Liberty Global generates €7billion boost to Europe’s economy
For years, Liberty Global has been investing in the vital infrastructure of the digital economy – laying cables and rolling out superfast broadband across Europe. Now independent research has shown how that investment has created spectacular knock-on effects, with the total benefits estimated at €7billion.
Since the start of 2013, Liberty Global has been on a mission to radically update its infrastructure, with €14.5 billion spent across all of its European operations. As a result of that mission, four million more households have access to high-speed internet. Customers across the continent are accessing information and entertainment faster. They’re enjoying virtual reality technology and live streaming events more seamlessly. Small businesses are trading with greater ease. And as the research from economists Oxera Consulting shows, collectively this has created huge financial benefits for Europe – to the tune of €7billion.
The pioneers of the digital economy need creativity, flair and acumen to succeed – but they also need the basic tools of broadband that is fast, connections that are robust and technology that is cutting edge. It’s here that Liberty Global is playing a pivotal role in the economic life of the continent. As Oxera Partner Enno Eilts explains, “with the digital economy expanding seven times faster than the rest of the economy, high-quality broadband networks are critical.”
The report suggests that faster speeds alone have reaped an estimated €5billion in benefits. Then there are the productivity gains to be had when businesses can work smarter and faster – with small businesses able to punch above their weight through video conferencing and collaborating via cloud-based services. Plus there are the savings made by increased competition, with Liberty Global going up against established providers and driving down costs for consumers. Over time, the incremental benefits add up to a massive economic and social boost across Europe.
The report gives a boost, too, to Liberty Global’s GIGAWORLD initiative, launched in November 2016. The plan is to ensure there are superfast speeds across the company’s network – and it’s already off to a flying start. Already 50 million households have access to Liberty Global’s “GIGAReady” networks, with millions more in the pipeline. As CEO Mike Fries says, “we are proud that GIGAWORLD simultaneously generates billions for the economy, while creating clear social benefits through improved speed, productivity and competition.”
Years of investment are paying off – reaping dividends not only for the markets Liberty Global operates in, but the people and businesses we serve. In the months and years ahead Liberty will continue on its mission: to invest in our infrastructure; to keep offering outstanding speed and connections; and to help Europe tool up for the digital age.