PAY-TV DISTRIBUTION The Future of Pay-TV in Asia

September 2017

ASIA PACIFIC

Executive Director, Research & Consulting Vivek Couto VPs, Research & Consulting Aravind Venugopal Mihir Shah Stephen Laslocky Senior Analysts Adrian Tong AR Srivathsan Analysts Anurag Gaur Jambi Reyes Milan Ashar Abhinav Pattarkine Research Assistants Myrna Dignadice Swati Rathod Karen Teo VP, Content Mike Savage Creative Director Frances Chan VP, Business Development Reagan Chan Associate VP, Business Development Jeffrey To VP, Client Services Lavina Bhojwani Client Service Executive Usman Tasawar Company Directors Rupert Wilkinson, Vivek CoutoPermission to cite information contained in this report in any form of public documentation must be obtained from Media Partners Asia, Ltd. To request permission, please contact: lavina@media-partners-asia.com

Queries about forecasts and data will be handled by MPA analysts - please contact: vivek@media-partners-asia.com

2017 © Media Partners Asia, Ltd. All rights reserved.

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TABLE OF CONTENTS

Executive Summary 1 Regional Cable TV & Broadband Operators 59 Regional DTH Satellite Pay-TV Operators 72Regional IPTV & Broadband Operators 80 Regional Broadcasters 87 Regional Digital & Interactive 116 Regional Broadcasting & Pay-TV Finance 153Regional Regulation 173 Australia 178China 191Hong Kong 205India 217Indonesia 236Japan 249Korea 261Malaysia 277 Myanmar 289New Zealand 293Pakistan 306Philippines 315Singapore 327Sri Lanka 339Taiwan 349Thailand 363Vietnam 375

TABLE OF CONTENTS

Pay-TV & Broadband Packs: Australia 387China 392Hong Kong 401India 411Indonesia 545Japan 567Korea 580Malaysia 592 New Zealand 601Philippines 604Singapore 627Sri Lanka 640Taiwan 653Thailand 666Vietnam 679

(continued)

Asia Pacific Pay-TV Distribution 2017 III

TABLE OF CONTENTS

Executive Summary 1-58Methodology & Definitions 2Overview 4Market Projections 9Total Households (000) 9TV Homes (000) 9TV Penetration of Total Households (%) 9Pay-TV Subs (000) 10Net Pay-TV Adds (000) 10Pay-TV Penetration of TV Homes (%) 10Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 11Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 11Digital Pay-TV Subs (000) 11Digital Pay-TV Penetration of TV Homes (%) 12Digital Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 12Digital Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 12Digital Penetration of Pay-TV Subs (%) 13Digital Penetration of Pay-TV Subs (includes customers that subscribe to multiple platforms) (%) 13HD Pay-TV Subs (000) 13HD Pay-TV Penetration of TV Homes (%) 14HD Penetration of Digital Pay-TV Subs (%) 14Pay-TV DVR Subs (000) 14Pay-TV DVR Penetration of Digital Pay-TV Subs (%) 15Pay-TV TV Everywhere Subs (000) 15Pay-TV TV Everywhere Penetration of Digital Pay-TV Subs (%) 15Cable TV Subs (000) 16Cable TV Penetration of TV Homes (%) 16Digital Cable TV Subs (000) 16Digital Cable TV Penetration of TV Homes (%) 17Digital Cable Penetration of Cable TV Subs (%) 17DTH Satellite Subs (000) 17DTH Satellite Penetration of TV Homes (%) 18IPTV Subs (000) 18IPTV Penetration of TV Homes (%) 18Cable TV Share of Pay-TV Subs (%) 19DTH Satellite Share of Pay-TV Subs (%) 19IPTV Share of Pay-TV Subs (%) 19Digital Cable TV Share of Digital Pay-TV Subs (%) 20DTH Satellite Share of Digital Pay-TV Subs (%) 20IPTV Share of Digital Pay-TV Subs (%) 20HD Cable Subs (000) 21HD DTH Subs (000) 21HD IPTV Subs (000) 21Total Pay-TV Industry Revenue (US$ mil.) 22Pay-TV Subscription Revenue (US$ mil.) 22Pay-TV Monthly ARPU (US$) 22Net Pay-TV Advertising Revenue (US$ mil.) 23Analog Pay-TV Subscription Revenue (US$ mil.) 23

