DOCSLIB.ORG

India Internet a Closer Look Into the Future We Expect the India Internet TAM to Grow to US$177 Bn by FY25 (Excl

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
India Internet a Closer Look Into the Future We Expect the India Internet TAM to Grow to US$177 Bn by FY25 (Excl EQUITY RESEARCH | July 27, 2020 | 10:48PM IST India Internet A Closer Look Into the Future We expect the India internet TAM to grow to US$177 bn by FY25 (excl. payments), 3x its current size, with our broader segmental analysis driving the FY20-25E CAGR higher to 24%, vs 20% previously. We see market share likely to shift in favour of Reliance Industries (c.25% by For the exclusive use of [email protected] FY25E), in part due to Facebook’s traffic dominance; we believe this partnership has the right building blocks to create a WeChat-like ‘Super App’. However, we do not view India internet as a winner-takes-all market, and highlight 12 Buy names from our global coverage which we see benefiting most from growth in India internet; we would also closely watch the private space for the emergence of competitive business models. Manish Adukia, CFA Heather Bellini, CFA Piyush Mubayi Nikhil Bhandari Vinit Joshi +91 22 6616-9049 +1 212 357-7710 +852 2978-1677 +65 6889-2867 +91 22 6616-9158 [email protected] [email protected] [email protected] [email protected] [email protected] 85e9115b1cb54911824c3a94390f6cbd Goldman Sachs India SPL Goldman Sachs & Co. LLC Goldman Sachs (Asia) L.L.C. Goldman Sachs (Singapore) Pte Goldman Sachs India SPL Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. Goldman Sachs India Internet Table of Contents PM Summary: A Closer Look Into the Future 3 The landscape 5 Q&A with our global analysts 9 Overview of our internet TAMs 11 Companies in our global coverage with exposure to India Internet 16 Unicorns in India Internet 21 Snapshot of Facebook and Google in India 22 RIL + Facebook: The quest to create a ‘Super App’ 28 Assessing the COVID-19 impact by India internet segment 37 Online retail: Biggest battleground with focus on grocery 38 Travel: Mature but with pockets of growth 53 Food delivery: Near term cool-off after aggressive expansion 59 Ride-hailing: Multi-faceted competition; profitability uncertain 65 Entertainment: The most competitive internet sub-segment 71 Online gaming: 4x GTV growth over next five years 77 Advertising & classifieds: The most profitable vertical 81 Education: Profitable with high growth potential 85 Fintech: Large TAM but monetization elusive 87 Profiles of private internet companies 100 For the exclusive use of [email protected] Appendix: Global valuations, etc. 101 Disclosure Appendix 104 85e9115b1cb54911824c3a94390f6cbd 27 July 2020 2 Goldman Sachs India Internet PM Summary: A Closer Look Into the Future We believe the recent Reliance Industries (RIL) and Facebook partnership could increase monetization levels of India internet, and garner c.25% of all internet Gross Transaction Value (GTV)1 by FY25. With a user base of 400mn+ in India, and three out of the top five apps in the country (in terms of Daily Active Users and time spent), we believe Facebook, along with its partner RIL, can bring more transacting users (c.100mn currently) into the fold, especially in e-commerce, the largest internet category. This increased penetration is a key driver of India internet, where we expect the TAM to grow 3x to reach US$177 bn over the next five years; overall we forecast internet to account for 7% of all consumption spend in India by FY25, vs 3.6%/20% in India/China at present. We see India internet at an inflection point both in terms of growth and profitability. We present new analysis for multiple categories including e-commerce, entertainment, gaming, ride-hailing, advertising and fintech, among others. Overall, we expect 24% FY20-25E CAGR in GTV for India internet (20% earlier), with growth rates ranging from 14% in classifieds/travel to 75%+ in grocery/FMCG. We expect e-commerce (incl. grocery) to be the biggest battleground, constituting >50% of India internet’s TAM in FY25E, with Amazon, Flipkart and RIL/Facebook the likely contenders. Profitability remains elusive for most India internet segments, but we believe consolidation, and diversification into newer verticals, will help bring down customer acquisition costs for platforms; we forecast a US$8 bn profit pool for India internet by FY25, with a potential total market value of US$246 bn2. The key question remains whether a ‘Super App’, similar to WeChat in China, can emerge in India. Existing players have so far been largely unsuccessful; however, we believe Facebook and RIL have the right building blocks to create a platform with both high engagement and monetization, but