The Mobile Internet Report Key Themes*

Wireless Voice Revenue at Risk as VoIP over Wi-Fi Usage Grows –
~6% Implied Revenue at Risk, Though iPhone / iTouch Usage Implies VoIP Trend Could Accelerate
A
Mobile Users at Risk = 40%
Overlapping broadband and mobile subscriber bases =
mobile users with access to Wi-Fi network.
35% Broadband Wi-Fi Penetration ÷ 90% Mobile
Penetration 100% Broadband Base Affected = 40%
A
= 40% of Mobile Users
X
B
= 30% of Calls on Wi-Fi Network
X
C
= 50% of Calls Subject to VoIP Pricing
(incoming in Europe paid at termination rate)
=
Implied Revenue at Risk = 6.0%
Calls on Wi-Fi Network = 30%
Calls Subject to VoIP Pricing = 50%
B
Assumes calls on Wi-Fi network
are made from home / estimated
30% of mobile calls made from
home or open Wi-Fi area
Incoming calls charged at mobile
termination rates / outgoing calls
are charged at the VoIP rate. Assume
that incoming / outgoing calls are
equally split
C
Source: Nick Delfas, Morgan Stanley Research.
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