COVID-19 unlikely to slowdown 5G rollout – analyst

Credit rating agency Fitch Ratings has stated it does not believe the COVID-19 outbreak will have a material impact on the rollout of 5G networks across the US.

Although the US was one of the latter nations to feel the full force of the coronavirus, it is now accelerating through the nation. Despite there being very significant impacts to the economy on the whole, the Dow Jones index is down 25% since mid-February, Fitch Ratings seems to believe the telco space will be able to resist the worst impact.

“We believe the telecom sector has a lower level of risk to economic pressures as a result of the coronavirus, particularly when compared with other sectors, such as airlines, non-food retail, restaurants, lodging and leisure, automotive, and media,” the firm said in a research note.

“The lower risk is due to the integral nature of wireless services in consumers’ day-to-day lives with predictable recurring payments supported by low post-paid churn levels. As such, wireless phone services have a high position in consumer priority payments.”

For AT&T and Verizon, companies with stronger balance sheets according to Fitch Ratings, the impact to free cash flow (FCF) would be limited, though the rest of the industry should also be in a healthy position. Dividend cuts would be a last option, but the analysts believe this is a long-shot as the industry should be in a strong-enough position to continue strategic investments in 5G networks and related fibre spending.

The theory here, which holds sound for the moment, is that connectivity contracts are likely to be one of the last bills which will be trimmed back on. With more people facing a lockdown, the money flowing into the telco industry should be sustained (if not slightly increase) as the internet becomes the lifeline of social lives and remote working.

What is worth noting is that enterprise revenues would have been factored into ROI calculations over the long-term. As it stands, funds for 5G pilots and projects are likely to have been diverted elsewhere by enterprise organisations, though this only becomes a material problem for the industry if severity of COVID-19 persists as it is today, with the world under strict lockdown.

Another risk worth bearing in mind would be a recession. With unemployment rising rapidly in the US, subscriber churn could increase and defaults on device financing plans could rise. Some lower-income customers may convert post-paid accounts into pre-paid/lifeline service in an effort to cut costs. All of these factors would result in lower revenues for the industry, with T-Mobile more exposed than others, though it does seem in balance, the prospects are more encouraging.

Finch Ratings is taking a long-term view on the industry, and assuming the world returns to relative normality, 5G should be able to continue on track. But this assessment is incredibly limited, only looking at the financial capabilities of the telcos. What the team does not consider are external factors.

Employees could be forced to remain at home due to illness, engineers might have to be redirected to prioritise other projects such as improving the resilience of 4G networks or supply chains might be impacted. From a financial perspective, the 5G rollout should continue as forecasted, but there are many moving parts which are very sensitive to the spanners flying all over the place.

COVID-19 puts Year of 5G on hold

The telco industry might be in the limelight for the moment, but 5G looks like it is now taking a breather as the coronavirus pandemic continues to wreak havoc on society.

2020 was supposed to be the year 5G started to pay dividends. Telcos have been promising financial rewards in the enterprise segments, enterprise customers have been envisioning connectivity-based business models and the vendors were supposed to be supplying the technology to underpin it all. The party might have to be delayed by another year.

“At Omdia we are revising our 5G forecast,” said Omdia 5G Practice Leader Dario Talmesio. “There are many factors to be looked at, including consumer confidence, business confidence, disposable income, employment data, availability of networks, availability of devices, retail environment, marketing budgets. all these are converging to one direction which is very negative for 5G eMBB.

“We previously believed that 2020 was going to be the real year of 5G. This is no longer that case under the current circumstances.”

Everyone in the industry has been building towards 5G. The chip makers have been scaling capabilities quickly, the infrastructure vendors have been fine tuning base stations, cloud companies are rapidly growing footprints and devices manufacturers have been planning launches. But the reality is attention has been drawn elsewhere.

Speaking at a media briefing, Huawei SVP Victor Zhang said the telcos are prioritising projects to improve resilience in existing networks as more customers work from home. There is only so much which can be done to continue the 5G rollout as engineers are forced to prioritise the network strain which is threatening today. 5G deployments will slow down as a result.

This is not necessarily a huge consequence for some vendors, Huawei and Nokia for instance have fixed broadband business units, but it might cause headaches for those who are focused on mobile.

