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  "documentTitle": "2017 Bond Cap Internet Trends 2017",
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  "authorName": "Mary Meeker",
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      "text": "9/16: Reliance Jio – after investing $25B over 7 years – rolls out 4G Pan-India Jio network + $0 Monthly ARPU (post 3/17 when ARPU rose to $4.70)",
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      "text": "Reliance Jio – after investing $25B over 7 years – rolls out 4G Pan-India Jio network + $0 Monthly ARPU (post 3/17 when ARPU rose to $4.70)",
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      "text": "Q2:16: Wireless incumbents begin to cut data rates in anticipation of Reliance Jio launch in 9/16. Data costs per GB decline from $3.50 to ~$3.15 (-10%) Q/Q.",
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      "text": "2015 – 1H:16: Top 3 India wireless carriers Bharti Airtel / Vodafone / Idea collectively maintain ~60% share of broadband subscribers + ~$2.80 – $3.00 monthly ARPU.",
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      "text": "Q4:16 – Q1:17: Wireless incumbents begin to lose data subscribers. In response, they cut data prices further. As of 3/17, average cost of 1GB of data @ ~$2 among incumbents, -48% Y/Y.",
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      "text": "3/17: Reliance Jio free-data period ends with ~67% paid migration (72MM convert to paid Jio Prime subscribers out of 108MM sign-ups)",
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      "text": "Data cost per GB: $0.33",
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      "text": "Source: JP Morgan, Public Filings, TRAI, Reliance Jio. Sign-ups are total number of Jio SIMs registered, while paying subscribers are a subset of sign-ups who have later converted to Jio Prime paid subscription. Data for incumbents based on average of Idea and Bharti Airtel.",
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      "text": "India Wireless Carriers = Incumbents + New Entrants... Fighting Aggressively for Share Over Past 4 Quarters...",
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