Tuesday, December 12, 2023

Converge ICT revenues soar to P17B on strong subscriber growth

Fiber broadband provider Converge ICT Solutions reported that it has sustained the growth in its residential subscriber base while maintaining growth for its enterprise business, especially for small and medium enterprises (SMEs), to achieve an 8% revenue growth to P17.4 billion in the first half of the year.

Total net subscriber additions for residential customers reached 92,000 during the first six months, growing by 5% compared to the same period last year.

For the second quarter alone, there were 49,000 residential net additions. Its prepaid fiber Internet subscribers reached more than 54,000 as of end-June, nearly doubling compared to the end-March 2023 level. This brings the total residential subscriber base of Converge to 1.97 million.

“Converge continues to reap impressive results in our effort to bolster the availability and affordability of our fiber Internet solutions. We anticipate more opportunities to grow our subscriber base as we innovate products to cater to the demand from specific socioeconomic segments. This is evident in the second quarter subscriber growth — with the prepaid market gaining significant traction,” Dennis Anthony Uy, Converge CEO and co-founder. 

The fiber broadband provider recently introduced its prepaid fiber offering Surf2Sawa to serve households looking for more affordable connectivity, providing flexible top-up options from as low as P50 per day to P700 for 30-day unlimited connectivity. This is good for six devices with an average speed of 25 Mbps.

Converge also introduced a more affordable postpaid broadband called Bida Fiber which was tailored for budget conscious households with a more consistent income. Priced at P888 per month, subscribers can connect up to six devices with an average speed of 35 Mbps, and experience quality and unlimited connection. 

“The market for Surf2Sawa prepaid fiber internet and Bida Fiber represents around 70% of the total population, representing vast opportunities for us and we are in the best position in the industry to take advantage of this. This opens another blue ocean for Converge,” Uy added. 

Converge SEVP and COO Jesus Romero said that having Bida Fiber and Surf2Sawa arms Converge with a full portfolio of products that can cater to almost all economic class households.

“The targets for these products are value-conscious customers who are not yet connected by fiber broadband but likely to be using mobile or fixed wireless connectivity at home which can be burdensome,” he added.

Grace Uy, Converge president and co-founder said: “Our goal with the full product portfolio is to ensure that all subscribers are connected with the most appropriate plan that they can afford in the long-term.”


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