execution remains key. In our base case, we expect c.25% of all internet GTV to be driven by a potential Super App (including RIL apps) by FY25, while in our blue sky scenario we expect c.35% internet GTV and 50%+ For the exclusive use of [email protected] of digital payments volumes to be driven by a potential Super App (incl. RIL apps) by FY25. We believe RIL would increasingly try to play a role across the consumer spectrum, including telecom network, devices, operating system and apps. We extensively cross-reference work from our regional/global teams in terms of evolution of internet in their respective markets, and attempt to analyse India internet from both a global and local lens. Our top stock ideas with relatively more exposure to India internet include: Buy (on CL) - Reliance Industries, Amazon, Alphabet, Prosus, Sea 85e9115b1cb54911824c3a94390f6cbd Ltd., HDFC Bank; Buy - Facebook, Walmart, Bharti Airtel, Maruti Suzuki, MMYT, Blue Dart; Sell - Info Edge and Jubilant Food. 1 Gross Transaction Value is the total amount of products/services sold though a platform. Platforms (marketplaces) charge a take rate (commission) on the GTV, which is recognized as revenue for the platform. 2 Value or valuation of different segments throughout this report refers to potential cumulative market value of all the firms within that sector assuming normalised profits and multiple. All such value numbers for FY24E (March 24E), based on FY25 net income. 27 July 2020 3 Goldman Sachs India Internet See inside for... n Why RIL+FB could drive c.25% of all internet GTV by FY25, vs <5% today for super apps n Verticals which benefit the most from 50 GB of data at US$3 per month n <500k grocery orders per month to >5 mn in five years - drivers and winners n 1P vs 3P regulations - why we think it’s advantage RIL on pricing and supply chain n Why real-money games dominate the online gaming landscape with 2/3 share n Why we think cash burn of verticals such as travel and food delivery could look better post COVID n Digital payments: >US$200 bn in transactions but $0 revenues, yet an attractive vertical ...and a lot more. Exhibit 1: Online penetration in India lower than China, but in line with Indonesia across most categories Penetration of online across different segments for India vs China, USA and Indonesia (2019 or latest available) 90% 80% Triangles show 70% India FY25E penetration, GSe China 60% US India 50% Indonesia 40% 30% 20% 10% 0% Air travel Payment (non- Advertisement Hotels Ecommerce Food services FMCG/ grocery cash as % of total) Source: Euromonitor, Kantar, emarketer, Worldpay (FIS), iResearch, PhocusWright, Goldman Sachs Global Investment Research For the exclusive use of [email protected] The authors would like to thank Ronald Keung, Miang Chuen Koh, Pramod Kumar, Anubhav Bajpai, Shyam Srinivasan, Chandramouli Muthiah, Pulkit Patni, Deepak Krishnan, Rahul Jain, Aditya Soman, Aditya Gupta, Heath Terry, Lisa Yang, Kate McShane and Ryan Wallace for their contributions to this report. The prices in this report are as of the market close on July 24, 2020, unless otherwise stated. Fx rate of INR USD 75 (fixed Fx), and FY refers to year ending March. 85e9115b1cb54911824c3a94390f6cbd 27 July 2020 4 Goldman Sachs India Internet The landscape India is one of the world’s largest internet markets, with c.450 mn smartphone users as of FY20 (Exhibit 12), second only to China. However, monetization remains low, with less than 10% of India’s population (of 1.3 bn) transacting online (Exhibit 2, vs. 40%+ in China), and internet accounting for just 4% of all consumption spend in India. We believe this is a function of income levels - India’s per capita GDP is US$2,000, with c.75% of the population earning less than US$2,500 per year (Exhibit 11). As such, we observe that despite online penetration in most categories being at less than 20%, GTV/revenue is growing only at 20-25% YoY. Exhibit 2: Different segments address smaller subsets of the overall internet population India internet overview >550 mn 450 mn 400 mn 300 mn (online (3G/4G users) (smartphones) (video viewers) gamers) 100 mn <10 mn 40-50 mn 200 mn 25 mn (food (shoppers, (online (travel delivery) digital (music education) buyers) payers) listeners) For the exclusive use of [email protected] Smartphones exclude 4G feature phones. Data as of FY20 or latest available. Online education refers to paid users only. 550 mn 3G/4G users indicate unique users excluding multi-SIMs. Source: Telecom Regulatory Authority of India, FICCI-EY, Company data, Goldman Sachs Global Investment Research We note that companies in the India internet space continue to incur substantial cash burn, which we estimate to be >US$2.5 bn over the last 12 months.
