KPIs: Telcos vs OTTs - How Internet Giants Differ from Telcos - Product Image

KPIs: Telcos vs OTTs - How Internet Giants Differ from Telcos

  • ID: 4315727
  • Report
  • 59 pages
  • IDATE
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FEATURED COMPANIES

  • Alibaba
  • Baidu
  • Comcast
  • Google
  • Netflix
  • Rakuten
  • MORE

This report looks into the KPIs from both the telco and OTT angles. A simple comparison is not sufficient as these two industries have very different dynamics, and hence cannot be measured in the same way.

This report goes in depth to identify what messages the KPIs can tell us about these two very different markets. How are they similar, or different, and what does that tell us about the way they operate?

Key questions:

  • What are the standout KPIs which differentiate the telcos and OTTs?
  • What do the similarities and/or differences in KPIs mean in terms of how these markets operate?
  • Which KPIs truly matter when comparing the performances of telcos against OTTs?
  • What do the KPIs tell us in terms of the maturity and growth of the markets?
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FEATURED COMPANIES

  • Alibaba
  • Baidu
  • Comcast
  • Google
  • Netflix
  • Rakuten
  • MORE

1. Executive Summary

2. Methodology & definitions
2.1. General methodology
2.2. Methodology specific to this report
2.2.1. Chapter 3: Telecommunications market and key trends
2.2.2. Chapter 4: OTT market and key trends
2.2.3. OTT cluster

3. Telecommunications market and key trends
3.1. Revenues
3.1.1. Low and flat revenue growth over the last five years
3.1.2. Alternative operators show better CARG despite lower absolute value
3.1.3. Gap between American and European telcos has widened: American revenues are well ahead
3.2. Subscribers
3.2.1. Strong and steady increase of subscribers
3.2.2. Alternative operators had higher numbers of subscribers than incumbents
3.2.3. Chinese subscribers drove growth and overtook European telcos
3.3. Average per-user revenue
3.3.1. Mechanically average per-user revenue decrease
3.3.2. In the last two years alternative operators have overtaken incumbents
3.3.3. Japan’s average per-user revenue overtook America’s
3.4. EBITDA margin
3.4.1. EBITDA margin reduced over the years
3.4.2. Alternative and Incumbent operators showed the same margin level after a bigger decrease on the alternative side
3.4.3. EBITDA margin converged to the same level
3.5. CapEx over revenues
3.5.1. CapEx over revenues stayed within the same range of value
3.5.2. Alternative operators maintained a higher CapEx ratio over revenue than Incumbents
3.5.3. Chinese telcos had the highest CapEx ratio driven by 4G and fibre rollout
3.6. Free cash-flow
3.6.1. FCF rebound in 2014 after years of decrease
3.6.2. Gap between alternative and incumbent remained stable
3.6.3. The gap between USA telcos and others drastically increased
3.7. Market capitalisation
3.7.1. Solid market capitalisation
3.7.2. Incumbents eventually overtook alternative operators
3.7.3. The gap between USA telcos and others increased

4. OTT market and key trends
4.1. Revenue
4.2. Per-user revenue
4.3. EBITDA
4.4. Capex
4.5. Free Cash Flow (FCF)
4.6. Market cap
4.7. Income

5. Crossing KPIs of telcos and OTTs
5.1. Average per user revenue
5.2. EBITDA
5.3. CapEx
5.4. Free Cash Flow
5.5. Market Cap
5.6. Income

6. Synthesis
6.1. The Chinese players (BAT and telcos) tend to show the more extreme trends
6.2. The GAFAM and BAT are valued higher than the telcos
6.3. The Internet players care about their user numbers more than their revenues

Tables & Figures

Table 1:  Telcos selected
Table 2:  Representative OTT player
Table 3:  OTT cluster

