strategy+business

ISSUE 84 AUTUMN 2016 on Leading India’s Media into the Future

BY MUNNISH PURI Vineet Jain Under the leadership of Jain growth in circulation, viewership, and and his older brother, vice chairman revenues. And we’re aggressively on Leading India’s , BCCL has introduced building a digital media business that many innovations in advertising and over time could become larger than Media into the digital technology, including mat- our more mature businesses. Future rimonial and real estate portals; a smartphone app called Alive, which S+B: You were an early strong by Munnish Puri links scanned print images to down- believer in Internet-based publica- loaded videos; partnerships with the tions, back in the early 2000s. feature istory is history. I only care Huffington Post, Airbnb, and Uber; What did you see? “ Habout what’s coming next.” and Brand Capital, which develops JAIN: The newspapers in the West So says Vineet Jain, the managing and funds marketing efforts in India were dying. I felt that the same fate

marketing, media & sales director of BCCL, also known as the for startups. BCCL also owns Times would befall India; maybe not for Times Group. BCCL is India’s largest Internet Ltd., one of the largest digital 10 years or more, but eventually. , with revenues media providers in Therefore, we would have to establish of about Rs100 billion (about US$1.5 Asia. With entertain- a big Internet company. We invested billion) per year and with more than ment and media at the beginning. Also, the digital 13,000 employees. It publishes the industries facing medium is interactive, and the news- Times of India, the world’s largest-sell- massive disruption paper is a one-way, passive medium. ing English-language daily (reaching everywhere, we met Interactive media always wins over more than 7.6 million readers), and the Jain in his Mumbai office to ask about passive media. Economic Times, the second-largest- his strategy for the digital age. We believe that , circulation English-language business The insights here about media in our digital arm, will one day be a larg- newspaper (the Wall Street Journal is emerging economies are relevant to er business than BCCL is now. Today, 5 the largest). It also owns 40 FM radio many other media companies around it reaches over 171 million users, who stations, 15 online radio stations, 15 the world as they navigate major spend billions of minutes a month magazines, a number of popular tele- shifts in technology and audience across a number of our products. At vision channels (including , demand. the same time, we continue to focus ET Now, , and Zoom TV), on providing value to consumers and live-event businesses such as the S+B: What do you see as the greatest across all media — print, television, Miss India Pageant and the challenges facing BCCL, and how radio, and others. Awards (the “Oscars of India”). are you responding to them? BCCL traces its history to 1838, JAIN: The growth of digital has S+B: How are the dynamics of when its first newspaper, the Bombay altered the nature of media, and has news and journalism being altered Times and Journal of Commerce, was challenged norms of what it should by mobile technology? founded; Jain’s family has owned and be. We are fortunate in India to have JAIN: Mobile technology, in particular, managed it since 1948. Despite this size visibility into global trends, which al- is rapidly changing the way the news and longevity, BCCL is also one of the lows us to proactively address them. is consumed as well as produced. most entrepreneurial and rapidly chang- We continue to innovate in print and Capturing news is more “real time” ing media businesses in the world. television media, which drives their than ever before, and increasingly, Photograph courtesy of Vineet Jain featurefeatures title marketing, of the article media & sales 66 -

Traditional media houses and When we look at digital, there What is your view of social You have You opened a Brand We areWe beginning to act as newsrooms have to embrace social media. can’t fight You this technology. In fact, it generates a large part of digital traffic. have You to understand Facebook consumers, and follow the conversations they are having, because their reading habits are very different [from those of traditional consumers]. I tell our journalists to get on Twitter and Facebook, because JAIN: S+B: JAIN: S+B: the immersive experiences that will delight consumers. Unless media outlets can think about capturing consumer mind share with great product and content experiences, they risk losing their audience’s attention. Capital office in Silicon Valley. What is going on there? nities here. venture capitalists. invest We in small technology companies, and we also barter advertising in our media, in exchange for a small stake in these companies. aim We to invest at an early stage. are so many international technology companies that haven’t come to India yet. It could take them another five yearsor 10 to do so. want We to reach them much earlier; we think they would find markets and opportu media? - -

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Advertising is still underrep I constantly think about what What is BCCL’s approachWhat is BCCL’s These technologies need an Online, our increased presence cluding great connectivity, to provide is coming next. If you disrupt don’t your own business, someone else will disrupt it. thus We continue to experiment and innovate, leveraging our technology capabilities and our understanding of the consumer. For instance, Alive is our experiment with reality. augmented effective infrastructure in place, in JAIN: S+B: JAIN: to new technologies, like wearable devices and the Internet of Things? resented in India. Only about 0.35 percent of GDP is spent on advertis ing, compared with to 2.0 1.5 percent in the rest of the world. still We see room for significant growth. in performance advertising and clas tiser segment than ever before. In creasingly, across media, brands are looking for native solutions that are less about interrupting the consumer and more about embedding a mes sage or brand into his or her conver sation. Internationally, there is a huge opportunity to build a commercially viable model with the Indian audience at the core. This gets amplified when you consider the age dividend that India enjoys — its high proportion of young people. are We sure that the overseas young diaspora will become a valued audience over time. sifieds is openingup a larger adver - ,

