In a brutally competitive market, Dish Wireless needs to find customers, as many as it can and as fast as it can, for its new network.
Dish Network, based in Englewood, pulled off what some observers thought it could never achieve. It built a state-of-the-art 5G cellular network reaching more than 240 million U.S. residents in three years for a fraction of what legacy wireless carriers have spent.
— Boost Infinite — to the 150 million members of Amazon Prime in the U.S. For $20, Prime members can order a discounted SIM card kit, delivered to their homes, without going through a soft credit check. When Dish Wireless first unveiled Boost Infinite at $25 a month for unlimited data, it looked like it was ahead of the curve, given that competitors were charging $35 to $40 a month for something similar, said Mike Dano, editorial director of 5G & Mobile Strategies at Light Reading, an industry publication.
Over several years, Dish Network acquired a massive amount of wireless spectrum. Most mobile phones currently available can’t handle it. Manufacturers are bringing out more compatible devices, most notably Apple with its iPhone 14, but options are still limited. Competing on price alone may not be enough but Dish Wireless also wants to set itself apart in the services and features it can offer on its network via 5G. Because the network is open, rather than completely fenced off, outside developers can bring forward applications and innovative uses. Most will probably focus on the commercial side, but consumers could get interesting features that help Boost stand out in a crowded field.
For now, Wall Street appears to be betting that Dish will at some point run out of both time and money. Two years ago, shares of Dish Network traded for above $40 each, and a year ago they were just under $20. This summer they have traded in the $6 to $8 range, a substantial discount. Dish Network spent about $25 billion to acquire the wireless spectrum that it is now deploying, and about $21 billion of debt remains on its balance sheet, of which $5 billion is coming due in 2024 and 2025, notes Robert Cyran,The company’s depressed stock value makes it much more costly to issue new equity, and any additional money borrowed will come at a high price. When Dish Network issued $1.5 billion in senior notes last January, it had to pay a rate of 11.
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