Virgin Media is looking to pour some serious money into its broadband venture. The company is planning to infuse more than £100
million for doubling its network speed. The upgradation will take place over the period of next 18 months.
The new upgrade will be available to about three million of its customers, who subscribe to its 10Mbps service. The company's total subscription base spans 4.1 million users. Subscribers of its 20Mb tier will also see their speed increasing. In their case, the speed will be tripled to 60Mb, whereas 30Mb plan subscribers will get 60Mb speed.
Virgin also announced that it will double the speed for 10Mb plan subscribers to 20Mb. Subscribers with 50Mb-100Mb slab plan will now be able to surf the net at 100Mb-120Mb speed. This speed means that you should be able to download a hi-def full length movie in just five minutes.
Talking about Virgin Media's future plans, its chief executive officer Neil Berkett, said, "As people are increasingly doing more online, and getting connected to the internet with lots of different devices, having a fast, reliable broadband service should not be a luxury.”
Virgin Media will be funding its project from the proceeds of its stake sale in UKTV. The company was holding 50% share in UKTV, which it has now sold to Scripps, a US company.
