ICICI Securities Limited is the author and distributor of this report

1 January 2018

Media: Content Meter

Movies: The next battleground

Research Analyst Research Analyst Vikash Mantri Abhishek Bohara [email protected] [email protected] +91 22 6637 7161 +91 22 2277 7637

Please refer to important disclosures at the end of this report Movies – The next battleground

Investment in movies is on the rise with digital rights of movies becoming critical for OTT platforms. Along with satellite rights acquisition, broadcasters are aggressively acquiring digital rights as well to spruce up their OTT content offering. Also, broadcasters are active in movie production and distribution. In this month’s content meter, we look at activity of broadcasters and OTT platforms in the movies content space.  Movie production and distribution: Zee Studios released 8 movie in 2017 (7 in 2016), with successful movies like ‘Raees’ and ‘Secret Superstar’. In music label business, it was associated with relatively smaller movies vis-a-vis T-Series (leader in industry). ZEEL premiered higher number of movies released in 2017 with few blockbusters.  Movies on OTT platforms: Amazon acquired highest number of movies for its OTT platform with many tail-ended movies. Netflix and Hotstar focused more on big movies. Sharp increase in ZEEL’s content inventory in FY17 and H1FY18*

20.1

16.8 ZEEL recently highlighted importance of movie content as key 13.0 11.7 11.7 pillar for growth going forward and Rs bn Rs 8.7 emphasised on its intent to ramp up 7.3 investment in movie content.

FY12 FY13 FY14 FY15 FY16 FY17 H1FY18*

* assuming non-media content inventory same as FY17 Source: Company reports, I-Sec research 2 Movies released by key production houses

India Title collections (Rs mn) Genre Release Date Available on Hindi Zee Studios released 8 Raees 1,375 Crime/Action 25-Jan-17 movies including Secret Superstar 634 Musical Drama 19-Oct-17 successful movies like ‘Raees’ and ‘’Secret Mom 373 Thriller/Drama 07-Jul-17 Superstar’ (7 in 2016), Qarib Qarib Single 170 Romance/Comedy 10-Nov-17 with equal mix of

Zee Regional - regional and Hindi

Studios Studios Ti Saddhya Kay Karte 225 Romance/ Drama 06-Jan-17 movies. Manasu Malligey NA Romance/ Drama 31-Mar-17 ‘Manasu Malligey’ and Channa Mereya NA Romance/ Drama 14-Jul-17 ‘Channa Mereya’ are Kannada and Punjabi Faster Fene 270 Crime/Thriller 27-Oct-17 remakes of ‘Sairat’. Hindi Toilet: Ek Prem Katha 1,342 Comedy/Drama 11-Aug-17 Rangoon 207 War/Drama 24-Feb-17 Lucknow Central 112 Drama 15-Sep-17 Regional Viacom18 Viacom18 The House Next Door (Aval) 330 Horror 03-Nov-17 Judwaa 2 1,386 Action/Comedy 29-Sep-17 Fox Star Studio Jolly LLB 2 1,170 Drama 10-Feb-17 produced 2 successful Badrinath Ki Dulhania 1,167 Romance/Comedy 10-Mar-17 sequels in 2017. Phillauri 271 Romance/Comedy 24-Mar-17 Judwaa 2 and Jolly LLB

Studios Studios 2 were Rs100cr club Fox Fox Star Ok Jaanu 236 Romance, Drama 13-Jan-17 movies. A Gentleman 206 Action/Romance 25-Aug-17 Shubh Mangal Savdhan 431 Drama 01-Sep-17 Munna Michael 329 Action/Romance 21-Jul-17 Newton 228 Dark Comedy 22-Sep-17 Sarkar 3 99 Political Crime Thriller 12-May-17 Eros Eros Rukh 6 Drama film 27-Oct-17 Source: Bollywoodhungama.com, Justwatch.com, IMDB, I-Sec research International

3 Movies released by key production houses

India collections Title Genre Release Date Available on (Rs mn)

Golmaal Again 2,057 Comedy film 20-Oct-17 Naam Shabana 368 Action/Thriller 31-Mar-17 Commando 2 251 Action 03-Mar-17 Ent. Ent.

