Morningstar | Sky Begins to Embrace a Multi-Channel Model in the Face of Streaming Competition
Sky Network Television enjoys a high-margin, highly cash-generative business model, reflective of its status as the monopoly pay-television operator in New Zealand. Its strong financial position and a stranglehold on key content have erected a competitive barrier that others have found difficult to breach. However, that was until fiscal 2015 when emerging distribution channels, facilitated by increasing broadband penetration and adoption, began to allow content owners to bypass Sky Network Television's satellite platform and directly reach consumers. Furthermore, these technology-savvy consumers are likely to become more demanding and less willing to pay for traditional channel bundles. All these long-term dynamics are likely to put pressure on the company's operating metrics and cost structure, both operating (content, marketing, technology) and capital (set-top box upgrade cycle, apps).SKY Television and its subsidiaries operate as a provider of multi-channel pay television and free-to air services in New Zealand across a range of platforms and to various devices. Co. and its subsidiaries have a portfolio of content encompassing entertainment, sports, movies, news and others. As of June 30 2015, Co. and its subsidiaries broadcasted a total of 121 channels, which comprised of 46 basic channels, 12 sports channels, five specialist channels, nine movie channels, 12 free-to-air channels, eight radio channels, 14 audio music channels, one pay-per-view (PPV) event channel, 11 PPV movie channels, and three PPV adult channels.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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