ilt their own networks have fared badly, as can be seen from the decline in stock market capitalization of the major public entrants since January 2000 (table 9-4). Of the major entrants in Europe, only Tele2 was able to retain at least half of its January 1, 2000, Telecom Reform in Other Countries Figure 9-1. Sources of Broadband in the European Union, December 2003 Broadband lines per 100 telephone lines Other Cable ILEC DSL CLEC DSL Source: ECTA, Scorecard (December 2003). a. Reflects lines served through unbundled loops or line sharing with the incumbents. The figure does not include the resale of the incumbents' broadband services. market cap into 2003. Tele2 offers traditional voice telephony services, wireless (cellular) service, cable television, and Internet services over its own networks in twenty-two European countries. In the first quarter of 2003, its total customer base increased to 17.7 million subscribers. It reported increasing revenues and was profitable in 2002-03. 23 Since then, however, even Tele2 has declined severely. Table 9-4. Market Capitalization of Alternative Facilities-Based Network Providers in Europe, 2000-04 Millions of U.S. dollars Energis Fibernet Completel Equant Jazztel Networks Tele2 Utfors Versatel January 1 34,320 8,401 4,444 23,217 3,890 7,038 2,686 June 30 23,263 6,404 2,958 1,962 8,220 1,474 1,907 7,655 3,450 January 1 15,048 5,268 5,888 June 29 4,867 4,959 5,074 4,620 January 2,500 1,425 3,381 5,215 June 28 1,691 2,692 January 1 1,104 1,146 3,887 June 8 2,371 1,955 Source: Datastream, as reported in Robert W. Crandall and Leonard Waverman, "Entry Strategies in Landline Markets," paper prepared for France Telecom (2003). n.a. Not available. Telecom Reform in Other Countries As table 9-4 shows, there have been few apparent successes among Euro- pean entrants. Cable & Wireless was once British Telecom's principal com- petitor in traditional mass-market voice telephony in the United Kingdom, but it abandoned this business to focus on developing a global high-speed network o