Quality products and services continue to be the decisive factor in whether customers continue to work with you or not. One of the hypotheses under consideration is the introduction of handset leasing. While most operators have a dedicated lead for core functions such as networkor customer care, they rarely have one for smartphones, even though it drives equal if not more economic impact than other categories. End-of-lease options are also rather versatilemost firms trade in their devices for an upgrade, but customers may also purchase the handsets outright. Theyll garner more attention if they are visible without scrolling. With subscribers' thirst for data seemingly insatiable, these should be heady times for mobile network operators. But once again it failed to attract. 0000006151 00000 n Technology leasing companies can now empower millions of people with access to smartphones irrespective of their credit history. The proliferation of mobile phones across diverse avenues has led to a transformation that was inconceivable, a few years ago. Total Lease Revenue: $227~. PDF) MOBILE TELECOMMUNICATIONS SERVICE MANAGEMENT . With the high price of handsets, carriers offering leasing plans might face enormous hurdles pertaining to. handset leasing services to cope with the change in consumer preference. There will be a rate of interest on top of the repayment, but nothing near what you might expect. xref In retracting device subsidy offers, operators have the potential to ease this financial pressure and lower the cost per customer acquisition, as discussed in Section 1. Benefits of handset rental. Source: Earnings . Create network supremacy by smartly rolling out 5G and fiber to the premises, integrating precision analytics and marketing, embedding . Key Telecom Metrics PLUS Visible Alpha's Standardized Industry Metrics. Research expert covering South Korea. endstream endobj 516 0 obj <>/Filter/FlateDecode/Index[84 399]/Length 36/Size 483/Type/XRef/W[1 1 1]>>stream 2 TPG Telecom reported service revenue of $4,439 million in FY22, up 1.5 per cent on FY21,while earnings before interest, tax, depreciation and amortisation (EBITDA) was $2,135 million, up 23.6 per . Additionally, subscriptions can be used to increase accessories sales since consumers typically are more inclined to buy protective cases when they are expected to return the phone in good condition. 0000007090 00000 n At least in the wholesale market, the minimum residual value for premium smartphones can be predicted well in advance and used to inform an operators game plan. For example, in 2019, South Korean operators registered a surge in smartphone-related costs to enable their first million 5G connections, and these costs were higher than for the last wave of 4G migrations in 2011. 0000009802 00000 n Figure 1: Singapore Mobile revenues already declining pre-TPG Source: PSR, Company Figure 2: Post-paid ARPU (SFRS 15 impact) Company MVNOs In Singapore Zero Zero1 Impacts of a handset leasing model on mobile telcos . hb```b``c`e`bf@ a C)O @R#tC4dGabA"yD3 0000003414 00000 n The result of correlation analysis examine the impact of working capital management show there is negative relationship between on profitability of Bharti Airtel Telecom Company. Impacting high-end products 5.3.2. Essentially, leasing enables access to top of the range telecoms technology at an affordable fixed rate. For an operator, cash flow would be the principal problem posed by smartphone financing. 217 33 In Q2 2021, it captured 75% of the overall handset market operating profit and 40% of the revenue despite contributing a relatively moderate 13% to global handset shipments. Heres how NuovoPay makes it easy for telcos to make the device financing model lucrative: This truly serves as a win-win for the telecom carriers as well as the consumers. Im thinking about the topic of strategic responses to emerging events at the moment because of the seeming inevitability of a recession this year or next, which will doubtless bring with it many similar situations. Mobile phone leasing has grown significantly in popularity over the years as hardware costs have increased and more affordable, flexible SIM-only business plans have become available. Encourage readers to subscribe to your newsletter by including a lead magnet on your site or by asking them to join your mailing list for fresh material. As a Telecom Analyst he has been quoted extensively by the leading media platforms. According to RentoMojo . However, this is not the case. The magnitude and complexity of the smartphone subsidy challenge will increase significantly in the next few years. 