Asia Pacific Pay-TV Distribution 2017 IV

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Digital Pay-TV Subscription Revenue (US$ mil.) 23SD Pay-TV Subscription Revenue (US$ mil.) 24HD Pay-TV Subscription Revenue (US$ mil.) 24VAS Subscription Revenue (US$ mil.) 24Multichannel On-Demand (VOD+PPV+NVOD) Revenue (US$ mil.) 25Multichannel VOD Revenue (US$ mil.) 25Multichannel DVR Revenue (US$ mil.) 25Multichannel TV Everywhere Revenue (US$ mil.) 26Multichannel PPV/NVOD Revenue (US$ mil.) 26Total Cable TV Revenue (US$ mil.) 26Total DTH Satellite Revenue (US$ mil.) 27Total IPTV Revenue (US$ mil.) 27Cable TV Monthly ARPU (US$) 27DTH Satellite Monthly ARPU (US$) 28IPTV Monthly ARPU (US$) 28Cable TV Subscription Revenue (US$ mil.) 28DTH Satellite Subscription Revenue (US$ mil.) 29IPTV Subscription Revenue (US$ mil.) 29Cable TV Net Advertising Revenue (US$ mil.) 29DTH Satellite Net Advertising Revenue (US$ mil.) 30IPTV Net Advertising Revenue (US$ mil.) 30Cable TV Share of Pay-TV Subscription Revenue (%) 30DTH Satellite Share of Pay-TV Subscription Revenue (%) 31IPTV Share of Pay-TV Subscription Revenue (%) 31Broadband Subs (000) 31Fixed Broadband Penetration of Total Households (%) 32Mobile Broadband Penetration of Population (%) 32Fixed Broadband Subs (000) 32Mobile Broadband Subs (000) 33Cable Modem Broadband Subs (000) 33ADSL Broadband Subs (000) 33FTTx Broadband Subs (000) 34Fixed Share of Broadband Subs (%) 34Mobile Share of Broadband Subs (%) 34Cable Share of Fixed Broadband Subs (%) 35ADSL Share of Fixed Broadband Subs (%) 35FTTx Share of Fixed Broadband Subs (%) 35Cable Telephony Subs (000) 36Fixed Broadband Monthly ARPU (US$) 36ADSL Monthly ARPU (US$) 36FTTx Monthly ARPU (US$) 37Cable Modem Broadband Monthly ARPU (US$) 37Cable Telephony Monthly ARPU (US$) 37Fixed Broadband Subscription Revenue (US$ mil.) 38ADSL Subscription Revenue (US$ mil.) 38FTTx Subscription Revenue (US$ mil.) 38Cable Modem Broadband Subscription Revenue (US$ mil.) 39Cable Telephony Subscription Revenue (US$ mil.) 39

Asia Pacific Pay-TV Distribution 2017 V

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Total Cable Industry (Video, Voice, Data) Sub Revenue (US$ mil.) 39Total Telco Broadband (Broadband+IPTV) Industry Revenue (US$ mil.) 40Total Pay-TV + Broadband Industry Revenue (US$ mil.) 40Market Rankings 41Pay-TV Subs (000) 41Pay-TV Penetration of TV Homes (%) 41Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 41Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 42Digital Pay-TV Subs (000) 42Digital Pay-TV Penetration of TV Homes (%) 42Digital Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 43Digital Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 43Digital Penetration of Total Pay-TV Subs (%) 43Digital Penetration of Total Pay-TV Subs (includes customers that subscribe to multiple platforms) (%) 44HD Pay-TV Subs (000) 44HD Pay-TV Penetration of TV Homes (%) 44HD Pay-TV Penetration of Digital Pay-TV Subs (%) 45DVR Pay-TV Subs (000) 45DVR Pay-TV Penetration of Digital Pay-TV Subs (%) 45Cable TV Subs (000) 46Cable TV Penetration of TV Homes (%) 46Digital Cable TV Subs (000) 46Digital Cable TV Penetration of TV Homes (%) 47Digital Cable TV Penetration of Total Cable TV Subs (%) 47DTH Satellite Subs (000) 47DTH Satellite Penetration of TV Homes (%) 48IPTV Subs (000) 48IPTV Penetration of TV Homes (%) 48Cable TV Share of Total Pay-TV Subs (%) 49DTH Satellite Share of Total Pay-TV Subs (%) 49IPTV Share of Total Pay TV Subs (%) 49Total Pay-TV Industry Revenue (US$ mil.) 50Pay-TV Subscription Revenue (US$ mil.) 50Pay-TV Monthly ARPU (US$) 50Pay-TV Net Advertising Revenue (US$ mil.) 51Analog Pay-TV Sub Revenue (US$ mil.) 51Digital Pay-TV Sub Revenue (US$ mil.) 51HD Pay-TV Sub Revenue (US$ mil.) 52VAS Sub Revenue (US$ mil.) 52On-Demand Revenue (US$ mil.) 52Broadband Internet Subs (000) 53Mobile Broadband Penetration of Population (%) 53Fixed Broadband Penetration of Total Households (%) 53Fixed Broadband Subs (000) 54Mobile Broadband Subs (000) 54Cable Broadband Subs (000) 54ADSL Broadband Subs (000) 55FTTx Broadband Subs (000) 55

