in depth please see the important disclosures at end of this report page 1 equity research global industry overview march 4 2003mary meeker 212 761 8042 mary morganstanley com 2003 an update from digital world gics sector consumer discretionary us strategist weight 13 3 s&p 500 residential broadband may have finally hit critical mass cq4 02 a record 9mm new subscribers came online bringing total to 17mm up 57 y or 17 households subscriber count appears be least 44mm and growing fast note that active user level often exceeds owing multiple users per account we emerging category power consumers estimated 550 600mm internet worldwide group 10 can characterized as based on their adoption use some key services technologies trends help explain strong growth e commerce retail sales were 14b 28 30 q according recent department
