The NewsreelA newsletter for the media and entertainment sector

Integrated Newsroom

January 2014

Welcome to the January 2014 edition of The Newsreel, Ernst & Young’s newsletter on the media and entertainment (M&E) industry.

India’s M&E industry saw increased activity in the TV segment, with several new developments and channel launches. Zee Entertainment has absorbed the media business of Diligent Media Corporation. Reliance Broadcast Network and CBS Studios have ended their JV operations. Zee Media Corporation is launching two new channels, Zee Purvaiya and Zee Kalinga, while TV18 Broadcast and Viacom18 are launching CNBC Bazaar, a Gujarati-business news channel, and MTV Indies, an indie-music channel, respectively.

The TV segment also saw new regulations as the Cabinet approved new TV rating guidelines. With the Cabinet’s clearance, the MIB will now have regulatory control over TV ratings agencies in India. However, the new rating guidelines may result in a dark period for ratings,

Media India launching Carat Fresh Rural, the rural division of Carat Fresh Integrated, and WPP’s subsidiary Grey acquiring a majority stake in RC&M, one of India’s largest rural communication and marketing service providers.

This month, we explore the news segment and the future of news in India, given all the changes taking place in the segment. This edition of Newsreel includes a feature on the Integrated Newsroom and discusses its concept and applicability. We also present the views of Bhaskar Das of Zee News on evolving trends in the news sector and the way forward from here on.

I hope you enjoy reading this edition of The Newsreel. We look forward to your valuable feedback and suggestions, which will enable us to make this newsletter even more interesting and useful for you.

With kind regards,

Farokh T. Balsara Partner and Sector Leader — Media & Entertainment

Foreword

In this editionIndustry news:

In-focus:

04

07

12

Latest news in the media and entertainment space across various sectors

Has Integrated Newsroom come of age?

Point of view:Interview with Mr. Bhaskar Das, CEO, Zee News

4The Newsreel

Industry newsTelevision

Zee Entertainment to absorb media business of Diligent Media

Zee Entertainment Enterprises Limited (ZEEL) has decided to merge the media business operations of Diligent Media Corporation Ltd. (DMCL) with its business, a move that will

The new arrangement will be effective from 31 March 2014. In a related development, DMCL’s print business,

Media Corporation Limited (ZMCL). DMCL’s media vertical has a non-operational non-news TV channel licence, an event management business and TV reality formats for game-based shows.1

Zee Media Corporation investing INR700 million in new channel launches

Zee Media Corporation has earmarked an investment of INR700 million in new channel launches in FY14. The company has already launched two news channels, Zee Rajasthan and Plus Marudhara, in Rajasthan, and Zee 24 Ghante in Madhya Pradesh and Chhattisgarh. ZMCL is launching two more channels in January 2014, Zee Purvaiya in Bihar and Jharkhand, and Zee Kalinga in Odisha. ZMCL is also reviving its plans of launching an

2

Network18’s subsidiaries launch new offerings

Network18’s subsidiary, TV18 Broadcast, is launching a Gujarati business news channel, CNBC Bazaar, by March 2014. Its plan of launching CNBC Bazaar is to expand the CNBC brand. Furthermore, Network18 is also launching

complement its news and analysis website Firstpost.com. TV18’s JV, Viacom18, plans to launch its second music channel, MTV Indies.3

RBNL and CBS JV split

Reliance Broadcast Network Ltd. (RBNL) and the global media conglomerate CBS Studios have split their operations, ending their JV, which lasted over three years and rolled out three entertainment channels in India. This marks the exit of CBS from the Indian TV broadcasting market. RBNL has decided to restructure its product portfolio and will focus on strengthening its Big Magic brand.4

ZEEL launches local language movie channel in Indonesia

ZEEL has expanded its global presence by launching a Bahasa-language movie channel, ZEE Bioskop, in Indonesia. ZEE Bioskop is a pay channel and will air Bollywood movies dubbed in the Bahasa language. The

