entertainment november 2011 - ibefgear and hindi dailies such as navbharat times and sandhya times...
TRANSCRIPT
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
Entertainment NOVEMBER
2011
3 3
Entertainment
For updated information, please visit www.ibef.org ADVANTAGE INDIA
Advantage India
NOVEMBER
2011
Advantage India
• Rising incomes and evolving lifestyles have led to higher demand for aspirational products and services
• Higher penetration and a rapidly increasing young population will provide further boost to the demand
• Industry to grow at a CAGR of 13.2 per cent over the next five years, one of the highest rates globally
• Television and AGV segments expected to lead industry growth; opportunities in digital technologies as well
• Higher FDI inflows
• Increasing M&A activity
• More big-ticket deals such as Walt Disney- UTV, Sony-ETV and Zee- Star
• Policy sops, increasing FDI limits
• Measures such as digitisation of cable distribution to improve profitability and ease of institutional finance
• Increasing liberalisation and tariff relaxation
Market Size: USD25 billion
2015E
Market Size: USD9.2 billion
2006
Source: 2015 estimate as per PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: AGV- Animation, Gaming and VFX, VFX- Visual Effects, M&A- Merger and Acquisition, CAGR-
Compound Annual Growth Rate, FDI- Foreign Direct Investment, E- Estimate
Growing demand Opportunities
Higher investments Policy support
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
Entertainment NOVEMBER
2011
5 5 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
The sector is split into seven segments … (1/2)
Entertainment NOVEMBER
2011
47%
28%
14%
5%
2% 1% 3%
Television
Film
AGV
Radio
Music
Others
Segmental composition of entertainment (2010)
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
→ Total market size in 2010 was USD13.5 billion
→ The entertainment industry continues to be dominated by television, print and film segments, which together garner 88.7 per cent of the market share
→ In the last few years, the industry has witnessed rapid digitisation of elements including content, business process, and product innovation
Notes: AGV- Animation, Gaming and VFX, VFX- Visual Effects
6 6 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Entertainment NOVEMBER
2011
Entertainment
Television
Film
AGV Radio
Music
Others
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
The sector is split into seven segments … (2/2)
Notes: AGV- Animation, Gaming and VFX, VFX- Visual Effects
7 7
9.2
10.7 11.8 12.1
13.5
2006 2007 2008 2009 2010
For updated information, please visit www.ibef.org
The Indian entertainment industry is growing rapidly … (1/2)
→ The total market size grew from USD9.2 billion in 2006 to USD13.5 billion in 2010, a CAGR of 10.1 per cent
→ The industry recorded one of the highest growths in the world in 2010, growing at 11.2 per cent
Market size (USD billion)
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
MARKET OVERVIEW AND TRENDS
CAGR 10.1 %
Entertainment NOVEMBER
2011
8 8 For updated information, please visit www.ibef.org
The Indian entertainment industry is growing rapidly … (2/2)
→ During 2006-10, television revenues expanded at a CAGR of 12.5 per cent to USD6.4 billion
→ Advertising revenue growth has been behind the consistent rapid growth of the television industry
→ Over the same period, revenues in the print segment expanded to USD3.7 billion, a CAGR of 8.2 per cent
Size of major industry segments (USD billion)
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
MARKET OVERVIEW AND TRENDS
Entertainment NOVEMBER
2011
4.0
2.7
1.8
0.3
6.4
3.7
1.8
0.7
0 2 4 6 8
Television
Film
AGV
2006 2010
Notes: CAGR- Compound Annual Growth Rate
Notes: AGV- Animation, Gaming and VFX; VFX- Visual Effects
9 9 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Key players in the entertainment industry- Television
Company Business description
Star India Pvt Ltd • Fully owned subsidiary of News Corporation • Portfolio includes 32 channels in eight languages across various categories such as soaps, reality, news and
