BT Q2 (ie Sept 2016) financials out today - Consumer results look strong on literally every metric - reports of the death of Pay TV sport on other threads may have been somewhat premature (surprise, surprise).
Consumer results (ie phone + broadband + TV):
Revenue - up 10.8% vs same quarter in prior year
EBITDA - up 22.9% vs same quarter in prior year
Comparative helped by fact EBITDA fell in same quarter in prior year due to launch of BT Sport Europe (ie start of CL). However EBITDA is still up 10.5% vs same quarter
two years ago (ie PL year 2, no CL).
So, as previously noted when looking at previous results, I think the most noteworthy thing is that they've taken on the (considered by many) very substantial CL cost and it's been fully absorbed - with EBITDA today clearly higher than prior to having the CL.
BT TV
Platform customer growth - up 64k in the quarter. Last 2 years:
Sept 2014 - 1,045k
Sept 2015 - 1,308k
Sept 2016 - 1,684k
So up 61% in two years - has to be considered massive growth.
Programme rights costs - small increase reflecting new PL contract - up from £163m (in June 2016 quarter) to £177m. Should tick fractionally higher in next quarter when have a full quarter of new PL contract.
But big picture is of rights costs then broadly flat until June 2018 - probably increasing by no more than £50m further per year (principally new Aviva in 17/18 and Australian cricket starting this winter - though not sure if that'll be booked straight line or heavily weighted towards Ashes winter).
Slides 2 (3/13), 8 (9/13), 10 (11/13):
http://www.btplc.com/Sharesandperfor.../q216-KPIs.pdf
Slide 16:
http://www.btplc.com/Sharesandperfor...216-slides.pdf