Reliance Reliance Trapped 28 Thriller 17-Mar-17 Partition: 1947 7 Drama 18-Aug-17 Mubarakan 556 Comedy/Romance 28-Jul-17

Sony Sony Poster Boys 127 Comedy 08-Sep-17 Baadshaho 781 Action/Crime Thriller 01-Sep-17 Hindi Medium 696 Comedy/Drama 19-May-17 Tumhari Sulu 355 Social/Comedy 17-Nov-17 Raabta 257 Romance/Thriller 09-Jun-17 Simran 173 Drama 15-Sep-17 T-Series T-Series Noor 76 Comedy/Drama 21-Apr-17 Chef 64 Comedy film 06-Oct-17 Bhoomi 106 Action/Drama 22-Sep-17 Meri Pyaari Bindu 96 Romance 12-May-17 Bank Chor 73 Comedy 16-Jun-17 Raj

Yash Qaidi Band 4 Musical/Drama 25-Aug-17 Films Films Tiger Zinda Hai - Action/Drama 22-Dec-17 Bahubali 2 5,110 28-Apr-17 Badrinath Ki Dulhania 1,167 Romance/Comedy 10-Mar-17 Ittefaq 302 Thriller film 03-Nov-17 Prod. Prod.

Dharma Ok Jaanu 236 Romance, Drama 13-Jan-17 The Ghazi Attack 203 Action 17-Feb-17 Raees 1,375 Crime/Action 25-Jan-17

Jab Harry Met Sejal 643 Romance 04-Aug-17

Red Red Ent. Ittefaq 302 Thriller film 03-Nov-17 Chilies Chilies

Source: Bollywoodhungama.com, Justwatch.com, IMDB, I-Sec research

4 Top 20 movies – Netflix leads in digital rights

Top movies by collections in 2017

India collections Release Title Genre Producers / Distributors Music Available on (Rs mn) Date Dharma Productions, Bahubali 2 (Hindi) 5,110 Drama/Action 28-Apr-17 Zee Music AA Films, Arka Media Works, Dharma Prod.

Tiger Zinda Hai 2060* Action/Drama 22-Dec-17 Yash Raj Films YRF Music

Rohit Shetty Productions, Mangal Murti Films, Golmaal Again 2,057 Comedy film 20-Oct-17 T-Series Reliance Entertainment Nadiadwala Grandson Ent. Judwaa 2 1,386 Action/Comedy 29-Sep-17 T-Series Fox Star Studios Red Chillies Entertainment, x Raees 1,375 Crime/Action 25-Jan-17 Zee Music Excel Entertainment, Zee Studios

Viacom 18 Motion Pictures, KriArj Toilet: Ek Prem Katha 1,342 Comedy/Drama 11-Aug-17 Entertainment, Neeraj Pandey, Plan C T-Series Studios, Cape of Good Films Tubelight 1,193 Action/Drama 23-Jun-17 Salman Khan Films, Kabir Khan Films Sony Music Jolly LLB 2 1,170 Drama 10-Feb-17 Fox Star Studios T-Series Badrinath Ki Dulhania 1,167 Romance/Comedy 10-Mar-17 Dharma Productions, Fox Star Studios T-Series Kaabil 1,038 Action/Thriller 25-Jan-17 Filmkraft Productions, B4U Motion Pictures T-Series T-Series, Vertex Motion Pictures, Mangl Murti Baadshaho 781 Action/Crime Thriller 01-Sep-17 T-Series Films, CineKorn Entertainment Hindi Medium 696 Comedy/Drama 19-May-17 T-Series, Maddock Films, AA Films T-Series Fukrey Returns 661 Comedy 08-Dec-17 Excel Entertainment, AA Films Zee Music Jab Harry Met Sejal 643 Romance 04-Aug-17 Red Chillies Entertainment Sony Music Secret Superstar 634 Musical Drama 19-Oct-17 Aamir Khan Productions, Zee Studios Zee Music Half Girlfriend 603 Romance/Drama 19-May-17 ALT Entertainment, Balaji Motion Pictures Zee Music Cine1 Studios Mark Production, Sony Pictures Mubarakan 556 Comedy/Romance 28-Jul-17 T-Series Releasing The Walt Disney Company India, Picture Jagga Jasoos 542 Comedy/Romance 14-Jul-17 Shuru Entertainment, Ishana Movies, UTV T-Series Motion Pictures * At the end of week 1 Source: Bollywoodhungama.com, Justwatch.com, IMDB, Wikipedia, I-Sec research 5 World TV Premier of movies – ZEEL leads

• ZEEL leads in terms of number of movies premiered on TV • Star has premiered mostly big movies on its channels

World TV premiers of Top 30 movies in 2017

Collection Theatrical Release Movies Genre TV Primer date Channel Window (Days) (Rs mn) date Raees 1,375 Crime/Action 25-Jan-17 25-Jun-17 Zee Cinema 151 Toilet: Ek Prem Katha 1,342 Comedy/Drama 11-Aug-17 02-Oct-17 Zee Cinema 52 Jab Harry Met Sejal 643 Romance 04-Aug-17 08-Oct-17 Zee TV 65 Half Girlfriend 603 Romance/Drama 19-May-17 23-Sep-17 &Pictures 127 Mom 373 Thriller/Drama 07-Jul-17 18-Nov-17 &Pictures 134

