media: content meter -...
TRANSCRIPT
Media: Content Meter
Bouquets to continue
Research Analyst
Vikash Mantri
+91 22 6637 7161
2 Jun 2018
Research Analyst
Abhishek Bohara
+91 22 2277 7637
Please refer to important disclosures at the end of this report
ICICI Securities Limited is the author and distributor of this report
2
Bouquets to continue
The Madras High Court last week gave go-ahead to TRAI’s Tariff and Interconnection orders
with the exception of 15% cap on discount on bundles vis-a-vis a-la-carte prices. This is
positive for the broadcasters and one of the moot points of contention. Without restriction
on bundle discounting, the effective power to package will still remain with the
broadcasters. However, the new tariff order will increase transparency and level the playing
field for stakeholders in the sector. TRAI and Star India have filed caveat -- a notice
informing the Court that it may file a suit or application against the new order and that its
implementation may take lot of time.
TRAI loses on consumer choice: Absence of capping on discount on bundles is in effect the
same as the current situation where broadcasters keep a-la-carte prices high but give huge
discount on bouquets, thus forcing distributors to keep the entire bouquet of channels and in
turn keep pushing all channels to the consumer.
Success on increasing transparency: The new tariff order will increase transparency in the
sector. With clauses of uniform pricing across distribution platforms and guidelines on carriage
fee, the new order will go a long way in increasing transparency and decrease friction between
various stakeholders.
Creates level playing field: Uniform network fee of Rs130 across distribution platforms and
clauses of uniform policy on discounts to DPOs on distribution fee as well as carriage will
provide level playing field to DTH and cable operators. At the same time, 20-35% range for
distribution fee through transparent discount will protect economies of scale for bigger players.
IPL 11 – 8% higher per match viewership YoY: Star Network garnered 8% higher average
per match viewership of IPL 11 vs viewership of IPL 10 on Sony channels. Regional feeds of
IPL 11 contributed 21% toward average per match viewership, while contribution of Star
Sports Hindi stood at 63%.
3
Key features of tariff and interconnection orders
Broadcasters to declare MRP of channels uniform across platforms on a-la-carte basis and bundles.
SD and HD versions of same channels, premium channels and FTA channels cannot be part of the
bundle. Channel prices above Rs19 cannot be part of bundles.
Broadcasters must provide all channels on a-la-carte basis to distributors and in turn distributors to
the consumer. Distributors shall offer all bundles from broadcasters to the consumer. Distributors
can offer their own bundles, but cannot break any bundle provided by broadcasters to form new
bundles.
Distributors should declare retail price of channels and bouquets, but it not be higher than
broadcaster ’s MRP.
Distributors must provide basic pack of 100 channels including FTA and government mandated
channels.
DPO’s can charge Rs130 as network fee for 100 channels and Rs20 for every additional 25
channels. The rental amount for channels subscribed and distribution fee shall be shared in the ratio
of 55:45 between MSO and LCO.
There should not be any exclusive contracts between broadcasters and distributors.
Broadcasters must pay 20% distribution fee to distributors for collection and remittance of pay
channel revenues. Broadcaster may offer a discount of maximum 15% on MRP to distributors based
on fair, objective and quantifiable parameters.
Rate of carriage fee can be maximum 20 paise and 40 paise per subscriber per month for SD
channel and HD channel respectively. Rate of carriage fee should decrease with the increase in
number of subscribers of the TV channel. Maximum discount of 35% on carriage fee is permitted.
Interconnection order mandates that broadcasters must provide channels to all DPOs. Distributors
must provide every alternate network spare capacity on ‘first come first serve basis’.