films • Also manages a portfolio of business ventures including DTH operator Tata Sky, cable system Hathway,
channel distributor STAR Den, news channel operator MCCS, the film production and distribution business Fox STAR Studios India and STAR CJ Home Shopping
Zee Entertainment Enterprises Ltd • Fully owned subsidiary of Essel Group • One of the largest producers and aggregators of Hindi programming in the world • An estimated reach of more than 500 million viewers across 167 countries • Pioneer of television entertainment industry in India; launched Zee TV- the country’s first Hindi satellite
channel • Range of businesses across the value chain in the M&E industry
Multi Screen Media Pvt Ltd • Fully owned subsidiary of Sony Pictures Entertainment • Comprises of Sony Entertainment Television (SET) and SAB, leading Hindi general entertainment television
channels; MAX, a movies and special events channel; and PIX, a channel that airs Hollywood movies • Its programming spans across various genres including drama, reality, comedy, horror, Bollywood and live
events
Entertainment NOVEMBER
2011
Source: Company Websites, Business Week, Aranca Research Notes: M&E- Media and Entertainment
10 10 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Key players in the entertainment industry- Print
Company Business description
Bennett, Coleman and Co Ltd • Largest media conglomerate in India • Publishes world’s most widely circulated English broadsheet daily ‘The Times of India’ and second
most widely circulated financial daily ‘Economic Times’ • Other prominent publications include magazines such as Zigwheels, Filmfare, Femina and Top
Gear and Hindi dailies such as Navbharat Times and Sandhya Times • The group has also diversified into radio and television business
HT Media Ltd • Hindustan Times is the second most widely read English daily in India • Other prominent publications include the business daily Mint and the Hindi daily Hindustan • The group has also forayed into many adjacent businesses such as print and digital services,
internet, radio, and events and marketing solutions • During FY07-FY11, the group’s net profits grew at a healthy CAGR of 38.4 per cent
Living Media India Ltd • India Today and Readers Digest are among India’s most circulated magazines • Other prominent magazine publications include Business Today, Cosmopolitan, Time, Golf Digest,
Design Today, Money Today and The Chartered Accountant • The group has interests in various other businesses such as radio, events, printing, music, television,
education and publishing
Entertainment NOVEMBER
2011
Source: Company Websites, The Times of India, Aranca Research Notes: CAGR- Compound Annual Growth Rate, FY- Financial Year
11 11 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Key players in the entertainment industry- Film
Company Business description
Yash Raj Films Studios • The only privately owned film studio in India • Apart from film production, the company has also expanded into distribution of films and music,
home entertainment, production of television software, ad films, documentaries and private label music production
• The company launched a youth films studio Y-Films in 2011 to connect with the large young population of the country
Eros International Media Ltd • Strong distribution network spanning across 50 countries and over 27 dubbed foreign languages • One of the largest content owners in the industry having a film library of over 2000 films, thus
ensuring stable, recurring cash flows • The company is diversifying into Marathi, Punjabi, Tamil and other regional language films to
leverage upon the growing demand for regional cinema
Red Chillies Entertainments Pvt Ltd • Founded in 2002 as a film production house, the company has branched into TV shows and
advertisement, visual effects and multi-media production equipment leasing • Its latest upcoming venture 'Ra.one‘ is Bollywood's most expensive movie and very first Sci-fi movie • It also owns the Kolkata Knight Riders cricket franchise in the Indian Premier League
Entertainment NOVEMBER
2011
Source: Company Websites, Business Week, Aranca Research
