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FICCI-KPMG Report This heading style is set in Univers bold 27.5pt on 30pt This paragraph style is set at 12pt with 16pt leading and 8pt space after. The power Also in this issue: • Secondary headline number one Description writtenof here a billion • Secondary headline number one Description written here • Secondary headlineRealizi number one ng the Description written here Indian dream FICCI-KPMG Indian Media and Entertainment Industry Report 2013 kpmg.com/in We would like to thank all those who have contributed and shared their valuable domain insights in helping us put this report together. IMAGES COURTESY: Eros, Sony Music, Disney UTV, Reliance Entertainment, Zee Network, Times Music, Only Much Louder, T-Series, United Mediaworks, Fox Star India, Milestone Interactive, Viacom 18, Star India, 9X Media, Vserv.mobi, Graphiti Multimedia, Green Gold Animation, Prime Focus, DDB Mudra, Times OOH with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 The power of a billion Realizing the Indian dream FICCI-KPMG Indian Media and Entertainment Industry Report 2013 with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 Foreword The Promise of a Billion... The promise of a billion consumers – this year’s theme for the FICCI Frames, symbolizes the immense potential of India as a Media and Entertainment (M&E) market. Why is this the relevant year to articulate this theme? While 2012 was a challenging year for the industry as a whole, it was also a year of significant changes; one where value chains were re- arranged and business models re-defined. These changes, while painful in the short run, will position the Indian M&E industry on a stronger footing for the future. This year, we have included several guest columns in the report. We believe it is important to have multiplicity of perspectives. There is a wide range and breadth in the points of view offered in these columns; but we hope these opinions will enhance the value of the facts and information contained in this report. In 2012, the economic slowdown hit the industry hard – especially advertising revenue. Advertising budgets were cut and plans had to be modified. Most companies had to revise previously robust projections to reflect a new macro – economic reality. However, many seeds of positive change were sown this year. The digital transformation of the industry, which we highlighted last year, has finally entered the implementation phase. Digitisation of cable in India was rolled out. Phase 1, though somewhat delayed, is now largely complete in Mumbai and Delhi and progressing in Kolkata. Phase 2 is now underway. FDI in cable and DTH was also a welcome announcement and we are likely to see significant interest from foreign strategic investors and private equity players in these sectors. Films saw robust growth of close to 21 percent on the back of content that addressed various consumer segments. The digitisation of theatres is close to 80 percent and projected to be nearly complete in 18-24 months – improving access for audiences and the economics for the business as a whole. Also, macro factors will enable the film industry in India to continue with its robust growth for years to come – rapid urbanization, headroom for multiplex growth and increasing sophistication in production and marketing will continue to drive revenue at near 11 percent for the next several years. We are not far from achieving our next benchmark – the INR 10 billion box-office film! with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 Radio too, is set for the – roll out of new licenses in 294 cities as announced by the Finance Minister in his Union Budget speech of 2013 – a positive step that can accelerate the sector’s growth. Print continues to grow in India unlike in most countries. It has become more competitive and vibrant over the last few years. And the industry is finally acknowledging that challenges to its business model, though not immediate, will emerge eventually. English markets will be challenged by the emergence of the digital ecosystem first followed by regional markets. However, for the foreseeable future, growth will continue at 9-10 percent CAGR. New media also emerged as a growth driver in 2012 – we saw the impact of new media revenue Uday Shankar for music companies reach critical mass, Youtube Chairman became a significant revenue driver, the App FICCI Media and economy in India began to take off and OTT Entertainment Committee models are being experimented for TV. 2013 will be the year in which the promise of wireless broadband starts to find fulfillment. There Ramesh Sippy is a renewed push on 3G and limited launches of 4G services – which are likely to go wider this year. Co-Chairman This should provide content companies a whole FICCI Media and new platform on which to reach, entertain and – Entertainment Committee engage its audience of a billion. Karan Johar Chairman FICCI Frames Jehil Thakkar Head Media and Entertainment KPMG in India with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 Tableco of ntents Indian M&E Industry in 2013 An Introduction 06 12 Television The march to digital begins Radio Renewed hope 88 114 126 New Media Music Let the games Streaming to begin! success 172 Technology Changing the game with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 Print Regional to the rescue 42 58 Films A Blockbuster year Animation, VFX and Post Production Convergence Lights, Camera… Waiting for Animation! bandwidth 146 158 166 Out of Home Displaying resilience Deal volume and value in 2012 Consolidating for scale 180 186 Tax and Regulatory Two steps forward... with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 6 The power of a billion: Realizing the Indian dream Indian M&E Industry in 2013 01 An Introduction with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. entity. (“KPMG International”), a Swiss with KPMG International Cooperative © 2013 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated and a member firm of the KPMG network independent firms Partnership KPMG, an Indian Registered © 2013 The power of a billion: Realizing the Indian dream 7 Introduction Not long ago, the thought of being able to reach and engage with the billion-strong and significantly diverse Indian customer base seemed far fetched. Today, powered by digital technologies, growth in penetration of broadband and digital cinema, increasingly sophisticated mobile devices, and a regulatory framework that is enabling growth and change in several sectors of the industry, the dreams of advertisers, media houses, and telcos are beginning to move towards fulfillment. Not so surprising then, that the theme for the FICCI Frames 2013 conclave is ‘A Tryst with Destiny: 01 Engaging a Billion Consumers’ At the same time, this comes against the backdrop of a subdued macro environment that has dampened advertising spends. Key sectors still struggle with challenges of sub optimal scale, fragmented audiences, distribution leakages and the need for better industry co-ordination. Along with the opportunities presented by digitization and convergence, to realize the promise of a billion, come key questions for M&E companies and the government. • Global slowdown in economic growth • Continued crisis in the EU • 5 percent growth in real GDP (nominal growth 11.7 percent ) in India in 2012-13 (vis a vis 6.2 percent previous year)1 How can we extend our reach? How can we formulate multi platform distribution
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