Report Overview

Altnets in the UK: Growing pains

Contents

Altnets growing, but not yet thriving

Rollouts accelerate, driven by significant investment

Overbuild an increasing problem

Subscriber acquisition a challenge, now and in the future

Serious, but not overwhelming, altnet build-out likely

Openreach likely to be hit, but in a limited way

Impact on retail ISPs (probably) more muted

About Enders Analysis

List of Figures and Tables

Figure 1: Companies granted code powers by quarter

Figure 2: Largest 10 announced altnet finance raises since 2018

Figure 3: Altnet versus Openreach new FTTP build (000s premises)

Figure 4: 2021 net coverage adds

Figure 5: Altnets versus Openreach FTTP subscriber net adds (000s)

Figure 6: Altnet versus Openreach FTTP subscribers as a % of FTTP coverage

Figure 7: VMO2 Project Lightning penetration in months after launch

Figure 8: Altnet current and target coverage

Figure 9: ISP market shares

Figure 10: Altnet unit economics with 20% and 40% penetration assumptions (£)

Figure 11: Altnet (and TalkTalk) entry-level pricing, £/month

Figure 12: Altnet reported financial performance

Figure 13: Altnet premises passed (m) and penetration (%)

Figure 14: 2021 broadband net adds

Figure 15: FTTP premises passed (m)