12 12 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Key players in the entertainment industry- Music
Company Business description
Music Bharti • A wholly owned subsidiary of Bharti Airtel • The largest music company in terms of revenues • Provides mobile-based value-added music services (VAS) such as hello tunes, call back tunes, music on
demand, Mirchi mobile and Airtel radio
Saregama India Ltd • The company owns the largest music archives in India, one of the largest in the world • It uses the music labels Saregama, RPG Music and HMV • The company is making efforts to digitise its catalogue to make inroads into the digital music market
and counter declining physical music sales
Super Cassettes Industries Ltd • The company owns the rights to over 2,000 video and 35,000 audio titles, comprising of nearly 24,000
hours of music • The company has diversified into film production, consumer electronics and mobile phones
manufacture
Tips Industries Ltd • The company owns 3,500 titles of which a minimum of 25 have been sold over a million copies, with
another 10 selling over 10 million copies • Since 1981, Tips has the highest number of gold and platinum discs to their credit in India • Tips also holds soundtrack copyrights of over 50 Hindi movies and has also ventured into film
production
Entertainment NOVEMBER
2011
Source: Company Websites, Business Week, Aranca Research Notes: VAS- Value Added Services
13 13 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Notable trends in the entertainment industry … (1/2)
Television
• India is poised to become the largest DTH satellite pay TV market by 2012 with 36.1 million subscribers
• Urban households on an average have two TV sets
• The television industry has been aided by strong growth in advertising
• Due a large young population, broadcasters are rebranding themselves to establish greater connect with younger audiences and kids
• Unbundling of products to increase profitability
• Increasing income levels and evolving lifestyles have led to robust growth in niche magazines segment
• Increasing literacy levels leading to a rise in the readership base
• Rising circulation of English, Hindi as well as regional language dailies
Film
• Multiplexes seek to boost revenues from alternate sources
• Increasing instances of small-budget films with innovative contents
• Increasing share of Hollywood content in the Indian box office
• 3D cinema is driving the growth of digital screens in the country
• The pay-per-view market is set to grow
Source: PwC India Entertainment and Media Outlook 2011, Economic Times, Aranca Research Notes: DTH- Direct to Home, 3D- Three Dimension
Entertainment NOVEMBER
2011
14 14 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Notable trends in the entertainment industry … (2/2)
Animation, Gaming and VFX
• Licensing and merchandising of popular characters is on the rise
• Demand for VFX is being driven by growing use of VFX shots in films and advertising; growing demand for more sophisticated visual effects
• Growing outsourcing of VFX and gaming to India
• Rising popularity of online and 3D gaming
Radio
• Increasing FM enabled radio phones and car music systems
• Content innovation providing a boost to the number of listeners
• Favourable government guidelines for expansion of the third phase of FM radio broadcasting services
• Telecom players and handset manufacturers are increasing their spend on radio
Music
• Digital music on mobile continues to drive music industry revenue
• Players are looking at new ways and mediums to monetise music, such as utilising social media to promote music
• Mobile phones, iPods and mp3 players – devices that enable music on-the-go – are becoming the primary means to access music
• Physical sales of music are declining
Source: PwC India Entertainment and Media Outlook 2011, Economic Times, Aranca Research Notes: AGV- Animation, Gaming and VFX, 3D- Three Dimension
VFX- Visual Effects, FM-Frequency Modulation
Entertainment NOVEMBER
2011
15 15
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
Entertainment NOVEMBER
2011
16 16 For updated information, please visit www.ibef.org GROWTH DRIVERS