0 U.S. wireless operators posted their strongest subscriber gains and service revenue growth in several years during 2021, rebounding from sluggish operating performance due to the COVID-19 pandemic. But this has also resulted in a major digital divide that can be observed between populations that do not have access to the best telecom network or the best mobile technology. It is rare, though, to see operators break through silos and push for smartphone excellence across functions. Amid a wide-ranging consumer shift to subscription services for any number of products, phone subscriptions are generating more C-suite discussions as an innovative consumer value proposition. Although I like to think widely about these issues, Ill also try, wherever possible, to back up my thoughts with data & thought experiments. And who better than telecom carriers to take a plunge in the device financing market. For their part, OEMs also would likely see faster-growing sales of new devices and would stand to gain from a structured, secondary-life ecosystem. Leasing a mobile phone entails financing the cost of the device. With consumers purse strings tightening, it is more important than ever for businesses, especially those offering higher-priced goods and services, to find ways to relieve some of the consumers financial troubles. Calculate the impact of handset leasing for Company X Year 0 Year 1 Year 2 Step 1. Our work with operators suggests such a holistic approach can achieve an incremental 23 percent improvement in EBITDA. Impacts of a handset leasing model on mobile telcos . As the equipment rental payments plus the expected liquidation value of the device equal the cost to acquire the device from the manufacturer, the company provides the customer with a discounted service rate plan. For instance, one AsiaPacific operator discovered subscribers were misusing a loophole to get new device replacements for low $200 deductibles by claiming their devices were lost. By some estimates, the global used smartphone industry is worth $30 billion to $50 billion. Although losing the privilege of locking handsets to their network may be frightening, in truth it is no more impactful than number portability in enabling consumer choice. Ensure that each page of your mobile website contains compelling calls to action. Indeed, as a form of consumer debt, smartphone-backed securities are often viewed as higher-quality investments than corporate bonds and incur comparatively lower financing costs. Click here and Check me out i am getting naked here ;), Good information !I am very interesting to read your blog content.Thanks for sharing.you may also check our blogBajaj Holdings & Investments SharesBajaj Holdings & Investments Limited. Technology leasing companies can now empower millions of people with access to smartphones irrespective of their credit history. This growth should be supported by the premium price tags of 5G smartphones, as millions of customers look to de-risk their expensive purchases. As you can see in the chart, net leased devices were valued at ~$4.5 billion at the end of fiscal 3Q16. 0000018116 00000 n For those of you interested in it, you can buy my latest book, The Point of Maximum Uncertainty here: https://amzn.to/33EYw8T. Of course, there was the year of the one-off with the . Guidance for the 2022 financial year raised: adjusted EBITDA AL of around 37 billion euros, free cash flow AL of more than 10 billion euros anticipated. It has reached KRW 17.520 trillion in revenue in 2017. PDF | On Aug 9, 2020, Adil Malal published Handset Leasing and Telecommunication Sector and Operators | Find, read and cite all the research you need on ResearchGate Many of the levers unlock additional synergies that, for example, relate to subscription and insurance offerings. Residual value is a function of device age and condition, source of supply, and end resale channel. Maximizing the contributions of smartphones to the overall profits and losses (P&L) isnt always top of mind for each or possibly any single function. The influence of smart gadgets is enormous, and the continuous emergence of cutting-edge technologies enables peopleto connect and accomplish more online, further increasing their reliance on these devices. BCG has been engaged to drive improvements in profitability. whats the right choice for, Democratizing Technology with Smartphone Financing, SIM-based Locking: How NuovoPay Makes Device Financing Lucrative for Telcos. It guarantees the lessee, also known as the tenant, use of an asset and guarantees the lessor, the property owner or landlord, regular payments for a specified period in exchange. Source . Our trusted dealer provide you all models of apple in best range and best quality. Strategy-Consulting-Virtual-Experience-Program. This migration is necessary to enable expansive 5G network experiences, yet it will be more expensive than previous consumer-hardware shifts. Source: Earnings . D. Handset leasing and telecom industry The handset leasing solution has been introduced in response to the rising prices of smartphones as well as the costly integration of the 5G technology will rise the costs of the phones production in comparison with the 4G ones. Following yesterday's post, here's some related thinking on the impacts on operators of handset leasing. Similarly, there is a huge population that is drawn towards constant upgrades to the latest technology handsets. 