get the opportunity of turning an app from a marketing cost into a profit. There is the tendency to move away from applications because of the cost involved with [selling through] Apple. You can retain more margin with an MVNO." The consensus is that the 4G opportunity for MVNOs is yet to emerge, although there is agreement that it exists. "I see some fundamental, underlying potential within niche differentiated offerings such as videoconferencing," says Grewal. "If you have an MVNO focused on a videoconferencing offering or you're [cable operator] Virgin Media or Netflix or Lovefilm and you want to deliver services to a large established base and come up with a revenue stream that ensures your content is delivered to consumers you could create a bundled proposition." In addition to conferencing, there are other services that future MVNOs will add to their offerings. Ashdown identifies the barely addressed mobile advertising market as a future opportunity and also thinks linking payments to MVNOs will transform the model. "Look at mobile wallets as an example of where there are different opportunities for you to upsell," adds Ashdown. "With an MVNO, you get that wallet and as users start to purchase using them, that relationship becomes more and more important." As with MVNOs in the 2G environment, the opportunity is likely to be focused on segmentation of a saturated market to uncover and serve the needs of target demographics. When it comes to 4G, it needn't be only about providing cheap services to