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1 1

Entertainment

For updated information, please visit www.ibef.org

NOVEMBER

2011

2 2

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

4 4

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

Print

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

Print

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

Print

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

Print

• 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

Print

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

Print

• 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

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

Disclaimer

For updated information, please visit www.ibef.org DISCLAIMER

Entertainment NOVEMBER

2011