Digital Opportunity - Indian Media & Entertainment 2017

Digital
opportunity
Indian media and
entertainment
2017

Contents
Foreword 04
Disruption = Opportunity2
06
The story so far 08
Section 1: Disruption 10
Penetration of smart devices 12
Changing demographics 13
Increase in internet speed and penetration 14
Digital Ad spend 15
Mobile micro payments/wallets 16
Section 2: Opportunity2
18
Digital video 20
Snackable content format 22
OTT and MCN 24
E-celebrities 27
Regional content propositions 28
Mobile gaming 30
Section 3: Innovation for monetization 32
Partnerships 34
Niche content and communities 37
Leveraging transactions and micro payments 39
Differentiate between urban english and vernacular propositions 40
Leverage India for the globe 41
Building India as the digital engine 42
Challenges and mitigating strategies 43
Conclusion 44
Glossary 46

4 | Digital opportunity - Indian M&E
Foreword

The Indian digital segment is set for disruption with growth expected
to cross INR 200 billion* (INR 20,000 crores) by 2020.
A growing Indian economy, poised to becoming the fourth largest
economy, coupled with an increasing per capita income, growing
middle class and working population, has seen a surge in the
domestic demand for leisure and entertainment services. As India
grows, the edia ntertainment industry has ourished. A sector
which has seen a huge spike within the M&E industry has been
digital with the demand for both traditional and digital content
surging
With more than 800 television channels, 100 million pay-TV
households, 70,000 newspapers and 1,000 lms produced
annually, India’s vibrant M&E Industry provides attractive growth
opportunities for global corporations. The Indian M&E sector is
poised to grow from INR 1,157 billion in 2015 to reach INR 2,260
billion by 2019, at a CAGR of 14.3%, a growth rate that is more
than thrice as compared to the global M&E industry which is
expected to grow at 4.4%. The Indian Digital sector is on the cusp
of a strong phase of growth. With mobile penetration in excess of
100% and traditional internet and TV subscription services below
world average, the Indian digital media market provides a unique
opportunity. The sector is poised to witness the entrance of newly
acquired internet users with internet using population expected to
reach approximately 746 million by 2020 and a large number of
consumers expected to get introduced to using digital platforms.
Backed by over a decade of macro-economic performance, a strong
growth in smart device penetration, broadband penetration and the
uptake of 4G the Digital sector is expected to get a huge boost.
The following pages highlight the emerging opportunities which exist
for digital and traditional M&E companies, as well as the challenges
they face in a dynamic country like India.
*includes digital advertising, video subscription, music subscription and
gaming revenues
Farokh T. Balsara
Media & Entertainment
Sector Leader - India
Ashish Pherwani
Media & Entertainment
Advisory Leader - India
Raghav Anand
Digital Media Segment
Champion - India
Digital opportunity - Indian M&E | 5

Disruptions
Opportunity2
High consumption of
digital media
especially video (450
million by 2020)
Opportunity for
international studios and
content owners to
showcase their content and
garner additional revenues
‘Snackable’ content
consumption driving
the growth with user
engagement being
driven through Apps
Opportunity for content
producers by focusing
on short form or
exclusive content
OTT and MCN
platforms capturing
growth in video and
music streaming
consumption
Opportunity for
international studios and
content owners to
showcase their content
and garner additional
revenues
A signi cant shift is
observed towards
mobile gaming from
traditional formats
like console and PC
gaming (87% CAGR
during 2016 - 2020)6
With in-app advertising
and purchases, the
mobile gaming space has
witnessed a lot of
traction, especially on the
freemium model
2nd largest smart phone
market by 20171
54% over the
age of 25 by 20182
Face of new digital India is expected
to be far more diverse with strong
youth centric demographic
High speed Broadband
penetration to breach
53% by 20203
High speed broadband and
increased internet penetration
with development of infrastructure
Digital Ad Spend share
of overall ad spend to
cross 20% by 20204
Allocation to digital ad spends to
increase dramatically within overall
advertising spend as it is close to the
lowest globally
15x increase in mobile
wallets in last years5
Increased usage of payment
wallet and operator billing
model to drive micro payments
Disruption = Opportunity2
Growth of regional
and vernacular
content
Aggregating and
producing vernacular
content may help capture
larger share of users in
India
Growth of e-celebs on
the digital platforms
Partner to leverage their
digital following through
different content
marketing approaches
1 Morgan Stanley, http://indianexpress.com/article/technology/tech-news-tecnology/india-second -largest-smartphone-market-2017/
2 World Bank, Health Nutrition and Population Statistics: Population estimates and projections, December 2016
3 Ovum Telecom Forecast Service, December 2016
4 MAGNA Global Global Ad Forecast, December 2016
5 Hindu Business Line, http://www.thehindubusinessline.com/catalyst/the-future-of-mobile-wallets -in-india/article8332085.ece
6 "Mobile Gaming on the Rise in India," Nasscom, https://www.nextbigwhat.com/indian-mobile-gaming-market-to-see -1-1-billion-
revenue-by-2020-report-297/
Source: EY Analysis

Innovation for monetization
Use core strengths
across partners to
build a compelling
customer offering and
grow quicker
Build communities
and cater to their
speci c and
diverse needs
Partnerships to
drive and help the
OTT market
evolve
Creating niche content
across untapped genres
in the market
Leverage micro
payment
infrastructure to
enable transactions
Build hybrid models of
payments to enable easy
transactions
Differentiate
between Urban
English and
Vernacular
Propositions
Cater to distinct category
of users (Media Dark,
Regional Vernacular,
Urban English) through
customized offerings
Leverage India for
the globe
Cross synergies between
bringing global content to
India and taking Indian
content to global Indian
diaspora
Building India as the
digital engine
Leverage India’s demographic,
technology and cost dividends
to operate digital innovation
and shared services out of India
Population (2016)
1.33
Bn
Internet related
contribution to GDP
4.1%
GDP Growth
7.5%
Source:
Oxford Economics
Source:
Oxford Economics
Source: EY Estimates
based on BCG and
IAMAI Analysis