Strong demand and policy support driving investments
Entertainment NOVEMBER
2011
Strong
government
support
Growing demand
Inviting Resulting
in
Growing demand Increasing investments Policy support
Higher real incomes and
changing lifestyles
Falling prices, increasing penetration
Growing, young
consumer base
Policy sops, favourable FDI
climate
Measures to improve
profitability across segments
Increasing liberalisation,
tariff relaxation
Higher FDI inflows
Increasing M&A activity
Increasing deal sizes
Source: ICRA, PwC, Business Standard, Business Today, Aranca Research Notes: M&A- Merger and Acquisition, FDI- Foreign Direct Investment
17 17
565 650
746
846
969
1,136
FY06 FY07 FY08 FY09 FY10 FY11
For updated information, please visit www.ibef.org
Multiple factors will drive growth in demand … (1/2)
→ A growing consumer base with an increased propensity to spend will drive demand growth
→ Per capita income has been increasing at a CAGR of 15 per cent over the last five years
→ Decreasing dependency ratio implies higher discretionary spending on entertainment
Per-capita income (USD)
Source: BBC, GEPL Capital, Aranca Research
Entertainment NOVEMBER
2011
CAGR 15 %
GROWTH DRIVERS
Notes: CAGR- Compound Annual Growth Rate
18 18 For updated information, please visit www.ibef.org
→ India’s GDP ranks among top five economies of the world in terms of PPP
→ As the proportion of ‘working age population’ in total population increases, per-capita income and GDP are expected to grow higher
Strong per-capita GDP growth over the years
Source: McKinsey Quarterly Report, Aranca Research
Entertainment NOVEMBER
2011
Multiple factors will drive growth in demand … (2/2)
Notes: GDP- Gross Domestic Product, PPP- Purchasing Power Parity
GROWTH DRIVERS
0
10
20
30
40
50
60
70
2005 2010 2015 2020 2025
Deprived Globals Aspirers Strivers Seekers
Seekers : annual income INR200,000 – 500,000
Globals : annual income > INR1000,000
Strivers : annual income INR500,000 – 1000,000
Aspirers : annual income INR90,000 – 200,000
Deprived : annual income < INR90,000
Million households
19 19 For updated information, please visit www.ibef.org
Policy support aiding growth in the sector
Entertainment NOVEMBER
2011
Television
• Digitisation of the cable distribution sector to attract greater institutional funding and improve profitability
• FDI limit increased to 74 per cent for broadcast carriage service providers who upgrade to digital and addressable environments
• No restriction on foreign investment for uplinking and downlinking of TV channels other than news and current affairs
Film
• Co- production treaties with various countries such as Italy, Brazil, UK and Germany to increase the export potential of the film industry
• Granting of ‘industry’ status for easy access to institutional finance
• Entertainment tax to be subsumed in the GST; this would create a uniform tax rate regime across all states and will also reduce the tax burden
Radio
• FDI limit in radio increased to 26 per cent from 20 per cent
• Private operators allowed to own multiple channels in a city, subject to a limit of 40 per cent of total channels in the city.
• Private players allowed to carry news bulletins of All India Radio
• Further boost may be given to the radio sector by charging licence fees on the basis of ‘net income’ so as to provide relief to loss making radio players
Source: ICRA, PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: GST – Goods and Services Tax, FDI- Foreign Direct Investment
GROWTH DRIVERS
20 20 For updated information, please visit www.ibef.org
Increasing investments in the sector- key deals and FDI inflows … (1/2)
→ A few big deals such as Walt Disney-UTV and Sony-ETV (both valued at around USD500 million) are in the pipeline
→ Of the M&A deals in the sector since 2010, Blackstone’s investment in Jagran Media Network was the highest in terms of value**
Source: Business Standard, Business Today, Thomson One Banker, PwC, Aranca Research
Notes:**- out of the deals whose transaction amount was available, FDI- Foreign Direct Investment
Entertainment NOVEMBER
2011
GROWTH DRIVERS
