Telecommunications & Connectivity
5G monetisation, tower infrastructure, digital media convergence, and the $428 billion connectivity gap across emerging markets.
The Structural Inversion
Global telecom capex exceeded $330 billion in 2025 while ARPU growth across OECD markets averaged only 1.2-1.8%. Spectrum auction costs consumed $180 billion since 2019. The tower infrastructure asset class commands $340B+ valuations at 25-30x EBITDA. The convergence that matters is telco-cloud, not telco-media — AT&T Time Warner ($85B acquisition, spin-off at a fraction) is the definitive case study in why distribution and content require different operating cultures.
AWS Wavelength, Azure private MEC, and Google Distributed Cloud run workloads at operator edge sites in 30+ countries. The strategic question: whether operators become landlord or utility. Open RAN realistic trajectory: 15-20% of global RAN by 2030. Private 5G deployments number ~1,500 globally. The consumer 5G killer app beyond faster broadband has not materialised.
Digital Media & Content
SVoD growth decelerated to 6%. Netflix crossed 300M subscribers with ad tier at 55M+ MAUs. Disney+ stabilised at ~155M after rationalising $3B content spend. Warner Discovery Max reflects the AT&T-Warner lesson: telco-media vertical integration destroyed value at every execution point.
YouTube cumulative payouts exceeded $70B. A single creator with 10M followers commands attention at a fraction of studio cost structures. Multi-channel networks, UTA/CAA/WME creator divisions, and direct-to-audience monetisation have disaggregated traditional media value chains. Content moats are shorter-lived than ever.
Saudi MBC Group (PIF majority-owned) builds Shahid VIP with $1B+ annual content investment. UAE media free zones host 1,500+ companies attracting Netflix and Amazon Studios production. Content as sovereign soft power vehicle. 400-million-person Arabic-language audience requires genuine regional expertise.
The Three-Billion-Person Gap
M-Pesa processes $35B+ annual transaction value. Safaricom derives 45% of revenue from M-Pesa. 600M+ registered mobile money accounts across Africa. This is not transitional technology — it is the permanent financial architecture where branch banking economics will never work. SE Asia 700M population with super-apps (Grab, GoTo, Sea Group) heading toward $300B GMV by 2030.
Starlink: 6,500+ satellites, 4M subscribers, 75+ countries. Cannot substitute for terrestrial in urban environments where 80% of population lives. ITU: connecting 2.6 billion unconnected requires $428B through 2030. Universal service funds ($40B+ accumulated) suffer chronic underutilisation and political capture.
"Connectivity is no longer a sector — it is the substrate upon which every other sector operates."
We bring analytical rigour to distinguish between technology narratives and investable economics — whether evaluating Open RAN vendor selection, structuring tower portfolio transactions, modelling mobile money platform economics, or navigating spectrum allocation and content licensing across the markets we serve.
Sub-Sectors
Broadcast infrastructure privatisation, OTT platform strategy, and the regulatory environment for cross-border content distribution.
Content licensing, streaming platform economics, and the convergence of telecoms with entertainment and gaming ecosystems.
Spectrum auction advisory, tower company M&A, and the capital requirements of nationwide 5G rollout across emerging markets.