4
IPL average viewership per match 8% higher YoY
IPL 11 viewership on Star Network higher than IPL 10
Source: BARC (Market: India; Target: Universe), I-Sec research
Note: Viewership of DD Sports not included in IPL11 viewership
^ includes only qualifier and semi-final matches
-
200
400
600
800
1,000
1,200
1,400
1,600
Match 1-8
Match 9-16
Match 17-24
Match 25-32
Match 32-40
Match 41-48
Match 49-56
Finals ^
IPL10 IPL11
5
IPL 11 viewership on Star Network urban-heavy;
regional feed contributed 21% viewership Breakup of IPL10 viewership on Sony Network
Source: BARC (Market: India; Target: Universe), I-Sec research
Note: Based of average of per match viewership
Breakup of IPL11 viewership on Star Network
Source: BARC (Market: India; Target: Universe), I-Sec research
Note: Excludes viewership on DD Sports
Urban / Rural breakup of IPL10 viewership
Source: BARC (Market: India; Target: Universe), I-Sec research
Note: Based of average of per match viewership
Higher share of urban viewership on Star
Network in IPL 11
Source: BARC (Market: India; Target: Universe), I-Sec research
Note: Based of average of per match viewership
Sony MAX, 69%
Sony SIX (HD+SD),
25%
Sony ESPN (HD+SD), 6%
Sports Network
English, 24%
Sports Network
Hindi, 63%
Regional Feed, 21%
Urban, 54%Rural, 46%
Urban, 59%
Rural, 41%
6
Four new shows on Star India’s Hindi GECs
Time Serial Name Launch Date Genre Remarks
06:30PM Sabse Smart Kaun 4-Jun-18 Game show To replace Ikyawann
07:00PM Tu Sooraj Mein Saanjh Piyaji 3-Apr-17 Drama
07:30PM Mariam Khan Reporting Live 21-May-18 Drama
08:00PM Har Shaakh Pe Ullu Baithaa Hai 26-Feb-18 Comedy
08:30PM Kullfi Kumarr Bajewala 19-Mar-18 Musical drama Remake of Bangla show Potol Kumar Gaanwala
09:00PM Krishna Chali London 21-May-18 Drama Replaced Naamkarann
09:30PM Yeh Rishta Kya Kehlata Hai 12-Jan-19 Drama
10:00PM Ishaqbaaaz 27-Jun-16 Drama
10:30PM Yeh Hai Mohabbatein 3-Dec-13 Drama
Time Serial Name Launch Date Genre Remarks
07:00PM Mayavi Maling 1-May-18 Supernatural Drama
07:30PM Jiji Maa 9-Oct-17 Drama
08:00PM Kya Haal, Mr Paanchal? 28-Aug-17 Comedy
08:30PM Nimki Mukhiya 28-Aug-17 Comedy
09:00PM Saam Daam Dand Bhed 28-Aug-17 Political drama
09:30PM Musakaan 29-May-18 Drama Replaced Jai Kanhiya Lal Ki
10:00PM Chandrashekhar 12-Mar-18 Histroical drama
10:30PM Savdhaan India 23-Apr-12 Crime show
Three new shows on Star Plus – weekday
One new show on Star Bharat – weekday
Source: I-Sec research
7
Colors – New shows in both weekday and weekend
programming
Two new weekday shows on Colors
Colors to launch three new weekend shows
Time Serial Name Launch Date Genre Remarks
06:00PM Kasam 7-Mar-16 Drama
06:30PM Savitri Devi College & Hospital 15-May-17 Game show
07:00PM Tu Aashiqui 20-Sep-17 Romantic drama
07:30PM Ishq Mein Marjawan 20-Sep-17 Drama
08:00PM Shakti Astitva Ke Ehsaas Ki 20-May-16 Drama
08:30PM Udaan Sapno Ki 18-Aug-14 Drama
09:00PM Roop 28-May-18 Drama
09:30PM Bepanaah 19-Mar-18 Drama
10:00PM Silsilla Badalte Rishton Ka 4-Jun-18 Drama Replaced Dil Se Dil Tak
10:30PM Belan Wali Bahu 3-Dec-13 Comedy drama
Time Serial Name Launch Date Genre Remarks
08:00PM Naagin 3 2-Jun-18 Supernatural drama Replacing Chandrakanta
09:00PM Dance Deewane 2-Jun-18 Dance Show Replacing Entertainment Ki Raat
Dev 2 Crime Thriller Yet to be declared
Source: I-Sec research
8
Sony to add two reality shows on SET in weekday
programming
Two reality shows to run on SET in weekday – divided between days
SET Weekend programming
Time Serial Name Launch Date Genre Remarks
Dil Hi To Hai 04-Jun-18 Drama
07:00PM Mere Sai Mythology
07:30PM Vighnaharta Ganesh 22-Aug-17 Mythology