Mergers and Acquisitions (M&A)
Acquirer Target Deal date Deal value
(USD million)
Blackstone Jagran Media
Network Jul-11 46.9
HSBC Asian Ventures Fund 3
Avitel Post Studioz
Jun-10 10.4
Jagran Prakashan Mid-Day
Multimedia May-10 36.5
ZEE Ltd 9X Media Apr-10 13.3
INOX Leisure Fame India Feb-10 13.9
21 21 For updated information, please visit www.ibef.org
Increasing investments in the sector- key deals and FDI inflows … (2/2)
→ FDI inflows into the entertainment sector between April 2000 and March 2011 stood at USD2.2 billion
→ During FY09-FY11, the sector witnessed a total inflow of USD1.6 billion
→ Demand growth, supply advantages, and policy support have been the key in attracting FDI
Source: DIPP, Aranca Research Notes: DIPP- Department of Industrial Policy and Promotion,
*- cumulative figures from April 2000 to end of the financial year
Entertainment NOVEMBER
2011
GROWTH DRIVERS
Information and Broadcasting - Cumulative FDI inflows*
0.6
1.3
1.8
2.2
FY08 FY09 FY10 FY11
FDI (USD billion)
22 22
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
Entertainment NOVEMBER
2011
23 23 For updated information, please visit www.ibef.org
UTV - One of the largest media conglomerates
Television content
Motion pictures
Games content
Broadcasting
Interactive
Started as a content provider for Doordarshan
Ventured into internet content
creation and aggregation
Launched IPO as UTV Software
communications Ltd
FY11 USD197.3 million
turnover
Launched Hungama TV
Entertainment NOVEMBER
2011
SUCCESS STORIES: UTV, SUN TV
Disney becomes a majority share holder with a stake of 32.1%
Source: Company annual report, Company website, Aranca Research Notes: IPO- Initial Public Offering
Deal with Disney to dub its content
into Indian languages
Acquires Indiagames Ltd, enters gaming software and
content
1990 1996 2000 2004 2005 2007 2008 2011
24 24
1985 1993 2000 2003 2005 2007 2008 2011
‘SUN TV’ is launched with
daily three hours of programming
Launches SUN Direct to provide Direct -to –Home
(DTH) services
For updated information, please visit www.ibef.org
SUN TV : The South-Indian behemoth
Direct to Home
Motion pictures
Radio
Newspaper
Magazine
Founded as Sumangali
Publications
Launches a slew of other channels in
various South Indian languages
Acquires Dinakaran newspaper, Tamil
Nadu’s leading daily
FY11 USD419.5 million
turnover
Starts its first FM Channel
‘Sumangali FM’
Entertainment NOVEMBER
2011
SUCCESS STORIES: UTV, SUN TV
Enters Film Production and
Distribution through ‘SUN Pictures’
Source: Company website, Aranca Research Notes: FM-Frequency Modulation
Broadcasting
25 25
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
Entertainment NOVEMBER
2011
26 26 For updated information, please visit www.ibef.org OPPORTUNITIES
The entertainment industry is slated for rapid growth … (1/2)
Entertainment NOVEMBER
2011
→ Over 2010-15, the total market size is estimated to rise at a CAGR of 13.2 per cent to USD25.0 billion
→ The next five years will see digital technologies increase their influence across the industry leading to a sea change in consumer behaviour across all segments
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
Market size (USD billion)
13.5
15.3 17.3
19.7
22.2 25.0
2010 2011E 2012E 2013E 2014E 2015E
CAGR 13.2 %
27 27 For updated information, please visit www.ibef.org OPPORTUNITIES
The entertainment industry is slated for rapid growth … (2/2)
Entertainment NOVEMBER
2011
→ Television revenues are expected to continue to lead overall industry growth; the segment is estimated to grow to USD12.5 billion by 2015 (CAGR: 14.5 per cent)
→ Animation, Gaming and VFX (AGV) is likely to witness the fastest growth - a CAGR of 21.4 per cent (2010-15); its size is set to touch USD1.7 billion in 2015
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
Notes: AGV- Animation, Gaming and VFX; VFX- Visual Effects
Size of major industry segments (USD billion)
6.4
3.7
1.8
0.7
12.5
5.9
2.8
1.7
0 5 10 15
Television
Film
AGV
2010 2015E
28 28 For updated information, please visit www.ibef.org OPPORTUNITIES
Opportunities across segments in the entertainment industry … (1/2)
