What Is TMT? An Industry Guide for Boards and Investors
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What Fits In TMT
Technology includes software, hardware, semiconductors, and cloud services. Media includes video, music, gaming, publishing, and advertising technology. Telecommunications includes fixed and mobile connectivity and related services. Many firms straddle two or three of these areas, which is why investors and boards often treat TMT as a connected space that shares demand drivers and risks.
Why TMT Matters In 2025
$3.5T by 2029
Global entertainment and media revenue forecast for 2029. source.
$95.3B in Q2
$700B to $728B
Projected global semiconductor revenue in 2025. WSTS spring, WSTS update.
5.5B people
Internet users in 2024, about 68 percent of the world. ITU.
Metrics That Matter
- Software and cloud: revenue growth, gross margin, net retention, unit economics by workload, and committed use.
- Media and advertising: monthly active users, ARPU, churn, ad load and CPM, content cost per hour, and share of time.
- Telecom: ARPU, churn, fiber passings, 5G population and SA coverage, spectrum position, capex as percent of revenue, and free cash flow.
- Semiconductors: cycle position by end market, inventory days, node mix, and capital intensity.
Subsectors, Revenue Models, Metrics, and Sources
| Subsector | Typical Revenue Model | Key Metrics | Reference |
|---|---|---|---|
| Cloud infrastructure and platforms | Usage based IaaS and PaaS, committed spend | Growth by workload, gross margin, reserved vs on demand mix | Synergy Q2 2025; Canalys |
| Media and entertainment | Advertising, subscriptions, in app purchases, licensing | MAU, ARPU, churn, ad load and CPM, content ROI | PwC E&M Outlook 2025 2029 |
| Telecom networks | Connectivity plans, wholesale access, enterprise services | ARPU, churn, fiber passings, 5G SA progress, capex and FCF | Ericsson Mobility Report 2025; Deloitte TMT 2025 |
| Semiconductors | Component sales, long term supply agreements | Node mix, inventory days, book to bill, capex | WSTS Spring 2025 |
| Digital advertising | Auction based ads across search, social, retail, CTV | Spend mix share, CPM and CPC, attention and time share | PwC press release 2025 |
Policy Watch
- EU Digital Markets Act: gatekeeper rules apply to the largest platforms, with active enforcement during 2024 and 2025. EC gatekeepers, non compliance investigations, 2025 fines.
- US net neutrality: rules were restored by the FCC in April 2024 then blocked by a court in January 2025, creating uncertainty until further action. FCC, Reuters.
- Connectivity economics: mobile services account for a meaningful share of GDP and 5G SA rollout remains a key lever for new services. GSMA, Deloitte.
Board Review Playbook: 30 60 90
Day 1 to 30: Map The Business And Risks
- One page on the model for each unit: how it makes money, the unit costs that drive margin, and the three largest risks.
- Confirm privacy, security, and platform compliance posture in light of DMA, DSA, and state privacy rules.
- Set a short list of metrics by unit and a weekly review cadence.
Days 31 to 60: Focus On The Few Levers That Move Value
- Cloud and software: reduce waste on idle resources and renegotiate commitments tied to real workloads.
- Media and advertising: tune ad load and format mix, sharpen retention moves, and trim non performing content spend.
- Telecom: align capex to fiber and 5G coverage priorities that grow ARPU and reduce churn.
Days 61 to 90: Lock The Operating Rhythm
- Publish a monthly pack that links actions to growth, margin, and cash.
- Test downside cases and stress the plan against policy and platform changes.
- Set next quarter bets with clear owners and dates.
Ready to translate TMT signals into a plan investors trust? We can build the metrics pack, policy guardrails, and weekly rhythm with your team.
Related Reading
- Cybersecurity and Data Privacy
- Data Privacy Consulting for Operational Compliance
- Data Privacy and Cybersecurity Regulations: Introduction
- Capturing Value in the Cloud
- Data and Technology Consulting to Modernize and Scale
- Are You Prepared for the Digital Advertising Gross Revenue Tax?
- Digital Media Giants and the Crowing of Content
- Data Privacy and Cybersecurity Practice Group
Sources
- Deloitte. TMT Predictions 2025. https://www.deloitte.com/us/en/insights/industry/technology/technology-media-and-telecom-predictions.html
- PwC. Global Entertainment and Media Outlook 2025 2029. https://www.pwc.com/gx/en/issues/business-model-reinvention/outlook/insights-and-perspectives.html
- GSMA Intelligence. The Mobile Economy 2025. https://www.gsmaintelligence.com/research/the-mobile-economy-2025
- Ericsson. Mobility Report 2025. https://www.ericsson.com/en/reports-and-papers/mobility-report
- WSTS. Semiconductor Market Forecast Spring 2025 and July 2025 update. https://www.wsts.org/76/103/WSTS-Semiconductor-Market-Forecast-Spring-2025 and https://www.wsts.org/76/Recent-News-Release
- Synergy Research Group. Q2 Cloud Market Nears 100 Billion. https://www.srgresearch.com/articles/q2-cloud-market-nears-100-billion-milestone-and-its-still-growing-by-25-year-over-year
- Canalys via Channel Insider. Cloud spending jumps 22 percent in Q2 2025. https://www.channelinsider.com/infrastructure/canalys-cloud-hyperscaler-report-sept-2025/
- ITU. Facts and Figures 2024 Internet use. https://www.itu.int/itu-d/reports/statistics/2024/11/10/ff24-internet-use/
- European Commission. DMA gatekeepers and enforcement. https://digital-markets-act.ec.europa.eu/gatekeepers_en and https://ec.europa.eu/commission/presscorner/detail/en/ip_24_1689
- AP News. First DMA fines April 2025. https://apnews.com/article/7924bfffe1da801a5023057faa9a511b
- FCC. Restores net neutrality April 2024. https://www.fcc.gov/document/fcc-restores-net-neutrality-0
- Reuters. Appeals court blocks net neutrality January 2025. https://www.reuters.com/legal/us-appeals-court-blocks-biden-administration-net-neutrality-rules-2025-01-02/
About the Author
Aykut Cakir, Senior Partner and Chief Executive Officer, has a demonstrated history in negotiations, business planning, business development. He has served as a Finance Director for gases & energy, pharmaceuticals, retail, FMCG, and automotive industries. He has collaborated closely with client leadership to co-create a customized operating model tailored to the unique needs of each project segment in the region. Aykut conducted workshops focused on developing effective communication strategies to ensure team alignment with new operating models and organizational changes.