ZEEL Naam Shabana 368 Action/Thriller 31-Mar-17 24-Jun-17 Zee Cinema 85 Bareilly Ki Barfi 346 Comedy/Romance 18-Aug-17 19-Nov-17 Zee Cinema 93 Munna Michael 329 Action/Romance 21-Jul-17 25-Nov-17 &Pictures 127 Commando 2 251 Action 03-Mar-17 20-May-17 Zee Cinema 78 Judwaa 2 1,386 Action/Comedy 29-Sep-17 24-Dec-17 Star Gold 86 Tubelight 1,193 Action/Drama 23-Jun-17 02-Oct-17 Star Gold 101 Jolly LLB 2 1,170 Drama 10-Feb-17 14-May-17 Star Gold 93 Kaabil 1,038 Action/Thriller 25-Jan-17 16-Apr-17 Star Gold 81

Star IndiaStar Baadshaho 781 Action/Crime Thriller 01-Sep-17 15-Oct-17 Star Gold 44 Phillauri 271 Romance/Comedy 24-Mar-17 20-May-17 Star Gold Select 57 Bahubali 2 5,110 Drama/Action 28-Apr-17 08-Oct-17 Sony MAX 163 Hindi Medium 696 Comedy/Drama 19-May-17 23-Sep-17 Sony MAX 127 Mubarakan 556 Comedy/Romance 28-Jul-17 23-Dec-17 Sony MAX 148

Sony Sony Sachin: A Billion Dreams 509 Biopic 26-May-17 18-Aug-17 Sony MAX 84 Raabta 257 Romance/Thriller 09-Jun-17 08-Dec-17 Sony MAX 182 Badrinath Ki Dulhania 1,167 Romance/Comedy 10-Mar-17 25-Jun-17 Colors 107 Ok Jaanu 236 Romance, Drama 13-Jan-17 23-Apr-17 Colors 100 TV18 Jagga Jasoos 542 Comedy/Romance 14-Jul-17 30-Sep-17 UTV Movies 78

Source: Bollywoodhungama.com, I-Sec research

6 T-Series – leader in music label industry

T-Series leader in the industry and associated with most of the successful movies

India collections Title (Rs mn) Genre Release Date Music Bahubali 2 (Non-Hindi) 5,110 Action/Drama 28-Apr-17 T-Series (Regional) Golmaal Again 2,057 Comedy film 20-Oct-17 T-Series Judwaa 2 1,386 Action/Comedy 29-Sep-17 T-Series Toilet: Ek Prem Katha 1,342 Comedy/Drama 11-Aug-17 T-Series Jolly LLB 2 1,170 Drama 10-Feb-17 T-Series Badrinath Ki Dulhania 1,167 Romance/Comedy 10-Mar-17 T-Series Kaabil 1,038 Action/Thriller 25-Jan-17 T-Series Baadshaho 781 Action/Crime Thriller 01-Sep-17 T-Series Hindi Medium 696 Comedy/Drama 19-May-17 T-Series Mubarakan 556 Comedy/Romance 28-Jul-17 T-Series x Jagga Jasoos 542 Comedy/Romance 14-Jul-17 T-Series Mom 373 Thriller/Drama 07-Jul-17 T-Series Naam Shabana 368 Action/Thriller 31-Mar-17 T-Series Tumhari Sulu 355 Social/Comedy 17-Nov-17 T-Series Phillauri 271 Romance/Comedy 24-Mar-17 T-Series Raabta 257 Romance/Thriller 09-Jun-17 T-Series Commando 2 251 Action 03-Mar-17 T-Series Rangoon 207 War/Drama 24-Feb-17 T-Series A Gentleman 206 Action/Romance 25-Aug-17 T-Series Simran 173 Drama 15-Sep-17 T-Series Poster Boys 127 Comedy 08-Sep-17 T-Series Lucknow Central 112 Drama 15-Sep-17 T-Series Guest Iin London 106 Comedy 07-Jul-17 T-Series Bhoomi 106 Action/Drama 22-Sep-17 T-Series Daddy 81 Crime/Drama 08-Sep-17 T-Series Noor 76 Comedy/Drama 21-Apr-17 T-Series Chef 64 Comedy film 06-Oct-17 T-Series Machine 31 Romance/Thriller 17-Mar-17 T-Series Maatr 23 Thriller/Drama 21-Apr-17 T-Series Tera Intezaar 19 Romantic Thriller 01-Dec-17 T-Series Hanuman: Da' Damdaar 14 Animation 02-Jun-17 T-Series The House Next Door 10 Horror 03-Nov-17 T-Series Ranchi Diaries 7 Drama/Thriller 13-Oct-17 T-Series Source: Bollywoodhungama.com,, IMDB, I-Sec research