Asia Pacific Pay-TV Distribution 2017 VI

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Fixed Share of Total Broadband Subs (%) 55Cable Share of Fixed Broadband Subs (%) 56ADSL Share of Fixed Broadband Subs (%) 56FTTx Share of Fixed Broadband Subs (%) 56Fixed Broadband Monthly ARPU (US$) 57ADSL Monthly ARPU (US$) 57FTTx Monthly ARPU (US$) 57Cable Modem Monthly ARPU (US$) 58Fixed Broadband Subscription Revenue (US$ mil.) 58

Regional Cable TV & Broadband Operators 59-71Sector Highlights 60-62Asia Pacific Broadband Cable TV Development: A Summary 61Asia Pacific Cable TV Subscriber Development 61Asia Pacific Cable Subscription Revenue Progression 62Leading Operators 63-68Leading Asia Pacific Cable Operators:

Ranked By Cable TV Subs (Y/E Dec. 2016) 63Ranked By Digital Cable TV Subs (Y/E Dec. 2016) 64Ranked By Fixed Broadband Subs (Y/E Dec. 2016) 65Ranked By Cable TV ARPU (Y/E Dec. 2016) 66Ranked By Fixed Broadband ARPU (Y/E Dec. 2016) 67Ranked By Revenue 67Ranked by EBITDA 68Ranked by EBITDA Margin 68

Regional Cable Operators (Listings) 69-71

Regional DTH Satellite Pay-TV Operators 72-79Sector Highlights 73-74Asia Pacific DTH Development: A Summary 73Leading DTH Markets by Pay-TV Subs by 2022 (excl. China) 74Leading DTH Markets by Revenue by 2022 (excl. China) 74Leading Operators 75-77Leading Asia Pacific DTH Operators:

Ranked By DTH Subs (Y/E Dec. 2016) 75Ranked By DTH ARPU (Y/E Dec. 2016) 75Ranked By Revenue 76Ranked By EBITDA 76Ranked By EBITDA Margin 77

Regional DTH Operators (Listings) 78-79

Asia Pacific Pay-TV Distribution 2017 VII

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Regional IPTV & Broadband Operators 80-86Sector Highlights 81Asia Pacific Broadband Pay-TV Development: A Summary 81Leading IPTV Markets by 2022 82Leading Fixed Broadband Markets by 2022 82Leading Wireless Broadband Markets by 2022 82Leading Operators 83Leading Asia Pacific IPTV Operators:

Ranked By IPTV Subs (Y/E Dec. 2016) 83Ranked By Fixed Broadband Subs (Y/E Dec. 2016) 83Ranked By IPTV ARPU (Y/E Dec. 2016) 84

Regional IPTV Operators (Listings) 85

Regional Broadcasters 87-115Overview 88-92Key Territories: Pay-TV Channel & Content Providers, Revenue Impact 88Leading Pay-TV Broadcasters in Asia Pacific 89Pay-TV Channel Economics 90Leading Markets For Pay-TV Channels In Asia Pacific 91Pay-TV Channel Subscription Fees: Leading Markets, 2022 91Leading Markets for Pay-TV Channels in Asia Pacific, 2017 & 2022 92Leading Local Advertising Markets, 2022 92Market Analysis 93-106Market Projections (2010-2022) 107-109Pay-TV Channels: Total Revenue (US$ mil.) 107Pay-TV Channels: Subscription Revenue (US$ mil.) 107Pay-TV Channels: Advertising Revenue (US$ mil.) 108Pay-TV Channels: Advertising Revenue Portion of Total Channel Revenue (US$ mil.) 108Pay-TV Channels: Subscription Revenue Portion of Total Channel Revenue (%) 108Pay-TV Channels: Total Average Monthly Revenue Per Sub (US$) 109Pay-TV Channels: Share of Total Pay-TV Industry Subscription Revenue (%) 109Regional Broadcasters (Listings) 110-115