The story so far
As media consumption over the world evolves inexorably towards digital,
media & entertainment (M&E) companies are increasingly seeking
markets that offer the potential for sizable digital earnings. India has
a large scale and millennial population – young, tech-savvy consumers
with rising earnings potential and disposable income. This demographic
has historically been and will continue to be, an early adopter of new
technology and new models of media consumption. India, therefore is a
market which is ripe for digital media investments. The demographics are
all stacked in India’s favour for digital consumption.
By end of 2016, India will have more than 300 million smartphones.
Cheap smartphones and the rollout of 3G and 4G broadband
infrastructure are rapidly coming together to leapfrog traditional
distribution and democratize online access.
Together, these factors are the foundations for accelerated digital media
adoption. Facebook’s rst four years in India netted it 50 million users,
the same amount of time it took to hit that milestone in the rest of the
world7
.
The opportunity for M&E companies from this “new wave” of digital
growth is large, as is the cost of missing out. Reacting to the pace at
which opportunities in these markets present themselves requires agility.
M&E companies need to both anticipate the rewards as well as appreciate
the risks.
There are a few challenges that need to be overcome to fully gain the
bene ts of the digital ecosystem in India. India faces inherent challenges
around rampant piracy, low broadband spends, high costs of broadband
connections vis-à-vis cable TV costs, and low level of monetization
of digital content. Therefore, such issues need to be targeted to fully
leverage the opportunity that the digital segment presents in India.
7. “Reaching 50 Million Users,” Visual.ly website, http://visual.ly/reaching-50-million-users,
accessed 20 May 2014; “Facebook user base soars to 50 mn in India,” Press Trust of India,
25 July 2014, via Factiva, © 2012 The Press Trust.

4.1%
Internet related
contribution
to GDP
GDP
371
mn
Mobile Internet
users (2016)
Smartphone users
(2016)
~300
mn
160
mn
Digital Video
Viewers (2016)
Indian economy and the digital sector
1.33
bnPopulation (2016)
Internet subscribers
(2016)
477
mn
18
mn
Wired broadband
subscibers (2016)
174
mn
Wireless broadband
subscibers (2016)
192.3
mn
Broadband
subscibers (2016)
A young
nation with a
median age
of 27.6 years
The fastest
growing major
economy in the
world
$ 8676.4
bn
Source:
Oxford Economics
Source: CIA World Factbook
based on BCG and
IAMAI Analysis
Source: IAMAI June
2016 Estimates
Source:
Oxford Economics
Source:
TRAI Estimates
Source:
EY Estimates
Source:
EY Estimates
Source:
EY Estimates,
TRAI

Disruption10 | Digital opportunity - Indian M&E
India is undergoing disruption
on an unprecedented scale.
In this section, we discuss the
key forces reshaping media
consumption in India.

Section
1

1
Penetration of smart devices
The rapid up-take of connected devices, especially
smartphones and tablets is instrumental in media
consumption shifting beyond traditional media formats
such as broadcast and cable TV towards digital mediums.
Increased digital consumption in India is expected to help
media conglomerates drive consumer aggregation. Along
with increasing connected device ownership and time
spent online, consumers’ media consumption habits are
also shifting. India has already become the second largest
market for social networking giants like Facebook (with
over 155 mn users) & LinkedIn (with over 37 mn users)
and is expected to surpass the USA to lead the global tally
of the largest Facebook user base on mobile devices by
20178
.
India has skipped the widespread PC internet usage
phase and has directly come to the mobile phase. The
number of smartphones in India grew at a staggering
pace during 2016, crossing 300 million and has become
the second largest smartphone market. The number of
tablets also grew 1.8 times during 2016, reaching 45
million and is expected to continue to grow at a faster
rate compared to smartphones. Tablet users are expected
to reach over 128 million users by 20209
.
Device penetration in India (mn)
Smartphone penetration in India
2014 24%
2015 31%
2016e 41%
2017e 46%
2018e 51%
2019e 55%
2020e 59%
Year Smartphone penetration
155
500
182 210
13
98
2014 2015 2016 (E) 2017 (E) 2018 (E)
Smartphones TabletsTV Sets
8 Economic Times, http://economictimes.indiatimes.
com/tech/internet/india-growing-faster-than-us-for-us-facebook/
articleshow/54961630.cm
9 Ovum Telecom Forecast Service, December 2016
Source: Ovum Telecom Forecast
Source: Ovum Telecom Forecast and EY Estimates

2
Changing demographics
With rapid digitalisation, the face of Digital India is
expected to be far more diverse in the near future,
moving away from the old, familiar gure of an
urban, mid-aged, upper-middle class male. There is a
predominant shift towards using the mobile phone as a
As the digital audience shifts from the familiar
persona, there will emerge an opportunity to create
target group speci c content for the new audience.
The changing face of the digital user
2003 2018
Older 40% over the age of 25 54% over the age of 25
Rural 29% rural audience 40% - 50% rural, semi-urban audience
Gender balanced 2.6 men for every woman 1.9 men for every woman among
18-24 year olds
Mobile 60% - 70% of the user base 70% - 80% of the user base
Vernacular 45% of the users consume regional
language based content
70% - 90% Indian do not speak English, less
than 1% as a primary language
Per Capital Income
(PPP)
USD 5418 USD 6700
Source: IAMAI
primary and often only access point to the internet. The
preferred services will match day-to-day demands of a
diverse income household, regional language based and
more often outside a tier I city to include tier II & III cities.
Many content creators are already trying to cater
to this changing demography & psychography of the
audience and are producing content directed towards a
speci c target group.

