You are on page 1of 24

MACROECONOMIC ANALYSIS OF INDIAN ADVERTISING INDUSTRY

PREPARED BY SUBMITTED TO



With sustained growth of the Indian economy during the last two decades, there has been a constantly
improved lifestyle among Indian people. This improvement has been catalyzing consumerist desires.
Advertising industry has been both a catalyst and beneficiary of these desires as the industry has been
on a continuous growth trajectory with only temporary slowdowns at times.
PURPOSE OF THE REPORT This reports major focus will revolve around the following areas:
Current outlook of the Indian advertising industry.
Macro Trends of Indian advertising industry
Composition of the market, major players, historical growth trends and driving factors, market
outlook
UNDERSTANDING THE INDIAN ADVERTISING MARKET
FOCUS OF THE ANALYSIS:
Composition of the market
Major players
Historical growth trends and driving factors
Market outlook
SPECIFIC ADVERTISING MARKETS
This part will be focus on the specific industries within the complete advertising industry. These are as
mentioned below:
Television advertising market
Print advertising market
Radio advertising market
Internet/Online advertising market
Mobile advertising market
Outdoor advertising market
Focus of the analysis will be on the following:
An overview of the specific industry vertical
Major industries and companies that use these as an advertising medium
NAMAN MATHUR | 20130120121
NIKHIL MISHRA | 20130120123
SHAILENDRA PATIL | 20130120131
PROF. RASANANDA PANDA
R.A. MAITREYI PUROHIT
Market outlook
Historical growth trends and driving factors
INFORMATION SOURCES: Information will be sourced mostly from secondary sources:
Secondary sources include proprietary databases and search engines. These sources include
company websites and reports, books, magazines, white papers, industry portals, government
sources and access to paid databases through KEIC





















ECONOMY & DEMOGRAPHICS
Before understanding the nuances of the Indian Advertising Industry, it will be only
logical to understand the country itself. Indian economy and demographics are very unique and
these are major governing factors for any industry especially advertisement which is amongst
the most influenced industry by end consumers. The Indian economy is on a path of robust
growth, even after falling GDP growth rate, Indias GDP stood at US$1.74 trillion in 2013. The
country remains the second fastest growing major economy in the world after China and the
fourth-largest economy in terms of purchasing power parity (PPP). India has shown
comparative balanced growth when compared with other economies. The volatile environment
was decently balanced by Indian economy.
The country is blessed by its demographic dividend. Besides having the second-largest
population in the world (1.21 billion in 2011), it is a young nation with a median age of 26.2
years. (Compared with 29.3 in Brazil, 35.5 in China, and 38.7 in Russia). The country has the
second-largest English-speaking population in the world5 and also has a large regional market,
with 2 of its 22 official languages ranking among the top 10 spoken across the world (Hindi with
490 million and Bengali with 215 million). A growing middle class, rising per capita income and a
rise in the working population are expected to fuel growth and demand for goods and services
in the future. These in turn are directly and indirectly affecting the Indian Advertising Industry.
But before we deal with it directly and study the elements of Advertising Industry, lets briefly
delve into its parent Industry i.e. Entertainment and Media Industry

INDIAS ECONOMIC INDICATORS

INDIAS INTERNATIONAL STANDING

The Indian E&M industry, with revenues of about 805 billion INR (17.2 billion USD) in 2011, is
set to grow robustly over the next few years on the back of steady macro-economic growth,
rising spending power and positive demographic indicators. The industry revenues are expected
to reach 1,764 billion INR (37.6 billion USD) by 2016, with a CAGR of about 17% from2012 2016


INDIAS ENTERTAINMENT ECONOMY: TRENDS, GROWTH DRIVERS AND CHALLENGES
The Indian Media & Entertainment industry was valued at US$16.3 billion in 2010. The industry
is forecast to grow at a compound annual growth rate (CAGR) of 12% to reach a value of US$
25.8 billion in the next four years. Major driving factors of M&E Industry are
Changing consumption patterns
Increasing middle income households
Increasing propensity of consumers to spend on leisure and entertainment
Digitization of content and platforms
Globalization of the M&E industry
Relatively easier access to capital
Emergence of multiple entertainment options
The following graph suggests the various industries and their respective growth over a period of
4 years. It is based on Crisils research published in December 2010.




KEY TRENDS AND GROWTH DRIVERS
1. Increasing per capita consumption and
media penetration: Indias growing per
capita consumption and low media
penetration are key drivers for the M&E
industrys future growth. This increase in
consumption signals a potential for growth
in media penetration, also backed by Indias
low advertising to GDP ratio. Currently at
0.34% half the world average of 0.75%
and lower than the US, UK and China
advertising spend is poised to increase as
the economy grows.