Ahead of the Ericsson Annual General Meeting (AGM), which will take place virtually, CEO Börje Ekholm suggested there was no material impact to the firm just yet. Pointing to the 86 commercial 5G agreements and 27 live networks, Ekholm is seemingly trying to build confidence in the business but it becomes difficult to ignore the logic behind a 5G slowdown.

Attention from the telcos is being diverted as reliable broadband and 4G networks are the gold standard during the outbreak, but you have to question whether there is the 5G demand from the consumer to underpin aggressive deployment strategies from the MNOs.

Looking ahead, September would have been a very interesting month for 5G excitement thanks to launch of Apple’s flagship device for the year. This would have been a 5G-capable smartphone and would have stirred the iCultists into a frenzy. Many analysts have suggested this launch could push 5G into the mainstream, but reports have been circulating that claim the bonanza could be scaled back.

It was suggested Apple would launch four devices in the autumn, ticking the boxes for multiple demographics, but supply problems for components might be the spanner in the works. What is worth noting is that there are also reports Apple is on track. As with everything associated with the media-shy iGiant, mixed reports are muddying the waters.

Looking at the wider smartphone segment, the demand is not likely to scale over the next few months to completely justify an aggressive 5G rollout.

If the telcos are to rationalize additional expenditure on 5G deployments, there would have to be customers on the other side to make use of the shiny, speedy networks. As it stands, some enterprise customers are prioritising manpower and investments towards existing day-to-day operations and also trying to reduce out-goings as a recession looms on the horizon, while consumers are also becoming increasingly cash conscious and with retail locations closed, sales are likely to become less common.

Last week, Counterpoint Research suggested smartphone shipments had declined by 14% over the course of February, and it would be very fair to assume the trend would continue (if not worsen) through March and beyond as more self-isolation measures are introduced around the world. New smartphone purchases are likely to be delayed for many for various reasons, eroding the demand for 5G connectivity.

Another very obvious issue which the telcos may well face is the sourcing of products and components. Although the main suppliers have been very vocal in suggesting their manufacturing capabilities are secure, that could change in a matter of weeks. These are companies who could be thrown off course by their own supply chains, and even if there have been business continuity measures put in place, we are heading to the realms of the unknown. Predicting the status quo of tomorrow and the impact of this pandemic is becoming almost impossible.

As it stands, the telcos are being forced to prioritise investment and attention elsewhere, forecasts on the number of 5G capable devices are likely to be lowered and delicately balanced supply chains could be thrown off course in a matter of days. The Chinese telcos could certainly counter this assumption with their own deployments, but it would be a fair to bet on 2021 being the new Year of 5G.

Appeals court halts FCC red-tape cutting quest

The US Court of Appeals for the District of Columbia Circuit has put the brakes on FCC attempts to reduce bureaucracy surrounding small cell deployment in the US.

In March last year, the FCC introduced new rules which would remove certain approvals required for the deployment of small cells. In short, telcos would no-longer have to seek review from the National Historic Preservation Act (NHPA) and National Environmental Policy Act (NEPA) prior to deployment.

In response to the new rules, the United Keetoowah Band of Cherokee Indians in Oklahoma, the Blackfeet Tribe, and the Natural Resources Defense Council (NRDC) objected, suggesting the FCC should not be allowed to remove the approvals with such ease and with a lack of consultation.

In this case, the US Court of Appeals for the District of Columbia Circuit has agreed. Certain aspects of the order have been upheld, however, the removal of this red-tape has been condemned by the Federal Judges.

“We grant in part the petitions for review because the Order does not justify the Commission’s determination that it was not in the public interest to require review of small cell deployments,” the courts opinion states.

“In particular, the Commission failed to justify its confidence that small cell deployments pose little to no cognizable religious, cultural, or environmental risk, particularly given the vast number of proposed deployments and the reality that the Order will principally affect small cells that require new construction.”

For the FCC, this is a loss, despite a positive statement from Commissioner Brenden Carr.

“I am pleased that the court upheld key provisions of last March’s infrastructure decision,” said Carr. “Most importantly, the court affirmed our decision that parties cannot demand upfront fees before reviewing any cell sites, large or small.

“We are reviewing the portion of last March’s decision that the DC Circuit did not affirm and look forward to next steps, as appropriate.”

This might sound positive but let’s not forget the objective of the FCC in introducing these new rules; speed-up deployment of 4G and 5G infrastructure in regions which might fall into the digital divide.