The next wave of growth in Indian internet is expected
from non-metro and rural areas, where wireless mobile
internet shall play a pivotal role.
Even though the major proportion of wireless internet
subscribers are 2G users, the adoption of 4G is gradually
increasing and now 3G/4G constitutes over 50% of the
overall wireless internet user base.
As it rolls our further, 4G is expected to contribute around
58% of the mobile data traf c in India by 2020. Digital
India Initiatives by the government are also expected to
be instrumental in driving the demand for 4G. One of
these is an indicated investment to the tune of INR 70 bn
for the rollout of 4G across India over the next 3 years.
In addition to the public sectors, Reliance Jio has also
invested INR 700 bn for allocation of 4G spectrum where
their network would encompass 600,000 villages in India.
3
Increase in internet speed and
penetration
4G growth and market share
4G market in India (in millions)
% of total data traf c
India will see a signi cant
spurt in 4G Wi-Fi hotspots
driven by Government
and private sector initiatives
4.2%
58.4%
2015 2020
4
346
2015 2018
Source: CISCO Mobile VNI Source: CISCO Mobile VNI

India’s low levels of ad spending drastically contrast with
the population of the country. Even though the internet
penetration is comparatively low, digital ad spending on
a per-user basis is the lowest of anywhere in the world.
Currently, digital media contributes to approximately
Source: EY analysis
10 Source: MAGNA Global Ad Forecast, December 2016
14% of the total ad spend in the country, which is higher
compared to only Mexico and Indonesia. However, by
2020, when approximately 20% of the ad spending will
be on digital, India would have crossed several other
countries including Spain, Sweden and the Netherlands10
.
4
Digital Ad spend
Figures in INR billion 2016 2020
Total media spending 560 924
Digital Ad spending 81 185

Mobile micro payments/wallets
5
Subscription revenue is constrained by low credit card
penetration, payment gateway failures and other factors
that hamper online payments. Currently, only 1-2% of
the consumers pay for media content online. Most of the
payments in India are still cash based with approximately
95% of the total debit card usage focused on ATM based
transactions. However, this is expected to change with
rapid developments in the mobile payment infrastructure.
Mobile payments grew from US$ 480 mn in FY14 to
US$3.12 bn in FY16 at a CAGR of 155%11
. However,
different entities in the mobile / online ecosystem are
building mobile centric wallets to overcome payment
issues and have seen an uptake in various digital services.
Overall, the major Indian payment wallet companies
have raised capital for investments in technology / data
analytics, brand building and growing the network of
users and merchants. PayTM grew at 1.6x over the last
year to reach 160 mn users, whereas MobiKwik has
around 45 mn users12
.
Daily packs and transaction based models are also
gaining market traction.
The growth of e-commerce sales has been a catalyst for
growth in mobile payment in India. Approximately 41%
of sales from Indian e-commerce are expected to accrue
from mobile payments in the future.
The pre-paid recharge payment market is expected to be
the fastest area of growth (~40%) for mobile payments,
followed by domestic remittances. A majority of the
mobile recharge market is driven by mobile wallet
companies.
Semi-Urban and rural regions are expected to fuel the
growth of mobile wallet payment players, where more
than 50% of PayTM users are from Tier II and Tier III
towns and is expected to cross 70% in the near future13
.
Mobile payments through Prepaid
Payment Instruments (INR bn)
Mobile payments: By payment
type 2014
Money
transfers
38%
Recharge and
utility bill 31%
Online
shopping
and Ticket
reservations
31%
81
488
2014 2016
11 Hindu Business Line, http://www.thehindubusinessline.com/catalyst/the-future-of-mobile-wallets-in-india/article8332085.ece
12 Indian Express, The Hindustan Times, http://indianexpress.com/article/technology/tech-news-technology/mobikwik-sees-400-rise-in-
transactions-post-demonetisation/; http://www.hindustantimes.com/business-news/paytm-transactions-exceed-combined-usage-of-credit-
debit-cards-in-india/story-4yiLcdQnpDM50dtM2dwiSN.html http://www.medianama.com/2015/08/223-paytm-hits-100-million-users/
13 The New Indian Express, http://www.newindianexpress.com/business/2016/nov/15/paytm-unveils-its-multilingual-interface-with-10-regional
-languages-1538849.html
Source: RBI, Payment System Indicators; https://rbi.org.in/scripts/BS_ViewBulletin.
aspx?Id=16609; https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=15330

Opportunity2
The unprecedented disruption
which India is currently
undergoing, has posed many
opportunities for companies.
In this section, we discuss the
opportunities which exist for
digital and traditional M&E
companies.
Total Digital Media Market 2016
(In INR crores)
2020
(In INR crores)
OTT and digital advertising 8,100 18,500
Video OTT subscription 170 1,230
Music OTT subscription 115 1,030
Gaming (In App/ Paid
Subscription)
105 770
Total 8,490 21,530

2
Section

1
Digital video
The next stage of digital consumption after travel and
ecommerce is expected to come from digital media,
especially video. Trends in online searches in India
suggest that entertainment is becoming the largest
sought after category contributing to 31% of all searches.
Videos and music currently represent the highest
proportion of the consumer preferences within the
entertainment category, collectively aggregating over
90%. The video viewing audience in India is expected to
grow signi cantly in the near future at a compounded
annual growth rate (CAGR) of over 13%14
. With the
increasing growth in video audience and consumption,
the Indian market provides an opportunity for
international studios and content owners to showcase
their content and garner additional revenues.
By 2020, India is expected to become the second largest
video viewing audience globally15.
Brazil US India China
Online video audience in India (in mn)
Comparison of online video audience (in mn)
Source: EY Future of TV Report, Statista
Source: EY Future of TV Report, Statista
160
250
310
380
450
2016 (E) 2017 (E) 2018 (E) 2019 (E) 2020 (E)
87 101
215 236
160
450
530
663
2016 2020 (E)
14 Digital Video Viewers Worldwide, by Country," eMarketer, December 2016
15 “Digital Video Viewers Worldwide, by Country,” eMarketer, December 2016

Telecom Operators, Content Aggregators, Media Entities,
DTH Players, etc. have ventured in the OTT space within
the India Market. They are leveraging their strengths in
order to establish a foothold in the market.
Live TV streaming, however, is still at a nascent stage
in India and is primarily driven by sports and events.
Comparatively, Video-on-Demand (VoD) services have a
higher penetration among the Indian audience. Young
adult, entertainment & celebrity driven clips are popular
formats in short form content.
Reach
35%
Reach
14%
Video on demand Live TV
Penetration of apps
Market preferences between video on demand and live TV digital platform
Time spent by smartphone user (min/ month)
30
24 26
18-24 yrs 25-34 yrs 35+ yrs
21 23
29
18-24 yrs 25-34 yrs 35+ yrs
Source: Nielsen informate mobile insights
With the increasing growth in video
audience and consumption, the Indian
market provides an opportunity for
international studios and content
owners to showcase their content and
garner additional revenues.