Load more

Recommended publications
  • Strategy – Alternate View
    Strategy – Alternate view ICICI Securities Limited is the author and distributor of this report New-age stocks poised for entry into NIFTY50 but could miss entry in Sep’21 reshuffle; Cyclicals also improve free float market cap rank! Research Analysts: Vinod Karki [email protected] +91 22 6637 7586 Siddharth Gupta, CFA [email protected] +91 22 2277 7607 Alternate view is a differentiated approach of analysing stocks and markets which combines the discipline of our proprietary fundamental quantitative frameworks with the judgement of bottom‐up research for generating investment ideas Please refer to important disclosures at the end of this report ` Equity Research July 23, 2021 INDIA CNX Nifty: 15824 Strategy ICICI Securities Limited is the author and distributor of this report New-age stocks poised for entry into NIFTY50 but could miss entry in Sep’21 reshuffle; Cyclicals also improve Alternate View: Nifty50 reshuffle free float market cap rank! Based on data till 19th Jul’21, the upcoming semi-annual NIFTY50 reshuffle could result in Info-edge being the closest contender to replace IOCL on 29th Sep’21. However, Info-edge is marginally behind in terms of average free float market capitalisation criteria (US$ 5bn and 3.7% lower than 1.5x that of IOCL – the smallest free float market cap stock within the current NIFTY50 index) while fulfilling other conditions such as inclusion in the F&O list and being part of the upcoming proforma NSE100 universe amongst others (full list of criteria is given below). New-age economy stocks with >100x P/E ratio poised to enter the NIFTY50 index: Info edge will be the first pure play internet platform company to be included in the NIFTY50 index as and when it qualifies.
    [Show full text]
  • First Light 11May-Research
    FIRST LIGHT 11 May 2021 Click or tap here to e nter text. RESEARCH TOP PICKS [#3 Meeting of Minds] Automobiles LARGE-CAP IDEAS Gearing up for EV battery technology Company Rating Target DCB Bank | Target: Rs 100 | +10% | ADD Cipla Buy 1,000 Recoveries to improve gradually – upgrade to ADD TCS Buy 3,780 BOB Economics Research | Weekly Wrap Tech Mahindra Buy 1,190 Local restrictions impact economic activity MID-CAP IDEAS Company Rating Target SUMMARY Alkem Labs Buy 3,750 Greenply Industries Buy 195 Automobiles Laurus Labs Buy 540 We hosted Stefan Louis, CEO of Nexcharge – a technology-based JV between Transport Corp Buy 320 Exide Industries and Leclanché of Switzerland – catering to lithium-ion tech in Source: BOBCAPS Research India. The company is eyeing business in the domestic 2W, 3W, bus and telecom segments. Per Stefan, the complex nature of battery technology would warrant DAILY MACRO INDICATORS 2D 1M 12M JVs between auto OEMs and battery manufacturers. He expects the Indian Indicator Current (%) (%) (%) lithium-ion battery industry to grow to Rs 40bn-50bn in four years and US 10Y 1.58 1bps (8bps) 94bps Nexcharge to capture 25% of the market with double-digit margins once local yield (%) India 10Y 6.02 4bps (11bps) (1bps) manufacturing begins. yield (%) USD/INR 73.51 0.3 (0.1) 3.0 Click here for the full report. Brent Crude 68.28 0.3 8.8 131.8 (US$/bbl) Dow 34,778 0.7 4.0 45.7 DCB Bank Shanghai 3,419 (0.7) (1.8) 19.1 DCB Bank’s (DCBB) Q4FY21 PAT of Rs 0.8bn (+13% YoY) beat our estimate Sensex 49,206 0.5 0.0 56.5 India FII 6 May MTD CYTD FYTD on below-expected provisions.
