Executive summary
4.6 million service bundle subscribers. 4/5P offers were the most used
By the end of 1H2023, there were 4.6 million subscribers to bundled services (+131 thousand or +2.9% compared to the same period last year). The growth is exclusively related to 4/5P offers (+169 thousand or +7.2%).
4/5P offers were the most used, with 2.5 million subscribers (54.8% of all bundle subscribers), followed by 3P offers (with 1.7 million subscribers, 36.4%). 3P offers recorded the largest annual decline since 2015.
Stand-alone offers accounted for 69.0% of mobile accesses and 15.2% of fixed accesses
Stand-alone, single-play or 1P offers, which are not marketed as a bundle, accounted for 69.0% of mobile accesses and 15.2% of fixed accesses. It is estimated that, in July 2022, residential stand-alone offers amounted to just 1% of all residential fixed broadband subscribers, 3% of all residential subscription TV subscribers and 5% of all residential fixed telephone service subscribers.
Package revenues increased by 8.8 % and unit revenues by 5.3 %, the highest figures since 2016
Between January and June 2023, revenues from bundled services totalled EUR 1004 million (51.8 % of total retail revenues), up 8.8 % year-on-year (the highest annual growth since 2016). Revenues from 4/5P offers accounted for 66.8% of total bundled revenues, or 34.6% of total retail revenues.
The average monthly revenue per bundle subscriber (EUR 36.61 excluding VAT) also recorded the highest annual growth since 2016 (+5.3%). The average monthly revenue was EUR 45.08 for 4/5P offers (+4.4%) and EUR 28.67 for 3P offers (+4.0%).
Provider shares
By the end of 1H2023, MEO was the provider with the largest share of bundled service subscribers (41.3%), followed by the NOS Group (35.4%), Vodafone (20.5%) and NOWO (2.8%). Compared with the same period last year, MEO and Vodafone increased their share of subscribers (both +0.3 p.p.), while the shares of the NOS Group and NOWO decreased (both -0.3 p.p.). In net terms, NOWO was the only operator to lose bundle subscribers.
In terms of type of offer, MEO accounted for the highest proportion of subscribers across all types of offer: 2P (45.1%), 3P (39.3%) and 4/5P (42.0%).
MEO also had the highest share of revenues from bundled services (41.2%), followed by the NOS Group (40.4%), Vodafone (16.6%) and NOWO (1.6%). Compared to the same period last year, the NOS Group increased its revenue share (+0.3 p.p.), MEO maintained its share, while NOWO and Vodafone decreased their shares (-0.2 p.p. and -0.1 p.p., respectively).
Concentration, as measured by the Herfindahl-Hirschman index, remains high and has increased slightly compared to last year. 4/5P offers recorded the highest level of concentration, albeit with a decreasing trend. Overall, the level of concentration has not changed significantly since the beginning of 2018.