2
Source: EY analysis
Consumer preferences
Short form content
Mobile driven
Low willingness to pay for content
The average length of
video viewed in India
is
YouTube is
accessed by
of smartphone
users
of content consumed on
YouTube is Short Form Content
digital views of the India
vs Pak World Cup match
2015
minutes20
62%
35%
pay for content, out of ~100
million digital users
million0.5-1
million25
digital unique viewers for IPL 2016
million100
Driven by youth
Live TV driven by sports
The 15-24 and 25-34 age
categories constitute
80% of the users
Curated content/playlists
“Expert curated playlists are more
popular than the albums with about 33%
more clicks” -Airtel Wynk
Consumer preferences and content consumption
patterns over the internet have evolved over a period of
time. This evolution is expected to drive and determine
the focus areas for the growth in the OTT market in India.
Shortform and snackable content is primarily driving the
growth in consumption of digital media, and is primarily
driven by a younger audience.
Consumers have shown increased preference towards
short-form content; with the average length of video
viewed in India being around 20 minutes. In addition,
62% of the content consumed on YouTube is short-form
content. This trend has led content producers like Eros
International Viacom 18 and Star India to focus on
exclusive and snackable content.
Snackable content formats

One of the reasons why digital video consumption in India
is primarily in the form of short-form content, is mainly
because of slow and uctuating internet speeds which
hinder the video viewing experience. Low levels of 3G
penetration, elongated time to download movies, buffering
time and bandwidth issues have caused Indians to prefer
shorter and snackable content as compared to other
countries.
Singapore
52 Minutes
Japan
49 Minutes
Indonesia
42 Minutes
Taiwan
29 Minutes
India
20 Minutes
Source: Ooyala video index
Average length of video viewed in countries
Currently, most Indian OTT players have similar content
libraries of GEC TV shows, movies or regional content,
which means no differentiation in content. However, with
increasing competition and new entrants in the market,
the focus is shifting towards content differentiation by
investing in original snackable content. Eros International
has invested $25 mn in FY 16 into building original
content for its OTT platform Eros Now. Spuul, a
Singapore based independent OTT platform targeted at
Indian audience and diaspora is also planning to invest
in original content for India. With the inclination of the
Indian audience towards short format content, OTT
players also need to focus on snackable content for OTT
platforms.
This evolving trend has led content
producers like Eros International
Viacom18 and Star India to focus
on exclusive and snackable content.

3
OTT and MCN
Over 50 mainstream SVOD services have launched
around the world since Net ix’s SVOD service began in
2010, and the Asia-Paci c region alone has about 140
major OTT platforms now. India has 8-10 mainline OTT
platforms and over ve SVOD platforms eg. Eros Now,
Hotstar, YuppTV, nexGTv, Ditto.
Driven by the exponential growth of video consumption
over digital media, video OTT platforms have been a key
focus areas for the leading media conglomerates and
start-ups alike. The market is also observing entry of
large global digital video players (Net ix entered India in
early 2016 while Amazon Prime Video was launched in
December 2016). Within this burgeoning market, each
of these different players are trying to build a niche with
the audience through their individual strengths across
content, experience and eCommerce. Some examples of
OTT services available in India are provided in the table.
OTT Platform & Player
Categories
Different types of Telecom operators, content
aggregators, broadcasters, DTH Players, etc. have
ventured in the OTT space within the India Market. They
are attempting to leverage their strengths in order to
establish a foothold in the market.
• Device based players have preloaded apps on
handsets and are targeting existing users. However,
they face very high content costs leading to small and
limited content libraries
• Telcos provide built in payment options through
network billing and incentives for data usage.
However, they also face issues around differentiating
content libraries
• Media Entities/ Broadcasters are leveraging their
existing content libraries and providing an ad-
based product. Driving traf c and engagement is a
challenge for them along with monetization
• DTH Players are targeting their existing users
with white-labelled solutions. However, they lack
differentiated content and have found few takers
• Content Aggregators/Start Ups have opted for a
freemium model providing long-form content and
targeting NRI audiences. However, their reach is
limited because of limited app discovery. Increasing
content costs are also a challenge for these
aggregators
Broadcasters Start-ups /
content houses
International
platforms
Hotstar YuppTV
Ditto Balaji Alt Amazon
Prime Video
Ozee Hooq
Voot VuClip
Liv Eros Now
Content genres like entertainment, sports, and kids are
emerging as the key focus areas to create a niche / create
differentiators for the platforms. Most of these players
are at early stages of their maturity and are focusing on
rapid consumer aggregation and driving engagement.

OTT Market in India - Different categories of players
1
Devices
Apple Music
Apple iPod and Apple TV
Music streaming
subscription service
Sony Playstation Video
Movies and videos
2
Telecos
Airtel Wynk
Music streaming
HOOQ
Music streaming
3
Content aggregators
Hungama Play
The Hungama Digital’s video
streaming service
Spuul
Streaming and download of
movies, short lms and
TV shows
4
Media entities
Sony LIV
Freemium model based
VOD service
Hotstar
Ad based VOD service for
Star
Video OTT Forecast
India’s online video advertising market will contribute
close to INR 80 bn out of total digital advertising market
of INR 185 bn in revenue by 2020. Advertising video
on demand (AVoD) services will see a compound annual
growth rate (CAGR) of 38% between 2016 and 2021.
Subscription video on demand (SVoD) services, albeit
starting from a much lower base will see a higher CAGR
at 64% for the same period. The market will continue
to be heavily advertising driven (we expect subscription
revenues to be sub 5-7% in the near future) with some
models emerging around content transactions.
Live OTT – while still in early days – is garnering a sizeable
audience base, led by news, events and sports. An
average of just 30 minutes of live programming per day
can add upto 20% to a platform’s viewership.