Regional Digital & Interactive 116-152Sector Highlights 117-118Asia Pacific Digital Pay-TV Projections 117Asia Pacific Digital Pay-TV Penetration: Key Metrics 118Market Analysis 119-134Market Projections (2010-2022) 135-141Digital Pay-TV Subs (000) 135Digital Pay-TV Penetration of TV Homes (%) 135Digital Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 135Digital Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 136Digital Penetration of Total Pay-TV Subs (%) 136Digital Penetration of Total Pay-TV Subs (includes customers that subscribe to multiple platforms) (%) 136HD Pay-TV Subs (000) 137HD Pay-TV Penetration of TV Homes (%) 137HD Penetration of Total Digital Pay-TV Subs (%) 137

Asia Pacific Pay-TV Distribution 2017 VIII

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Pay-TV DVR Subs (000) 138Pay-TV DVR Penetration of Total Digital Pay-TV Subs (%) 138Digital Cable TV Subs (000) 138DTH Satellite Subs (000) 139IPTV Subs (000) 139Digital Cable TV Penetration of TV Homes (%) 139Digital Cable Penetration of Total Cable TV Subs (%) 140DTH Satellite Penetration of TV Homes (%) 140IPTV Penetration of TV Homes (%) 140Digital Pay-TV Subscription Revenue (US$ mil.) 141HD Pay-TV Subscription Revenue (US$ mil.) 141VAS Subscription Revenue (US$ mil.) 141Market Rankings (2012/2017/2022) 142-147Digital Pay-TV Subs (000) 142Digital Pay-TV Penetration of TV Homes (%) 142Digital Pay-TV Subs (includes customers that subscribe to multiple platforms) (000) 142Digital Pay-TV Penetration of TV Homes (includes customers that subscribe to multiple platforms) (%) 143Digital Penetration of Total Pay-TV Subs (%) 143Digital Penetration of Total Pay-TV Subs (includes customers that subscribe to multiple platforms) (%) 143HD Pay-TV Subs (000) 144HD Pay-TV Penetration of TV Homes (%) 144HD Pay-TV Penetration of Digital Pay-TV Subs (%) 144DVR Pay-TV Subs (000) 145DVR Pay-TV Penetration of Digital Pay-TV Subs (%) 145Digital Cable TV Subs (000) 145Digital Cable TV Penetration of TV Homes (%) 146Digital Cable TV Penetration of Total Cable TV Subs (%) 146DTH Satellite Subs (000) 146DTH Satellite Penetration of TV Homes (%) 147IPTV Subs (000) 147IPTV Penetration of TV Homes (%) 147Digital Technology Providers (Listings) 148-152

Regional Broadcasting & Pay-TV Finance 153-172Sector Highlights 154-155Asia Pacific Broadband Pay-TV Operator Valuations 154Asia Pacific Pay-TV & Broadband Operators by Market Value 155Asia Pacific Pay-TV & Broadband Operators - Stock Price Performance (YTD 2017) 155Sector Analysis 156-160Leading Asia Pacific Pay-TV Operators:

Ranked by Revenue 156Ranked by EBITDA 156Ranked by EBITDA Margin 156

Leading Asia Pacific Broadcasters: Ranked by Revenue (CYE 2016) 157Ranked by EBITDA (CYE 2016) 157Ranked by EBITDA Margin (CYE 2016) 157

Asia Pacific Pay-TV Distribution 2017 IX

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Asia Pacific Pay-TV & Broadcasting Bonds (2016 & 1H 2017) 158Asia Pacific Pay-TV & Broadcasting Loans (2016 & 1H 2017) 159Asia Pacific Pay-TV & Broadcasting IPOs (2016 & 1H 2017) 159Asia Pacific Broadcasting & Pay-TV M&A (2016 & 1H 2017) 160Strategic Investors, Financial & Venture Cap Investors (Listings) 161-172

Regional Regulation 173-177Sector Analysis 174-175Regulatory Bodies (Listings) 176-177

