According to a Merrill Lynch note, Premiere World said that it had 2.412milllion subscribers at the 2001 year's end, representing an increase of only 112,000 in the year.
Of the 2.412million subscribers, 2.28million were digital customers.
"We would view these figures as very disappointing, given the extra marketing efforts that Kirch has put into promoting the Premiere World service, and a reflection of continuing high churn, " said Merrill Lynch.
The investment bank added: "We believe this news will increase the pressure on BSkyB to exercise its EUR1.8bn ($1.6bn) put option to sell back its 22 percent stake in Kirch Pay-TV to the Kirch Gruppe for cash."
The news will also increase pressure on Kirch Pay-TV to come to a satisfactory agreement with the German cable operators (primarily Liberty Media and Callahan) on the promotion of Premiere World to cable customers, Merrill Lynch said.
Premiere World, the Kirch Gruppe's pay-TV unit, has reported "very disappointing" subscriber increases in 2001, reports investment bank Merrill Lynch.
