Top APAC telcos to ace beyond connectivity revenue 2024

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Summary

As traditional voice and data revenues plateau, telecom operators across Asia Pacific are racing to build new revenue streams outside their core connectivity business. Enterprise solutions, cloud, content and media, and financial services have become the primary battlegrounds where operators compete to prove they are more than infrastructure providers.

The shift plays out differently across markets. China Telecom has leaned into cloud computing, building out platforms spanning intelligent computing and telco cloud operating systems to compete for enterprise workloads. PCCW has taken a media route, growing its OTT streaming business, Viu, into a regional player competing for attention alongside global entertainment platforms. SK Telecom is threading artificial intelligence through its value chain to build new revenue lines beyond mobile plans, while the Philippines' Globe has turned its fintech arm, GCash, into one of the country's most widely used financial apps.

  • Enterprise capability expansion through acquisitions, as seen in Singapore's M1
  • Reliance Jio's ecosystem approach spanning payments, streaming, and digital services under one app

KT Corp continues to be watched closely as a benchmark for how far non-connectivity revenue can realistically scale within a telecom operator's overall business.

Which diversification strategy, cloud, content, fintech, or enterprise, is actually moving the revenue needle fastest for Asia Pacific telcos?

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