TotalPlay is a privately owned company headquartered in Mexico. Founded in 2010, the company employs approximately 7,910 individuals and reported $2.4B in revenue as of 2024. Recognized as a tier 1 media tech buyer, TotalPlay functions as a telecommunications company that offers services such as subscription television, Internet, and fixed telephony for home, delivered through fibre optics.
Total Play reported its 2025 financial results on February 24, 2026, announcing revenue of Ps.45550 million and EBITDA of Ps.20608 million. During the year, gross profit rose 7% to Ps.38940 million, expanding the gross margin by three percentage points to 85%, while EBITDA less Capex and Interest reached a record high of Ps.2955 million. Earlier, on January 20, 2026, Fitch Ratings indicated its use of a Recovery Tool for Total Play Telecomunicaciones S.A.P.I. de C.V. when assigning Recovery Ratings and instrument ratings for issuers with Issuer Default Ratings of 'B+' or below. This followed a January 16, 2026, statement from Fitch Ratings explaining that Total Play's recent upgrade reflected an improved liquidity position, supported by lower refinancing needs and anticipated positive free cash flow in the coming two to three years, with gross leverage expected to stay below 3.0x. This explanation built upon the December 17, 2025, announcement where Fitch Ratings upgraded Total Play's rating to 'B' with a stable outlook, simultaneously raising its senior secured notes rating to 'B' and its senior unsecured notes rating to 'CCC+', both with stable outlooks.
TotalPlay offers 3 products in the media and telecoms services industry. TotalPlay's product portfolio comprises of media and TV services and telecoms.
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TotalPlay's revenues were over $1B in 2024. Caretta Research has split TotalPlay's revenue into 3 different product categories, the largest of which is enterprise broadband and voice. For full access to TotalPlay's revenue breakdown subscribe to Caretta Portal.
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