non-voice revenues in 2008