The telecommunication industry is being transformed. This chapter shows that voice has been, and continues to be, the key driver in OECD telecommunication markets. However, voice services are evolving. Voice over Internet Protocol (VoIP) and the growth of mobile telephony are changing voice markets significantly, causing shifts in the structure of telecommunication revenues. Broadband is quickly becoming a dominant technology and multiple-play offers of video, voice and data are now available over a variety of platforms. The chapter also highlights several emerging policy issues including the future of unbundling, investment in new networks, traffic prioritisation, universal service, and the need to reconcile broadcast and telecommunication regulation.