5

Hinduja Group invests INR3 billion in its cable distribution arm

The Hinduja Group, the promoter of IndusInd Media and Communications Ltd. (IMCL), has invested INR3 billion in its cable distribution arm to consolidate its position in Phase I and Phase II of its digitization process and grow Phase III and IV organically and inorganically. In Phase III and IV, the role of multi-system operators (MSOs) is limited to 20%–25%. Therefore, they are looking to either buy out independent cable operators or form JVs with them in these regions.6

1. “Zee Entertainment to absorb media business of Diligent Media,” TelevisionPost, 17 December 2013, via Factiva.2. 3. “Network18’s subsidiaries launch new offerings,” TelevisionPost, 15 January 2014, via Factiva.4. “RBNL, CBS JV split; Big Magic to expand with regional variants,” TelevisionPost, 15 January 2014, via Factiva.5. “ZEEL launches local-language movie channel in Indonesia,” TelevisionPost, 16 December 2013, via Factiva.6. “Hinduja Group invests INR3 billion in its cable distribution arm,” livemint,17 December 2013, via Factiva.

5 The Newsreel

I&B Ministry mulls curbs on MSOs

The Information and Broadcasting (I&B) Ministry is actively looking at restricting the monopolistic practices of MSOs by putting a 50% cap on their market share, to protect plurality and diversity of content. This is in the wake of the blackout of two TV channels, Times Now and India News, in Uttar Pradesh by cable operators controlled by MSOs that are allegedly under political pressure.7

DishTV case

DishTV case. The tribunal stated that a legal objection cannot be made to Dish TV’s arrangement of “on request channels”, which its counsel said would imply that from 1 January 2014, 22 IndiaCast channels will only be available as an a-la-carte option on the DishTV platform. The deal with the other 16 IndiaCast channels will come to an end on 31 March and they will be treated at par with other

requested to give an undertaking that the ads published by its client against Dish TV will stop.8

Cabinet gives go-ahead to regulatory mechanism for TV ratings

The Union Cabinet has given its go-ahead to TV rating guidelines, which were proposed by the Telecom

With the Cabinet’s clearance, the MIB will now have regulatory control over TV rating agencies in India. The guidelines cover detailed procedures for registration of rating agencies, eligibility norms, terms and conditions of registration, cross-holding restrictions, methodology of audience measurement, etc.9

Publishing

Dainik Bhaskar launched in Bihar

in the case of other newspaper launches, this was also preceded by price cuts made by incumbent players. Prabhat Khabar pushed down its price to INR2.50 from INR3, and Hindustan and Dainik Jagran from to INR4 to INR2.50. With the prospect of a fourth player entering the market, the incumbents are looking to grow their circulation. This is expected to push up printing costs, and since the selling prices of most newspapers are not able to recover their printing costs, they are banking on a growth in advertising.10

Filmed entertainment

UFO Moviez to take digital cinema to Indian subcontinent

UFO Movies is scouting for partners in Pakistan, Sri Lanka and Bangladesh who will deploy its technology in these countries. The company is in talks with some interested parties and is looking at forming JVs or technology partnerships with them. However, it does not intend to have a direct presence in any of these countries and is shoring up its international presence, since the domestic market has become nearly saturated. It expects all existing cinema screens in India to become digital in the next six months.11

7. “I&B Ministry mulls curbs on multi-system operators,” The Times of India, 14 January 2014, via Factiva.8. 9. “Cabinet gives go-ahead to TV ratings regulatory mechanism,”Indiantelevision, 10 January 2014, via Factiva.10. “Dainik Bhaskar plans a Bihar launch,” Business Standard, 20 December 2013, via

Factiva.11. “UFO Moviez to take digital cinema to Indian subcontinent,” Indiantelevision, 5 January