08:00PM Porus 27-Nov-17 Historical drama
09:00PM Dus Ka Dum 4-Jun-18 Reality show Mon-Tue
09:00PM Zindagi Ki Crossroads 6-Jun-18 Reality show Wed-Fri
10:30PM Yeh Un Dino Ki Baat Hai 5-Sep-17 Drama
07:30PM Family Time With Kapil Sharma 25-Mar-18 Comedy show Weekend
09:00PM Prithvi Vallabh 20-Jan-18 Mythological drama Weekend
10:00PM CID Cirme thriller Weekend
Time Serial Name Launch Date Genre Remarks
07:30PM Shrimaan Shrimati Phir Se 13-Mar-18 Comedy
08:00PM Tenali Rama 11-Jul-17 Comedy
08:30PM Taarak mehta Ka Ooltah Chashmah 28-Jul-08 Comedy
09:00PM Sajan Re Phir Jhoot Mat Bolo 23-May-17 Comedy
09:30PM Jijaji Chhat Per Hain 9-Jan-18 Comedy
10:00PM Partners Trouble Ho Gayi Double 28-Nov-17 Comedy
10:30PM Saat phero Ki Hera Pherie 27-Feb-18 Comedy
SAB TV programming slate
SET to launch Indian Idol and
KBC soon
Source: I-Sec research
9
Zee TV launched two talk shows in weekend
Zee TV – weekday programming
Zee TV added two new shows in weekend programming
Two new shows on &TV in weekdays
Time Serial Name Launch Date Genre
06:30PM Bhootu 21-Aug-17 Supernatural Drama
07:00PM Who Apna Sa 23-Jan-17 Drama
07:30PM Kaleerein 5-Feb-18 Drama
08:00PM Zindagi Ki Mehek 19-Sep-16 Comedy
08:30PM Piyaa Albela 6-Mar-17 Drama
09:00PM Kumkum Bhagya 15-Apr-14 Drama
09:30PM Kundali Bhagya 12-Jul-17 Drama
10:00PM Ishq Subhan Allah 14-Mar-18 Drama
10:30PM Aaapke As Jaane Se 15-Jan-18 Drama
Time Serial Name Launch Date Genre
06:00PM Superhit 5-May-18 Talk Show
07:00PM Juzz Baat 5-May-18 Talk Show
09:00PM Fear Files 22-Jul-17 Horror Show
10:30PM DID Li'l Masters Season 4 3-Mar-18 Dance reality show
Time Serial Name Launch Date Genre Remarks
07:00PM Bhabhi Ji Ghar Par hain 2-Mar-15 Comedy
07:30PM Bitti Business Wali 16-May-17 Comedy
08:00PM Agnifera 20-Mar-17 Drama
08:30PM Paramavatar Shri krishna 19-Jun-17 Mythology
09:00PM Siddhi Vinayak 26-Oct-17 Drama
09:30PM Mitegi Laxman Rekha 28-May-18 Drama Replaced Jai Kanhiya Lal Ki
10:00PM Meri hanikarak Biwi 4-Dec-17 Histroical drama
Source: I-Sec research
10
Key developments in broadcasting space
x
After Swastik Productions retained IP of ‘Porus’, Balaji Telefilms retains the rights of TV
show ‘Dil Hi Toh Hai’ which will air on Sony Entertainment Television (SET)
Tamil Nadu Arasu Cable TV Corporation (TACTV) issued disconnection notice to Sun
TV for analogue network due to the expiry of agreement and non-conclusion of price
negotiation.
SET and producer Ekta Kapoor are teaming up after a gap of more than two years for a
drama show based on Karan Johar’s family drama ‘Kabhi Khushi Kabhi Gam’.
11
Recent developments in OTT space
ZEE5 has released its thriller web series titled ‘Zero KMS’ starring Naseeruddin Shah. The
show will be available for binge watching in Hindi, Marathi, Bengali, Malayalam, Telugu,
and Tamil.
Eros Now plans to release 20 short form web series, 15 short films, as well as six digital
films. It will premiere 11 regional films in Tamil, Marathi, and Gujarati in Q1FY19.
Mathrubhumi Group’s Malayalam news channel Mathrubhumi News has launched on
India’s leading premium streaming platform Hotstar. Platform now has 13 news channels.
ALTBalaji is planning to launch over 100 hours of original content in 2018. The platform is
working on 50 new concepts in order to churn out more shows in 2018.
Hotstar has added a documentary film ‘Amoli’ to its content library.
Viu launched third season of its chat show ‘What The Duck’. Hosted by Vikram Sathaye,
the 10 episode show will feature 20 legendary cricketers.
Amazon Prime Video premiered exclusive series ‘Chacha Vidhayak Hain Humare’ created
by Zakir Khan in association with OML on 18 May.