Australia 178-190Operating Indicators 179Market Highlights 180Broadband Pay-TV Industry Economics 180Market Analysis 181-183Key Pay-TV & Broadband Companies: Operating Indicators 184Foxtel 184Fetch TV 184Telstra 184Singtel Optus 184Key Pay-TV & Broadband Companies: Financial Indicators 184Foxtel 184Pay-TV & Broadband Market Model: Historicals & Forecasts 185-190

China 191-204Operating Indicators 192-193Market Highlights 193Broadband Pay-TV Industry Economics 193Market Analysis 194-196Key Pay-TV & Broadband Companies: Operating Indicators 197Shanghai Oriental Pearl Media (BesTV) 197Wasu 197Oriental Cable 197Shenzhen Topway 197Beijing Gehua 197China Cable Network 197China Telecom 197China Unicom 197China Mobile 197Key Pay-TV & Broadband Companies: Financial Indicators 198Shanghai Oriental Pearl Media (BesTV) 198Wasu Media 198Beijing Gehua 198Shenzhen Topway 198Pay-TV & Broadband Market Model: Historicals & Forecasts 199-204

Asia Pacific Pay-TV Distribution 2017 X

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Hong Kong 205-216Operating Indicators 206-207Market Highlights 207Broadband Pay-TV Industry Economics 207Market Analysis 208-209Key Pay-TV & Broadband Companies: Operating Indicators 210i-Cable 210PCCW 210Hong Kong Broadband Network (HKBN) 210Key Pay-TV & Broadband Companies: Financial Indicators 210i-Cable 210PCCW (PCCW Media only) 210Pay-TV & Broadband Market Model: Historicals & Forecasts 211-216

India 217-235Operating Indicators 218Market Highlights 219Broadband Pay-TV Industry Economics 219Market Analysis 220-226Key Pay-TV & Broadband Companies: Operating Indicators 227-228Hathway Cable & Datacom 227Den Networks 227IndusInd Media & Communications 227Siti Cable Network 227GTPL Hathway 227Ortel Communications 227Digicable Network (incl. Fastway Transmission) 227Dish TV India 227Tata Sky 227Sun Direct TV 227Reliance Digital TV 228Bharti Telemedia (Airtel Digital TV) 228Videocon d2h 228DD Freedish 228Key Pay-TV & Broadband Companies: Financial Indicators 229Hathway Cable & Datacom 229Den Networks 229Siti Cable Network 229GTPL Hathway 229Ortel Communications 229Dish TV India 229Tata Sky 229Sun Direct TV 229Reliance Digital TV 229Bharti Telemedia (Airtel Digital TV) 229Videocon d2h 229DD Freedish 229Pay-TV & Broadband Market Model: Historicals & Forecasts 230-235

Asia Pacific Pay-TV Distribution 2017 XI

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Indonesia 236-248Operating Indicators 237Market Highlights 238Broadband Pay-TV Industry Economics 238Market Analysis 239-240Key Pay-TV & Broadband Companies: Operating Indicators 241MNC Sky Vision 241LinkNet 241Big TV 241Transvision 241Telkom 241IndiHome 241MNC Play Media 241Key Pay-TV & Broadband Companies: Financial Indicators 241MNC Sky Vision 241LinkNet 241Pay-TV & Broadband Market Model: Historicals & Forecasts 242-248

Japan 249-260Operating Indicators 250Market Highlights 251Broadband Pay-TV Industry Economics 251Market Analysis 252-253Key Pay-TV & Broadband Companies: Operating Indicators 254J:Com 254Sky Perfect JSat 254Nippon Telegraph and Telephone (NTT) 254KDDI 254Key Pay-TV & Broadband Companies: Financial Indicators 254J:Com 254Sky Perfect JSat 254Pay-TV & Broadband Market Model: Historicals & Forecasts 255-260

Korea 261-276Operating Indicators 262Market Highlights 263Broadband Pay-TV Industry Economics 263Market Analysis 264-267Key Pay-TV & Broadband Companies: Operating Indicators 268CJ HelloVision 268D’Live 268HCN 268Tbroad 268KT SkyLife 268KT 268SK Telecom 268LG U+ 268

Asia Pacific Pay-TV Distribution 2017 XII

TABLE OF CONTENTS

Key Pay-TV & Broadband Companies: Financial Indicators 269KT SkyLife 269CJ HelloVision 269HCN 269KT Media Group 269Pay-TV & Broadband Market Model: Historicals & Forecasts 270-276

