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And don't miss Tim Culpan on Rakuten's skimpy wireless budget: "Rakuten itself has said it will invest 200 billion yen ($1.9 billion) in 2019, the first year of service, rising to 600 billion yen by 2025. That's barely a drop versus what NTT Docomo Inc., KDDI Corp. and SoftBank Group Corp. spend per year on capex, Bloomberg Intelligence data show. Docomo, for example, spends in 12 months what Rakuten plans over seven years. Admittedly, Rakuten's goal of 15 million subscribers is modest compared to the 75.7 million Docomo had at the end of December, but capital expenditure isn't linearly correlated to customer numbers."
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.
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