- Connecting approximately 4 million
more UK homes and businesses to broadband speeds of 152Mb, at least
twice the fastest speeds available from competitors
- 6,000 direct new jobs, including
1,000 new apprenticeships, created over five years
- £3 billion of additional private
investment expected to benefit the UK economy by £8
billion
- Consumers and small businesses can
register at virginmedia.com/cablemystreet
Virgin Media, the UK's ultrafast internet provider, is embarking
on “Project Lightning” the single largest investment in broadband
digital infrastructure in the country for more than a decade;
creating thousands of new jobs in what will be a multi-billion
pound boost to the national economy.
With the support of parent company Liberty Global plc (“Liberty
Global”) (Nasdaq: LBTYA, LBTYB, LBTYK), Virgin Media will extend
its unrivalled fibre-rich network to approximately four million
additional premises over the next five years. This will increase
the number of homes and businesses to which Virgin Media can offer
services by almost a third; from around half of the country today
to nearly 17 million premises by 2020.
£3 billion for homes and businesses; £8 billion of value to
the UK economy and consumers
The UK is the world’s most internet-based major economy (Source:
Ofcom). Broadband infrastructure, and the services offered over it,
will be increasingly central to the country’s growth over the
coming decades.
The £3 billion of additional private investment announced today
is essential for individuals and businesses to thrive in the global
digital economy. This substantial investment will be financed
mainly through incremental borrowings. Analysis undertaken by
leading economic consultancy Oxera has found that this investment
can be expected to stimulate a combined £8 billion of economic
activity and consumer benefit.
Prime Minister David Cameron said: “I welcome this
substantial investment from Virgin Media which is a vote of
confidence in our long-term economic plan to support business and
create jobs by building a superfast nation backed by world-class
infrastructure. These 6,000 new jobs and apprenticeships will mean
financial security and economic peace of mind for thousands more
hardworking families across the country. Together with this
Government’s rollout of superfast broadband which has now reached
more than two million UK homes and businesses, this additional
private investment will create more opportunities for people and
businesses, further boosting our digital economy and helping secure
a brighter future for Britain.”
Tom Mockridge, Virgin Media Chief Executive Officer,
said: “Millions of homes and businesses will soon be able to
benefit for the first time from broadband speeds at least twice as
fast as those available from the other major providers. Consumers
and business owners who want to make the switch to better broadband
speeds now have an alternative; you can call on Virgin Media to
‘Cable My Street’.”
Mike Fries, Liberty Global Chief Executive Officer, said:
“Our next-generation fibre-rich networks reach 50 million
households across Europe, enabling our customers to discover and
experience the endless possibilities of the digital world. After a
record operating performance, Project Lightning is a significant
investment that demonstrates the confidence we have in Virgin Media
and the UK as a place to do business.”
Households connecting to Virgin Media for the first time will
benefit from broadband speeds of 152Mb, at least twice as fast as
the fastest speeds available from BT, TalkTalk and Sky. Virgin
Media also offers the UK’s most advanced interactive television
service, bringing together broadcast TV, thousands of hours of on
demand programming and the best of the web in a single set-top
box.
Home workers and small and medium-sized companies will also
receive a boost from better connectivity in areas where Virgin
Media Business will become available for the first time.
When it comes to making the most of increasingly connected
lives, speed and capacity matters. The number of internet-enabled
devices has grown significantly in the past decade, as homes and
businesses are increasingly connected to multiple devices
simultaneously. Sixty per cent of Virgin Media customers now have
at least three devices connected to their home broadband, up from
37 per cent a year ago. Data usage on the Virgin Media network is
currently growing at a rate of around 60 per cent every year which,
if this trend continues, will be 10,000 per cent higher in ten
years.
6,000 UK jobs created; award-winning apprenticeship scheme
expanded
This network expansion programme is expected to create 6,000 new
jobs in the UK at Virgin Media and across its construction
partners. Roles will be created across the country, including jobs
to support engineering and sales efforts.
It will increase the number of apprenticeships created by Virgin
Media to 1,000 over the next five years. Almost 1,000 young people
have already gained recognised skills and experience in this
award-winning scheme while earning, since it began in 2008. Further
information about working for Virgin Media is available at
virginmedia.com/careers.
Virgin Media calls on consumers and businesses to register
their interest
Network expansion will be prioritised according to demand from
households and companies, with a focus on areas closest to Virgin
Media’s existing network.