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and and Karnataka Vijay are a core part of Our company was tradition India has a vibrant but frag Will advertising continue to anyone with a smartphone can capture the latest events. now We give all our journalists smartphones to video-captureevents live. are We also shifting our focus from long- form content to shorter, smarter pieces. Our ability to be pointed, fast, and crisp has improved substantially. ally centered around the elite Indian consumer. The India of Times Economic Times Economic their daily habit. But over the last 10 years,to 15 our entertainment prod ucts, such as Zoom Entertainment Network, , and Gaana [a music streaming service], and our non-English print brands, such as TimesNavBharat S+B: JAIN: S+B: be the dominant revenue model for do or companies, media Indian you foresee other revenue sources taking its place? mented audience. There are millions are There audience. mented of people with very different social, characterideological and economic, istics. How do you address the needs of such vastly different segments? land of India. feel We we also have a significant opportunity with the Indian population residing overseas. have widened our user engagement bases. expect We that the majority of our audience growth during the next few years, across media, will come as we expand further into the heart

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7 sales & media marketing, of news has changed completely. changed has news of definition The videos. fun and content, short-form entertainment, toward works. what is that but superficial, be may It attached. photograph one with exciting and quick and short is that something release to have will we Sometimes, first. published gets that story print big the for don’t wait we and news our update constantly we where newsroom, acommon of medium. digital the and television, radio, pers, newspa among content our sharing up end would we that and content, Times ofthe India that Iknew convergence. digital of thinking already Iwas channels, news television our launched first we When text. printed than more much be to reading. are people what and story agood is think they what between gap the experience they then content speaks to them? to speaks content of kind What audience. Indian the of percentage asignificant up make and on mobile. on and Internet the over it consumes likely most she or He atelevision. or paper news aphysical of be not may ment entertain and news of consumption of medium preferred the kid, class concerned. is news as far as long-form, to short-form prefer They page. front the on put to chose editor an what not sharing, are friends their what read to want They media. social on especially are, they wherever from content JAIN: S+B: We are moving from pure news news pure from moving We are direction the in moving We are has tomorrow of newspaper The For a 16-year-old urban middle- urban a16-year-old For Millennials [people Millennials age 16–36] Millennials want to consume consume to want Millennials would require video video require would

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been at the forefront of this campaign, campaign, this of forefront the at been Times of India The has scrutiny. and audits to up stand can that e-auctions toward move We should India. in corruption of cause biggest single the —is spectrum broadcasting or coal —whether resources natural of allocation opaque and arbitrary the that maintained I’ve adecade For dealings. its in transparent and fair be jobs. create and grow to hand afree industry and business give then and rules, clear-cut and reasonable, modern, down lay should They development. on focus instead should leaders Political orientation. sexual or religion, food, of matter it’s a —whether possible as much as lives people’s of out stay should legislature and government the Ithink liberty. and freedom personal lars. Why is that? is Why lars. dol advertising in shift large ingly acorrespond seen haven’t we TV, and print on spent time than greater far is people young by media digital traditional media altogether.media traditional ignore can we before time along take will it expect we faster, growing is ing advertis digital Although relevant. be always will reach services), financial apparel, products, (consumer nesses busi large-format For measurable. more be may advertising digital though even time, along for change not will This ignore. to advertiser any for easy not is which reach, offer JAIN: JAIN: S+B: JAIN: S+B: and thinking decisions own your influence that values core the are What motto. your as change” “driving mention you The government should also also should government The On your Twitter profile, profile, Twitter your On on spent time though Even The traditional media outlets outlets media traditional The I am a great supporter of of supporter agreat I am ?

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continuously learning. Iam media. digital in day, especially anew is day Every now. right exciting very is industry media the in business To in be model. business company’s own our disrupt and constantly, vate inno quo, status the challenge to ready be We should risks. calculated take and zone comfort her or his of out get to herself or himself push should aleader Ibelieve country. this and industry this in especially change, driving means inevitably that And incorrect. politically being means it if even just, or right is think governance. good of root very the to went and importance, national of acampaign was This process. this up clean to worked really has ment govern the that say to I’mand happy events, and out-of-home advertising. out-of-home and events, live entertainment, filmed of businesses the managed he where 2009, to 2004 from Media BCCL’s Infotainment Times of officer operating chief the was He Matters). Trust (Only Advisors Financial Indian and Matters) Content (Only Advisors Film Indian of director managing the is munnish.puri@indianfilmadvisors.com Munnish Puri In general, I’m driven by what I I what by I’m driven general, In - -

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