2. Wireless broadband content
consumption: Indian Advertising companies
have yet to face the digital disruption that
has substantially affected the business of
their global counterparts. Internet
penetration in India is currently 7%, very
low compared with countries such as Brazil
(31%), Russia (41%) and China (34%).
However, the rapidly changing
demographics, media consumption
patterns, globalization, population
movement etc. makes this change
inadvertent. This change can be seen
happening with mobile penetration growing
rapidly, devices sales matching
international markets. The benefit that
India has is to learn from already developed
countries.
The following model defines the future of
media usage and advertisement industry

a. Networks India currently hasnt seen
much wireless network penetration
which is the next wave of network surge
to be witnessed by India. The reach of
mobile phones in India is enormous;
there are currently more than 750
million mobile phone subscribers. It is
estimated that there will be 166 million
wireless broadband subscribers in India
by 2015 8.1 times as many wireline
subscribers. Source for this information
is Global broadband forecast, Ovum
Research, July 2010


b. Devices: Competition in the Indian
smartphone market is drastically
reducing handset prices and increasing
adoption rates. The cheapest
smartphone has dropped to US$93 (as
of early 2011) from US$267 in 2009.
c. Content: Despite current bandwidth
constraints, the consumption of mobile
content is prevalent in India. A recent
study revealed that 77% of Indian
smartphone users have an average of 30
apps on their phones.17 Mobile
subscribers in India are also more likely
to consume mobile video than their
counterparts in North America and
Europe. Lower data subscription tariffs
and increasing customer awareness are
driving the market for these mobile
apps, with music and social networking
the most consumed.
3. Regional markets: Consumption in India
is dominated by Tier 2 and Tier 3 towns,
which account for 73% of Indias urban
consumption. Advertisers are shifting
spends to these regional towns to capitalize
on increasing consumer spending amid
growing saturation in the major metros
(Delhi, Mumbai, Kolkata, Chennai,
Bangalore, Hyderabad). Between 1999 and
2009, the share of English-language
newspapers in print advertising declined
from 39% to 32% in favor of Hindi and
regional-language newspapers.21 A
similar trend is occurring in TV, where ad
volumes on regional channels have
surpassed those on national channels.22
The growing importance of regional
media is leading domestic and
international M&E companies to invest
in these markets. Similarly, regional
M&E companies are looking to build
scale and expand nationally.
4. Conducive regulatory environment and
positive policy changes:
The Government has relaxed entry
regulations and restrictions
governing foreign companies in
India.
Raised foreign direct investment
(FDI) limits in the radio, TV, direct-
to-home (satellite TV) and cable
segments.
Mandatory for cable TV operators to
convert to digital addressable
infrastructure by 31 March 2015.
Phase III auction of radio licenses is
expected to add approximately 700
radio stations in Tier 2 and Tier 3
towns and metros.
5. Niche content: Changing lifestyle
patterns and growing disposable income
have spurred the demand for niche content.

CHALLENGES
It will be illogical to leave the remaining
challenges for this industry amongst great
growth opportunities. The two major
challenges remain other than the changing
consumer expectations. They are:
1. Low average revenues, although
compensated by high volumes: The
Indian average revenue per user
(ARPU) is still low compared with
global averages.
2. Piracy: The M&E industry has not
been able to fully monetize its
content due to rampant piracy. A
2008 report by Ernst & Young
estimates industry losses due to
piracy to be US$4 billion per year in
India.
Specific Advertising Markets
This part will be focus on the specific
industries within the complete advertising
industry. These are as mentioned below:
Television advertising market
Print advertising market
Radio advertising market
Internet/Online advertising market
Mobile advertising market
Outdoor advertising market
Focus of the analysis will be on the
following:
An overview of the specific industry
vertical
Major industries and companies that
use these as an advertising medium
Market outlook










Historical growth trends and
driving factors






RADIO
Want to reach local audience? Want to find local consumers? Radio is the answer. From
AIR (All India Radio) to 245 operational radio channels across 86 cities, radio today has become
a very important mass communication tool to communicate localized content. The radio sector
grew by almost 10.4 % from 12.5 billion INR in 2010 to 13.8 billion INR in 2011. Major driver
towards this growth of Radio as a medium for mass communication are new mediums like
mobile phones and internet streaming.
Key Trends
Advertisers yet to realize radios full
potential
It was during slowdown when the
utility of radio as a medium to
advertise was realized completely.
But still the acceptance level is
pretty less. While radio increasingly
garners acceptance among
advertisers, it is expected to result in
higher ad spends.
The usage has shifted from metros
to non-metros now, given the rising
purchasing power of these cities.
Rural remains the mainstay of radio
as its amongst the major medium of
entertainment as well as awareness
used by villagers. The cost per reach
of radio is significantly better than
television as the former has higher
potential to penetrate rural areas.
High growth rates in the sales of
consumer commodities in these
areas should attract firms interested
in increasing rural marketing focus,
as it provides an easier and effective
medium to do it.