    [Show full text]
  • Market Outlook
    November 4, 2019 Derivatives Thematic Report – • PRODUCT 1 Stocks likely to be included in F&O… • PRODUCT 2 Retail Equity Research Equity Retail – Research Analysts Dipesh Dedhia Amit Gupta Securities ICICI [email protected] [email protected] Raj Deepak Singh Nandish Patel [email protected] [email protected] Eligibility criteria of stocks for inclusion in F&O segment The eligibility of a stock for inclusion in the derivatives segment is based on the criteria laid down by Sebi through various circulars issued from time to time. Based on Sebi guidelines, the following criteria has been adopted by the exchange for selecting stocks on which futures & options (F&O) contracts would be introduced. Futures & options contracts may be introduced on new securities, which meet the below mentioned eligibility criteria, subject to approval by Sebi. Thematic Report Thematic 1) The stock shall be chosen from among the top 500 stocks in terms of average daily market capitalisation and average daily traded value in the previous six months on a rolling basis 2) The stock's median quarter-sigma order size over the last six months shall not be less than | 25 lakh. For this purpose, a stock's quarter-sigma order size shall mean the order size (in value terms) required to cause a change in the stock price equal to one-quarter of a standard deviation 3) The market wide position limit in the stock shall not be less than | 500 crore on a rolling basis. The market wide position limit (number of shares) shall be valued taking the closing price of stocks in the underlying cash market on the date of expiry of contract in the month.
    [Show full text]
  • Consumer Goods on Path to Recovery; Essentials Hold an Upper Edge Sector Update
    Consumer Goods On path to recovery; Essentials hold an upper edge Sector Update Most consumer goods companies started Q4FY2020 with good growth, as Q4FY2020 Results Review gradual recovery was seen in the demand environment (especially in rural markets). However, the outbreak of COVID-19 resulted in a complete lockdown Sector: Consumer Goods in India in the last 10-15 days of March, leading to complete stoppage of production and disruption in supply chain. This impacted sales volumes of most Sector View: Positive companies at the fag end of the quarter, resulting in weak Q4FY2020 numbers. Volumes of most companies (barring food companies) under our coverage declined by 3-22% in Q4FY2020 (revenue of Sharekhan universe declined by 7.8% y-o-y). Companies such as Britannia Industries and Tata Consumer Products Our coverage universe (TCPL) registered growth of 2.5% and 5-6% (at organic level), respectively, in Q4FY2020. On the other hand, companies such as Godrej Consumer Products CMP PT Companies Reco. (Rs) (Rs) (GCPL), Emami, Jyothy Labs, and Dabur India posted double-digit decline in revenue, as pre-season inventory loading by dealers/distributors was affected Asian Paints 1,709 Buy 1,987 by the lockdown. On the international front, companies having large presence Britannia in Africa, Middle East and South East Asian countries registered lower sales in 3,623 Buy 4,060 Industries the international business affected by lockdown and macro headwinds. Lower raw-material prices (especially crude-linked inputs) and lower packaging costs Colgate- 1,383 Positive 1,551 aided gross margins of some companies to expand by 100-300 bps.
