Media - In brief hiatus; sector update ::Edelweiss PDF link

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·       2011 was a mixed year for Media & Entertainment (M&E) industry : 1^st half high growth, 2^nd half challenging

·       As per Pitch Madison, ad industry grew just 8% in 2011 compared to projection of 17%

·       Adopting a cautious approach, Pitch Madison expects ad growth of just 9% in 2012

·       Advertisers will remain guarded in H1CY12 and there will be revival in ad spends in H2CY12

·       Ad slowdown and digitization mandate will bring the spotlight on subscription revenues

·       There are ~146mn TV households as of 2011 and FICCI-KPMG estimates ~180mn TV households by 2016

·       Hindi GECs enjoyed 27.4% viewing share in 2011, a decrease of 220bps from 2010

·       Both DTH and cable to co-exist in India

·       In 2007-09, ad premium of English newspapers over regional language papers was ~10x.  However, in 2011, this premium declined to ~8x and is expected to fall further to 4-5x over the coming years

·       Internet is expected to be the third largest medium beating radio in 2012: The number of internet users reached 132mn in 2011, ~25% of total TV viewers in India; expected to reach ~70% by 2016

·       Phase 3 auctions will enable FM radio services in 227 new cities, with a total of 839 new FM channels

·       2011 was a good year for the Indian film industry with ~5 films grossing INR1bn

·       Top Picks: Hathway Cable & Datacom, Dish TV, ZEE

Media - In brief hiatus; sector update