In this report we analyse the Dutch telecoms markets from a bundling perspective. We report on the number of 1P, 2P, 3P and 4P subscribers, based on both company reports and our own calculations and estimates. Our assumption is that broadband is the leading telco service. Hence we focused on multiplays containing broadband. It is a proxy for households, now that broadband penetration is approaching 100% (assuming further that subscribers only very rarely take two separate broadband subscriptions).