    [Show full text]
  • Consumer Goods Recovery in Discretionary and Urban Sales Led to Better Q3 Sector Update
    Consumer Goods Recovery in discretionary and urban sales led to better Q3 Sector Update Consumer goods companies’ Q3 performance was driven by sales recovery of Q3FY2021 Results Review discretionary categories (such as value-added hair oil and personal care products), sustained higher demand for healthcare and hygiene products, better traction to Sector: Consumer Goods new launches, and higher demand in rural markets coupled with improving demand in urban markets. General trade continues to grow strongly, e-commerce mix to Sector View: Positive overall revenue is improving due to higher sales and modern trade channel has witnessed sequential improvement due to recovery in urban sales. Most consumer goods companies under our coverage registered organic revenue growth of 6%-16%, driven by domestic volume growth of 7%-18% in Q3. Paint companies, including Asian Paints, registered strong volume growth of 30%, led by sustained high demand in tier III/IV towns and improving demand in metros and top cities due to receding scare of virus and improving construction and real estate activities. Overall, Sharekhan’s consumer goods universe registered revenue growth of ~14% in Q3FY2021, better than 9.1% growth achieved in Q2FY2021. Significant increase Our coverage universe in prices of palm oil, copra, other edible oils, and raw tea/coffee resulted in gross Companies CMP Reco. PT margin decline for companies such as HUL, Godrej Consumer Products (GCPL), (Rs) (Rs) Marico, and Tata Consumer Products (TCPL). However, lower ad spends and cost- Asian Paints 2,389 Buy 3,000 saving initiatives arrested the sharp decline of 80-100 bps in operating profit margins (OPM) for some companies.
    [Show full text]
  • SUPPLIER AGREEMENT This SUPPLIER AGREEMENT
    SUPPLIER AGREEMENT This SUPPLIER AGREEMENT (the “Agreement”) dated ____________ is entered between: I. FASHNEAR TECHNOLOGIES PRIVATE LIMITED, a company incorporated under the Companies Act, 2013, and having its registered office at No. 20, Surya Square, Intermediate Ring Road, Srinivagilu, Koramangala, Bangalore, Karnataka - 560 047, India (hereinafter referred to as the “Company”, which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors-in-interest and assigns); AND __________________________________________________, a company incorporated under the Companies Act, 2013, with PAN No. _______________and GSTN _________________ and having its registered office address at __________________________________________________________ (hereinafter referred to as the “Supplier”, which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his heirs, executors and administrators In this Agreement, the Company and the Supplier are hereinafter collectively referred to as the “Parties” and individually as a “Party”, as the context may require. WHEREAS: A. The Company carries on the business of sales promotions, marketing, fulfilment services, and payment collection services across multiple consumer categories. The Company owns an Android friendly application https://play.google.com/store/apps/details?id=com.meesho.supply&referrer=utm_source %3Dsupplier_landing_page%26utm_medium%3DLink%26utm_campaign%3Dv1 which Privileged & Confidential 1 provides an online marketplace (the “Application”) where registered Suppliers (defined below) can offer to sell their respective products to users of the Application (“Resellers”). The Company’s role is limited to managing the Application and associated marketing, payment collections, order management, enquiry management and other incidental services to enable the transactions between the Suppliers and the Resellers (the “Business”); B.
    [Show full text]
  • List of Brands
    Global Consumer 2019 List of Brands Table of Contents 1. Digital music 2 2. Video-on-Demand 4 3. Video game stores 7 4. Digital video games shops 11 5. Video game streaming services 13 6. Book stores 15 7. eBook shops 19 8. Daily newspapers 22 9. Online newspapers 26 10. Magazines & weekly newspapers 30 11. Online magazines 34 12. Smartphones 38 13. Mobile carriers 39 14. Internet providers 42 15. Cable & satellite TV provider 46 16. Refrigerators 49 17. Washing machines 51 18. TVs 53 19. Speakers 55 20. Headphones 57 21. Laptops 59 22. Tablets 61 23. Desktop PC 63 24. Smart home 65 25. Smart speaker 67 26. Wearables 68 27. Fitness and health apps 70 28. Messenger services 73 29. Social networks 75 30. eCommerce 77 31. Search Engines 81 32. Online hotels & accommodation 82 33. Online flight portals 85 34. Airlines 88 35. Online package holiday portals 91 36. Online car rental provider 94 37. Online car sharing 96 38. Online ride sharing 98 39. Grocery stores 100 40. Banks 104 41. Online payment 108 42. Mobile payment 111 43. Liability insurance 114 44. Online dating services 117 45. Online event ticket provider 119 46. Food & restaurant delivery 122 47. Grocery delivery 125 48. Car Makes 129 Statista GmbH Johannes-Brahms-Platz 1 20355 Hamburg Tel. +49 40 2848 41 0 Fax +49 40 2848 41 999 [email protected] www.statista.com Steuernummer: 48/760/00518 Amtsgericht Köln: HRB 87129 Geschäftsführung: Dr. Friedrich Schwandt, Tim Kröger Commerzbank AG IBAN: DE60 2004 0000 0631 5915 00 BIC: COBADEFFXXX Umsatzsteuer-ID: DE 258551386 1.