7 Zee Music – higher exposure to smaller movies

While Zee Music is number 2 in the industry, its association is skewed towards low collection movies

India collections Title (Rs mn) Genre Release Date Music Bahubali 2 5110 Action/Drama 28-Apr-17 Zee Music (Hindi) Raees 1375 Crime/Action 25-Jan-17 Zee Music Fukrey Returns 661 Comedy 08-Dec-17 Zee Music Secret Superstar 634 Musical Drama 19-Oct-17 Zee Music Half Girlfriend 603 Romance/Drama 19-May-17 Zee Music Bareilly Ki Barfi 346 Comedy/Romance 18-Aug-17 Zee Music x Qarib Qarib Singlle 170 Romance/Comedy 10-Nov-17 Zee Music Shaadi Mein Zaroor Aana 106 Romance/Drama 10-Nov-17 Zee Music Firangi 103 Comedy Film 01-Dec-17 Zee Music Behen Hogi Teri 20 Romance/Comedy 09-Jun-17 Zee Music Patel Ki Punjabi Shaadi 15 Comedy/Drama 15-Sep-17 Zee Music Anaarkali of Aarah 9 Drama 24-Mar-17 Zee Music Jia aur Jia 9 Road film 27-Oct-17 Zee Music Laali Ki Shaadi Mein Laaddoo Deewana 8 Comedy/Drama 07-Apr-17 Zee Music Rukh 6 Drama film 27-Oct-17 Zee Music Mirza Juuliet 6 Comedy/Drama 07-Apr-17 Zee Music Gurgaon 5 Neo-noir 04-Aug-17 Zee Music Jeena Isi Ka Naam Hai 2 Romance/Drama 03-Mar-17 Zee Music The Final Exit 1 Horror 22-Sep-17 Zee Music Thodi Thodi Si Manmaaniyan 1 Romance 26-May-17 Zee Music Panchlait 0 Romantic comedy 17-Nov-17 Zee Music JD 0 Drama/Thriller 22-Sep-17 Zee Music Hind Ka Napak Ko Jawab: MSG Lion Heart 2 0 Action/Drama 10-Feb-17 Zee Music Source: Bollywoodhungama.com,, IMDB, I-Sec research 8 Netflix – bigger and better (by collections) catalogue

Netflix acquired rich movies library in 2017 with focus on higher grossing movies

Collections Rs5110mn Rs1375mn Rs1038mn Rs781mn Rs643mn Rs603mn

Collections Rs556mn Rs373mn Rs207mn Rs127mn Rs112mn Rs13mn

Collections Rs9mn Rs6mn NA

9 Amazon Prime Video – focus on quantity

Amazon acquired highest number of movies but includes many small ones (by collections)

Collections Rs1193mn Rs1167mn Rs696mn Rs257mn Rs251mn Rs236mn

Collections Rs228mn Rs209mn Rs203mn Rs192mn Rs173mn Rs106mn

Collections Rs96mn Rs81mn Rs76mn Rs73mn Rs64mn Rs28mn

10 Hotstar – Few but big movies

Hotstar has limited number of movies released in 2017, with big movies from Fox Star Studios

Collections Rs5110mn Rs1386mn Rs1038mn Rs1170mn Rs781mn

Collections Rs542mn Rs206mn Rs271mn Rs10mn Rs9mn

11 Key developments in broadcasting space

 The ministry of information and broadcasting (MIB) is considering to bring IPL into ambit of events of national importance. If implemented, Star India will have to share the feeds of the event with public broadcaster Doordarshan.  Sony has acquired the India broadcast rights (digital and TV) of T10 Cricket League, promoted by UAE-based T Ten Sports Management. Event took place in Sharjah from 14-17 December.  MTV has acquired broadcast and digital rights to the second season of Super Fight League (SFL), the world’s first mixed martial arts tournament. Sony Pictures Networks India has aired x the first season of SFL.  SAB Group has entered an agreement with Pantel Technologies to jointly create a bouquet of over 20 free to air (FTA) channels across genres like entertainment, kids, infotainment, mythology, movie and music channels.  Zee Media launched Zee Uttar Pradesh/Uttarakhand on 20 Dec 2017. ZMCL’s earlier channel Zee UP/UK was converted to national channel – India 24x7, which in turn was re-launched as Zee Hindustan this year.  Newly launched pay channel Star Bharat, which is also available on DD FreeDish platform, has extended its weekly programing line-up to 6 days a week from 5 days earlier from 9 Dec 2017. Channel's original programming hours have increased to 25 hours per week from 22.5 hours per week earlier.

