Peter Nyquist: And we will have the next question from Andreas Joelsson at Danske Bank.
Andreas Joelsson: Just a question on a reference that you made Borje in the beginning that you need a catalyst to see investments coming through from the operators over time. Just curious to understand, if you are a little bit surprised by the 5G business models from the operators so far because it hasn’t really kicked off in terms of ARPU growth, et cetera. And what do you see that they are missing from a 5G business model so far?
Borje Ekholm: That’s a great question. What we see so far with the 5G networks launched, it is kind of a little bit better mobile broadband. But to really get kind of deliver on the promise of 5G, we need to tap into new revenue pools. And that’s where enterprises come in and enterprise digitalization. So, we need to basically — and there is an opportunity, I would say to leverage wireless for enterprise digitization, just because of the way know, think about the flexibility of a wireless network, think about the global availability of the network, and actually that it has a very high level of security as well. So when you start to put that, we can actually digitalize so many more enterprise processes using 5G. That is an area that naturally lens itself or we should enter enterprises with 5G.
We see that, of course, on enterprise networks or dedicated networks, for example. We see that to be a very early market, but that’s happening. We are using wireless networks to digitalize enterprises. And we see that some large automotive OEMs, for example, are deploying them now on their sites to drive new type of automation, but we also see this as the major. This is the kind of starting point for our global network platform. So, if we can create the network into a horizontal platform, that can make the features of the network easy-to-expose, consume, and pay for. We have actually created something for developer to drive and we start to see this, we’re launching some new network APIs with great interest from the developer community. And of course, this is a market where we don’t want to talk about it until we have launched basically for competitive reasons.
But we think it’s actually a major opportunity to create this new type of revenue pool that the industry-need to drive more investments into the network. Otherwise, the network investments will just continue to be flat. If the service revenues for the operators are largely flat or very low growth, there is not going to be growth for network investments either. So, we need to create this new type of monetization pool in order to drive investments.
Peter Nyquist: We have the next question from the line of Janardan Menon at Jefferies.
Janardan Menon: I just want to follow up on the GMP business and Vonage. Can you give us some kind of an indication of timing, when you’ll have developed the required number of 5G network APIs? Clearly, you have been on that process since the acquisition. Is that something that we can say by the end of 2024, you will have the required number and by then you would’ve signed up enough agreements like the Deutsche Telecom agreement with operators worldwide and with developers. And so at least we can start seeing that revenue inflecting more sharply upwards. Is there some kind of a timing that you can give on when you expect that process to happen? And secondly just on the India side, you’re saying that the revenues are beginning to flatten out.
You had said that the network rollout initial portion has lower margins, because of, and of course, higher cash intensity. Are we reaching the second phase of India from Q1 next year? And will that result in average India margins being higher in 2024 compared to 2023?