2014, via Factiva

6The Newsreel

New media

SureWaves raises US$5.65 million from Canaan Partners and others

Bangalore-based digital media company SureWaves has raised INR350 million from Canaan Partners. India

INR100 million in the company earlier, also participated in this round. SureWaves is now targeting several emerging and developed countries with its offerings, which will help advertisers target TV viewers across the country with regional offerings. The company also offers a single window interface through which the effectiveness of a campaign, spread over multiple TV channels, can be monitored in real time.12

Marketing services

Grey to acquire majority stake in RC&M

WPP’s subsidiary, Grey, is acquiring a majority stake in RC&M, one of India’s largest rural communication and marketing service providers. This acquisition marks a further step in WPP’s strategy of developing its networks in fast-growth markets and sectors. WPP recently raised its targets from 35%–40% for each of its fast-growth markets and plans to grow its new media segment by at least

13

Aegis Media India launches Carat Fresh Rural

India. Carat Fresh Rural is the rural division of Carat Fresh Integrated and will provide rural marketing and communication solutions, including rural planning, implementation of outreach campaigns and other marketing communication activities, to clients in rural

areas. Carat Fresh Rural will be starting with a team of 30 rural marketers and a network of 1,500 operators

Chandorkar.14

Others

PVR BluO to invest INR1 billion to double centers by 2016

PVR’s bowling brand PVR BluO will invest around INR1 billion to double its number of centres to 12 across the country by 2016. The company is looking at a revenue of INR3 billion, up from INR1.4 billion, after its expansion. It plans to expand BluO’s operations to big as well as small cities across the country and is currently looking at opening new centers in Mumbai, Noida, Hyderabad, Chennai, Kolkata.15

People movement

�NP Singh, its COO, to the position of CEO. Singh will take over from current CEO Manjit Singh, who has been appointed the President of Sony Pictures’ Home Entertainment division. Manjit Singh will however continue as the Non-Executive Chairman of MSML.16

�Editor of India TV. He is joining News Express as its CEO and Managing Editor.17

12. “SureWaves raises US$5.65 million from Canaan Partners & others,” Medianama, 13 January 2014, via Factiva.13. 14. 15. “PVR BluO to invest INR1 billion to double centres in 3 yrs,” The Economic Times, 17 December 2013, via Factiva.16. “Sony Pictures appoints Man Jit Singh as president – Home Entertainment,” afaqs, 7 January 2014, via Factiva; “N.P. Singh takes over as CEO at

Multi-Screen Media,” livemint, 6 January 2014, via Factiva.17. “Vinod Kapri quits India TV,” afaqs, 13 December 2013, via Factiva.

7 The Newsreel

India’s television industry continues to grow at a rapid pace on the back of digitization and the growth of the advertising sector. The number of licensed channels has more than doubled from ~300 in 2006 to over 700. This increase in competitive intensity results in channels having to continuously adapt their businesses to stay ahead of their competitors.

Nowhere is this more evident than in the news broadcasting sector, with nearly 50% of all channels currently operating in the news and information space. While the impact of subscription revenue and reduced carriage fees has begun to kick in, news channels are dealing with rising content and production costs, coupled with growing competition from content on digital platforms including the web and mobile.

Even in the print sector, there have been a host of new

all the print houses now have a strong web presence, since text and image content are compatible with the digital medium.

(convergence), the “Converged Newsroom” is also taking shape at the back-end.

The following key factors have put newsroom-related integration squarely on top of the agenda of major news companies:

�platforms (digital, print and TV) to cater to the times at which consumers desire to view content, and the corresponding different formats in which news is consumed by different audiences.

�demand, on the go and multiple devices) and the same consumer is accessing news across different devices and formats.

�2000s were set up by using old technology, and

new entrants, which use new technology.

�fungible content, which are now easily available (e.g., camera phones and desktop editing software).

�falling rapidly due to 3G and 4G services, which are expected to deliver live news, cloud-based storage and media management systems.

�and payroll costs.