Malaysia 277-288Operating Indicators 278Market Highlights 279Broadband Pay-TV Industry Economics 279Market Analysis 280-282Key Pay-TV & Broadband Companies: Operating Indicators 283Astro Malaysia 283Telekom Malaysia (TM) 283Key Pay-TV & Broadband Companies: Financial Indicators 283Astro Malaysia 283Pay-TV & Broadband Market Model: Historicals & Forecasts 284-288

Myanmar 289-292Operating Indicators 290Market Highlights 290Market Analysis 290-292

New Zealand 293-305Operating Indicators 294Market Highlights 295Broadband Pay-TV Industry Economics 295Market Analysis 296-297Key Pay-TV & Broadband Companies: Operating Indicators 298Sky Network TV 298Spark 298Chorus 298Key Pay-TV & Broadband Companies: Financial Indicators 298Sky Network TV 298Pay-TV & Broadband Market Model: Historicals & Forecasts 299-305

Pakistan 306-314Operating Indicators 307Market Highlights 308Broadband Pay-TV Industry Economics 308Market Analysis 309Key Pay-TV & Broadband Companies: Operating Indicators 310PTCL 310WorldCall Telecom 310Pay-TV & Broadband Market Model: Historicals & Forecasts 311-314

Asia Pacific Pay-TV Distribution 2017 XIII

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Philippines 315-326Operating Indicators 316Market Highlights 317Broadband Pay-TV Industry Economics 317Market Analysis 318-319Key Pay-TV & Broadband Companies: Operating Indicators 320Cignal TV 320Globe Telecom 320PLDT 320SkyCable 320Key Pay-TV & Broadband Companies: Financial Indicators 320Cignal TV 320SkyCable 320Pay-TV & Broadband Market Model: Historicals & Forecasts 321-326

Singapore 327-338Operating Indicators 328Market Highlights 329Broadband Pay-TV Industry Economics 329Market Analysis 330-331Key Pay-TV & Broadband Companies: Operating Indicators 332StarHub 332Singtel 332M1 332MyRepublic 332Key Pay-TV & Broadband Companies: Financial Indicators 332StarHub 332Singtel 332Pay-TV & Broadband Market Model: Historicals & Forecasts 333-338

Sri Lanka 339-348Operating Indicators 340Market Highlights 341Broadband Pay-TV Industry Economics 341Market Analysis 342-343Key Pay-TV & Broadband Companies: Operating Indicators 344Dialog TV 344Sri Lanka Telecom 344Key Pay-TV & Broadband Companies: Financial Indicators 344Dialog TV 344Pay-TV & Broadband Market Model: Historicals & Forecasts 345-348

Taiwan 349-362Operating Indicators 350Market Highlights 351Broadband Pay-TV Industry Economics 351Market Analysis 352-354

Asia Pacific Pay-TV Distribution 2017 XIV

TABLE OF CONTENTS

Key Pay-TV & Broadband Companies: Operating Indicators 355China Network Systems (CNS) 355Kbro 355Taiwan Broadband Communications (TBC) 355Taiwan Mobile 355Chunghwa 355Key Pay-TV & Broadband Companies: Financial Indicators 356China Network Systems (CNS) 356Kbro 356Taiwan Broadband Communications (TBC) 356Pay-TV & Broadband Market Model: Historicals & Forecasts 357-362

Thailand 363-374Operating Indicators 364Market Highlights 365Broadband Pay-TV Industry Economics 365Market Analysis 366-368Key Pay-TV & Broadband Companies: Operating Indicators 369AIS 369Jasmine 369TOT IPTV 369TrueVisions (True Corp.) 369TrueOnline (True Corp.) 369Key Pay-TV & Broadband Companies: Financial Indicators 369TrueVisions (True Corp.) 369TrueOnline (True Corp.) 369Pay-TV & Broadband Market Model: Historicals & Forecasts 370-374

Vietnam 375-386Operating Indicators 376Market Highlights 377Broadband Pay-TV Industry Economics 377Market Analysis 378-380Key Pay-TV & Broadband Companies: Operating Indicators 381VSTV (K+) 381SCTV 381VTV Cable 381MobiTV 381MyTV 381Vietnam Posts and Telecommunications Group (VNPT) 381FPT Telecom 381Viettel 381Pay-TV & Broadband Market Model: Historicals & Forecasts 382-386

Pay-TV & Broadband Packs: Australia 387-391Pay-TV Prices & Packs 388-390Fetch TV 388-389Foxtel 390