    [Show full text]
  • Reliance Industries
    25 July 2021 1QFY22 Results Update | Sector: Oil & Gas Reliance Industries Estimate change CMP: INR2,105 TP: INR2,485 (+18%) Buy TP change Rating change O2C and Telecom deliver; Retail is recovering gradually EBITDA for the consolidated/standalone business rose 38%/61% YoY in Motilal Oswal values your support in the 1QFY22 on a low base of last year (2% beat). On a QoQ basis, consolidated Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and revenue/EBITDA is up -6%/1%. RJio’s EBITDA was in line (up 23% YoY), while Trading team. We request your ballot. the same for Retail grew 79% YoY (6% beat) on a low base. Despite the impact of the second COVID wave, RJio held its ground after the push from the Jio Phone launch in 4QFY21. Revenue/EBITDA grew 4% QoQ (in line) on a steady 14.4m net subscriber additions, along with flattish ARPU. EBITDA margin expanded 10bp QoQ to 47.9%. Bloomberg RIL IN Reliance Retail’s revenue/EBITDA grew 19%/79% YoY (6% EBITDA beat) as Equity Shares (m) 6,339 the second COVID wave had a lesser impact v/s that in 1QFY21, cushioned M.Cap.(INRb)/(USDb) 13793.7 / 185.4 by the e-commerce business, swift recovery, and lesser intensity of the 52-Week Range (INR) 2369 / 1830 lockdown. Compared to pre-COVID levels (1QFY20), EBITDA was flat. 1, 6, 12 Rel. Per (%) -6/-6/-37 The company reported an O2C EBITDA that was 6% higher than our estimate 12M Avg Val (INR M) 28673 at INR114.6b (+61% YoY, +12% QoQ).
    [Show full text]
  • Jio Saavn App Download Jio Saavn App Download
    jio saavn app download Jio saavn app download. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. What can I do to prevent this in the future? If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Another way to prevent getting this page in the future is to use Privacy Pass. You may need to download version 2.0 now from the Chrome Web Store. Cloudflare Ray ID: 67a9ee70bf13c410 • Your IP : 188.246.226.140 • Performance & security by Cloudflare. Jio saavn app download. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. What can I do to prevent this in the future? If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Another way to prevent getting this page in the future is to use Privacy Pass. You may need to download version 2.0 now from the Chrome Web Store. Cloudflare Ray ID: 67a9ee723f4084a4 • Your IP : 188.246.226.140 • Performance & security by Cloudflare.
    [Show full text]
  • Statutory Reports
    CORPORATE MANAGEMENT GOVERNANCE FINANCIAL NOTICE Corporate Governance Report OVERVIEW REVIEW STATEMENTS highest standards of ethics. It has before exceptional items 23.7%. The of the Board while nurturing a culture thus become crucial to foster and financial markets have endorsed our where the Board works harmoniously sustain a culture that integrates all sterling performance and the market for the long-term benefit of the “Between my past, the present and the future, there is one common factor: components of good governance by capitalisation has increased by CAGR Company and all its stakeholders. The carefully balancing the inter-relationship of 31.5% during the same period. In Chairman guides the Board for effective Relationship and Trust. This is the foundation of our growth.” among the Board of Directors, Board terms of distributing wealth to our governance in the Company. Committees, Finance, Compliance & shareholders, apart from having a Shri Dhirubhai H. Ambani The Chairman takes a lead role in Assurance teams, Auditors and the track record of uninterrupted dividend Founder Chairman managing the Board and facilitating Senior Management. Our employee payout, we have also delivered effective communication among satisfaction is reflected in the stability consistent unmatched shareholder Directors. The Chairman actively works of our senior management, low attrition returns since listing. The result of our with the Human Resources, Nomination across various levels and substantially initiative is our ever widening reach and Remuneration Committee to higher productivity. Above all, we feel and recall. Our shareholder base has plan the Board and Committees’ honoured to be integral to India’s social grown from 52,000 after the IPO composition, induction of directors to development.