Internet radio gains popularity
Penetration of radio has even
increased by streaming of radio
programmes on the internet by both
traditional radio broadcasters as
well as internet-only broadcasters is
on the rise. By streaming their
programmes online, station
operators can widen their reach.
Most channels are available
anywhere anytime Radio Mirchi,
Radio City, Vividh Bharti, etc. Wi-Fi
radio has also enabled greater
reach. Feedback from continuous
internet radio
Mobile Radio
Soaring mobile devices has also
contributed to the radio as these
devices have option to listen to
radio. These and radio match as
nobody wants to carry an extra
devise to listen to radio.
E- Auctioning of Phase III of
licensing
The government has decided that
the allocation of FM licenses will be
done through the simultaneous
ascending e-auction process
followed for 3G and BWA auctions.
One of the features of the proposed
e-auctions is that all licenses in a city
are auctioned for the exact same
price. This may have an impact on
the positioning of channels and their
content focus, and may limit growth
in niche programming. Further, it is
proposed, that the reserve price in
cities where a private broadcaster
already exists today (as part of
Phase II), the highest bid received in
Phase II would become the base
price for the Phase II.

Reasons for growth in India primarily are as under:
The growth in private FM stations
Wide demographic coverage
Penetration in rural areas
Technological advancements
Increasing FM services
INDIAS PLACE IN THE WORLD: COMPARISON WITH GLOBAL TRENDS
Advertising represents around two-thirds of global radio industry revenues, the remainder
being funded through public broadcast subscriptions and individual subscription fees.
Revenue Streams
Radio players in India are yet to taste complete maturation of Radio in India. The media
is still mostly based in rural areas. Phase 3 of licensing will determine the success of
digital radio in true sense with more variety available to listeners.
HD Radio
HD Radio is a proprietary trademarked technology developed by iBiquity Digital
Corporation. Nearly 85% of the US is covered by about 2000 stations broadcasting
HD Radio. HD radio technology is yet to catch up in India. Technological advancement in
the radio broadcasting space has been limited since the industry is still in the
development phase.
Penetration
Increasing trends are visible in terms of radio penetration. Better technology, growing
channels, increasing urban consumer, rising investments, increased limit for FDI,
internet radio, HD radio, mobile devices etc. are some factors which guarantee
increasing penetration.


GOING FORWARD:
Radio advertising revenues in India have shown healthy growth in the past on account
of the expansion of radio technology, including digital as well as internet radio. India is
expected is expected to grow at a compounded annual rate of 16.7% over next 5 years from 14
billion INR in 2011 to 30 billion INR in 2016. With this India will be the fastest growing country
in Asia Pacific.
We expect the growth to compound with the roll-out of Phase III where the license
period has been increased from 10 to 15 years for the radio industry relieving the pressure off
radio companies. The TRAI has also released its paper on Prescribing Minimum Channel
Spacing, within a License Service Area, in FM Radio Sector in India. As part of the paper, TRAI
recommends that frequencies for FM radio channels within a licensed service area be released
with a minimum spacing of 400 KHz. With multiple frequencies being allowed to a broadcaster
in the same city, we expect radio channels to focus on niche customer segments and offer
quality content to existing listeners