Multi-Channel
Network (MCN)
MCNs are entities that af liate with multiple YouTube
channels to offer content creators assistance in areas
such as programming, funding, cross-promotion, partner
management, digital rights management, monetization/
sales and/or audience development.
Most MCNs are focused around a vertical or demographic
with large, targeted audiences for programming,
distribution, and sales. With the proliferation of platforms
beyond YouTube (eg. Facebook, Instagram, Snapchat
etc.), the MCNs are evolving towards a Multi-Platform
distribution approach.
Among the large MCNs present in the market, there has
been an active focus towards developing IPs for content
genres like entertainment, humour, music, kids, lifestyle
etc.; the idea being to build IP and then monetize it not
just through YouTube, but across TV rights, lm rights,
merchandising, and events.
Some leading Indian MCNs across different genres:
Music Entertainment &
Lifestyle
Kids
T Series Qyuki Digital Media Chu Chu TV
Sony Whacked Out Media Appu Series
Zee Music Culture Machine
Saregama One Digital Toonz
Eros
Rajshri jshri
Critical Success Factor
for MCNs
While the MCNs have grown rapidly by aggregating
viewers in the recent past, their capability to effectively
monetize the same has been limited with constraints
around content/ talent cost and monetization means. The
long term success for MCNs in India would depend on:
• IP Creation - Investing and developing content
IPs would be the key for MCNs to drive effective
utilization of the content across platforms/ media and
also enable these players to enhance engagement
with the target audience.
• Enhancing monetization avenues – With platform
advertising being the major source of revenue for
MCNs, the average revenue realization per user
will be limited. MCNs need to focus on enhancing
monetization through sponsored content tie ups,
content driven commerce, traditional media tie ups,
merchandising and other ancillary means.
• Analytics and customer targeting/re-targeting
capabilities – MCNs need to continue their
investments in technology to improve their capability
to target/re-target their core audience, analyse
real time uptake of content, track consumption
preference, drive content recommendation etc.

4
E-celebrities
The proliferation of digital platforms have also given rise
to the phenomena of ‘e-Celebs’. Number of these talents
has gained mass popularity nationally and internationally
on YouTube and other such digital platforms. Globally,
E-Celebs such as Michelle Phan and Casey who have
created their own niche content areas in the elds of
Make-up and Fitness respectively. Marketers are actively
tying up with these celebrities to leverage their growing
popularity and promote product and service offerings and
thereby increasing brand awareness and ‘viral’ presence.
For instance Casey Ho has set up her YouTube channel
as Blogilates ( tness based channel) and has created an
e-commerce business around the YouTube channel. India
is also witnessing the growth of such e-celebrities. Nisha
Madhulika, Bhuvan Bam, Sanam Puri have more than
1 mn subscribers each. It is expected that such talents
would be partnered extensively by content and brand
players to build offerings for consumers on different
digital platforms.

5
Regional content propositions
The next wave of growth in India’s internet population
is expected from tier II and tier III cities, where wireless
mobile internet shall play a pivotal role thus enabling the
growth of vernacular and regional content. Currently 45%
of the users consume regional language content and this
percentage is expected to increase with the growth of
internet users. Digital media players should thus consider
aggregating / producing vernacular content to capture
the next set of users.
The growth has been fuelled by availability of low-cost
smart phones, low rates of data plans, increased adoption
and awareness in rural India. A few key elements that can
further help unlock the true potential would be:
• Providing affordable data packs and access through
the network reach with data enabled devices
• Facilitating digital transactions and ease of payments,
potentially through new instruments
• Developing a regulatory framework which would
encourage content development, protect artists
against piracy, etc.
• Enabling entrepreneurial ventures through ease of
nancing and mentorship programs
• Creation of regional language content to tap the
potential of non-urban areas
Internet user base
Urban Rural
Source: IAMAI, EY Estimates
Figures in millions
246
358
129
388
2015 2020

Digital content
producers can thus
look at aggregating /
producing vernacular
content to capture the
next set of users.
Source: EY analysis
Content consumption (time spent)
English, 7%
Hindi, 63%
Other regional
languages, 30%
Source: Google Report: Online opportunities in Telecom
Regional news
Regional news consumption is on the rise, with signi cant
traf c coming from rural and semi-urban regions. This
has given rise to several digital media companies focused
on key regional and vernacular markets.
Digital players growing in the key regional markets
Vernacular video
content
The preference of the Indian consumers towards
vernacular and regional language content is constantly
on the upswing, with 93% of the time spent on videos in
Hindi and other regional languages.
OneIndia
Dainik Bhaskar
Vikatan
Dailyhunt
Half
of its users
base from Tier 2
and 3 cities like
Pilani, Haridwar,
Mathura etc.
Largest
regional digital
news player in
India with 2 bn
page views
1.5 lakh
UVs everyday and
200 million page
views every month
3 bn
page views every
month with 95% of
traf c for regional
content

6
Mobile gaming
The Indian gaming industry has been a dynamic and
evolving industry and is expected to touch INR 77 bn
by 2020 from the current INR 15 bn. Due to an increase
in the number of mobile internet users, smartphones and
tablets in India, it can be expected that mobiles would be
one of the most important platforms in gaming. Mobile
gaming would pave the way to growth and it is expected
that mobile gaming would take over the console gaming
market in India. This can be owed to various factors such
as the easy access to budget smartphones, increased
mobile internet usage, increase in number of tablets used,
etc.
Owing to the large availability of free-to-play games
through app stores and mobile carriers, there has been
large interest by casual gamers in the market. There are a
large number of games in the market catering to different
segments of causal gamers such as arcade, adventure,
strategy, racing, card, etc. Also, on an average, men
spend 8.5 hrs per month on mobile games and women
spend 6 hrs per month. This is expected to grow rapidly in
the near future.
Emerging Opportunities: Mobile game publishers
focused on regions like China and South East Asia have
seen tremendous growth. India, SAARC and MENA
focused game publishing is an opportunity waiting to
be tapped given the growth in smart phones and mobile
gaming consumption. Moreover it is expected that app
stores launched in vernacular languages would further
drive exponential growth of mobile games by through
dedicated focus from game developers and publishers.