As we move forward into the 5G era, new opportunities are going to emerge for all economies around the world. The financial benefits are constantly being thrust into our face by telco lobbyists, however for these economic surges to be realised the right infrastructure needs to be in place.

This is where the FCC plays the most significant role. Pai has taken a machete to red-tape in recent years to offer more freedoms to the telco and media industry on the whole, and this was another step in that direction. Removing certain tick boxes would help the telcos roll-out new networks faster, though it seems it has over-stepped its mark in this instance.

Utilities to focus on disrupting pedestrians not vehicles

The UK Department of Transport has unveiled a new consultation which proposes new utilities infrastructure would have to be installed under pavements as opposed to roads.

The aim is to reduce disruptions to traffic across the country. Said disruptions to people’s journeys and congestion are estimated to cost the economy around £4 billion, though the new proposition is supposedly one which can address this. This new approach will be applicable to telcos for fibre, but also electricity, gas and water companies.

The consultation document states:

“Unless the Permit Authority consents to the placing of apparatus under the carriageway including to assist with the roll-out of national infrastructure projects or to enable urban greening and street trees, it is a condition of this permit that activities placing new apparatus underground should, where possible and practical, be placed under the footway, footpath or verge.”

The concept of the consultation is simple. When laying new infrastructure utilities and telcos will have to dig up pavements not the road anymore. It seems it is a lot more important to get people to work than to keep the pavements safe, though this might be an interesting approach to reduce the disruptions caused by 2.5 million road works each year.

As part of a wider scheme which will be known as ‘Digital Street Manager’, the Department of Transport also intends to force the utilities to be much more organized when deploying or upgrading infrastructure. It seems residents and local authorities are sick of roads being repeatedly being dug up, when realistically multiple projects could be completed back-to-back, minimising disruptions.

While this is not the sort of consultation which will have people rioting in the streets, there are pros and cons to both sides of the argument.

The idea of digging up pavements as opposed to roads has been the norm in some countries around the world for some time, such as Germany, and it does reduce disruptions. This is not to say it can be applied every time, but however it is sensible. Most roads have pavements on both sides of the road, therefore pedestrians can simply cross the road should there be work being done.

That said, there is criticism. Some might suggest the work would still overflow onto the road as there are few pavements which are wide enough to house a digger and several workmen. You also have to wonder what those with front doors which open directly onto the pavement would do during the works. Presumably in some awkward situations they would have to just give up on going in or out of their home until the work has been completed.

Another point to consider is the ‘real estate’ which is actually available. Gas or water pipes are not exactly small, and most pavements are not exactly wide. When you have to find space for the pipes, electricity wires and fibre cabling, you might run out of room rather quickly. In some cases, it might simply be impossible.

It is an interesting idea, and while something does need to be done to ensure civil engineering projects are completed in the most efficient manner, the industry has been calling for less red-tape not additional regulations…

Tory leadership favourite makes 2025 FTTH commitment

Former-Foreign Secretary and the favourite to be the UK’s next Prime Minister Boris Johnson has undercut DCMS and Ofcom commitment for full-fibre by eight-years.

Writing an op-ed piece for The Daily Telegraph, Johnson (BoJo) has suggested his government would commit to delivering fibre-to-the-home (FTT) broadband connectivity to 100% of the UK population by 2025, beating out current commitments by eight years.

“Think what we could achieve if the whole country had the same lightning access to this essential tool of progress,” BoJo stated. “If the Spanish can do it, why can’t we? Let’s say goodbye to the UK’s manana approach to broadband and unleash full fibre for all by 2025.”

As it stands in the Future Telecoms Infrastructure Review (FTIR), the UK Government has targeted full-fibre broadband for all households by 2033. This might sound like a ludicrous amount of time, though it is the final 10% which is envisioned to be the most difficult. There has been progress in upgrading the UK from copper to fibre, though the UK does seem to be falling behind other European nations.

According to the latest statistics from the Fibre to the Home Council Europe, 1.5% of UK subscribers have adopted fibre services. The industry is suggesting 7% availability of fibre services, while the Government is targeting 15 million premises to be connected by 2025. Steps forward have been made, albeit smaller ones than the likes of Spain, Latvia, Lithuania and the Nordics.

The issue with connecting all of these homes is down to the commercial gain for the telcos. When you get to the rural regions of the UK, delivering FTTH, or even fibre-to-the-cabinet, is not commercially attractive. Not only do you have to worry about the raw materials, there is the complication of civil engineering and the difficulties of navigating the red-tape maze of local authority governance.

