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On Strong Footing
We recently attended FICCI Frames 2011, FICCI’s annual
Media & Entertainment (M&E) industry conference.
Regulatory changes are the need of the hour for the
television industry, while the print sector’s dependence on
advertisements is increasing. Since the last one year, the
radio business is awaiting guidelines for Phase-3 which
would give it a fillip. New media is expected to be a game
changed for the industry with convergence of media &
technology.
Industry outlook strong: Overall, the M&E industry is
expected to continue its momentum and register 14% CAGR
over 2010-2015 to Rs 1,275bn vs 8% CAGR over 2007-10.
Ad growth to continue: Ad revenues grew by 16.7% in 2010
on the back of strong growth in television and print
segments. Ad revenue is slated to grow at a CAGR of 15%
over 2010-15P.
Television industry - Regulatory changes needed: The
Indian television industry is expected to grow to Rs341bn by
2011P (up 14.8% YoY) on the back of strong advertisement
and subscription revenues. It is expected to grow at CAGR of
16% to Rs630bn by 2015 on the back of digitization, strong
growth of regional channels, the emergence of niche
channels and regulatory changes.
Ad revenues to propel print media: Print is expected to be
Rs211bn industry as ad revenue is expected to grow at 13%
CAGR over 2011-15P, while the circulation revenues are
expected to be flat. The key growth drivers being i) GDP
growth ii) regionalization iii) expansion to newer
geographies iv) steady investment.
Radio – Waiting for Phase III: Radio industry is estimated to
grow at 20% CAGR to Rs25bn in 2015 and have more than
5% of the overall advertisement share. Music royalty issue
being solved has boosted the sector. Changes in the Phase-3
policy will propel the sector to new peaks.
Growing importance of new media: With convergence of
media and technology, user generated content; emergence
of app economy and new platforms for media delivery has
changed the media consumption landscape. 3D as a
technology is also expected to be a game changer for the
industry.
Bullish on the space: We remain bullish on the space and
our top picks are Sun TV, Jagran Prakashan and ENIL. We
have a Hold rating on Zee Entertainment, HT Media, Info
Edge and Balaji Telefilms.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
On Strong Footing
We recently attended FICCI Frames 2011, FICCI’s annual
Media & Entertainment (M&E) industry conference.
Regulatory changes are the need of the hour for the
television industry, while the print sector’s dependence on
advertisements is increasing. Since the last one year, the
radio business is awaiting guidelines for Phase-3 which
would give it a fillip. New media is expected to be a game
changed for the industry with convergence of media &
technology.
Industry outlook strong: Overall, the M&E industry is
expected to continue its momentum and register 14% CAGR
over 2010-2015 to Rs 1,275bn vs 8% CAGR over 2007-10.
Ad growth to continue: Ad revenues grew by 16.7% in 2010
on the back of strong growth in television and print
segments. Ad revenue is slated to grow at a CAGR of 15%
over 2010-15P.
Television industry - Regulatory changes needed: The
Indian television industry is expected to grow to Rs341bn by
2011P (up 14.8% YoY) on the back of strong advertisement
and subscription revenues. It is expected to grow at CAGR of
16% to Rs630bn by 2015 on the back of digitization, strong
growth of regional channels, the emergence of niche
channels and regulatory changes.
Ad revenues to propel print media: Print is expected to be
Rs211bn industry as ad revenue is expected to grow at 13%
CAGR over 2011-15P, while the circulation revenues are
expected to be flat. The key growth drivers being i) GDP
growth ii) regionalization iii) expansion to newer
geographies iv) steady investment.
Radio – Waiting for Phase III: Radio industry is estimated to
grow at 20% CAGR to Rs25bn in 2015 and have more than
5% of the overall advertisement share. Music royalty issue
being solved has boosted the sector. Changes in the Phase-3
policy will propel the sector to new peaks.
Growing importance of new media: With convergence of
media and technology, user generated content; emergence
of app economy and new platforms for media delivery has
changed the media consumption landscape. 3D as a
technology is also expected to be a game changer for the
industry.
Bullish on the space: We remain bullish on the space and
our top picks are Sun TV, Jagran Prakashan and ENIL. We
have a Hold rating on Zee Entertainment, HT Media, Info
Edge and Balaji Telefilms.
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