Innovation
for
monetization32 | Digital opportunity - Indian M&E
The disruptors and
opportunities present
monteization opportunities
for M&E companies. In this
section we discuss how M&E
companies can innovate to
monetize the opportunities

3
Section

The Digital Market in the future will evolve to have
more digital supply chain partnerships to bring in
complementary propositions suiting their strengths in
the market. With this evolution, international media
companies have shown interest in the Indian market
through investments and partnerships and are building
portfolios to leverage the market strength.
OTT market
partnerships
The OTT segment in India currently has companies from
across the media ecosystem including broadcasters,
studios, DTH operators, telcos, and content aggregators.
These companies can be broadly split in 3 types: Content
owners (broadcasters & studios), Pipe / payment
channel owners (DTH/ Telcos) and Start-ups (content
aggregators).
The companies are currently focused on establishing
a foothold in the market based on their individual
strengths. Eg. content owners, speci cally, in recent
times have shown increasing interest in this space -
Viacom has launched its digital video service, VOOT,
in March 2016. Star has launched their OTT service,
Hotstar, early in 2015.
Content owners are leveraging their strength and are
providing it exclusively on their platform (Star has
removed all of its content from all other platforms
including YouTube to maintain exclusivity of its content
on Hotstar, Sony and Eros are offering exclusive premiers
of movies on their OTT portals).
However, the OTT companies are facing monetization
challenges as advertisement revenues do not provide
enough to cover for content & customer acquisition
costs. In the long term, these players will have to garner
signi cant revenues from the subscription services. The
low penetration of credit and debit cards in the country
acts as a constraint for the adoption of subscription
services, thus making it essential to provide operator
billing/payment wallet options for internet services.
Telecom companies currently charge 30%-45% of revenue
earned through operator billing as transaction fees, which
acts as a deterring factor for OTT providers to integrate
operator billing.
Partnerships across the value chain of media services
could result in mutually bene cial relationships in
bringing down both the content & the transaction costs
(i.e. broadcasters & studios partnering with Telecom
companies & DTH providers):
1
Partnerships

Partnerships with
global players
Many global and Southeast Asian players have shown
interest in partnering with India to capture the next phase
of digital growth in the country. These players are looking
at regional partners to provide ‘Glocal’ offerings.
Case study: Lionsgate & Alibaba: global media player partnering with a local major
Warner
Brothers
Current presence
Philippines India Thailand
Expansion plans
China Korea Japan
Content deals
YashRaj Films
Disney UTV
Reliance Pictures
Shemaroo
Rajshri
Whacked Out Media
Sony
Pictures
HOOQ
Strategy implemented
Singtel
Group
Warner Bros. will
bring forward its
world class content
library of movies
and TV programmes
The Singtel Group
provides market access
with its customer base
of over half a billion
mobile customers and
its billing capabilities
Sony Pictures
Television will bring
forward its
extensive library of
movies and TV
programmes
Pan-Asian planned service to cater to the Asian audience to counter
Net ix’s entry in the South-east Asian Market
Offer localized content with a selection of Indian, Chinese, Thai,
Filipino, Indonesian, Korean and Japanese movies and TV series
Capitalizing on synergies attained through the tie-up to gain
exclusive content deals on a subscription only model
Hooq would also offer exclusive content and other features such as
of ine play, multiple device access
LionsGate
Entertainment World
The collaboration would lead to LionsGate’s expansion into the Chinese market and would have content offerings such
as “Twilight” lms, “The Hunger Games: Catching Fire,” “Divergent” and “Mad Men.”
The content would be distributed through Alibaba’s latest generation of set-top boxes which would facilitate reach
LionsGate Entertainment World plans to engage customers in China by offering premium content and subscriber
bene ts such as invitations to screenings, behind-the-scenes exclusives, etc
To facilitate further synergies, Alibaba group is also been in talks to gain control of Lions Gate by acquiring a 37 percent
stake in studio
Alibaba Group
Alibaba Group, present across the
internet and ecommerce space
would provide the distribution and
market knowledge in this deal
LionsGate Entertainment
Lions Gate Entertainment would
provide its content which
includes a large library of movies
and TV programmes
Tie up

Current partnerships
UBER Lifehacker Gizmodo Business Insider Dorkly
Askmen Pursuitist Techradar
The Huf ngton
Post
College Humor
Times Global Partners (TGP) is an innovative
initiative focused on Times Internet partnering
with established and emerging global digital
companies for growing their presence and
business in India through growth of their brand,
audience, adoption, distribution and monetization.
With increasing competition and challenges around monetization, companies are increasingly
looking at partnerships in order to mitigate market constraints. Many global players who are
entering into the Asian/ Indian market are looking at local partnerships in order to provide
‘Glocal’ offerings. The market is expected to witness more vertical and horizontal partnerships,
acquisitions to drive synergies.

YoBoHo’s Ecosystem around
Kids Content
ChuChu TV’s Ecosystem around
Kids Content
Appu Series Ecosystem around
Kids Content
YOBOHO CHUCHU TV APPU SERIES
YoBoHo owns and operates 27
kids centric channels
The prominent one is:
HooplaKidz
Appu Series owns and operates
17 kids centric channels
YouTube Channels YouTube Channels YouTube Channels
YoBoHo generates 3 billion
views per year
One of the largest pre school &
educational networks on
YouTube
ChuCHu TV generates 2 billion
views per year
~7 million subscribers on
YouTube
Appu Series generates 550
million views per year
Online views Online views Online views
8000+ videos of Kids centric
content
Content featuring original
programming is produced in
house
1100+ videos of Kids centric
content
~7800+ videos of Kids centric
content
Content featuring original
programming is produced in
house
Library of Content Library of Content Library of Content
Source: EY analysis
Chu Chu TV owns and operates
5 kids centric channels
The prominent one is:
Super Simple Songs
Case study: popular kids centric players
Children & women centric content has gained interest in
the recent past and many players are currently looking to
create content in this genre
MissMalini.com produces Bollywood, fashion & lifestyle
centric content speci cally for women. Ping Digital runs
multiple women centric channels.
Multiple MCNs including YoBoHo, Culture Machine, Appu
series & Chu Chu TV have emerged in this space. The
segment has also seen investor interest: RTL Group
owned Canadian media company BroadbandTV acquired
YoBoHo.
2
Niche content and communities