Saregama has sold the digital rights of its films ‘Ajji’ and ‘Brij Mohan Amar Rahein’ to
Netflix, while negotiations for its third movie ‘Kuch Bheege Alfaz’ are going on.
YouTube has signed up Priyanka Chopra for original series ‘If I Could Tell You Just One
Thing’. The new series from Sundog Pictures will chronicle Chopra’s journey as she meets
inspirational people and asks their advice on how to change the world.
12
Hindi GECs – Zee TV gains leadership
Zee TV gains share in Hindi GEC all-day viewership
Zee TV reaches no. 1 in primetime viewership
Source: BARC (Market: HSM Urban; Target: Universe; I-Sec research
0
5
10
15
20
25
30
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
&TV Colors SAB
Sony Pal Sony Life Ok / Star Bharat
STAR Plus Zee TV
0
5
10
15
20
25
30
35
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
&TV Colors SABSony Pal Sony Life Ok / Star BharatSTAR Plus Zee TV
13
Non-South regional GECs – Zee Marathi unchallenged leader;
Zee Bangla gains leadership
Marathi GEC primetime viewership share
Bangla GEC primetime viewership share
Source: BARC (Market: Respective urban markets; Target: Universe), I-Sec research
Bangla GEC all-day viewership share
Marathi GEC all-day viewership share
0
10
20
30
40
50
60
70
80Q
3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
DD10 Sahyadri Colors Marathi
STAR Pravah Zee Marathi
0
10
20
30
40
50
60
70
80
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
DD10 Sahyadri Colors Marathi
STAR Pravah Zee Marathi
0
10
20
30
40
50
60
70
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
DD7 Bangla Colors Bangla
STAR Jalsha Zee Bangla
0
10
20
30
40
50
60
70
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
DD7 Bangla Colors Bangla
STAR Jalsha Zee Bangla
14
South regional markets – Zee Tamil / Star Vijay gain share in
Tamil; Star Maa gains in Telugu, Gemini TV weak in primetime
Tamil GEC primetime viewership share
Telugu GEC primetime viewership share
Source: BARC (Market: Respective urban markets; Target: Universe), I-Sec research
Zee Telugu gains share in Telugu GEC all-day viewership
Sun TV gains share in Tamil GEC all-day viewership
0
10
20
30
40
50
60
70
80
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
DD Podhigai Jaya TVRAJ TV Sun TVVIJAY Z TamilColors Tamil
10
15
20
25
30
35
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Eenadu TV Gemini TV Maa Telugu Zee Telugu
0
10
20
30
40
50
60
70
80
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Jaya TV RAJ TV Sun TV
VIJAY Z Tamil Colors Tamil
10
15
20
25
30
35
40
45
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Eenadu TV Gemini TV Maa Telugu Zee Telugu
15
South regional markets – Zee Kannada gains share; Udaya TV
and Surya TV lose share in Kannada and Malayalam
Kannada GEC primetime viewership – Colors still strong leader
Malayalam GEC primetime viewership share Malayalam GEC all-day viewership share
Kannada GEC all -day viewership – Zee Kannada gains share
Source: BARC (Market: Respective urban markets; Target: Universe), I-Sec research
0
5
10
15
20
25
30
35
40