12 New launches on Hindi GECs and other developments

 According to media reports, ZEEL is planning to launch Zee Telugu HD and Zee Cinemalu HD by Dec-end and Zee Kannada HD by March-end. Zee Telugu HD and Zee Cinema HD will not be a mirror offering of their SD versions.  Under a definitive agreement, Disney will acquire 21st Star Bharat to launch ‘Jai Kanhaiya Lal Ki’ on 1-Jan-18 (9.30pm WD) Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion in stock. Deal will have impact at global level. Following are the possible impacts in India: 1. Kids channels of Disney will further strengthen diverse portfolio of Star India. Star Plus to launch ‘India’s Next Super Star’ on 6-Jan-18 (8.00pm WE) 2. Star India’s OTT platform Hotstar will get access to Disney’s huge movie library. 3. Star Sports and ESPN combined will have strongest portfolio of sports content. However, JV of Sony and ESPN in India gives ambiguity over how and when it will happen. * WD – Weekday; WE – Weekend; Source: I-Sec research

13 Recent developments in OTT space

 Amazon Prime Video’s new original series Amazon Prime Video has unveiled its second Indian starring R Madhavan original series ‘Breathe’ starring R Madhavan, which is expected to be released in 2018. The medical thriller will be available in Hindi, Tamil, and Telugu languages.  Hotstar has signed a content deal with American media company Awesomeness. The deal includes hit series from Awesomeness like Freakish, T@gged and Confess.  Star India will simulcast IPL 2018 on TV and its Alt Balaji launched first Tamil show ‘Maya Thirrai’ digital platform Hotstar. Earlier, IPL was available on Hotstar with a delay of 5 mins.  ALT Balaji has released its first Tamil show Maya Thirrai with 16 episodes. With success of its regional content both in India and Internationally, Alt Balaji is planning to launch more regional shows over next 5- 6 quarters and highlighted that 15% of total show hours will be regional content.

14

Recent developments in OTT space

 Voot in its strategy for 2018 highlighted its plan to launch original web series and offer kids content in regional languages. It will launch its premium offering under SVoD model. It is also planning to reach Indian diaspora in key international markets with VOOT International.  Discovery Communications India is planning to launch four advertising based mobile-first digital channels in first quarter of 2018. The first two channels to launch will be Veer by Discovery and Rise by TLC. The mobile first channels will have bespoke digital-first, mid- form and short-form content. Discovery has partnered with YouTube, Reliance Jio and x Vodafone Play to maximise its reach across social and mobile platforms.  Director – producer Vikram Bhatt to launch his OTT service – VB on the Web on 27th Jan 2018. Service will be launched with three exclusive web series – Untouchables, Twisted 2 and Maaya 2.  Sony LIV has signed content deal with Fabform Mediaworks for five or more comedy shows.  Spuul has signed a 100 film catalogue deal with Shemaroo Entertainment.

15 Hindi GECs – Zee TV Continues to gain share

Zee TV gain share in Hindi GEC all-day viewership

&TV Colors SAB Sony Pal Sony Life Ok/Star Bharat STAR Plus Zee TV 30

25

20

15 (%) 10

5

0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E

Zee TV reaches no. 2 in primetime viewership

&TV Colors SAB Sony Pal Sony STAR One/Life Ok STAR Plus Zee TV 35 30 25 20

(%) 15 10 5 0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E

Source: BARC (Market: HSM Urban; Target: Universe; I-Sec research 16 Non-South regional GECs – Zee Marathi unchallenged leader; Star Jalsha leads in the largely two-player Bangla market

Marathi GEC all-day viewership share Marathi GEC primetime viewership share

DD10 Sahyadri Colors Marathi DD10 Sahyadri Colors Marathi 80 STAR Pravah Zee Marathi 80 STAR Pravah Zee Marathi 70 70 60 60 50 50 40 40 (%) (%) 30 30 20 20 10 10 0 0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E Q3FY18E

Bangla GEC all-day viewership share Bangla GEC primetime viewership share

DD7 Bangla Colors Bangla DD7 Bangla Colors Bangla 70 STAR Jalsha Zee Bangla 70 STAR Jalsha Zee Bangla 60 60 50 50 40 40 (%) 30 (%) 30 20 20 10 10 0 0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E Q3FY18E

Source: BARC (Market: Respective urban markets; Target: Universe), I-Sec research 17 South regional markets – Sun TV regain share in Tamil; Zee Telugu leader in Telugu

Sun TV gains share in Tamil GEC all-day viewership Tamil GEC primetime viewership share

DD Podhigai Jaya TV RAJ TV Jaya TV RAJ TV Sun TV VIJAY Z Tamil 80 Sun TV VIJAY Z Tamil 80 70 70 60 60 50 50 (%) (%) 40 40 30 30 20 20 10 10 0 0 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E Q3FY18E

Zee Telugu gains share in Telugu GEC all-day viewership Telugu GEC primetime viewership share