There has been a constant yearning for a better lifestyle among Indian people in the last two
decades. Indian economy has grown leaps and bounds. Post-liberalization, there has been a
major shift in the consumption patterns. The shift from could-be-bought to must-have has
seen FMCG and FMCD industries grow at a consistent success rate. Media and entertainment
industry has seen a change from it being stereotypical to being more suave and sophisticated.
The wave of modern entertainment has had a positive influence on Indian entertainment
industry. As a result, the content is made typically to address the need gap between the
consumer demand and the creativity of advertisers. So what has aided the industry to flourish
and drive numbers by getting the masses to involve? Advertising! Advertising has contributed
enormously to this growth of various industries. With its all persuasive and pervasive mode of
communication, it created the need in consumers for goods that were aspirational. The
communication ensuring that its a necessity to be a part of this created reality.
It is evident that the success of companies is directly related to the marketing strategies; their
implementation and execution that lead to success. The conventional or traditional medium of
advertising- television, radio, print OOH even today rakes in the maximum moolah. In India,
these medium continue to be the main source of information. However, we see a shift in the
way this information is accessed. Now, the consumers are slowly moving towards social media
to know new things. The country has reported humongous increase in the internet
consumption through mobile, tablets and personal computers.
Based on the production of communication for brands, their respective mode and the
subsequent consumption, some key figures related to the television, print and the Internet are
given below:
The Indian media and entertainment (M&E) industry has seen a growth of 12.6%. It
grew from INR728 billion (US$ 11.74 billion) in 2011 to INR 820 billion (US$ 13.22 billion)
in 2012.
(These figures give us a clear picture of what contributions advertising has made to its
success.)
In 2012, total advertising expenditure (AdEx) across the media sector was a whopping
INR 327.4 billion (US$ 5.28 billion) in 2012.
Thus , advertising revenues continued to grow at a good pace. It grew by 9% in 2012.
Print continued to dominate, accounting for 46 per cent of the advertising revenue at
INR150 billion (US$ 2.42 billion).
Television led in the M&E industry while new media segments (like animation/VFX) and
Films and Music segments also recorded discernible growth.
Radio is projected to record a compounded annual growth rate (CAGR) of 16.6 per cent
in the period 201217, post the roll out of Phase 3 licensing.

Advertising and its co-relation with Media & Entertainment Industry:
An industry report in 2012 said, The Indian Media & Entertainment (M&E) industry is expected
to grow 11.8% to garner revenues worth INR 91,700 crore (US$ 14.79 billion) in 2013. The
significant aspect of this growth is, modern mode of advertising through animation, visual
effects, films and music has gained acceptance due to their content. The point worth noting
here is, India is now reaping the benefits of digitization.
Conventional media such as television and newspapers account for over four-fifths of the
advertising revenue. However, the new trends like search engine optimization, e-commerce,
blogs; apps have started increasing their share in the revenues earned by advertising. In 2012,
spends on digital media by companies stood at a noteworthy 7% of their total spending on
advertising.
Search advertising garnered about 38% (INR 850 crores (US$ 137.14 million) of the total
online advertising spending.
Display advertising contributed a significant 29% (INR 662 crore (US$ 106.86 million) by
March 2013, according to the findings of Digital Advertising in India report conducted
by the Internet and Mobile Association of India (IAMAI) and IMRB International.
Advertisements on mobile phones and tablets have increased from a 7% share in FY
201112 to 10% of the online advertisement market in FY 201213, which amounts to
expenditure of around INR 230 crores (US$ 37.17 million).
In 2013, social media, email and video advertising comprise 13%, 3% and 7% of the
online advertising market, respectively.

This report focuses on three major things:
Current outlook of the Indian advertising industry.
Macro Trends of Indian advertising industry
Composition of the market, major players, historical growth trends and driving factors,
market outlook.
Total advertising spend across media was INR 327.4 billion in 2012. In the wake of slowdown,
advertising revenues have dropped down. The growth has come down to 9% in 2012 as against
13% in 2011.
GROWTH IN NEW MEDIA: The rapid increase in mobile and wireless connections has spurred
the internet penetration in India. Also, now India has an easy access to cheaper electronic
devices. As a result, the intended message is now getting delivered. In fact, people now want
more information. They are ready to consume as much content you serve if you take care of
their attention span.
India has seen excellent progress in online classifieds and gaming. It is worth noting the fact
that one needs to attribute this success to 3G revolution. With the advent of 4G, things are only
going to get better.
In India, things are still great for print media. As the world admires, it wont be wrong to say
that India stands as a outlier in marketing as print still dominates with a 46% share in the
income from advertising. Revenue models are still advertising dependent. Print saw increase in
circulation revenues on account of people being aware and their acceptance to the content
served, increase in the cover price. However, revenue from subscription remains a prickly issue.
The numbers are not that good and it is one factor that will ensure stability in broadcasting.