Case Study: Saregama
With the changing demography & psychography of the
digital audience, there is an opportunity to build TG
centric content
• Saregama has launched an app for Hindustani classical, Carnatic, fusion music etc. by leveraging its
library of over 8000 recordings of about 400 stalwarts
• The app features works of over 70 Carnatic classical musicians including MS Subbulakshmi,
Dr M Balamuralikrishna, Semmangudi to name just a few
• The app allows users access to over 50 specially curated radio stations and also allow them to
download music of ine
• This community/app around this music segment could be further enhanced to conisder a 360 degree
music proposition

3
Leveraging transactions and
micro payments
With low credit and debit card penetration in India, the
market has evolved with players innovating on hybrid
models where content library is split between premium
and non-premium content access. The premium content
is monetized through non-traditional payment models
such as telco enabled payments, trial packs, one-day
deals, per song payment, pre-loading content, etc.
These offerings have specially been catered to for the
Indian market considering that the consumers are less
willing to pay large sums at a time for content. Going
forward, telco or mobile wallet propositions will be key
to drive payments in the digital transactions space.
Global players also have evolved their offerings to cater
to this particular market need. For example, players like
Spuul, offer one-day and three-day packs for as low as
INR 6 to INR 30 to increase to monetize their premium
content in the Indian market. Going forward, 3-4% of
the total transactions are expected to be done through
mobile wallets/ micro payments. Given the recent
demonetisation by the Government, this rate could well
be higher in the near future.

4
Differentiate between urban English
and vernacular propositions
India being a large and differentiated market with wide
disparity and differing level of access, users could be
primarily categorized into 3 segments – Media Dark,
Regional Vernacular and Urban English. To leverage this
varied set of user needs, differentiated and innovative
product offerings could be launched for these consumer
segments.
• Media Dark Consumer: The media dark consumer
segment could be targeted through customized
offerings that could be built along with telco or other
such wider access means such as entertainment
through phone calls (Effectively used by Hindustan
Unilever’s ‘Kan Khajura Tesan’ platform)
• Regional Vernacular Consumer Segment: Targeting
the local/ vernacular language speaking audience
by creating speci c offerings for these segments
on traditional and digital platforms. Dainik Bhaskar
and Vikatan cater to these segments by catering
to content in regional languages through both
traditional and digital platforms
• Urban English Consumer Segments: Global and
Indian content offerings could be targeted at this
customer segment by enabling differentiated
offerings such as snackable content, opinion driven
content, video formats, etc.
Digital penetration among consumer segments
2015 Increment expected by 2020
Regional
Vernacular
80%-85%
50%
8-10%
Urban English
Media Dark
50-55%
90-95%
75-80%
Approximate EY estimates
Digital penetration in vernacular
and media dark segments will
be the two main sources driving
the digital consumer acquisition
in future

5
Leverage India for the globe
Users across the globe have an af nity towards Indian
content. On one hand there are prospective users from
the Indian sub-continent with similarity in languages,
traditions, and shared history uptaking the content. On
the other hand, there are users from the Indian diaspora
around the world interested in the Indian content
offerings. With the ability to pay, shortage of Indian
content and good internet connectivity, these audiences
are willing to pay for digital content services. Players
like Spuul, Saavn, etc have been able to monetise their
content targeting the right set of consumers across the
globe.
Indian consumers have over the past several years
increased consumption of international content. To
make international content available to the audience
entering into the right content deal and planning content
window sizing and making content easily accessible to the
audience on the digital platforms are the critical aspects.
Nowadays, broadcaster centric OTT players in India enter
into TV plus digital deals wherein initially the content is
made available on TV and then in a couple of days on
digital platforms.
Innovative strategies leveraging the advantages of
the Indian media ecosystem for the globe has proven
advantageous in the following segments:
• Kids: Increasingly India’s ability to produce content
at optimal production costs combined with technical
competence has led to multiple Indian digital
propositions garnering a global audience. Leading
India based kids MCNs have more than 90% global
audience
• Advertising: Leading advertising agencies are
leveraging Indian creative talent and off shore cost
dynamics to set up shared service centers to serve
global clientele.
• Mobile /digital gaming: Multiple game development
houses in India are working along with global studios
to develop leading game titles as an outsourced
partner or a co-developer
Expanding NRI news consumption
The Times of India
NDTV
HT Media
40-42%
40-42%
The Economics Times
India Today Group
Unique visitors from outside India
Unique visitors from India
25-30%
35-40%
15-20%

6
Building India as the digital engine
India has been at
the cusp of drawing
exponential demographic
dividends from its young,
urban centric workforce.
The Indian market has
a vibrant IT/technology
backed ecosystem on
which the now thriving
start-ups have emerged.
With global partnerships
setting in and Asian
markets being looked at
as key growth segments
by global players,
India could provide an
ideal base for market
expansion for the Middle
East and South East
Asia. Several global
conglomerates also have
set up their dedicated
product development
centre out of India
providing solution on
emerging areas big data,
analytics, IOT, etc. areas.
For example, global
players like TechniColor
have set up their
animation studios in India
to serve as the shared
services centre catering
to global operations.

Although digital media is on the cusp of growth in India, the ubiquity of media consumption still has inherent challenges.
Challenges and
Mitigating Strategies
The average revenue
per user (ARPU) in
India is extremely low
as compared with other
developing countries.
Added to this is the
fact the consumers are
not willing to spend
for digital content. In
fact, less than 1% of the
total internet users are
currently paying for legal
content. For investors,
this is a huge deterrent.
Mitigating strategy:
Subscription packages
and average ticket size
of transactions have
been reduced to lure
consumers to pay for
sampling the content.
Innovative pricing
strategies, compelling
alternatives have been
introduced to convert
non-paying users to
paid users. In addition,
deep discounts, cash
back schemes and other
incentivising offers
are given to acquire
new consumers.
Low monetization
opportunities
India is plagued with
very low internet speeds,
which continue to inch
up but are signi cantly
lower than global
benchmarks. Internet
speeds witnessed a 29%
y-o-y growth and reached
an average of 2mbps,
compared to 10+ mbps
in developed countries
like US, Canada & Japan.
Mitigating strategies:
All the components of the
digital ecosystem would
have to work in unison to
iron out the challenges
of low internet speeds.
Newer compression
technologies, innovations
like adaptive streaming,
etc. need to be developed
to mitigate the challenges
caused by slow internet
speeds in India.
Slow internet
speeds
One of the primary forces
impeding the growth
of subscription and
pay-per-view revenue
models is the hassles
that the consumer faces
while making payments
on digital platforms,
even when they are
willing to pay. This is on
account of low credit
card penetration, fear of
using net banking and
credit cards online due
to security threats and
the lack of experience
of transacting online.
Mitigating strategies:
Integration with payment
gateways, mobile wallets
and other payment
mechanisms has reduced
the friction faced
while making online
payments. Some digital
platforms are using
the billing systems of
telecom operators for
payment collections.
Online Payments
The digital media
industry has not been
able to fully monetize
the content due to
rampant piracy in India.
Weak IP regulations and
ineffective enforcement
has discouraged players
to produce original
content and IP.
Mitigating strategy:
In recent years, the
industry has started
to adopt cost-effective
technologies to curb
piracy. In addition, the
Indian government’s
focus on the National
IPR policy is expected to
create signi cant new
market opportunities
for IPR holders.
Piracy