�

10+2, the overall economic uncertainty, the growing share of digital and the fall in news genre ratings.

International experience

The news industry in developed economies is facing an even more acute crisis. With the print sector contracting, many consumers are “cutting the cord” for cable networks and content is increasingly being consumed over the web, and on mobile phones and tablets. This poses a dilemma for old news companies.

1. Should they continue to operate in their traditional mediums of choice and focus on extracting the most out of loyal readers and/or viewers?

2. Should they transition to a more brand- or content- focused approach and deliver news, irrespective of the platform?

concept; innovation in news software and tools has now

Has Integrated Newsroom come of age?

8The Newsreel

integration could mean a merger between individually run

is also possible where certain aspects are integrated and automated, e.g. news gathering, editing, meta-tagging and archiving.

Some examples of how various news companies have deployed integrated newsrooms: 18

BBC has e-organized its news department in a series of initiatives as part of its Delivering Quality First (DQF) program. Its key changes include integration of its radio, TV and interactive news departments. It has recognized the growing importance of social media and moved its team to the center of the newsroom.

CNN has upgraded its newsroom and broadcast technologies to streamline processes and drive their

and storage (ingest), edit and play-out software at its

content easily available and accessible to the network’s journalists around the globe.

Newsroom”, which is designed to deliver synergies

well as enable a stronger interplay between its TV and web businesses.

Welt/Morgenpost (German publisher) has undertaken physical reorganization of its newsroom, from individual cabins to an open plan environment. It has put in place a matrix-based organizational structure with 30% “verticalists focused on one title/ publication) and 70% “horizontalists” targeting themes including politics, economy, sports, etc.

media company with a presence across print, TV and radio) have been combined into a single holding, which has

editorial production and saving costs. Traditional media journalists went through extensive training to upgrade their multimedia skills.

Ringier (a Swiss publisher) has announced an integrated newsroom across four different titles — a tabloid, a Sunday paper, a daily and a news website. It has put in place a new organizational structure, which has led to its existing staff

decided on, after which the separate newsrooms will cease to exist.

An activity and value-based approach to integration of newsrooms

These companies have approached integration in different ways — looking at deployment of resources, costs, technology, their news gathering efforts, etc. One

newsroom, i.e., how an event or occurrence moves through the newsroom of different media vehicles (channels, publications or sites) and identify the scope for integration at each stage.

9 The Newsreel

Figure 1:

Based on the review above, each organization needs to develop its “sharing philosophy,” which details its comfort levels as regards sharing different activities among media vehicles. Figure 2 depicts one such example.

Input Output Packaging On Air

PlanningNews Gathering

Content Creation

Publishing /Broadcasting

Storage & Archival

Figure 2: Sharing Philosophy.

10The Newsreel

“services” for different news vehicles is the starting point, but this could remain theoretical unless it is backed by the top management of businesses and each channel.

Based on our experience, the following key factors are important at each stage of a successful project:

The way forward

We expect integration of newsrooms to be an important theme across news organizations in the coming 12-18

operating costs of organizations and has the potential to grow revenues as well.

However, it is a complex and time-consuming exercise with implications across several functions including technology, people, skills-sets and business processes. For example, how do you track costs and allocate shared effort to multiple channels and publications?

Therefore, integrating newsrooms is a concerted, enterprise-wide program, with each function leading individual streams that come together to achieve the ultimate objective.

Stage Key factorsProject initiation Messages from top management

Buy-in of department heads

Data in relevant and usable formats

Linkage of activities to value delivered

Recommendations Businesses assuming ownership by co-developing solutions with consultants

Benchmarking

Quantifying value to be delivered

achieving goals

Implementation Embedding cost culture into operating processes, MIS and policies

Conducting regular review of cost metrics as part of business review

Ashish Pherwani

Ashish Pherwani entertainment sector for over 12 years, helping them to identify business and operating risks and

business processes.