    [Show full text]
  • Audio OTT Economy in India – Inflection Point February 2019 for Private Circulation Only
    Audio OTT economy in India – Inflection point February 2019 For Private circulation only Audio OTT Economy in India – Inflection Point Contents Foreword by IMI 4 Foreword by Deloitte 5 Overview - Global recorded music industry 6 Overview - Indian recorded music industry 8 Flow of rights and revenue within the value chain 10 Overview of the audio OTT industry 16 Drivers of the audio OTT industry in India 20 Business models within the audio OTT industry 22 Audio OTT pie within digital revenues in India 26 Key trends emerging from the global recorded music market and their implications for the Indian recorded music market 28 US case study: Transition from physical to downloading to streaming 29 Latin America case study: Local artists going global 32 Diminishing boundaries of language and region 33 Parallels with K-pop 33 China case study: Curbing piracy to create large audio OTT entities 36 Investments & Valuations in audio OTT 40 Way forward for the Indian recorded music industry 42 Restricting Piracy 42 Audio OTT boosts the regional industry 43 Audio OTT audience moves towards paid streaming 44 Unlocking social media and blogs for music 45 Challenges faced by the Indian recorded music industry 46 Curbing piracy 46 Creating a free market 47 Glossary 48 Special Thanks 49 Acknowledgements 49 03 Audio OTT Economy in India – Inflection Point Foreword by IMI “All the world's a stage”– Shakespeare, • Global practices via free market also referenced in a song by Elvis Presley, economics, revenue distribution, then sounded like a utopian dream monitoring, and reducing the value gap until 'Despacito' took the world by with owners of content getting a fair storm.
    [Show full text]
  • Of 21 Voya Emerging Markets Index Portfolio Portfolio Holdings As of August 31, 2021 (Unaudited)
    Voya Emerging Markets Index Portfolio Portfolio Holdings as of August 31, 2021 (Unaudited) Ticker Security Name Crncy Country Price Quantity Market Value VNET 21Vianet Group, Inc. USD China 19.79 8,311 $164,475 QFIN 360 DigiTech, Inc. USD China 22.80 8,162 $186,094 601360 360 Security Technology, Inc. - A Shares CNY China 1.84 29,600 $54,506 1530 3SBio, Inc. HKD China 1.11 111,500 $124,214 JOBS 51job, Inc. USD China 76.80 2,743 $210,662 3319 A-Living Smart City Services Co. Ltd. HKD China 3.97 54,250 $215,608 2018 AAC Technologies Holdings, Inc. HKD China 5.54 72,500 $401,916 AOTHAI Abdullah Al Othaim Markets Co. SAR Saudi Arabia 30.74 4,275 $131,424 M AEV Aboitiz Equity Ventures, Inc. PHP Philippines 0.86 180,620 $155,767 ABG Absa Group Ltd. ZAR South Africa 10.83 70,934 $768,205 ADCB Abu Dhabi Commercial Bank PJSC AED United Arab Emirates 2.04 280,089 $572,661 ADIB Abu Dhabi Islamic Bank PJSC AED United Arab Emirates 1.54 99,971 $153,456 ADNOC Abu Dhabi National Oil Co. for Distribution PJSC AED United Arab Emirates 1.23 199,367 $245,264 DIS ACC ACC Ltd. INR India 33.00 7,090 $233,946 2345 Accton Technology Corp. TWD Taiwan 10.13 50,000 $506,568 2353 Acer, Inc. TWD Taiwan 0.91 286,462 $259,982 ADE Adani Enterprises Ltd. INR India 21.72 26,370 $572,781 ADANIG Adani Green Energy Ltd. INR India 14.60 38,606 $563,753 R ADSEZ Adani Ports & Special Economic Zone, Ltd.
    [Show full text]