Convergent trends are in full force in Latin America. M&A activity has spiked in the region as operators have struggled to acquire convergent capabilities and scale over the past 10 years. As a result, pay TV, broadband, mobile and fixed telephony have become more intertwined, with most operators offering double-, triple- and even quad-play packages.

Kagan's first "Latin America Multichannel & Broadband Market Overview" explores operational and financial trends affecting the telecommunications industry in the region. The report contains sections on the video, broadband, mobile and fixed telephony segments, TV Everywhere offerings, retransmission costs, regulatory frameworks, Ultra HD/4K trends, partnerships with SVOD providers, profitability, capital expenditures and M&A, as well as profiles, including footprint maps, for the top 10 telecommunications groups offering multichannel products*: América Móvil SAB de CV, Cablevisión Argentina, Liberty Latin America Ltd., Megacable, Millicom International Cellular SA, Telefónica SA, Grupo Televisa SAB, Oi SA, Entel Chile and AT&T Inc.'s DIRECTV Latin America LLC.

The report also includes a telecommunications-statistics Excel workbook containing historical metrics starting 2011. The workbook allows a deep dive into group-level operational and financial metrics such as subscribers, average revenue per user, EBITDA and CapEx. The report also includes debt metrics for selected operators.

Kagan estimates multichannel remains the top revenue generator for fixed services. Broadband, the fastest-growing segment, came in a close second. Total telecommunications revenue for the top ten groups in 2017 was an estimated $98.85 billion with mobile services generating more than half of the revenues.

Already a client? Click here for our exclusive report, "Latin America Multichannel & Broadband Market Overview," with a summary presentation of multichannel and broadband revenue trends and other core industry statistics.

The groups' financials offer insights into the situation of the telecommunications industry in Latin America. Important facts to highlight include:

• Fixed telephony, though declining, is still a significant cash generator. 
• Fixed broadband offers the highest ARPU among the four segments. 
• AT&T leads the multichannel segment in revenues and ARPU.
• Profitability is recovering. Mexican multichannel operators have the highest profitability.
• Capital expenditures per primary service unit are trending down.

The fixed and mobile services segments appear to be returning to a growth trend after subscriber and revenue losses in 2015 due to the economic slowdown in the region. There was robust performance in 2017 compared to the prior year, especially for multichannel, which saw revenues grow for the first time in three years, although remaining below the 2014 peak.

Already a client? Click here for the full report in PDF and Excel editions.

Contents (PDF edition):

Sector Overview

Regional Summary

Top 10 groups' fixed services revenue
2017 multichannel video subscriber share
2017 broadband subscriber share
Top 10 groups' fixed telephony subscriptions
Top 10 groups' mobile ARPU
2017 top 10 groups' ARPU per service

Multichannel Overview (Cable, DTH & IPTV)

2017 multichannel video revenue share
Recent Developments

Broadband Overview

2017 broadband revenues and ARPU
Broadband subscriber share by technology

Broadband Speeds

Broadband market in Latin America, 2011-2016
Broadband households by market, as of December 2016
Broadband penetration by market, as of December 2016

Top Operators

Subscribers
2017 fixed services PSUs
2017 mobile subscribers
Revenues
2017 LatAm fixed services revenues
2017 mobile services revenues
Average Revenue per PSU (ARPPSU)
2017 fixed services ARPPSU
2017 mobile services ARPU

Profitability

2017 EBITDA margin
2017 EBITDA per group
2017 EBITDA per PSU
2017 EBITDA - CapEx per PSU

TV Everywhere

Latin America programmers' TVE platform distribution ranking

Retrans

Basic description of regulatory terms
Regulatory framework by country
Average video revenue and programming costs per subscriber, 2009-2016

UHD / 4K

Global UHD Forecasts
Worldwide 4K STB unit shipments per region, 2016-2021
Linear UHD services by region
Provider and Channel Activity
MVPDs providing UHD services in Latin America and the Caribbean
OTT / TVE services providing UHD services in Latin America
UHD linear services in Latin America and the Caribbean

OTT Partnerships

Selected Latin American programmer-operator OTT partnerships, December 2017

Bundles

Latin American pay TV operators' mobile strategies, as of February 2017
Latin America selected quad-play bundles, as of February 2017
VTR bundling evolution
Selected Latin American OTT-based multiplay bundles, December 2017

CapEx

CapEx/PSU/mo.
2017 CapEx and capital intensity
2017 CapEx/PSU/mo.

M&A

Telecom Argentina-Cablevisión merger, 2017
Selected M&A deals in Latin America, December 2015 to July 2017

Growth Trends

Operator Profiles

América Móvil: Claro summary, 2011-2017
Telefónica Latin America: Movistar/Vivo summary, 2011-2017
AT&T (includes DIRECTV Latin America and AT&T Mexico) summary, 2011-2017
Liberty Latin America summary, 2011-2017
Millicom summary, 2011-2017
Televisa summary, 2011-2017
Megacable summary, 2011-2017
Cablevisión Argentina (merged with Telecom Argentina in 2018) summary, 2011-2017
Oi summary, 2011-2017
Entel Chile summary, 2011-2017

Contents (Excel edition):

Regional Totals

Subscriber Counts and Penetrations
Multichannel subscriber data 2011-2017
Multichannel HD subscriber data 2011-2017
Basic cable subscriber data 2011-2017
Digital cable subscriber data 2011-2017
Broadband subscriber data 2011-2017
Telephony subscriber data 2011-2017
Mobile subscriber data 2011-2017

Financial Metrics
Group revenue by service, 2011-2017
Group multichannel video revenue by technology, 2011-2017
Group monthly average revenues per user by service, 2011-2017
EBITDA by group, 2011-2017
CapEx by group, 2011-2017
Cash flow by group, 2011-2017
Debt by group, 2011-2017

YOY Growth Trends
Basic multichannel and mobile data 2011-2017

Group Profiles
Latin America top 10 pay TV Groups
América Móvil (Claro)
Telefónica
AT&T (includes DIRECTV Latin America and AT&T Mexico)
Liberty Latin America
Millicom
Televisa
Megacable
Cablevisión Argentina (Telecom Argentina)
Oi
Entel Chile

Already a client? Click here for the full report in PDF and Excel editions.

* The report excludes TIM Brasil because the operator does not provide pay TV services.

Global Multichannel is a service of Kagan, a group within S&P Global Market Intelligence's TMT offering.