Tel: + 91 6192 0427

Email: ashish.pherwani@in.ey.com

11 The Newsreel

Point of View: Mr. Bhaskar Das, CEO, Zee News

1. increase in news generation and dissemination costs, as well as the pressure on ad rates, how are margins managed in the news industry today?

broadcasters due to the overall subdued macro-

However, media houses are evolving and innovating to manage their margins by implementing the following measures:

Integration of networks is a major step toward reducing costs and increasing revenues, and

like ours is continuously evolving to put in place systems, sharing resources to bring down costs, be it sharing of OB vans, developing common news programming for all channels, having a common input desk, etc.

The creation of special interest verticals is also going to be a major revenue driver in the future. With special verticals such as education, health and lifestyle, sports and auto, the revenue model

players. It will also help different platforms in news organizations produce high-quality content and reduce content-creation costs.

News organizations are continuously looking at reducing and optimizing their costs. This primarily includes their taking a rational approach to employee-related expenses. The logistics cost of news gathering has also come down with their learning of the past 10 years making broadcasters wiser from experience and technological advancements in the news sphere. This helps us reduce our overall operating expenses.

12The Newsreel

Moreover, apart from cost and quality, a common news engine would also present opportunities for integrated sales and thereby help the top-lines of companies.

3. expect in implementation of a common news engine?

The biggest challenge will be shaking people, who are accustomed to existing systems, out of their slumber. It will be an uphill task to change the attitudes of employees to a multiple platform news and

together.

The second set of challenges will be related to technology and how it pans out. While international groups such as BBC have experimented with a common news input and delivery system, their full import is still to be analyzed. Furthermore, given the past phase of growth in the technological space, it will be a challenge to adopt an evolving model.

Media groups with multiple language platforms

setups. The challenge faced is customization of user

current industry capabilities, a regional language reporter may not be a good English newspaper reporter or be able to generate digital English content, or vice versa.

For ZMCL, there is an additional challenge — our different channels were launched on different dates

immediately, although integration of mind and content have started happening, albeit at a slow pace.

While it is good to look at a common news engine in

With the possibility of the advertisement cap being reduced in the near future, Co-created Contextualised Conversation (CCC) will be a major source of revenue from clients looking at providing customized communication to evolved viewers. Monetization of content and organization of events, which were till recently limited to business channels and newspapers, are set to garner the lion’s share in the overall revenues of broadcasters in times to come. Large organizations are also looking at integrating their sales forces to sell bouquets of inventory from all verticals — print, online and TV.

With the cable digitization wave set to make a splash in the near future, organizations are expecting further consolidation in subscription revenues. This is likely to boost our margins.

2. Is the time ripe for a common news engine that offers news across different media including print, TV, internet, mobile, etc?

Yes, the time is ripe for a common news engine because consumers of content are gravitating toward a truly platform-agnostic consumption model. While the digital domain — online and mobile — will churn out real time news, TV and print will ensure that an evolved consumer gets an in-depth coverage of news. While online will produce real time news, TV and print will provide analyses and views.

Since the cost of news gathering is an important determinant of how the bottom line of a company shapes, a common news engine is likely to help the cause of optimization of overall costs in terms of manpower and logistics. Furthermore, since quality will set apart a network, a common new engine would ensure that good quality content is made available across all platforms.

13 The Newsreel

long term, we are also looking at a situation when we have the same content across different platforms. One of the biggest challenges will be to offer differentiated output, even as the input remains the same across all platforms. This would need quick thinking and customization of content.

4. What are the key trends you are expecting in news generation and consumption?

One of the key questions every media house needs to ask is how it will treat curated content. We are seeing many active recipients of news turning into news

It is going to be news by me, for me. We all have to address the new form of journalism, which is largely driven by social media and an overload of information. Traditional methods of journalism are being tested and only organizations that can go beyond information will survive. People are asking why they need an intermediary in the form of media when they are getting information directly from the primary source. We will have to add value as intermediaries or else there is a survival question. Today, the consumer and more so the content is king.

news, we will see the emergence of many niche news delivery platforms. For example, a platform that is only for dog lovers in Delhi and one that is only for morning walkers in Mumbai are not a distant possibility.