Virgin Media is urging communities who want better connectivity
to register their interest at virginmedia.com/cablemystreet.
Businesses can register at
virginmediabusiness.co.uk/cablemybusiness.
Tom Mockridge, Virgin Media Chief Executive Officer,
added: “In virtually all of the areas we have identified for
expansion, BT is the only option available right now. Its ageing
copper telephony wires are not capable of the ultrafast
connectivity that Virgin Media delivers. Soon we will offer
unbeatable services to even more homes and businesses across the
country.”
Long term investment in speed leadership; Virgin Media –
always faster
Today’s announcement of “Project Lightning” marks a five-year
transformation of Virgin Media to extend its existing position as
‘always faster’ to more areas as the better alternative to the
incumbent BT’s network.
Liberty Global is a global leader in innovation and new
technologies and is preparing trials of DOCSIS 3.1 technology
across Europe later this year. This technology could extend Liberty
Global’s speed leadership to up to 10Gb when it is fully deployed
in the future.
Virgin Media Business – transforming the prospects of
enterprise
Virgin Media Business offers telecoms services specifically
designed to help small and medium companies grow. These are
tailored to cover those starting out, as well as growing, emerging
and maturing businesses, helping to reduce complexity and make it
easier for firms to seize business opportunities every day.
A new proposition specifically designed for the start-up hotspot
of east London means Virgin Media Business is installing managed
internet access to buildings with shared occupancy. Once the fibre
is installed, each of the small businesses in a building will get
their own dedicated connection. There are plans to extend this
multi-tenant capability across other parts of the UK.
Notes to Editors
Ofcom: Importance of the UK’s internet economy revealed,
December 2014 http://media.ofcom.org.uk/news/2014/icmr-2014/
Virgin Media is already in the process of expanding its network
to 110,000 homes across east London, Glasgow, Sunderland and
Teesside.
About Virgin Media
Virgin Media is the first provider of all four broadband, TV,
mobile phone and home phone services in the UK. The company’s cable
network – the result of multi-billion pound private investment –
delivers ultrafast broadband to over half of all UK homes, with
speeds of up to 152Mb, as well as market leading connectivity to
thousands of public and private sector organisations across the
country.
Virgin Media has developed the most advanced interactive
television service, bringing together broadcast TV, thousands of
hours of on demand programming and the best of the web in a single
set-top box powered by TiVo. The company was the first to offer HD
TV and 3D on demand to millions of British households.
The world’s first virtual mobile network was launched by Virgin
Media and it is also one of the largest fixed-line home phone
providers in the country.
Virgin Media is a part of Liberty Global plc, the world’s
largest international cable company. Together Virgin Media and
Liberty Global serve 27 million customers across 14 countries,
helping connect people to the digital world and enabling them to
discover and experience its endless possibilities.
Disclaimer
This press release contains forward-looking statements,
including statements regarding Virgin Media’s investment plans and
programme to extend its internet infrastructure, the amount of the
investment, the timing and phasing of the investment and roll-out
of broadband services, the number of homes and businesses to be
reached as a result of the investment programme and the economic
benefits and impacts of such investment, and other information and
statements that are not historical fact. These forward-looking
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by these statements. These risks and uncertainties include the
continued use by subscribers and potential subscribers of our
services and their willingness to upgrade to our more advanced
offerings, our ability to meet challenges from competition, to
manage rapid technological change or to maintain or increase rates,
general economic factors, the continued growth in services for
digital television at a reasonable cost, the effects of changes in
laws or regulation, our ability to successfully acquire attractive
programming for our digital video services and the costs associated
with such programming, our ability to maintain certain
accreditations, our ability to achieve expected operational
efficiencies and economies of scale, our ability to generate
expected revenue and operating cash flow, control property and
equipment additions as measured by a percentage of revenue, the
impact of our future financial performance, or market conditions
generally, on the availability, terms and deployment of capital,
fluctuations in currency exchange and interest rates, the ability
of vendors and suppliers to timely deliver quality products, as
well as other factors detailed from time to time in our most recent
quarterly and annual report and Liberty Global’s filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K for the year ended December 31, 2014. These
forward-looking statements speak only as of the date of this
release. We expressly disclaim any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in our
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
Virgin Media Press Office0333 000 2900 and
press@virginmedia.co.uk
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