45Q
3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Colors Kannada Suvarna Udaya TVZee Kannada Colors Super
0
10
20
30
40
50
60
70
80
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y16
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Asianet KairaliSURYA Mazhavil ManoramaFlowers TV
0
10
20
30
40
50
60
Q3F
Y15
Q4F
Y15
Q1F
Y16
Q2F
Y1
6
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y1
8
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Colors Kannada Suvarna Udaya TV
Zee Kannada Colors Super
0
10
20
30
40
50
60
70
Q3F
Y16
Q4F
Y16
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19E
(%)
Asianet KairaliSURYA Mazhavil ManoramaFlowers TV
16
Annexure: Slot-wise ratings of GEC (1)
17:30 - 18:00 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 6.5 7.1 7.9 7.5 6.8 8.2 8.8 8.3 7.7 6.9 7.6 6.8 6.3
Colors 15.1 15.6 16.0 14.4 13.7 13.9 11.0 13.0 13.0 12.1 12.4 10.8 11.1
Life Ok 14.0 13.5 15.4 14.7 13.8 13.9 12.1 13.2 13.1 12.5 13.4 14.1 12.3
SONY SAB 18.9 19.4 17.5 19.2 19.0 23.4 21.0 20.8 22.7 21.9 21.4 20.9 21.6
Sony 21.5 20.8 20.4 19.1 20.8 18.1 25.0 24.9 21.4 25.4 21.5 23.4 27.2
STAR Plus 14.5 13.4 14.4 16.9 17.5 15.4 11.5 11.5 13.9 13.1 15.0 14.9 12.5
Zee TV 9.5 10.1 8.4 8.2 8.2 7.1 10.6 8.3 8.2 8.1 8.6 9.0 9.0
Total wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
18:00 - 18:30 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 5.1 5.5 6.0 6.1 4.8 6.3 6.1 6.1 6.4 5.1 5.5 6.0 5.0
Colors 25.1 25.5 25.8 24.5 22.7 21.4 22.5 24.0 25.7 23.0 22.7 23.6 25.9
Life Ok 11.6 12.0 12.7 13.0 12.2 12.8 10.1 9.5 8.6 9.3 10.4 8.9 7.5
SONY SAB 15.7 14.9 13.5 14.4 16.2 18.0 17.1 17.6 17.7 21.0 18.2 16.5 18.3
Sony 16.0 16.2 16.8 16.3 18.5 16.7 21.3 20.1 16.4 18.0 16.8 18.2 18.4
STAR Plus 15.8 16.6 15.8 16.4 16.0 14.9 13.4 13.2 15.6 14.8 16.9 16.8 15.8
Zee TV 10.7 9.2 9.3 9.4 9.5 9.8 9.4 9.5 9.7 8.7 9.4 10.0 9.2
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
18:30 - 19:00 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 3.9 3.5 4.3 4.8 3.7 4.9 4.6 4.4 5.0 4.7 3.4 3.2 3.2
Colors 19.8 20.7 21.2 23.2 19.8 20.1 22.7 22.8 28.0 25.5 23.2 25.4 23.8
Life Ok 12.3 11.8 13.5 13.5 13.6 14.1 12.8 12.6 12.6 14.5 15.0 14.9 11.7
SONY SAB 10.7 11.7 10.4 10.8 11.4 13.4 13.2 12.0 14.7 17.1 15.3 13.8 17.4
Sony 12.0 11.4 11.8 11.3 13.0 11.4 14.3 14.7 7.0 5.1 4.9 5.2 5.7
STAR Plus 25.6 25.1 23.2 23.6 26.2 25.4 21.7 22.8 19.9 20.3 25.4 26.1 26.6
Zee TV 15.7 15.8 15.5 12.8 12.3 10.7 10.7 10.6 12.8 12.7 12.8 11.4 11.5
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
19:00 - 19:30 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 1.1 1.4 1.4 1.4 1.3 1.5 3.1 2.9 1.7 1.7 2.0 1.9 1.9
Colors 26.4 28.7 29.6 29.8 25.3 27.8 29.2 28.1 28.3 26.8 25.9 25.5 24.5
Life Ok 16.1 15.4 18.3 20.3 20.7 20.6 19.1 19.7 19.5 20.5 21.3 22.9 20.6
SONY SAB 6.8 6.2 5.6 5.5 4.9 7.0 5.4 5.5 6.7 9.0 7.7 6.9 9.4
Sony 9.6 9.0 4.9 5.0 5.8 5.4 5.8 5.9 5.4 4.8 4.5 5.2 4.7
STAR Plus 24.7 26.7 28.7 27.6 29.7 27.3 27.8 29.7 30.7 28.9 30.7 28.3 28.9
Zee TV 15.3 12.6 11.5 10.4 12.2 10.4 9.7 8.2 7.8 8.3 7.9 9.4 10.1