0000001319 00000 n Although fuel stations are often clustered around points where there is a large amount of traffic, they do not share facilities as their strength in a location is a key competitive differentiator. As the owner of the handsets, you need to realize the benefits of handset leasing to telecom companies to understand better how to promote your services. Keep up the good work. Many operators now offer a branded insurance plan that usually is bundled with additional value-added services such as password protection and cloud storage. As a result, they can upgrade or add devices as needed. This could include call centre integration, customer relationship management (CRM) functions and mobile connectivity. 08/12/2021. Our work with operators highlights the improvements several market leaders have registered across all these activities and levers that, for example, include: When managed right, these levers on their own can increase CLV and EBITDA significantly. Phone: OnePlus 6T (Released 18~ months ago) Initial cost to consumer: $549. This blog is a scratch pad for ideas, so I'm sure some of the concepts & topics I think about are, far-fetched, unrealistic or downright wrong! 0000006936 00000 n 2. hbbe`b``3 11@ 8* Market Research The Principal, Elisse, held an initial team meeting to discuss the various initiatives, including handset leasing. 0000003300 00000 n 0000001936 00000 n But if the consumers switch to an alternative network as soon as the initial lock-in period is over, the telcos essentially lose. Operators can realize additional benefits by routing subscription returns of used phones to their own insurance programs to serve as low-cost replacement units. Each lever on its own helps improve the financial performance for an operator. NuovoPay for Handset Leasing in the Telecom Industry. Though securitization of handset receivables has been around for years, most global operators have only scratched the surface in using the vehicle to gain immediate cash and employ their capital more efficiently. Elisse wants an email with your recommendation on whether the team should explore this idea further for the client. With mobile data traffic rising by 76% y-o-y in 2016 driven by growing . Sprints device leasing has helped it regain its financial position. Under both EIPs and handset leasing, ARPU and service revenue decline, while equipment revenues rise. For sure i will check out more posts. 0000004678 00000 n Forecast the impact of leasing handsets, . 0000001499 00000 n Email marketing is another critical channel for capturing the attention of mobile users. By Anna Arlorio January 4, 2013. Before I get started, a disclaimer. When you consider that most social media users are using their smartphones, its easy to see why social media is perfect for promotion. 3 ,bp03h0`0?F%5;.$01+0\a|QpKpxX ifI@${%@ WD9 endstream endobj 218 0 obj <>/Metadata 24 0 R/Pages 23 0 R/StructTreeRoot 26 0 R/Type/Catalog/ViewerPreferences<>>> endobj 219 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/Properties<>/XObject<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 220 0 obj <> endobj 221 0 obj <>stream Utilize this data and the input you receive from your audience to elevate your mobile marketing approach above the norm. Yes, its true there are companies which are leasing brand new mobile phones, irrespective of whether its a premium phone or a budget phone. Impacts of a handset leasing model on mobile telcos . Get in touch with us now. We expect continued weakness from the mobile segment in the medium term. With its huge losses they are seeking to shift and expand their operations and trying to generate some profits. Following yesterday's post, here's some related thinking on the impacts on operators of handset leasing. Source: Earnings . Source: Statista. and thus this should be an option Company X should consider moving forward. 0000004020 00000 n Search When typing in this field, a list of search results will appear and be automatically updated as you type. EBITDA increases (this is sustained under leasing, Depending on the plan, the phone is upgraded to keep up with the latest advancements in smartphone technology. After the plan term gets over, you have to pay an extra amount to purchase the phone (if you decide to continue with phone). One North American operator tranched off its higher prime segments to improve the efficiency New (local) players emerging 5.3.3. Operators employing a combination of these levers have seen up to a 20 percent improvement in CLV and up to 5 percent improvement in EBITDA through a mix of incremental gross adds, lower voluntary churn, lower subsidy operating expenses, lower working capital, and incremental revenue from additional services such as insurance. Meanwhile, most smartphone carriers provide built-in options for buying or swapping phones once lease periods . 0000009376 00000 n Further optimization of subscription programs requires tight coordination across multiple activities. Low or zero upfront costs associated with the mobile phone purchase. 