Satellite-Driven DTH Growth in Southeast Europe: Telekom Srbija and SES's Strategic Expansion

The satellite-based Direct-To-Home (DTH) television market in Southeast Europe is emerging as a compelling investment opportunity, driven by technological innovation, strategic partnerships, and regional media consolidation. Telekom Srbija and SES, two pivotal players in the sector, are leveraging satellite infrastructure to expand connectivity and content offerings, positioning themselves at the forefront of a market poised for sustained growth.

A Market on the Rise

The global DTH TV market, valued at $119.2 billion in 2021, is projected to grow at a compound annual growth rate (CAGR) of 6.5%, reaching $173.9 billion by 2028 Gminsights, *4K Satellite Broadcasting Market Share, 2034 Statistics*^[1]. This expansion is fueled by demand for ultra-high-definition (UHD) content and advancements in high-throughput satellite (HTS) technology, which enable faster data delivery and broader coverage. Southeast Europe, with its mix of urban and rural markets, represents a fertile ground for DTH adoption. According to a report by Gartner, the region's satellite IoT market alone is expected to reach $4 billion by 2030, driven by low-Earth orbit (LEO) constellations and 3GPP-standardized satellite-cellular integration TechScape, *Satellites, Sensors, and the Next $4 Billion Boom*^[2].

Telekom Srbija: From Telecom Operator to Media Powerhouse

Telekom Srbija has emerged as a regional leader through aggressive infrastructure investments and strategic acquisitions. In 2025, the company completed a EUR 1.5 billion acquisition of United Group's assets, including NetTV Plus, Total TV operations in Serbia and North Macedonia, and Western Balkans Sport Klub rights C21Media, *Telekom Srbija | Screenings*^[3]. This move not only expanded its subscriber base but also transformed Telekom Srbija into a content creator, with an original library of over 200 film and TV projects. Its OTT platform, MOVE, now competes with global streaming services, exporting Serbian stories to international markets.

The company's partnership with SES, renewed in 2025, underscores its satellite-driven strategy. SES's ASTRA 3C satellite at 23.5 degrees East provides multi-transponder capacity for Telekom Srbija's M:Sat TV platform, delivering 150+ channels—including 30 in HD—to four countries STT Info, *Telekom Srbija Extends Partnership with SES*^[4]. This collaboration, which includes redundant fiber connectivity and uplink services, ensures reliability and scalability. Telekom Srbija's parent company, A1 Telekom Austria, has pledged €250–300 million in Serbian infrastructure investments over the next two years, with an additional €1.2 billion in corporate bonds earmarked for optical and mobile network expansion Intellinews, *Telekom Srbija to Issue New Round of Bonds*^[5].

SES: Expanding Satellite Capabilities Through Strategic Acquisitions

SES, a global satellite communications leader, is amplifying its Southeast European footprint through the $3.1 billion acquisition of Intelsat, expected to close by late 2025 SES, *YTD and Q3 2024 Results*^[6]. This deal will consolidate SES's satellite fleet and enhance its ability to support high-capacity DTH services. The company's Networks business has already seen a 2.9% year-on-year revenue increase in 2024, driven by demand from aviation, cruise, and government sectors SES, *YTD and Q3 2024 Results*^[6].

SES's renewed media partnerships, including a multi-year agreement with Telekom Srbija, highlight its role in enabling regional content delivery. By providing satellite capacity for SD and HD pay-TV channels, SES supports Telekom Srbija's push into rural markets, where terrestrial infrastructure remains underdeveloped. This synergy aligns with broader European Union goals to bridge the digital divide, particularly in countries like Greece, which is investing €29 billion in non-energy infrastructure, including telecom modernization Enterprise Greece, *News in Brief – August 2025*^[7].

Regional Media Consolidation and Long-Term Investment Potential

The Southeast European telecom and media landscape is undergoing rapid consolidation. Telekom Srbija's acquisition of United Group's assets exemplifies this trend, creating a regional media powerhouse with cross-border reach. The company's focus on original content—such as internationally recognized series like The Civil Servant and The Golden Boy—positions it to capture both local and global audiences C21Media, *Telekom Srbija | Screenings*^[3].

For investors, the combination of satellite infrastructure expansion and media consolidation presents a dual opportunity. Satellite-based telecom infrastructure, particularly in underserved areas, offers a scalable solution to connectivity gaps, while regional media players like Telekom Srbija benefit from rising content consumption and export potential. According to a Bloomberg analysis, Southeast Europe's telecom capex is expected to rise modestly in 2024–2030, with countries lacking fiber-to-the-home (FTTH) coverage prioritizing satellite and hybrid solutions Telecom Analysis, *Navigating the Future of Telecom Capex: Western Europe's Telecommunications Investment 2024 to 2030*^[8].

Conclusion

Telekom Srbija and SES are redefining the satellite DTH landscape in Southeast Europe through strategic partnerships, infrastructure investments, and media innovation. As the region's digital divide narrows and demand for high-quality content grows, these companies are well-positioned to capitalize on long-term opportunities. For investors, the convergence of satellite technology and regional media consolidation offers a compelling case for sustained returns.