Digital media companies need to develop a comprehensive
framework and an operational ecosystem that manages strategic
growth challenges, transforms traditional operations for seamless
digital integration, enables investments for scale and growth while
handling taxation and security related challenges effectively.
The future of digital media will have implications for every
component of a digital media company. We believe tomorrow’s
media company will transform into an ‘omni-platform media
company’. We expect the business to look like
Strategy and monetization
• Customer experience management
• Customer and channel segmentation
• Digital IP: products and services
• Pricing and bundling
• Sales, service and marketing
transformation
• Social media strategy
• Technology enablement: lead to
service, web, contact centers,
customer resource management
(CRM)
• Support operations optimization:
Marketing, sales, service
• Enterprise cost reduction
• Operating model and governance
• Content monetization
• Digital/media asset management
• Technology enablement: non-core
IT, next-gen sales, operations and
engineering
• Supply chain and distribution
• Finance transformation
• Enterprise resource planning
(ERP)
• Shared services optimization
• Intellectual property management:
rights, royalties, participations
• IT Services Management: disaster
recovery, business continuity,
digital content security, cloud
Business intelligence and advanced analytics
Organizational design, change management and governance
Technology selection and program management
Privacy, security and risk management
Conclusions

With the broadband and smart phone penetration to
cross 35% and 50% respectively by 2018-19, Indian
digital economy is expected to reach an in ection
point as also observed in other developed economies.
India’s growing middle class, rising disposable incomes,
high volume of content consumption and favourable
regulatory environment are driving the Digital Media
Industry and helping it ourish in India. While the
opportunity for M&E companies from digital media
consumption is signi cant, reaping the bene ts requires
careful planning and execution. To help M&E companies
navigate the complex challenges, EY has identi ed key
imperatives from our conversations with clients and
observations on ground:
Strategy
• What is our long-term growth strategy and what is the
appropriate mix between organic growth and M&A?
• Are we effectively monetizing our content across
media channels, leveraging effective rights
management and content windowing?
• Can we leverage piracy data to gain insight into
untapped demand for our content? Can we make
adjustments to the timing, availability and format of
our content or services to enhance revenue?
Customer
• What digital experiences do our customers value?
Do we have the ability to understand consumer
preferences and sentiment?
• Is our marketing strategy and approach tailored to
match consumer preferences?
• How are we effectively developing our consumer
communities and driving 360 propositions to these
communities?
Operation
• How can we optimize the balance between content
curation and content creation?
• Based on consumer segments across geographies,
what are the most effective digital distribution means?
• What are the imperatives of digital transformation of
your current traditional businesses?
Support
• As we grow, how can our operational model be further
developed to help produce real tax savings?
• Do we have a long-term strategy in place to manage
effective tax rates and address potential challenges
from tax authorities?
• Have we proactively planned for how base erosion and
pro t shifting or similar legislative proposals might
impact the taxation of our digital media operations?
• Have we identi ed and developed appropriate policies
and procedures?

Glossary
AIB All India Bakchod
CAGR Compound Annual Growth Rate
DTH Direct-To-Home
FICCI Federation of Indian Chambers of Commerce and Industry
GEC General Entertainment Channel
IAMAI Internet & Mobile Association of India
INR Indian Rupee
LTE Long-Term Evolution
M&A Mergers & Acquisitions
M&E Media & Entertainment
MCN Multi Channel Network
OTT Over-The-Top
p.a. Per Annum
PPP Per Capital Income
PVs Page Views
Southeast Asia Singapore, Vietnam, Malaysia, Thailand, Philippines and Indonesia
Telcos Telecom Operators
TRAI Telecom Regulatory Authority of India
TVF The Viral Fever
UVs Unique Visitors
VoD Video-on-Demand
Y-o-Y Year-on-Year

Team digital | EY
Jay Sampat
jay.sampat@in.ey.com
Director,
Media Markets
Mini Gupta
mini.gupta@in.ey.com
Director,
Media Technologies and Security
Anirban Paul
anirban.paul@in.ey.com
Digital Content Strategy
For further details please contact:
Radhika Pradhan
Email: radhika.pradhan@in.ey.com
Ashish Pherwani
ashish.pherwani@in.ey.com
Partner, Advisory Services
Raghav Anand
raghav.anand@in.ey.com
Digital Media Segment Champion
Shubh Mittal
shubh.mittal@in.ey.com
Digital Platform Strategy

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not intended to be a substitute
for detailed research or the exercise of professional
judgment. Neither Ernst & Young LLP nor any other
member of the global Ernst & Young organization can
accept any responsibility for loss occasioned to any
person acting or refraining from action as a result of
any material in this publication. On any specific matter,
reference should be made to the appropriate advisor.
AJK
Ernst & Young LLP
EY | Assurance | Tax | Transactions | Advisory
vdonxt asia 2017 is a convention that seeks
to capture ‘All things new in digital video’.
It consists of a 2-day conference, vdonxt awards,
exhibition and master classes by domain experts on
how to create compelling digital videos. vdonxt asia
2017 took place on January 12-13 in Mumbai.
vdonxt asia is an initiative of Banyan Netfaqs Pvt Ltd,
the online publisher of afaqs!

Digital Opportunity - Indian Media & Entertainment 2017

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