Asia Pacific Pay-TV Distribution 2017 XV

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Internet Prices & Packs 391Optus 391Telstra Corp. 391

Pay-TV & Broadband Packs: China 392-400Pay-TV Prices & Packs 393-399Oriental Cable Network 393-395Shenzhen Topway 396-399Internet Prices & Packs 400Oriental Cable Network 400Shenzhen Topway 400

Pay-TV & Broadband Packs: Hong Kong 401-410Pay-TV Prices & Packs 402-409i-Cable Communications 402-407Now TV (PCCW) 408-409Internet Prices & Packs 410HKBN 410PCCW 410

Pay-TV & Broadband Packs: India 411-544Pay-TV Prices & Packs 412-533Hathway Cable & Datacom 412-439Siti Networks 440-474Airtel Digital TV (Bharti Telemedia Ltd) 475-480Dish TV India Ltd 481-508Tata Sky 509-514Reliance Big TV 515-519Sun Direct TV 520-524Videocon D2H 525-533Internet Prices & Packs 534-544ACT Fibernet 534DEN Boomband (DEN Networks Ltd) 535Hathway Cable & Datacom 536Siti Networks 537You Broadband India Pvt. Ltd 538-544

Pay-TV & Broadband Packs: Indonesia 545-566Pay-TV Prices & Packs 546-563First Media 546-550IndiHome 551-554Indovision (MNC Skyvision) 555-557OkeVision (MNC Sky Vision) 558Top TV (MNC Sky Vision) 559Nexmedia (Emtek) 560TransVision 561-563

Asia Pacific Pay-TV Distribution 2017 XVI

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Internet Prices & Packs 564-566Biznet 564First Media (LinkNet) 564IndiHome (Telkom) 565MyRepublic 566

Pay-TV & Broadband Packs: Japan 567-579Pay-TV Prices & Packs 568-578Hikari TV (Nippon Telegraph and Telephone Corp.) 568J:COM TV (Jupiter Telecommunications) 569-572Sky PerfecTV! (Sky Perfect Communications) 573-578Internet Prices & Packs 579J:COM Net (Jupiter Telecommunications) 579

Pay-TV & Broadband Packs: Korea 580-591Pay-TV Prices & Packs 581-590CJ HelloVision 581-586Olleh TV Skylife 587-590Internet Prices & Packs 591CJ HelloVision 591KT Corp. 591

Pay-TV & Broadband Packs: Malaysia 592-600Pay-TV Prices & Packs 593-599Astro 593-596HyppTV (Telekom Malaysia) 597-599Internet Prices & Packs 600Telekom Malaysia (TM) 600

Pay-TV & Broadband Packs: New Zealand 601-603Pay-TV Prices & Packs 602Sky Network Television 602Internet Prices & Packs 603Spark 603Vodafone 603

Pay-TV & Broadband Packs: Philippines 604-626Pay-TV Prices & Packs 605-622Cignal TV 605-614SkyCable Corp. 615-622Internet Prices & Packs 623-626Globe Telecom Inc. 623-624PLDT 625SkyCable Corp. 626

Asia Pacific Pay-TV Distribution 2017 XVII

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Pay-TV & Broadband Packs: Singapore 627-639Pay-TV Prices & Packs 628-638Singtel 628-631StarHub 632-638Internet Prices & Packs 639M1 639Singtel 639StarHub 639

Pay-TV & Broadband Packs: Sri Lanka 640-652Pay-TV Prices & Packs 641-651Dialog TV 641-643DishTV 644-647Peo TV 648-651Internet Prices & Packs 652Sri Lanka Telecom 652

Pay-TV & Broadband Packs: Taiwan 653-665Pay-TV Prices & Packs 654-663China Network Systems 654-655Chunghwa Telecom 656-660Kbro 661TBC 662Internet Prices & Packs 664-665China Network Systems 664Chunghwa Telecom 664Kbro 665TBC 665

Pay-TV & Broadband Packs: Thailand 666-678Pay-TV Prices & Packs 667-677AIS 667-669TrueVisions (True Corp.) 670-677Internet Prices & Packs 678AIS 678TrueOnline (True Corp.) 678

Pay-TV & Broadband Packs: Vietnam 679-697Pay-TV Prices & Packs 680-697K+ (VSTV) 680MyTV (VNPT) 681-684SCTV 685-688Vietnam Cable Television (VTVcab) 689-693Viettel 694-697

