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UBS Investment Research
India Media Sector
World Cup impact (Part 2)
Event: TAM released viewership data for last week
TAM released last week’s viewership data for all TV channels and ICC World Cup
matches: 1) The India-Pakistan and India-Sri Lanka cricket matches reported very
high TV ratings at 21.0 and 23.2, respectively (vs. 3.8 for the entire tournament). 2)
Colors became the #1 Hindi entertainment channel last week and gained 28 GRPs,
while Star Plus and Zee TV lost. A comparison of weekly GRPs in 2011 during the
ICC Cricket World Cup and prior to the event suggests that it has impacted the
viewership of Star Plus, Sony and Zee TV (in that order) more than that of Colors.
Marginal –ve for Zee & IBN18: Q4 ad revenue could come under pressure
We believe Q4 FY11 advertising revenues could come under pressure for Zee
(operates Zee TV) and IBN18 (operates Colors) as team India reached and won the
finals of the ICC World Cup 2011. As highlighted in our note ‘World Cup impact
on India media sector’ dated 16 March 2011, we estimated a potential marginal
shift in ad volumes or further pressure on yields in March 2011 if team India
reached the ICC World Cup finals. However, we continue to remain positive on
Zee and IBN18 in the long term as they are a play on growing subscription
revenues.
+ve for Dish TV: HD subscriber addition gained momentum
We believe Dish TV benefits the most as DTH subscriber addition momentum is
likely to have picked up during the World Cup. The Economic Times reported that
HD subscriber additions have increased in the past two weeks as India entered the
semi-finals. We continue to maintain a positive view on Dish TV as it is the only
listed pure play on India’s fast-growing DTH subscriber base, led by a sportsheavy
calendar in 2011 and lowered prices of new connections.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
India Media Sector
World Cup impact (Part 2)
Event: TAM released viewership data for last week
TAM released last week’s viewership data for all TV channels and ICC World Cup
matches: 1) The India-Pakistan and India-Sri Lanka cricket matches reported very
high TV ratings at 21.0 and 23.2, respectively (vs. 3.8 for the entire tournament). 2)
Colors became the #1 Hindi entertainment channel last week and gained 28 GRPs,
while Star Plus and Zee TV lost. A comparison of weekly GRPs in 2011 during the
ICC Cricket World Cup and prior to the event suggests that it has impacted the
viewership of Star Plus, Sony and Zee TV (in that order) more than that of Colors.
Marginal –ve for Zee & IBN18: Q4 ad revenue could come under pressure
We believe Q4 FY11 advertising revenues could come under pressure for Zee
(operates Zee TV) and IBN18 (operates Colors) as team India reached and won the
finals of the ICC World Cup 2011. As highlighted in our note ‘World Cup impact
on India media sector’ dated 16 March 2011, we estimated a potential marginal
shift in ad volumes or further pressure on yields in March 2011 if team India
reached the ICC World Cup finals. However, we continue to remain positive on
Zee and IBN18 in the long term as they are a play on growing subscription
revenues.
+ve for Dish TV: HD subscriber addition gained momentum
We believe Dish TV benefits the most as DTH subscriber addition momentum is
likely to have picked up during the World Cup. The Economic Times reported that
HD subscriber additions have increased in the past two weeks as India entered the
semi-finals. We continue to maintain a positive view on Dish TV as it is the only
listed pure play on India’s fast-growing DTH subscriber base, led by a sportsheavy
calendar in 2011 and lowered prices of new connections.
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