Eenadu TV Gemini TV Maa Telugu Zee Telugu Eenadu TV Gemini TV Star Maa Zee Telugu 35 45 40 30 35 25 30 (%) (%) 20 25 20 15 15 10 10 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E Q3FY18E

Source: BARC (Market: Respective urban markets; Target: Universe), I-Sec research 18 South regional markets – Udaya TV / Surya TV saw improvement in share in Kannada/Malayalam markets

Kannada GEC all -day viewership – Udaya TV gains share Kannada GEC primetime viewership – Colors still strong leader

Colors Kannada Suvarna Udaya TV Colors Kannada Suvarna Udaya TV Zee Kannada Colors Super 45 Zee Kannada Colors Super 40 60 35 50 30 40 25 (%) (%) 20 30 15 20 10 10 5 0 0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E Q3FY18E

Malayalam GEC all-day viewership share Malayalam GEC primetime viewership share

Asianet Kairali Asianet Kairali SURYA Mazhavil Manorama SURYA Mazhavil Manorama Flowers TV 80 Flowers TV 70 70 60 60 50 50 40 40 (%) (%) 30 30 20 20 10 10 0 0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18E Q3FY18E

Source: BARC (Market: Respective urban markets; Target: Universe), I-Sec research 19 Annexure: Slot-wise ratings of GEC (1)

17:30 - 18:00 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 9.0 8.3 8.2 9.0 9.7 9.0 9.6 8.5 8.9 8.5 8.2 8.9 7.6 Colors 16.6 19.9 24.2 19.9 22.5 21.4 21.4 21.0 21.6 23.0 22.1 21.1 22.0 Life Ok 10.8 13.0 13.4 11.0 13.0 13.0 12.6 11.5 11.8 12.1 13.0 11.4 12.2 SONY SAB 12.7 12.8 13.2 13.5 13.6 15.1 14.5 14.1 13.2 15.3 13.1 11.2 12.5 Sony 20.0 19.7 17.6 19.1 20.4 18.4 17.0 18.6 17.2 16.8 16.4 19.2 19.0 STAR Plus 22.0 17.5 14.8 12.6 12.2 13.3 15.2 15.0 15.5 14.0 15.2 16.9 16.6 Zee TV 8.9 8.8 8.7 14.9 8.6 9.9 9.7 11.4 11.8 10.3 12.0 11.4 10.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

18:00 - 18:30 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 9.1 6.7 5.9 7.3 7.2 7.0 7.5 7.0 6.4 7.4 6.9 6.6 5.5 Colors 14.6 23.6 26.6 25.6 27.0 24.4 24.5 25.4 27.5 29.1 28.2 26.1 26.6 Life Ok 6.6 6.8 10.5 8.8 9.4 11.3 11.1 11.1 11.3 12.9 13.7 13.0 11.8 SONY SAB 16.6 13.2 14.3 13.4 13.7 13.8 14.5 13.8 12.6 14.0 13.0 11.7 13.5 Sony 16.6 15.9 12.6 13.5 14.8 13.6 12.5 14.1 13.9 8.4 7.2 14.7 14.2 STAR Plus 28.6 22.4 18.1 16.5 16.5 16.6 17.1 15.6 15.7 15.5 17.3 16.7 16.8 Zee TV 7.9 11.5 12.0 15.0 11.3 13.4 12.8 13.0 12.6 12.8 13.8 11.3 11.7 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

18:30 - 19:00 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 5.5 5.2 4.5 5.9 6.1 5.3 4.8 5.4 4.9 5.3 4.7 4.7 4.5 Colors 18.8 20.0 20.6 20.7 20.0 18.0 20.4 19.8 21.1 20.8 20.5 19.8 19.9 Life Ok 8.5 10.3 11.3 10.4 10.5 12.7 12.3 11.6 11.2 13.6 14.9 13.6 14.1 SONY SAB 12.8 11.1 12.9 12.2 12.1 11.8 12.1 12.2 10.5 12.6 11.6 10.6 11.9 Sony 11.1 10.7 9.3 8.9 10.7 8.9 9.0 10.2 11.5 6.4 6.5 11.0 9.0 STAR Plus 24.0 22.1 20.0 20.8 20.8 21.7 22.2 21.9 23.2 22.7 23.3 22.4 23.2 Zee TV 19.3 20.5 21.4 21.1 19.7 21.6 19.3 19.0 17.6 18.7 18.6 17.8 17.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