TELEVISION:
Television being the visual medium transcends peoples choices and is a major influencer on
their opinions. It has the ability to shape beliefs. It impacts the social structure of the society
and is capable of impacting the reality with a veil of falsehood. This precisely explains why the
marketers in a diverse country like India prefer television as a primary source of
communication.
As far as Metros and tier-I cities in India are concerned, the Indian viewers consumption now
resemble as those with the consumption in developed countries like the U.S and the UK. The
sophistication in this consumption gives an enthusiasm to the marketers as it opens new
avenues for them to market their products. Advertisers take a lot of heart from this. As, we
have seen top ad agencies have flourished in the last ten years. The sophistication in
consumption is a good sign as it gives liberty to the creative to try their hand at something
unconventional and new. This acts as a trickle-down effect as people who are impressed by the
path-breaking ads want more. However, same is not true for tier-II and rural areas. Despite all
this, popularity of television remains the undisputed, favorite media source for most of the
people across different cities irrespective of their age.

Fig 2: Consumption pattern as per age
94% respondents in this considered advertising on television as the most influential factor in
their buying decisions.
The survey says India is the third largest television, in terms of viewers after China and US. The
television sector grew by almost 12% in 2007-2010. It continued to grow at this pace post 2010.
The main reason for that is healthy advertising spends and its continual penetration in urban,
semi-urban and rural India. A lot need of this change has come about due to DTH. TV continues
to dominate the M&E sector followed by print and filmed entertainment. The television sector
in India grew by approximately 12% per annum from 2007-2010. Owing to some decent
spending on advertising, it continued to have decent growth. The increased penetration in
urban and semi-urban area due to digitization is credited for this positive economic growth.
REVENUE STREAMS:
In 2010, advertising constituted about 33% of its revenue. It contributed US $2.1 billion. There
is much to see beyond these attractive numbers though. The average revenue per user for paid
television is lowest in India. Despite this, Indias contribution to television revenue in total in
the world saw a significant contribution. It saw a growth of 15% in 2010, largely because of the
advent of DTH in India. The broadcasters revenue grew by manifold. It was mainly because of
TV advertising which grew by 13% in 2010.
Post the economic slowdown, advertising on television has seen a good growth. Whats
impressive is the double digit growth post 2010.


Fig 3: TV industry size
Source: FICCI Frames 2013

Fig 3: Television revenue streams
US $6.21 billion, 2010
2011 was an important year for Indian advertising. Be it creative, be it visibility or the most
important revenue, it was the most crucial time for brands, advertisers and marketers. It had
two major events- ICC Cricket World Cup and DLF IPL Season -IV. Cricket, the most popular
sport of the country was bound to boost the TV advertising. On this backdrop, one needs to
shed some light on the strategic moves by Zee, Star and Sun. With an understanding of market
conditions and a foreseeable future, they increased their rack rates. As a result of that,
advertisement spends on TV grew at around 12-14% in that very brief period. This provided the
necessary positive momentum for advertising to flourish. For broadcasters, advertising revenue
accounts for about two-third of its topline. After such staggering statistics, media buying
continues to intrigue further. The top five buying media agencies virtually control the market.
These five agencies control and regulate about 75% of the advertising spend in the country. The
problem lies in the fact that India has fragmented sellers. Further, the number of channels has
proliferated from national to local. There are about 600 channels operating. The catch lies in
the skewedness of concentration of power in these top five media buyers. It is seen that Hindi
and regional channels make significant contributions to ad and media spends by brands. They
are followed by movies and news.

fig 4: Leading advertising categories on TV
year 2010.
Source: Pitchman-Edelweiss
FMCG sector is the major sector that accounts for over 45% of TV advertising spends. FMCG
bigwigs like HUL, Reckitt Benkiser, and P&G are always in the race to compete to acquire
television space on television. With their myriad range of products that encompass the lives of
the majority of Indians, it is imperative for them to make consumers aware of their products.
This acts as an added advantage for the ad industry an impetus, a kind of encouragement, a
sense of competition, a sense of outperforming the other. Eventually, contributing to the
incomes; thus contributing to the growth of nation. Not only this, other leading FMCG players
are a part of this ad league trying to make themselves visible. Other industry sectors like FMCD,
telecom, automobile are not far behind. It is all about. They too have joined this advertising
bandwagon. With the available statistics, it can be seen that these four sectors have close to
75% share on television advertising.
The wave of digitization has swept the country. It gives the added advantage of new and niche
channels for advertisers to show their product. This has really brought about a revolutionary
change in the way the products were marketed. Now, the advertisers have the option of
showing particular ads on a particular channel as they have their target audience watching that
particular. This direct reach has increased the marketers confidence. It has reinforced their
faith in increased spending on advertising. This improved distribution system has increased the
inventory of advertisers. They now have more mediums through which they can reach their
target group. However, this has put pressure on rack rates. It adversely affects the small
players. Eventually it is survival of the fittest. Small players have to strategically allocate their
resources to advertising. Given the large and established viewer base, the major broadcasters
shall continue to charge premium charges.
Following are the major players in television industry that drive the growth:

