The number is from
askmerrill.com
but also in line with
sec.gov
From MER's report on Oct. 10:
<<@Home revenues grew from $21 million in Q2 to $27 million in Q3, up 28%. @Home subscribers grew 35%, from 620,000 ending Q2 to 840,000 ending Q3. If we assume that paying subscribers are average @Home subscribers for the quarter (which might be inaccurate depending on when in the quarter subscribers switch on), average @Home subscribers for the quarter also grew 35%, from 540,000 to 730,000. Comparing Q3 to Q2 on a revenue per average subscriber basis, it seems that @Home?s revenue per subscriber has dropped about $0.70, from $13.00 to $12.30. We think this is a function both of the type of marketing promotions being run and of a greater percentage of Canadian and international @Home subscribers. In Canada and internationally, @Home derives licensing fees valued at approximately 19% of cable operators' total @Home distribution fees (approximately $40 per month everywhere). This is lower than the approximate 35% revenue share in the U.S., because Canadian and international partners also bear all costs related to marketing, customer service and the regional backbone infrastructure, most of which @Home bears in the U.S. Because the associated costs are lower, a lower revenue per subscriber does not necessarily bother us, though we will keep an eye on it.>> |