EXECUTIVE SUMMARY

Methodology & Definitions 2

Overview 4

Market Projections (2010-2022) 9

Market Rankings (2012/2017/2022) 41

Asia Pacific Pay-TV Distribution 2017 2

EXECUTIVE SUMMARY

Methodology & Definitions

Media Partners Asia (MPA) analysis and forecasts are based on a number of factors, including: (1) Surveys and interviews with the main pay-TV distribution platforms in 17 Asia Pacific markets; (2) Interviews with other key groups in the industry value chain (including broadcasters, investors, regulators and technology suppliers); (3) Proprietary databases managed by MPA, collating historical information as well as analysis of households, incomes, geographical pay-TV and broadband distribution patterns and industry profitability, together with key metrics for distribution and content.

MPA defines pay-TV as the distribution of TV channels for a subscription fee, often combined with ancillary services, including high definition (HD) TV, video-on-demand (VOD), pay-per-view (PPV), near video-on-demand (NVOD), digital video recorders (DVRs) and authenticated multiscreen access, known as TV Everywhere (TVE). Such services are distributed over analog and digital cable, direct-to-home (DTH) satellite and via closed network IP-enabled DSL and fiber (FTTx) broadband, as well as, in certain instances, digital terrestrial TV (DTT).

MPA calculates pay-TV penetration by number of TV households subscribing to at least one pay-TV service, with some homes subscribing to more than one (e.g. cable and IPTV). Illegal pay-TV subscribers are excluded from our numbers. Our analysis of cable distribution typically focuses on distribution of pay-TV channels. Therefore, pure terrestrial retransmission-based cable homes are excluded, most notably in Japan. We also exclude free-to-air (FTA) digital satellite networks, most notably in India, Indonesia and Thailand, as well as OTT online video, including subscription-based VOD (SVOD) services.

Broadband subscriptions comprise: (1) Fixed broadband access, which covers cable modem, retail ADSL, VDSL and FTTx technologies (including fiber-to-the-home, fiber-to-the-building and fiber-to-the-curb); (2) Mobile, which includes 3G, 3.5G/HSDPA, WiMax or its equivalent, and LTE (long-term evolution) networks. Fixed broadband connections are typically defined as having download internet speeds of 512Kbps or more.

MPA’s measurement of pay-TV advertising is stated in net terms (i.e. after discounts and excluding agency commission). Our analysis covers gross and net numbers from Nielsen, GroupM and ZenithOptimedia, as well as key local groups (CEASA in Australia, SAIC in China, Dentsu in Japan, the Korea Advertisers Association). We also base our analysis on numbers from: dominant operators in markets such as Australia, Hong Kong, Indonesia, Malaysia, New Zealand, the Philippines, Singapore and Thailand; dominant channel providers in markets such as India, Japan, Korea and Taiwan; key pan-regional and local channel brands.

MPA’s analysis of subscription revenues accrued by channel suppliers and content providers is a direct reflection of how much pay-TV distribution networks spend on programming, based on fixed and variable fees. These fees consist of: (1) Investment in internal and turnaround TV channels; (2) Rights agreements for sports and movies; (3) Content origination and self-produced channels; (4) Investment in VOD content.

A number of terms and acronyms are used across the report. Descriptions and definitions are provided below:

ARPU Average revenue per userCAS Conditional access system, commonly used to encrypt pay-TV transmissionDTH Direct-to-home satelliteDVR Digital video recorderDTT Digital terrestrial TVxDSL Digital subscriber lines, which use modulation to pack data onto copper wiresFTA Free-to-air TVFTTx Fiber-to-the-x, referring to broadband network architecture that uses optical fiber to provide last mile high- speed internet communication

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EXECUTIVE SUMMARY

LCO Local cable operatorLTE Long-Term Evolution, a standard for high-speed wireless communication for mobile phonesMSO Multi-system cable operatorOTT Over-the-top, which describes data sent via an open network rather than via a closed networkPPV Pay-per-viewSTB Set-top box, commonly used in pay-TV transmissionSVOD Subscription-based video-on-demand, delivered via open (i.e. OTT) networksTVOD Transaction-based video-on-demandUHD Ultra-high definition TV (includes the 4K and 8K standards in this report)VAS Value-added services (includes all forms of VOD and PPV as well as DVR services in this report)VOD Video-on-demand

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EXECUTIVE SUMMARY

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