The rapid growth of broadband has enabled an enormous market and appetite for online video. Streaming and downloading programmes has now entered the mainstream. The market is nascent but the global addressable audience is significant. Just three years ago we were talking about a global market of a quarter of a billion homes. In a few years we could be talking about half a billion. To put that in perspective, there are only around 200 million digital pay-television homes worldwide and around 30 million digital video recorders. Broadband is not going to overtake broadcast delivery anytime soon, but we are already starting to see significant changes in the way people watch television programmes.