5. Is there a case for increased collaboration between different news companies?

Resources need to be complementary for news organizations to come together and a mechanism has to be developed wherein there is appropriate sharing of costs. However, for large media houses with a large presence across platforms, this already is happening through a common news engine.

Poised for growth: FM radio in India

This publication was released in association with the CII and provides an analysis of the FM radio industry in India.

Film industry in India: New Horizons

This report was released in association

Our M&E publications

Poised for digital growth: Preserving

This report contains insights from seventy

on the digital landscape and how changing business models are shaping the future of the industry.

Monetizing your content in a digital world

This publication offers perspective on the changing nature of media and entertainment consumption and how M&E companies are tailoring their offerings to suit the same.

Spotlight on China: Building a roadmap for success in media and entertainment

This report was released at the inaugural M&E Emerging Markets Executive Forum in Shanghai and focuses on the Chinese media and entertainment landscape.

In the decade of the customer, knowing your customer means owning your data

The report presents innovative solutions to help our clients stay competitive in this decade of the customer – domain-name consolidation across multiple online properties

challenges faced.

Roadmap for single window clearance for

This report was released in association with

existing Indian regulations, co-production agreements with other countries and the clearances required, and in the process, highlights some development areas.

Purchase-to-Pay strategies for the Media & Entertainment industry

This report discusses the challenges of creating an effective procurement organization and presents strategies for optimizing the purchase to pay cycle. With continued pressures from an increasingly competitive marketplace and changing consumer demands, M&E organizations strive to better align cost structures to achieve operating targets.

For more information, please contact Radhika Pradhan at radhika.pradhan@in.ey.com or + 91 022 6192 1516.

The business of experiences: The Indian events and activation industry

This report was released in association with

on the events and activation industry, this report captures the emerging trends and challenges that this nascent sector faces.

Digital agility now!

This report describes how digital leaders are showing the M&E path forward by using new technology not only to deliver new media products and services, but to build more agile organizations capable of sensing and responding far faster to technology-induced shifting customer attitudes and marketplace opportunities and risks. The report also describes how “Other respondents” have been slower to change.

Our M&E practice

Industry is the cornerstone of EY’s approach to professional

practice has more than 2,000 professionals across more than 100 countries, who focus on various issues and challenges the industry faces. Globally, EY leads the audit market share in the

also the leader among the Big Four in the overall M&E space on the 2007 Russell 3000® Index.

Whether it is the traditional press and broadcast media or the multitude of new media options, audiences now have more choice than ever before. For M&E companies, integration and adaptability are becoming critical success factors.

EY’s Global Media & Entertainment Center brings together a global team of professionals with in-depth technical experience in assurance, tax, transaction and advisory services to help you achieve your potential.

For further information on EY’s services for the media and entertainment industry, please contact:

The center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately, it enables us to help you meet your goals and compete more effectively. This is how we make a difference.

EY India has a dedicated M&E practice of more than 160 professionals across 15 key segments of the industry. We provide services to many of the country’s leading M&E companies as well as to global media giants operating in the country. We have developed a wide range of services, such as entry strategy, private equity placement, due diligence, IT security review, organization structure, performance improvement and tax structuring, to name a few. This has enabled us to establish a strong presence in each segment of the industry.

effectively to the challenges the entertainment industry faces today.

Farokh T. Balsara Partner and Sector Leader — Media & Entertainment

Ernst & Young LLP The Ruby, 29 Senapati Bapat Marg, Dadar (W) Mumbai — 400028

Tel: + 91 022 61920000 Fax: + 91 022 61921000

Email: farokh.balsara@in.ey.com

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