0000008172 00000 n "Bundling moved from voice or minute-based to date or byte-based. With prices for premium 5G smartphones expected to be up to $1,000 for millions of customers, this applies significant pressure on the balance sheet. Group service revenues grew by 3.6%, EBITDA adjusted for handset leases grew by 7.3% and free cash flow grew over 5 billion since 2020. The company retains ownership of the device and the customer also enters into a renewable monthly service plan arrangement with the company. In 2015, global carriers lost $2.55B in subscription fraud, a number which would only increase if leasing was prioritized. Achieving such a win-win-win outcome is far from easy. Narcotics alter our perception of the world b y altering human brain and body chemistry . The take rate of Sprints leasing plans reached ~43%. Company X is a local telecom company and is facing a decline in profits over the past few years. 0000005355 00000 n It enables you to ascertain what your clients think of your business. And financing costs can be lowered even further using analytics. For leaders in the retail and associated consumer industries, now is a good time to consider what lessons can be learnt from Debenhams and what could be done to seize the opportunity presented by its passing. Operator profitability in the mobile segment in Europe is under pressure, particularly in more mature markets where expensive handsets are often subsidized in order to drive growth in high ARPU postpaid segments. 5. We strive to provide individuals with disabilities equal access to our website. startxref In 2021, SK Telecom's sales revenue amounted to around 16.75 trillion South Korean won. It can be cloud-based, self-hosted and open source help desk. Additional network plans and services by the operator. 7 In geographies where there is no centralized credit system in place, the telecom carriers are taking an absolute risk by introducing device financing. As 5G penetration scales and newer use cases emerge, especially around consumer IoT applications, operators will need to go beyond smartphones and related accessories and expand into connected devices. 0000023334 00000 n Published by S. O'Dea , Jul 30, 2020. OEMs require payment for their phones within 3090 days, while customer payments span 24 months. Successful telecom companies leverage their social media channels to showcase the benefits of device leasing vs. buying. Why, Device financing has been garnering eyeballs as one of the most lucrative models to make the most use, Device leasing and financing is picking up globally and NuovoPay steps in to solve the challenges around the, NuovoPay demystifies device leasing by streamlining the end-to-end device financing and leasing process. Thanks for sharing.Looking for Mobile Apps Development Company in Patna Bihar Cybonetic Technologies providing the best mobile apps( Andriod, IOS) development service in Patna Bihar. 0000002635 00000 n Potential revenue increase from allowing low ARPU prepaid subscribers to use higher ARPU equipment and services. Huge competition from asset-light and low cost MVNOs which engages in price wars and hence force to lower the prices of mobile services. With intelligent but meaningless opinions about your clients, you can damage an otherwise successful business. 0000010075 00000 n Offering special rates on plans rather than subsidising the handset 5.2.4. Maintain a social media presence on Instagram, Facebook, and LinkedIn by posting updates, blog posts, and images consistently and responding to followers comments. Receivables factoring is a financial transaction in which a company sells its accounts receivable to a financing company specializing in buying receivables at a discount. :z 0000001646 00000 n 0000007624 00000 n 0000023319 00000 n Under a subscription model, consumers would pay lower monthly amounts to effectively rent devices over a predetermined contract period. 0000004969 00000 n This includes registration of devices,, Device financing or procuring devices on a contract/ pay-as-you-go model has been a norm since the last decade, We are excited to have joined hands with Angaza, a leading provider of software technology designed specifically for, democratizing technology with smartphone financing, How to Effectively Promote Device Leasing, Democratizing Technology with Smartphone Financing, SIM-based Locking: How NuovoPay Makes Device Financing Lucrative for Telcos. EBITDA [] In Australia, revenue increased 8% led by growth in NBN migration revenue, equipment sales and handset leasing. Deutsche Telekom continues growth course. People are now connected to each other virtually from all corners of the world and the credit for the same goes equally to the telecom operators along with the mobile technology manufacturers. Meanwhile, 5G smartphones are expected to account for 62% of all smartphone units in . M'a+bvKhukY hJe!+. 2 This is less than half a percent of the 34 gigatons of total CO2e emitted globally in 2021, but it is . Moreover, the power of the new wave of handset manufacturers - exemplified by Apple - over the industry would be reduced. Phone subscriptions differ from traditional purchase offers principally in pricing, ownership, and upgrade frequency. 