Over the last 12 to 18 months, Now TV has closed the gap on i-Cable, boosting its subscriber base to around 610,000 (although it's worth noting 60,000 are estimated to be free subscribers) compared with i-Cable's 770,000, on the back of a series of savvy 'exclusive' deals with leading content providers.
According to industry forecasts, the recent deal for what is arguably the world's most-watched annual sporting competition, could herald a seismic shift in viewers from i-Cable to Now TV to the tune of 80,000 subscribers.
And where viewers move, advertisers will likely follow.
Indeed, i-Cable's stock price recently plunged 5.7 per cent to HK$1.49 (just under 20 US cents), while PCCW's value increased to $5.13 (a rise of 1.38 per cent).
But although several media agencies have conceded life will now become more difficult for i-Cable, many believe it will not just weather the storm, but emerge a stronger contender.
The cost savings on relinquishing the EPL will allow for greater diversification of content and, as they point out, while overall subscriber numbers are equalising, i-Cable still retains the lion's share of 'yesterday' viewers in Hong Kong, at 26 per cent to Now TV's eight per cent, according to ACNielsen. "It's not the beginning of the end," notes Stewart Li, managing director, Carat Hong Kong. "It will be tough, but it will help i-Cable become stronger and provide unique audience benefits."
Jackson Kwok, managing director of OMD Hong Kong, the agency handling i-Cable's media duties, says the transferral of rights will drastically improve the network's capital resources for potentially broadening its consumer offer in terms of programming.
The EPL, he says, while an attractive and highly sought-after property, simply costs too much to be a viable long-term proposition. "There's no such thing as a free lunch," he notes. "If you commit yourself to something big like the EPL, you literally may not have enough money to commit properly to other programming."
Meanwhile, Singapore broadcasting giant StarHub has edged out affluent new player SingTel for the local airing rights for an undisclosed sum, with ESPN Star Sports (ESS) relinquishing the rights. StarHub has previously carried the EPL through a onselling agreement with ESS, and the win also includes broadband and mobile.
Analysts say the StarHub victory in an important triumph in the battle for market share, as the network seeks to maintain its dominance in an increasingly competitive pay-TV market. With interest reaching fever pitch among the bidding networks, analysts point out consumers will ultimately benefit. But they warn that for the winning bidders, the benefits might not be so cut and dried.