This is why the Government is not worried about the first 90% of UK premises, but it is the final 10% which everyone should be concerned over. To connect these final premises, the telcos would have to be encouraged with public funds, as the commercial gain is seemingly below-par.

“But when I mentioned another priority of mine – almost casually – those farmers smote their weatherbeaten hands together and roared their assent,” said BoJo. “They want better broadband. They are indignant at the current failure to provide it – and they are absolutely right.

“A fast internet connection is not some metropolitan luxury. It is an indispensable tool of modern life. You need it for your medical prescription, for paying your car tax, for keeping up with the news and with your family and friends. It is becoming the single giant ecosystem in which all economic activity takes place. It is the place you find bargains. It is the place you find customers.

“It is not only the place you can find a job. It is the means by which you can be interviewed, and your talents uncovered, without incurring the cost of a rail ticket. If your area has a truly fast broadband connection, that area will be a better place to live, to invest, to set up a business; and that area will have a better chance of retaining talented young people and allowing them to start-up businesses and bring up their families.”

Undercutting Government objectives is of course a good way for a leadership hopeful to gain column inches and woo party members, many of whom will live in the more affluent rural areas, but is it actually possible? BoJo has already faced criticism because of dubious claims, just think back to the £350 million a week savings which was emblazoned across the bus during the Brexit campaign.

Telcos can of course be coerced into getting on with their jobs faster than they would like to, but this is an arduous process; the telcos have become masters of stubbornness. And as you can imagine, BoJo has been light on details as to how this accelerated rollout would be achieved, simply stating it would require more government investment.

So here is the question; does BoJo genuinely believe he can speed-up the transition to a fibre diet, or is this another suspect claim which will lead to another member of the general public taking him to court?

Telenor and PCCW question the need for speed

There are telcos who are rushing to launch 5G services, there are some who simply aren’t ready and there are a few who don’t seem that bothered right now.

During a panel session at 5G World, an interesting point was put forward by both PCCW and Telenor; if you don’t need 5G, why bother rushing to the finish line?

PCCW Group CTO Paul Berriman pointed to the current state-of-play. Data consumption is increasing, though the network is not being strained as it is elsewhere. Hong Kong as an incredibly high penetration in terms of FTTH, so the fixed wireless access usecase falls through. PCCW is also waiting on the release of 3.5 GHz spectrum, which will add impetus to the 5G mission. Right now, Berriman doesn’t feel that compelled to act as the business case is yet to present itself.

Telenor is taking a similar stance, in the sense it is not being rushed. Ingeborg Øfsthus, CTO of Telenor Norway, pointed to the tsunami of unknowns. The maturity of the technology is a worry, as is the development of the business cases. Øfsthus said the team does not have the pull from the verticals to rush a launch, and while there are some interested parties, there would have to be demonstratable scale before they are interested.

Another interesting factor to consider is the disruption to the management of a telco as a business.

“The real challenge for us is to go from 3,000 base stations in Hong Kong to 30,000 base station,” said Berriman. “Going from 4 million smartphones to 40 million connected objects. Going from $20 ARPU to $2. We need to understand the business model behind it.”

The drive towards 5G has been breathless for some, but there are telcos who are waiting for the right conditions before entering the fray; the ‘built it and they will come’ attitude is not being shared by everyone.

“It is early in the cycle, but it is evolving rapidly,” said Channa Seneviratne, Executive Director at Telstra.

Seneviratne suggested Telstra was one of the first companies worldwide to launch 5G, but this was entirely based on circumstance. With 60-70% year-on-year growth on data consumption, Seneviratne couldn’t afford to sit back and wait for the technology to mature or the business case to be fully understood; the demand for capacity-offloading was today.

Another interesting case of rapid deployment is with Elisa. Here, VP Of Telco Efficiency Kirsi Valtari said 5G is absolutely perfect for their business model. Elisa operates slightly differently, selling unlimited tariffs which are tiered on download speeds. The faster download experience you want, the more you pay, but you never run out of data. 5G just allows them to create more products and expand horizons.

While desire for 5G keeps everyone busy assessing who has launched the fastest, it is always worth remembering that sometimes it just isn’t necessary.

