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1、EquityResearchU.S.CableandSatelliteU.S.MediaKannanVenkateshwar+12125287054kannan.venkateshwar@barclays.comBCI,USDivyaunshDivatia+12125269947divyaunsh.divatia@barclays.comBCI,USStateofGlobalCableIndustryShelleyYang+12125260416shelley.yang@barclays.comBCI,USEuropeanCa

2、bleDanielMorris+44(0)2077732113daniel.m.morris@barclays.comBarclays,UKSeptember6,2017CanadianMedia&TelecommunicationsPhillipHuang+14168638968phillip.huang@barclays.comBCCI,CanadaBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredi

3、nitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Thisresearchreporthasbeenpreparedinwholeorinpartbye

4、quityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE68.GlobalvideoanddatamarketssignificantlyskewedtowardstheUS29/6/2017NorthAmericaaccountsfor~7%ofglobalh

5、ouseholdsbut~29%ofdata+videorevenuesNorthAmericaaccountsforalargershareofglobaldata&videorevenuesevenrelativetoits~24%shareofglobalGDPSource:WorldBankSNLKagan,GSMAIntelligence.2016data39/6/2017GlobalPayTVrevenuesaredisproportionatelyskewedtowardsNorthAmericaNorthAme

6、ricanHouseholdsaccountfor8%globalTVhouseholdsbut53%ofglobalrevenuesonvideodemonstratingthewidegapinARPUsNorthAmericanShare:~54%or$124bnof2016revenuesNorthAmericanShare:~24%or$257bnEst.NorthAmericanShare:~24%or$63bn*WehaveassumewirelinedatasharetobeproportionatetoGDP

7、giventheunavailabilityofglobalrevenuedataforfixedbroadband;Thisassumptionseemsconsistentwithestimatesofactualbackin2012fromABIGlobalandcorrespondinggrowthrates.2016data9/6/20174OutsideNorthAmerica,consumersaremovingstraighttowirelessdatawithouttransitioningfirsttofi

8、xedbroadbandFixedbroadbandpenetrationinmostpartsoftheworldislaggingwirelesspenetration,resultinginatransitiontowirelessfirstconsumption...