Fig 5: Data is in million INR. Values are standalone from previous 4 quarters.
Source: Econ Trends. ISI emerging Markets


Fig 6: Net revenue per company (increase from 4
th
quarter 2011 to 1
st
quarter 2012.)
Source: Econ Trends. ISI emerging Markets

Fig 7: EBITDA profit per company (increase from 4
th
quarter 2011 to 1
st
quarter 2012.)
Source: Econ Trends. ISI emerging Markets

OUT OF HOME (OOH):

Radio and print do not work standalone. It is integrated with different events/activation. These have
now increasingly become a part of radio and print media solutions. India is seeing a sea change in its
sophistication and grandeur in the way live events are done. Events, concerts, festivals (be it literary,
food, drama or music) India can now boast of world class events. These events essentially give the
maximum visibility to the brands. Especially, the title sponsors. This is not restricted to live events. It is
very much a part of television and radio. All this has become possible because of the increased
consumption of video, music on-the-go while being mobile or travelling in cars, etc. This provides new
avenues for real time mobile geo-location advertising. The OOH medium has seen a tremendous growth
in transit advertising.
Following is the comprehensive report on the major contributions to advertising in India.

Fig: Contribution by different medium (INR billion)
Source: FICCI FRAMES 2013.
The figures for OOH look abysmal. But one cannot deny the potential it has. It is believed that it
is difficult to measure the spending on OOH. The difficulty is due to the cluttered presence of
different advertisements. There is a need of a tool to measure so that there is some
understandin on the return on investment.
In recent years, the OOH medium has attracted companies from the FMCG, entertainment and
media and healthcare sectors, which have multiple brands and a focused target group.
Conventional sources of income like FMCG, media and entertainment contribute to the growth
of OOH. However, we see that, real estate, e-commerce have come up in a big way (especially
in tier-II and tier-III cities. The industry size was estimated to be 15.5 billion INR in 2011 as
compared to 14.0 billion INR in 2010 and represented 5.4% of the India advertising market.
KEY TRENDS:
1. New advertisers are making efforts to reach their focused target groups in their own style.
2. Improvement in the infrastructure like bus shelter, LED billboards is driving the growth.
3. Digital advertising has raised the creative bar for a agencies. Recent example being the British
Airways ad.
4. Smartphones, tablets shall help OOH gain transaction. Any good creative OOH shall get
noticed and people will tweet about it. Thus, helping gain transactiona and visibility.
5. It is difficult to reach national audience. It is difficult due to the fragmentation of sellers,
market and the biases of consumers and the inertia in acceptance of something new.
6. Integration of different media is inevitable to drive the growth.









LIST OF ABBREVIATIONS
AFP : Advertiser funded programme
AOP : Association of persons
ARPU : Average revenue per user
AIR : All India Radio
ATP : Average ticket price
BWA : Broadband wireless access
CAGR : Compound annual growth rate
CRM : Customer relationship management
CPM : Cost per million
CPI : Consumer price index
CPC : Cost per click
DRL : Digital rights locker
DTH : Direct-to-home
DVR : Digital video recorder
DVD : Digital video disc
EMEA : Europe, the Middle East and Africa
E&M : Entertainment and media
FDI : Foreign direct investment
FMCG : Fast-moving consumer goods
GEC : General Entertainment channel
GRP : Gross rating point
GDP : Gross domestic product
GSM : Global system for mobile
GPRS : General Packet radio service
HSM : Hindi speaking market
HITS : Headend-in-the-sky
HNI : High net-worth individuals
IPL : India Premier League
IPTV : Internet protocol television
IBOC : In-band on-channel
IOS : Indian Outdoor Survey
INR : Indian rupee
LED : Light-emitting diode
LCD : Liquid crystal display
M&A : Mergers and acquisitions
MIB : Ministry of Information and Broadcasting
MMOG : Massively multiplayer online game
MSO : Multi-system operator
MRUC : Media Research Users Council
TRAI : Telecom Regulatory Authority of India
OOH : Out-of-home
PCI : Per capita income
PPV : Pay-per-view
PSTN : Public switched telephone network
PBG : Performance bank guarantee
ROI : Return on investment
SME : Small and medium enterprise
STB : Set-top box