Bahrain surges forward with 5G innovation hub ambitions

The Kingdom of Bahrain has announced itself onto the global 5G stage, claiming to be one of the first countries globally to provide commercial 5G services by June 2019.

Bahrain has not exactly been thumping its chest with rhetoric and bold statements to date, but Minister of Transportation and Telecommunications, Kamal bin Ahmed Mohammed now claims preparations for the rollout of 5G networks are finished, with the only missing piece of the puzzle being the availability of consumer handsets and equipment.

“Bahrain’s state of readiness is a testament to the leadership of the Government of the Kingdom of Bahrain in enabling the implementation of cutting-edge technology and promoting innovation, and the continuous support of all stakeholders including the TRA and the national Spectrum Strategy & Coordination Committee (SSCC), all of which serves to highlight the Kingdom’s continued role as a regional leader in telecommunications and ICT,” the Minister stated.

The regulatory hurdles have been cleared, while licensing and spectrum allocation set to be finalised by mid-April, operators are already well on the way to rolling out the relevant infrastructure. Whether this actually means nationwide geographical coverage remains to be seen, but the country is gearing itself up to claim the title of one of the 5G leaders.

There might be a few who would scoff at the idea of Bahrain taking the lead in the 5G race, but it should come as little surprise. Bahrain has ranked first in the Arab region in the ITU’s ICT Development Index (IDI) for the last five years, and 4th globally in the UN’s Telecommunications Infrastructure Index (TII). The Bahrain Government might not have been making too much noise over the last couple of years, but it is in a strong position.

In June last year, successful commercial trials for 5G were completed, while the National Broadband Network (NBN) has ensured fibre connectivity is spread throughout the nation. By the end of 2019, the Government plans to reach 95% of households and 100% of businesses. While this does support the development of other usecases, the side benefit of having suitable backhaul infrastructure supports the 5G ambitions also.

Although it is relatively unfeasible Bahrain will be able to use these foundations to dominate the global technology economy, it could prove to be an incredibly useful resource in attracting new businesses. Like San Marino, another nation state which will experience 5G before the vast-majority, Bahrain could position itself as a test bed for numerous different segments, from autonomous vehicles to virtual reality. The right foundations are certainly in place.

As it stands, Bahrain is in an enviable position. The red-tape has been suitably ordered, the networks are almost ready, it just needs the launch of more consumer devices. How many countries can say that?

Vodafone and O2 UK buddy up over 5G infrastructure sharing

Vodafone UK and Telefonica UK (O2) will be entering into a new infrastructure-sharing relationship ahead of the much-anticipated 5G rollout.

The duo already has an existing relationship for shared infrastructure activities, managed through the Cornerstone Telecommunications Infrastructure Limited (CTIL) joint venture, with this extension to include 5G at joint radio network sites. In theory, such a tie-up will allow the pair to accelerate 5G rollout plans over the coming months.

“We believe that these plans will generate significant benefits for our business and our customers as we move into the digital era of connected devices, appliances and systems on a mass scale,” said Nick Jeffery, CEO of Vodafone UK. “Customers will benefit from the best 5G experience available and we will deliver even faster speeds by using our spectrum holding more effectively.”

“I’m excited by the potential of these plans to meet the future needs of our customers while delivering value for our business,” said O2 CEO Mark Evans. “In addition, these plans would allow us to utilise the spectrum we acquired in the last auction very effectively.”

Looking at the 5G ambitions, both companies are being relatively coy with the specifics. Vodafone has confirmed it will launch commercial 5G services during 2019, exactly when is unknown though, while O2 has already stated it will not enter the fray until 2020. For Vodafone, some industry analysts have commented it is pitting itself in a race with EE, suggesting the launch would be at some point during early summer.

Perhaps this is an indicator of the importance of 5G scale. Being the first to market may not mean anything in the long-run, it’s a gimmick to include in advertising more than anything else, but nationwide deployment will be critical. O2 has a marketing leading position to protect, while Vodafone wants to recapture the fortunes of yesteryear. Clearly offering the 5G network with the widest coverage will be critical to winning subscribers once 5G vaults towards mass market adoption, and this partnership seems to have an eye on that.

As part of the agreement, more responsibilities will be devolved to the CTIL, allowing the JV to improve the efficiency of its operations and pursue opportunities to add further third-party tenants to the assets. The companies also intend to upgrade their transmission networks with higher capacity optical fibre cables, readying the infrastructure for low-latency use cases such as VR, while there is also an eye on future transmission operating model which could drive synergies for investment and operations.