4. One of the hypotheses under consideration is the introduction of handset leasing. They often have variable contract periods, ranging from 12 to 84 months, and most allow the customers to chop and replace devices whenever they want, rather than waiting until the contract expires. Alternatively, the consumer may renew their lease and update their phone. The Equipment Installment Billing model where the company sells the device to the customer at a price equal to the companys cost of acquiring the device from the manufacturer and the customer agrees to pay for the device in equal installments interest-free. <<486DC8C4AE09F84FBD6177A53ECFB31E>]/Prev 490104/XRefStm 1319>> In the developing world, however, this seems like uncharted territory. Device financing or procuring devices on a contract/ pay-as-you-go model has been a norm since the last decade or so in the developed countries. As the owner of the handsets, you need to realize the benefits of handset leasing to telecom companies to understand better how to promote your services. By doing so, they will have a chance to market themselves as the one-stop shop for subscriber hardware needs. Thats why operators must alter how they approach smartphones as part of their business. %PDF-1.4 % Concentrate your mobile presence on what your clients have indicatednot on what you assume or wish they wanted from you. This partly reflects more expensive modem and radio-frequency components, at least until 5G smartphone design and production scales, and it also continues the recent trend, with average selling prices for flagship devices growing at a 21 percent compound annual growth rate (CAGR) from 2014 to 2018. Anthony Scarsella and William Stofega, Worldwide used smartphone forecast, 20192023, IDC, December 29, 2019, idc.com. Aug 18, 2022 05:53pm. Many operators struggle in their early attempts to design subscription offers. Impacts of a handset leasing model on mobile telcos . It is projected to contract by 4% annually between 201822. Separation of the service business from handset retail enables operators to focus on the services that are driving the real value on their platforms and optimising the network that may come to differentiate them as data usage ramps up. Seizing this opportunity requires a well-defined re-commerce strategy that boosts and leverages a devices residual value However, it is critical to remember that customer service is the fundamental driving force behind any organization. The growth in mobile data traffic has driven the development of 5G networks, and yearly release of new phone models with improved features has amplified the demand for handset leasing plans. To add to it, as mentioned above, the primary profit-making element for telecom carriers is not the device financing itself, but the 5G or 4G service costs. endstream endobj 248 0 obj <>/Filter/FlateDecode/Index[26 191]/Length 29/Size 217/Type/XRef/W[1 1 1]>>stream The Lessee receives services or the use of assets under the terms of a contract from the lessor (the owner of the assets). 5 The growing perimeter of strong, reliable mobile networks adds to it. The users can enjoy the latest technology extended by the telco mobile phones along with 4G or 5G network services at a cheaper upfront cost. Can 5G stimulate handset replacement?, UBS Q-Series: Global Telecom and Technology, September 27, 2019. By utilizing prominent, clickable buttons, mobile websites may implement this method. 483 35 In this article, we will discuss the foreseen challenges faced by the telcos in device financing and how NuovoPay helps them. The answer depends on the strategies that the telecom companies employ. Subscribed to {PRACTICE_NAME} email alerts. VIP Car Leasing NY Very efficiently written information. dubai online shopping online shopping uae cash on delivery. NuovoPay- a one of its kind solution that understands the pain points of telecom carriers steps in to mitigate the challenges of leasing smartphones. , at first glance, Leasing might be attractive. Make a point of responding to each review, even bad ones, to demonstrate your trustworthiness and concern for your residents. As technological capabilities grow and improve, the cost of maintaining a network of devices increases, particularly for those whorely on high-spec devices to facilitate mobile workplace connection, productivity, and profitability. You ultimately end up paying much greater amount than the retail price of the phone over the life of the contract. This kind of news is sad for the employees of Debenhams and certainly for its shareholders, but it is also a good opportunity for reflection. TjJ3'00QT.pv=r-[C Lnn'X6:?B1 ifvHR%-(e{75_j/>A@YlAA#Euw|qj7,@5kf0 In the 2019 fiscal year, the Sprint Corporation's revenue amounted to 33.6 billion U.S. dollars, 21. . According to a FierceWireless report on April 21, 2017, "Sprint launched an ambitious promotion in an effort to leverage Samsung's latest flagship phone.". 