Multiplay service revenue in Singapore to grow at 3.9% CAGR

Multiplay service revenue in Singapore to grow at 3.9% CAGR over 2023-2028, forecasts GlobalData

Multiplay service revenue in Singapore is expected to grow at a compound annual growth rate (CAGR) of 3.9% from $1.1 billion in 2023 to $1.3 billion in 2028, in line with growth in the average monthly multiplay household spending and continued rise in the number of multiplay households on the back of improving fixed network infrastructure, according to GlobalData, a leading data and analytics company.

GlobalData’s Singapore Multiplay Forecast Model (Q1 2024) reveals that the average monthly household spend on multiplay service bundles will grow from $65.57 in 2023 to $74.93 in 2028, primarily driven by the increasing adoption of higher value triple-play and quad-play service bundles.

Sarwat Zeeshan, Telecom Analyst at GlobalData, says: “The ongoing investments in fiber-optic network expansion and relatively high fixed broadband household penetration in the country allow telcos to promote a wide range of multiplay service bundles built around high-speed internet service, thus driving growth in the market.”

As operators’ package additional benefits such as unlimited Internet and access to video-on-demand platforms to enhance their bundled service offerings, the average monthly household spend on multiplay service bundles is also expected to increase, thereby driving the overall revenue growth.

Zeeshan continues: “Tripleplay service bundles accounted for 62% share of the total multiplay households in 2023, followed by doubleplay with 27% and quadplay bundles with 11% share. Tripleplay bundles will continue to be the most popular multiplay service category in Singapore over the forecast period, with all major operators such as SingTel and StarHub promoting unlimited telephony service along with their fiber broadband plans.

Quadplay adoption will stand to gain over the forecast period owing to growth in fixed mobile convergence household penetration, which will increase from 8.7% in 2023 to 10% in 2028.

Zeeshan concludes: “SingTel was the market leader in terms of number of multiplay households in 2023, followed by StarHub. All the major service providers in the country are leveraging their widespread, high-speed fiber-to-the-home (FTTH) networks to accelerate multiplay services adoption and increase revenue-generating units (RGUs).”