19:00 - 19:30 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 2.9 3.0 2.8 2.6 3.0 2.6 2.0 1.8 1.7 1.7 1.8 1.9 1.7 Colors 30.1 29.4 30.2 28.8 29.0 26.0 25.0 27.6 26.6 32.0 29.3 27.2 26.9 Life Ok 8.2 9.1 9.4 9.2 8.8 18.5 16.2 16.9 15.8 15.0 15.9 16.2 15.9 SONY SAB 11.5 11.2 10.7 11.8 11.5 10.3 9.6 8.5 9.0 9.5 8.8 8.0 5.1 Sony 5.6 5.2 5.8 5.5 6.7 4.6 8.2 7.9 8.6 5.9 6.5 8.5 7.6 STAR Plus 25.4 25.3 23.4 24.0 23.9 22.2 23.3 21.8 23.4 21.6 24.2 23.4 28.9 Zee TV 16.2 16.8 17.8 18.0 17.1 15.8 15.6 15.5 14.9 14.4 13.6 14.9 13.9 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: BARC (Market: HSM Urban; Target: Universe), I-Sec research 20 Annexure: Slot-wise ratings of GEC (2)

19:30 - 20:00 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 3.9 2.8 2.5 2.4 2.9 2.8 2.1 2.2 2.4 2.3 1.9 2.2 1.6 Colors 25.0 25.1 22.1 23.6 22.7 20.2 19.4 19.7 20.5 21.2 19.0 21.0 20.1 Life Ok 5.8 6.7 13.8 10.2 11.6 14.4 13.6 14.5 13.6 15.0 15.6 15.8 14.0 SONY SAB 7.2 8.8 6.7 7.6 7.5 6.6 5.9 6.8 6.8 7.0 6.6 5.8 5.0 Sony 7.5 7.5 7.4 8.1 8.5 7.9 11.6 9.1 9.3 9.1 9.1 9.8 8.3 STAR Plus 30.1 28.2 25.8 26.9 25.8 29.7 30.6 29.9 29.6 27.6 29.2 30.6 35.3 Zee TV 20.6 20.8 21.8 21.3 21.0 18.4 16.9 17.7 17.8 17.9 18.6 14.7 15.7 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

20:00 - 20:30 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 5.7 5.6 4.8 5.0 5.6 5.1 4.0 4.6 4.8 4.6 3.8 4.2 3.9 Colors 26.5 28.5 29.2 27.8 26.9 24.7 23.2 22.8 22.6 23.1 22.7 24.1 23.1 Life Ok 12.9 14.6 16.4 15.3 15.9 17.0 16.4 18.0 17.1 19.2 21.1 19.0 21.4 SONY SAB 12.0 11.3 9.9 10.9 11.3 10.0 9.7 11.3 11.2 11.7 11.1 11.2 9.2 Sony 9.7 8.6 8.0 8.4 8.2 9.3 14.0 10.5 10.6 9.7 9.2 9.7 9.0 STAR Plus 13.9 13.3 12.6 13.0 12.4 12.0 11.9 12.0 12.4 11.6 11.5 13.3 13.3 Zee TV 19.3 18.1 19.1 19.7 19.6 21.9 20.9 20.8 21.3 20.1 20.6 18.5 20.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

20:30 - 21:00 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 8.4 8.2 8.8 8.4 9.0 7.9 7.0 7.2 6.9 7.0 6.7 7.4 7.4 Colors 21.0 23.8 22.7 22.8 21.4 19.4 19.9 19.5 19.7 21.7 21.7 21.9 20.4 Life Ok 10.1 11.6 11.4 11.5 12.4 11.4 11.0 12.5 13.8 13.4 13.9 13.0 14.0 SONY SAB 22.6 22.2 22.7 22.9 23.4 19.3 22.3 24.2 23.4 23.1 24.5 24.6 25.3 Sony 6.1 5.3 5.1 5.0 5.1 14.0 12.1 7.4 7.8 9.5 7.8 8.5 7.1 STAR Plus 12.3 11.9 11.6 10.7 10.8 10.4 10.6 10.3 9.6 8.8 8.7 8.7 8.7 Zee TV 19.5 16.9 17.7 18.6 17.9 17.7 17.1 18.8 18.9 16.5 16.7 15.9 17.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

21:00 - 21:30 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 4.7 5.1 6.6 6.1 5.8 3.4 3.9 4.2 4.0 4.7 3.7 4.0 3.7 Colors 16.5 17.4 17.0 17.7 15.4 18.2 18.2 19.0 18.8 16.6 19.3 18.3 17.6 Life Ok 5.0 5.5 5.4 5.1 5.9 5.5 6.5 6.8 8.7 8.7 10.0 10.8 11.5 SONY SAB 8.2 6.9 7.5 8.1 8.0 7.7 10.8 12.4 11.8 16.4 10.9 11.9 11.7 Sony 24.3 27.8 25.6 23.3 22.0 25.5 12.9 8.2 7.5 8.6 6.0 6.9 5.6 STAR Plus 16.3 16.5 14.8 15.2 16.3 16.1 17.8 17.4 17.4 16.5 19.1 18.6 19.6 Zee TV 25.0 20.9 23.1 24.5 26.7 23.6 29.9 32.0 31.8 28.4 31.0 29.5 30.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: BARC (Market: HSM Urban; Target: Universe), I-Sec research 21 Annexure: Slot-wise ratings of GEC (3)