Although trying to get telcos to play nicely with each other is a tricky task, the idea of shared infrastructure has been on Ofcom’s agenda for some time. It might create a bit of a red-tape maze in the first instances, though there are clear benefits to the concept.

“UK 5G roll-out is on the way and operators need to be more accepting of sharing infrastructure to ensure that coverage demands from consumers and businesses can be met as quickly as possible,” said Ingo Flomer, VP Technology at Cobham Wireless.

“Deploying new 5G networks typically require operators to install and maintain new antennas, hardware and cables, which requires significant planning, management and expense. By using one common architecture, operators can minimise cost and disruption.”

Fears the highly dense urban areas will be favoured over rural regions will certainly not be dismissed following this announcement as the cities are still much more attractive commercially, but with such partnerships the delay might not be as painful. A digital divide was created by the slow rollout of 4G, but shared-infrastructure relationships should ease this chasm, at least theoretically.

Shareholder attitudes on fibre are shifting – investor

Some telcos might have been afraid of committing to fibre deployment due to the vast expense and potential shareholder backlash, but attitudes are changing.

Over the last few years the need to invest in fibre has become increasingly evident, though progress is incredibly varied. Forward-looking telcos, Orange for instance, have been pumping cash into fibre deployment for years, while stuttering operators such as BT and Deutsche Telekom has chosen alternative technologies in an incredibly short-sighted move, maybe satisfy the bloodhounds in the annual general meeting, and the rising demands of the consumer.

While technologies such as G.Fast or vectoring might be appealing to the accountants, with the gigabit-economy around the corner, the shortfall is starting to look quite obvious. What was initially sold as a cunning move now looks to be nothing more than delaying the inevitable, with the overall result a net loss. But with attitudes towards fibre changing, the intensity of fibre rollouts might just increase. And it isn’t a moment too soon.

“We’ve seen the evolution of fibre as an asset class which is becoming much more accepted and more confidence in the take up and monetization potential of fibre,” said Chris Hogg, Investment Director at Amber Infrastructure, speaking on a panel session at Broadband World Forum in Berlin. “As an investor, we are getting a lot more confidence in the ability of the market to maintain the uptake level. It becoming a lot more visible and a lot easier to have confidence in these projects.”

Hogg’s position does offer him considerable credibility in making such comments, though he does work for a fund which specifically targets infrastructure projects and companies. This might not be the common attitude amongst the investor community. Kate McKenzie, CEO of wholesale network operator Chorus, does however confirm his position.

“We have definitely seen a change,” said McKenzie. “When we first started investors were sceptical about market adoption, but now investors are asking how they can go faster with the rollout.”

The issues from yesteryear were relatively simple. With profits being squeezed at the telcos thanks to the intervention and disruption of the OTTs, shareholders asked whether such vast expenditure on fibre was necessary. Firstly, did the network need such a facelift when it is dealing with the demands of the 3G and 4G world, and secondly, would the consumer appetite for fibre be there? Some investors doubted the business case, and these are the telcos who are falling behind when it comes to fibre rollout.

But what has changed over the last couple of years? Firstly, the consumer has demonstrated he/she is prepared to pay more for fibre connectivity. Secondly, new services emerged (Netflix for example), and new segments grew substantially (gaming) pushing the networks to the limit. Finally, 5G. The first point demonstrated there would be buyers for the new products, while the latter two suggested telcos would not even be able to offer adequate services unless the money was spent.

The takeaway here is simple; spend or die. Unfortunately for those who are late to the party, expenditure will squeezed into a smaller timeframe, while they’ll be playing catch-up in the time consuming task.

With 5G emerging, the investments in fibre become a little bit more palatable for investors however. With the incredible data rates promised with 5G, fibre is a necessity to ensure network performance. And while it might be able to act as a replacement for the last mile for broadband, fixed wireless access, the sites still need to be fibered up. It is as much an opportunity for connectivity as it is a threat to traditional broadband products.

“We’ll always need fibre to service the base stations,” said Dana Tobak, CEO of Hyperoptic, a UK fibre-to-the-premises broadband provider. “Some people think they’ll only need one connectivity technology in the future, but as our appetite grows, we’ll need more routes to the internet.”

For those investors who back fibre deployment plans over the years, well done. Those who were too timid, bad bet, there’s catching up to do now.