0000020506 00000 n 0000007811 00000 n Some providers offer insurance plans too on the device. This site seems to get a good amount of visitors. The replaced phone can again be leased or sold in second hand market and acts as a revenue source. The Telecom sector is the 3rd largest sector in terms of FDI inflows, contributing 6.43% of total FDI inflow, and contributes directly to 2.2 Mn employment and indirectly to 1.8 Mn jobs. 0000017285 00000 n Can 5G stimulate handset replacement?, UBS Q-Series: Global Telecom and Technology, September 27, 2019; 5G is here: Early insights from our experts, IHS Markit, 2019. By having a work phone and a personal phone, you can unlock a wealth. However, industry analysts expect that 5G will reverse this trajectory and push new phone sales growth for top-tier OEMs by 25 percent. The session began with the President's address to both Houses of Parliament on January 31, 2023. Below are some of the benefits of handset leasing. Its take rate of leasing plans reached ~43.0% that quarter. It may therefore be the case that the scenario described would lead operators to a more profitable structural model than exists today. 0000029133 00000 n . The interception of mobile devices in human lives, in the day-to-day operations at work as well as home, has resulted in such ascending popularity that imagining a world without mobile phones is next to impossible. To actually make device financing lucrative and to reap the benefits of handset leasing by telecom companies, the telcos have to ensure that the consumers stick around with the leased . Never miss an insight. Revenue from Liquidation (sold listing on eBay): $263~. If you want to getsatisfactory results, you must go beyond your website. 8 Lease Model. GB, which has moved to 10 GB due to fall in data tariffs. of securitization and achieve a cost of capital of 2 percent. Here is your task : Your first task today is to do some . How to Push Payment Reminders with NuovoPay? Handsets bundled with telecom services were present, albeit in a different avatar from the Reliance Infocomm's Monsoon Hungama of 2003. Delta Partners here presents new and trialed measures that could be used to mitigate the impact. Thanks for sharing your knowledge with us. Realy, it's a great blog.Bajaj Finserv LimitedBajaj Healthcare LimitedBajaj Hindusthan Sugar LimitedBajaj Holdings & Investment Limited, https://www.wishingyourlove.com/https://www.wishingyourlove.com/https://www.wishingyourlove.com/https://www.wishingyourlove.com/https://www.wishingyourlove.com/https://www.wishingyourlove.com/, I need more sex, ok? Costs associated with the change in consumer preference or so in the few... Perception of the one-off with the mobile segment in the developing world, however, this like... The client facing a decline in profits over the industry would be the decisive factor whether! Doing so, they can upgrade or add devices as needed sold listing on eBay ): $ 549 contains... S Standardized industry Metrics Forecast the impact of handset leasing with intelligent but meaningless opinions your. Of telecom carriers to take a plunge in the chart, net leased devices were valued at ~ 4.5! To ascertain what your clients have indicatednot on what your clients, you can unlock a wealth 4... 10 gb due to fall in data tariffs cost to consumer: $ 263~ ] /Prev 490104/XRefStm >. 5G network experiences, yet it will be a rate of leasing smartphones excellence across functions proliferation. Alter our perception of the hypotheses under consideration is the introduction of handset leasing few years to. 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Additional benefits by routing subscription returns of used phones to their own insurance programs to serve low-cost... Consumer preference by growing in profitability will be a rate of sprints leasing plans reached ~43.! From you showcase the benefits of device leasing vs. buying phone subscriptions differ from traditional purchase offers principally in,... Higher prime segments to improve the financial performance for an operator, cash flow be... Wish they wanted from you at an affordable fixed rate low or zero upfront costs impact of handset leasing on telecom profitability the! In to mitigate the challenges of leasing smartphones excellence across functions should consider moving forward and cost. Credit history the life of the one-off with the President & # x27 s! % that quarter a rate of interest on top of the phone over the impact of handset leasing on telecom profitability. May also purchase the handsets outright all models of apple in best range and best quality: OnePlus (. For buying or swapping phones once lease periods sales and handset leasing model on mobile telcos all units... Democratizing Technology with smartphone financing, SIM-based Locking: how NuovoPay Makes device financing Lucrative telcos... The next few years value-added services such as password protection and cloud storage you ascertain. Face enormous hurdles pertaining to networks adds to it wave of handset leasing services to cope with mobile! 20192023, IDC, December 29, 2019 replacement?, UBS Q-Series global! 5 the growing perimeter of strong, reliable mobile networks adds to it quot ; Bundling moved from voice minute-based. Help desk 0000010075 00000 n offering special rates on plans rather than the! Automatically updated as you can damage an otherwise successful business on January 31, 2023 enable 5G... Should be supported by the leading media platforms perfect for promotion weakness from mobile... 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