Figure 1: Mapping of telcos, GAFAM and BAT according to EBITDA, CapEx, FCF and Income, as a % of revenues, for 2015
Figure 2: First type of cluster, according to incumbent or alternative operator
Figure 3: Second type of cluster, according to Headquarter localisation
Figure 4: Summary of telco KPI evolution and findings
Figure 5:  Revenues for all telcos selected
Figure 6: Revenues for telcos by 'incumbent and alternative' cluster
Figure 7: Telcos revenues by national clusters
Figure 8:  Subscribers for all telcos selected
Figure 9: Subscribers for telcos by "incumbent and alternative" cluster
Figure 10: Subscribers by national cluster
Figure 11: Average per-user revenue for all telcos selected
Figure 12: Average per-user revenue for "incumbent and alternative" cluster
Figure 13: Average per-user revenue by national cluster
Figure 14: EBITDA margin for all telcos selected
Figure 15: EBITDA margin for telcos by "incumbent and alternative" cluster
Figure 16: EBITDA margin for telcos by national cluster
Figure 17: CapEx over revenues for all telcos selected
Figure 18: CapEx over revenues for "incumbent and alternative" cluster
Figure 19: CapEx over revenues by national cluster
Figure 20: Subscribers for telcos by "incumbent or not" cluster
Figure 21: FCF for all telcos selected
Figure 22: FCF for "incumbent and alternative" clusters
Figure 23: FCF by national clusters
Figure 24: Market capitalisation for all telcos selected
Figure 25: Market capitalisation for "incumbent and alternative" clusters
Figure 26: Market capitalisation for national clusters
Figure 27:  KPIs overview of OTT players
Figure 28:  Revenue of OTT companies, 2010 – 2015
Figure 29:  Revenue of OTT companies, excluding Apple, Amazon, Microsoft and Goolge, 2010 – 2015
Figure 30:  OTT companies with highest CAGR of revenue (2010 – 2015)
Figure 31:  Revenue of social network players, 2010 – 2015
Figure 32:  Evolution of user numbers of OTT companies, 2010 – 2015
Figure 33:  Per-user revenue of OTT companies, 2010 - 2015
Figure 34:  OTT companies experiencing rapid growth of per-user revenue, 2010 - 2015
Figure 35:  OTT companies experiencing decreased per-user revenue, 2010 - 2015
Figure 36:  EBITDA of OTT companies, 2010 – 2015
Figure 37:  EBITDA of OTT companies, excluding Apple and Google, 2010 – 2015
Figure 38:  OTT companies with higher CAGR of EBITDA (2010 – 2015)
Figure 39:  The ratios of EBITDA in revenue of OTT incumbents (2010 – 2015)
Figure 40:  Capex of OTT companies, 2010 – 2015
Figure 41:  Capex of OTT companies, excluding GAFA and Microsoft, 2010 – 2015
Figure 42:  FCF of OTT companies, 2010 – 2015
Figure 43:  FCF of OTT companies, excluding GAFA and Microsoft, 2010 – 2015
Figure 44:  OTT companies with high ratio of FCF in revenue, 2010-2015
Figure 45:  OTT companies with negative ratio of FCF in revenue, 2010-2015
Figure 46:  Market Cap of OTT companies, 2010 – 2015
Figure 47:  OTT companies that experienced rapid growth of market cap
Figure 48:  OTT companies that experienced decline of market cap
Figure 49:  Net income of OTT companies, 2010 – 2015
Figure 50: Net income of OTT companies, excluding Apple, Microsoft and Google, 2010 – 2015
Figure 51:  The CAGR of net income of selected OTT companies (2010 – 2015)
Figure 52:  Comparison of the net income of e-commerce companies (upper) and social platforms (lower)
Figure 53:  Comparison of OTT companies with negative (upper) and high (lower) margin rates
Figure 54:  OTT companies with instable profitability
Figure 55:  Mapping of annual total revenue per user against number of subscribers, 2015
Figure 56:  Mapping of EBITDA against % of income over revenue, 2015
Figure 57:  Mapping of EBITDA against % of income over revenue, telcos, GAFAM and BAT focus, 2015
Figure 58:  Mapping of CapEx against % of income over revenue, 2015
Figure 59:  Mapping of CapEx against % of income over revenue, telcos, GAFAM and BAT focus, 2015
Figure 60:  Mapping of FCF against % of income over revenue, 2015
Figure 61:  Mapping of FCF against % of income over revenue, telcos, GAFAM and BAT focus, 2015
Figure 62:  Mapping of market cap against revenue, 2015
Figure 63:  Mapping of market cap against revenue, telcos, GAFAM and BAT focus, 2015
Figure 64:  Mapping of income against % of income over revenue, 2015
Figure 65:  Mapping of iIncome against % of income over revenue, telcos, GAFAM and BAT focus, 2015
Figure 66:  Mapping of telcos, GAFAM and BAT according to EBITDA, CapEx, FCF and Income, as a % of revenues, for 2015
Figure 67:  Mapping of select telcos, GAFAM and BAT according to 2015 revenues and Market Caps
Figure 68:  Mapping of telco clusters, GAFAM and BAT according to 2015 subscriber numbers and annual revenue per subscriber estimates

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  • AT&T
  • Alibaba
  • Amazon
  • America Movil
  • Apple
  • Baidu
  • British Telecom
  • China Mobile
  • China Telecom
  • China Unicom
  • Comcast
  • Deutsche Telekom
  • eBay
  • Expedia
  • Facebook
  • Google
  • Groupon
  • KDDI
  • Microsoft
  • NTT
  • Naver
  • Netflix
  • Odigeo
  • Orange
  • Priceline
  • Rakuten
  • Salesforce
  • Softbank
  • Telefónica
  • Tencent
  • Twitter
  • Verizon
  • Vodafone
  • Yahoo
  • Zalando
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