It is not just chip providers that need to diversify their revenues as traditional mobile growth declines (see separate item on Qualcomm). Operators, too, are looking for new revenue streams to offset pressures on ARPU, which are only slightly alleviated, in most countries, by 5G. The ever-challenging gulf between the investment needed in new networks such as 5G, and the incremental revenues they enable from existing users, is driving most large operators to attempt a double whammy of dramatic cost reduction and expansion into new markets, such as enterprise 5G or digital services. Both trends have been particularly visible within major European operators in recent years, helping to drive the wave of consolidation that has reshaped that region’s telecoms industry,…