21:30 - 22:00 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 5.2 5.2 5.2 5.1 4.2 5.6 5.4 5.6 5.3 5.1 5.4 5.6 5.4 Colors 11.7 10.4 11.7 12.7 14.3 15.0 18.2 20.4 19.0 18.2 17.6 17.9 17.4 Life Ok 4.5 4.7 4.4 4.6 4.9 5.5 5.4 5.3 5.9 5.1 5.6 5.9 5.8 SONY SAB 3.0 2.2 2.1 2.8 2.4 2.6 3.5 3.9 4.5 9.8 7.5 7.4 7.3 Sony 28.8 33.3 29.5 26.2 28.0 14.2 7.4 4.9 5.1 5.6 4.4 4.9 4.7 STAR Plus 20.4 20.4 21.6 23.1 21.0 27.0 28.1 25.2 24.5 22.3 26.1 25.0 25.8 Zee TV 26.4 23.8 25.6 25.5 25.2 30.1 32.0 34.7 35.8 33.8 33.3 33.4 33.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

22:00 - 22:30 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 5.5 4.5 4.7 3.9 5.0 5.9 5.3 5.3 5.1 5.2 6.6 5.7 5.6 Colors 15.6 13.9 13.4 13.9 19.8 19.8 23.7 24.6 23.6 27.2 26.4 25.1 24.9 Life Ok 7.3 6.9 6.5 6.5 9.4 11.2 10.4 9.8 11.0 10.6 11.4 10.7 10.1 SONY SAB 2.3 2.1 1.8 2.4 3.5 3.6 3.7 4.4 4.5 6.3 5.1 5.0 4.9 Sony 35.9 42.3 40.3 37.9 19.2 9.5 8.2 7.1 7.7 7.2 6.9 7.1 7.6 STAR Plus 17.9 15.8 16.6 17.6 22.3 26.5 25.9 25.1 24.0 22.9 22.9 26.1 26.3 Zee TV 15.5 14.5 16.7 17.8 20.8 23.6 22.8 23.7 24.1 20.7 20.8 20.3 20.6 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

22:30 - 23:00 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 13.9 10.3 10.4 10.3 13.4 13.4 12.9 13.2 12.6 12.2 12.2 13.0 12.6 Colors 19.6 20.5 25.1 24.2 29.4 29.1 32.0 31.4 30.0 33.2 33.2 31.0 31.2 Life Ok 14.1 12.3 12.3 11.9 16.5 16.8 15.9 15.0 16.5 14.8 16.2 15.8 15.6 SONY SAB 4.5 2.6 2.9 4.6 7.2 6.6 6.8 7.0 7.2 7.7 6.6 5.9 6.8 Sony 19.5 29.6 22.7 21.1 9.6 9.8 9.2 8.8 8.7 8.6 8.4 9.3 8.9 STAR Plus 19.1 16.2 16.8 16.3 12.0 11.6 10.6 10.8 10.6 10.4 9.4 10.6 11.4 Zee TV 9.4 8.5 9.8 11.6 11.8 12.7 12.6 13.9 14.3 13.1 14.1 14.3 13.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

23:00 - 23:30 wk39 wk40 wk41 wk42 wk43 wk44 wk45 wk46 wk47 wk48 wk49 wk50 wk51 &TV 12.7 9.2 7.7 8.3 9.3 9.0 9.1 8.9 8.5 9.7 9.1 8.8 8.0 Colors 15.6 23.8 29.6 27.6 30.4 31.0 35.5 34.8 35.3 36.6 37.8 35.8 34.2 Life Ok 16.3 17.6 16.1 15.1 16.8 16.9 15.0 13.8 15.4 16.1 13.8 14.9 14.9 SONY SAB 13.8 11.5 12.7 13.4 13.8 14.5 13.7 14.5 13.5 14.1 13.5 13.3 14.6 Sony 19.4 18.0 15.2 15.8 12.4 12.9 11.8 12.1 10.7 7.6 10.4 10.7 12.2 STAR Plus 10.7 9.6 8.7 9.4 7.0 6.1 5.4 5.5 5.9 5.5 5.3 6.3 6.3 Zee TV 11.5 10.3 10.0 10.3 10.3 9.7 9.5 10.4 10.7 10.5 10.2 10.3 9.7 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Source: BARC (Market: HSM Urban; Target: Universe), I-Sec research 22 Disclaimer

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