NBC Universal leader warns high-speed broadband has created 'a bit of a warzone'

High-speed broadband connections emerging around the world have created a "pretty distressing outlook" for the media business, according to Peter Smith, president of NBC Universal International. Smith said that fast-speed connections had created "a bit of a warzone" for NBC in South Korea. He went on to highlight the transformation broadband had brought to the telecoms and broadcasting landscape, noting "47% of Koreans on a weekly basis download a movie for free illegally, so as a result of that, our DVD business, worth one billion dollars 12 years ago, is now worth 16 million, so that business is now gone." He said that high-speed Internet connections had also meant that NBC's TV business had declined in the region, with cable revenues so low that providers were unable to pay a premium price for content.