Hi Maxkieh,
Advertising (45 m in FY 20) only represented 6 % of SKT FY 20 revenues, while I guess it must be the biggest part for SWM (did not check that point).
However, I imagine that it represents a bigger part of SKT profit, given the low level of cost associated with advertising revenues.
But to come back to your point, we can probably say that SWM is much more sensitive to the rebound of the ad market, while SKT main figures are probably its net number of satellite subscribers and ARPU for the satellite business.
Ann: Sky increases guidance as positive trends continue, page-31
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