Entertainment NOVEMBER
2011
• Television distribution is projected to garner a share of 62 per cent in the television pie by 2015 (as addressable digitisation is expected to cover the entire country by then)
• Television advertisement is also expected to witness robust growth; its share in the advertising industry is expected to touch 42.5 per cent by 2015 from 41 per cent in 2010
Television
• Newspapers and niche magazines are likely to drive industry growth
• Accelerated growth is forecasted in regional print and local news segments
• Growth in international animation films, especially 3D productions, and the subsequent work for Indian production houses will help growth in this segment
• The Indian gaming industry is expected to triplicate in size in the next five years on account of increased mobile gaming; gaming will be another area of high growth within AGV
AGV
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: 3D- Three Dimension, AGV- Animation, Gaming and VFX; VFX- Visual Effects
29 29 For updated information, please visit www.ibef.org OPPORTUNITIES
Opportunities across segments in the entertainment industry … (2/2)
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: 3D- Three Dimension
Entertainment NOVEMBER
2011
• Increasing digital screens and 3D films are expected to help industry growth
• Big ticket releases lined up for the next couple of years are also expected to boost revenues
Film
• Mobile VAS and arrival of 3G are likely to lead to a surge in paid digital downloads
• Phase III radio licensing will also help in increasing music revenues from radio
Music
• Phase III of e-auctions for FM radio licences will provide an impetus to the segment
• Radio advertising is another area likely to experience accelerated growth
Radio
30 30
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
Entertainment NOVEMBER
2011
31 31 For updated information, please visit www.ibef.org USEFUL INFORMATION
Industry Associations … (1/2)
Indian Motion Picture Producers’ Association (IMPPA) "IMPPA HOUSE”, Dr Ambedkar Road, Bandra (West), Mumbai - 400 050 Tel: 91-22-26486344/45/1760 Fax: 91-22-26480757 Website: www.indianmotionpictures.com/imppa/index.html The Film and Television Producers Guild of India G-1, Morya House, Veera Industrial Estate, Off Oshiwara Link Road, Andheri (W), Mumbai - 400 053 Tel: 91-22-66910662 Fax: 91-22-66910661 E-mail: [email protected] Website: www.filmtvguildindia.org Newspapers Association of India (NAI) A -115, Vakil Chamber, Top Floor, Vikas Marg, Shakarpur, Delhi - 110092 Tel: 91-9971847045, 9810226962 E-mail: [email protected] Website: www.naiindia.com
Entertainment NOVEMBER
2011
32 32 For updated information, please visit www.ibef.org USEFUL INFORMATION
Industry Associations … (2/2)
Association of Radio Operators for India (AROI) 304, Competent House, F-14, Connaught Place, New Delhi - 110001 Tel: 91- 124-4385887 e-mail: [email protected] Website: www.aroi.in The Indian Music Industry (IMI) Crescent Towers, 7th Floor B-68, Veera Estate, Off New Link Road, Andheri West, Mumbai - 400 053 Tel: 91-22- 26736301 / 02 / 03 Fax: 91-22-26736304 E-mail: [email protected] Website: www.indianmi.org
Entertainment NOVEMBER
2011
33 33 For updated information, please visit www.ibef.org
Glossary
→ AGV: Animation, Gaming and VFX
→ CAGR: Compound Annual Growth Rate
→ DIPP: Department of Industrial Policy and Promotion, Ministry of Commerce and Industry
→ DTH: Direct to Home
→ FDI: Foreign Direct Investment
→ FM: Frequency Modulation
→ FY: Indian Financial Year (April to March) → So FY10 implies April 2009 to March 2010
→ GST: Goods and Service Tax
→ IPO: Initial Public Offering
→ M&A: Merger and Acquisition
→ M&E: Media and Entertainment
→ PPP: Purchasing Power Parity
→ USD: US Dollar
→ Conversion rate used: USD1= INR 48
→ VAS: Value Added Services
→ VFX: Visual Effects
→ Wherever applicable, numbers have been rounded off to the nearest whole number
USEFUL INFORMATION
Entertainment NOVEMBER
2011
34
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Disclaimer
For updated information, please visit www.ibef.org DISCLAIMER
Entertainment NOVEMBER
2011