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Signum Research

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Joaquín Sánchez

Joaquin Sanchez, CFA
19.sep.18

Signum Perspectives

THE MEXICAN NON-PAY TV MARKET

Household penetration Most Mexican households have a T.V. set. At the end of 2016, around 96% of households had nonpay T.V. with an average 1.9 sets per household, 1.2. of which were digital and 0.7 analogical, according to the Federal Telecommunication Institute’s 2016 National Survey of Audiovisual Content Consumption, which contains the most recent data (the FTI should announce the results of the 2017 Survey soon). The survey also showed that 49% of households had a pay T.V. signal. More importantly, 74% of households with a T.V. mainly watched the non-pay T.V. channels, while 65% of pay T.V. subscribers watched non-pay T.V.

Audience

Non-pay T.V. is the medium that attracts the largest audience in Mexico. Non-pay T.V. captured 48.0% of the total audience in 2016, according to FTI. That number was far higher than pay T.V.’s 35.1% and “Other Device’s” 16.9%.

Non-pay T.V. programs were more popular than pay T.V. programs. In 2016, the most watched non-pay TV channels in Mexico were TELEVISA’s Canal 2 (“Las Estrellas”), Azteca 13 (now “Azteca Uno”), TELEVISA’s Canal 5, Azteca 7, and, surprisingly, Canal 11. However, interestingly, five of the most watched pay T.V. channels included four non-pay channels: TELEVISA’s “Las Estrellas”, Azteca 13 (now “Azteca Uno”), TELEVISA’s Canal 5, Azteca 7, and Fox.

Broadcasting

TELEVISA and TV AZTECA are currently the only non-pay T.V. options with nationwide coverage. Imagen TV has multi-regional coverage. However, we estimate that TELEVISA and TV AZTECA will continue to receive most of advertising revenues, as Imagen TV has not yet signed agreements with the country’s main advertisers.

TV AZTECA

Change of administration, broadcasting and strategy. Since mid-2015, TV AZTECA has undertaken some major changes, including the appointment of Benjamín Salinas Sada as Managing Director. The company has also modified its programming schedule to focus more on serials and live entertainment, while not overlooking its sports and news broadcasts. TV Azteca also broadened its content distribution through an agreement with Google, has sold non-core assets, refinanced and lowered its debt, and changed its name to Azteca Uno.

On May 21st, TV AZTECA announced that its new priority will be live broadcasts, which are set to grow 10% in 2018 and a further 47% in 2019. As part of this strategy, TV AZTECA signed an agreement with the Turkish production company Acun Medya.

Azteca Uno with program innovation. Azteca uno’s current content includes news broadcasts, reality shows, talk shows, entertainment, a range of music programs, movies, and soap operas.

Azteca 7 programs. Azteca 7 broadcasts entertainment programs, serials it has acquired, sports programs, cartoons, and movies.

New channels. On March 13, 2017, TV AZTECA announced the launch of two non-pay T.V. channels, adn40 and a+, as part of the company’s reinvention under the leadership of Benjamín Salinas.

Channel adn40 focuses primarily on news and it has a number of news programs. The channel also broadcasts live through its internet page www.adn40.mx.

Channel a+ began operations on March 20, 2017 through non-pay T.V. signal 7.2. It has nationwide coverage and broadcasts local signals in a number of large cities. Its programs include news programs and local sports programs as well as TV AZTECA and other producers’ content.

Since its launch in 2016, Imagen TV has built up an audience. At the end of 2017, it had an 8% share compared to TELEVISA’s 65% and TV AZTECA’s 27%. However, we expect these audience levels to stabilize in the short term given TV AZTECA’s successful broadcasting strategy focusing on entertainment programs.

Greater revenue share. TV AZTECA’s successful broadcasting strategy has enabled it to win revenue share. For example, advertising sales rose 9.2% in 2017, 19% in Q118 and 11% in Q218, surpassing Televisa. As a result, TV Azteca’s share of revenues increased from 29.9% in Q416 to 41.0% in Q218, as shown in the graph below.



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