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: BARC (Market: HSM Urban; Target: Universe), I-Sec research
17
Annexure: Slot-wise ratings of GEC (2)
19:30 - 20:00 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 1.3 1.4 1.5 1.3 1.3 1.3 1.4 1.2 1.5 1.4 1.2 1.3 1.0
Colors 26.5 28.5 29.7 26.9 24.2 25.3 26.0 26.1 24.3 25.1 25.0 22.5 23.6
Life Ok 13.8 13.0 14.1 17.8 17.2 17.0 16.8 17.6 16.9 18.0 16.5 18.1 18.1
SONY SAB 5.7 5.3 4.6 4.0 4.0 4.4 3.7 4.5 4.4 4.2 3.6 3.2 4.0
Sony 10.2 11.0 10.0 9.2 9.2 9.6 9.4 10.0 9.9 10.5 10.6 11.1 10.6
STAR Plus 29.3 27.9 28.7 29.7 33.1 31.8 28.9 29.2 32.3 30.2 30.1 27.5 27.1
Zee TV 13.2 13.0 11.5 11.2 10.9 10.6 13.8 11.3 10.7 10.5 13.1 16.3 15.6
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
20:00 - 20:30 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 3.9 3.1 3.6 3.5 3.4 3.3 3.5 3.3 3.8 3.5 3.3 3.4 3.4
Colors 25.4 27.6 26.1 25.1 24.7 25.0 25.8 27.4 27.0 26.0 26.0 26.1 30.5
Life Ok 20.5 19.4 20.8 20.6 20.0 20.4 21.0 21.6 20.8 22.3 22.6 22.7 20.1
SONY SAB 10.5 10.4 9.3 9.9 9.4 9.8 9.1 9.5 9.8 10.1 9.6 8.5 8.5
Sony 10.1 10.2 10.7 10.6 10.5 11.8 10.7 11.5 11.7 12.7 12.6 12.1 11.7
STAR Plus 12.3 11.3 11.8 13.4 13.6 13.1 10.4 10.8 11.9 11.7 12.6 11.6 11.5
Zee TV 17.4 18.0 17.6 16.9 18.4 16.7 19.4 15.9 14.9 13.8 13.4 15.5 14.3
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
20:30 - 21:00 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 6.7 6.6 6.1 6.0 6.0 5.2 4.9 5.1 5.6 5.5 6.0 5.7 5.6
Colors 20.7 20.8 21.4 21.8 20.5 20.2 21.2 23.2 18.9 20.4 17.8 17.4 20.6
Life Ok 18.1 17.6 18.4 18.0 17.6 18.0 18.2 17.0 14.7 15.8 16.8 17.3 14.6
SONY SAB 24.5 24.1 23.1 23.2 24.7 25.6 24.3 23.9 23.3 21.7 21.6 20.2 19.8
Sony 7.8 8.9 8.6 8.0 8.9 8.9 8.4 8.0 7.0 7.7 7.8 7.6 8.6
STAR Plus 7.9 7.5 8.1 8.4 8.3 8.0 7.1 7.0 15.7 16.1 19.3 19.5 19.0
Zee TV 14.2 14.5 14.4 14.6 14.0 14.0 15.8 15.8 14.7 12.9 10.9 12.5 11.8
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
21:00 - 21:30 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 3.8 3.6 3.9 3.9 4.1 4.2 4.3 3.5 3.6 4.2 5.0 4.6 4.3
Colors 19.6 19.3 18.3 17.3 17.9 16.8 16.2 22.7 23.9 21.6 18.2 19.5 18.3
Life Ok 12.7 12.9 14.6 15.3 13.6 13.7 13.2 12.0 10.7 12.3 12.8 14.6 13.2
SONY SAB 12.3 12.7 12.1 11.6 11.8 14.3 11.4 11.0 10.5 10.4 11.0 10.2 10.4
Sony 5.9 6.7 7.4 7.5 8.0 8.7 8.6 9.1 6.7 8.6 8.8 8.5 8.9
STAR Plus 17.3 15.6 14.7 15.6 16.1 16.0 15.6 14.2 15.1 17.5 19.3 17.8 17.7
Zee TV 28.4 29.0 29.0 28.8 28.5 26.4 30.6 27.4 29.5 25.4 25.0 24.8 27.3
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: BARC (Market: HSM Urban; Target: Universe), I-Sec research
18
Annexure: Slot-wise ratings of GEC (3)
21:30 - 22:00 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 4.1 3.9 4.4 3.8 4.3 3.9 4.0 3.6 3.8 3.9 4.3 3.7 4.1
Colors 17.7 17.8 17.7 16.5 18.2 16.0 16.2 18.1 20.3 16.3 14.6 14.3 14.0
Life Ok 10.2 9.6 10.5 10.7 10.2 10.9 11.0 11.3 11.6 13.6 12.2 12.2 11.0
SONY SAB 7.7 7.8 7.5 7.0 6.4 7.5 7.0 6.1 5.7 6.2 6.4 5.5 6.0
Sony 4.4 4.3 4.6 4.4 4.5 5.3 5.1 4.9 4.3 4.6 4.6 4.0 4.0
STAR Plus 22.7 23.4 21.7 23.5 23.4 23.4 22.3 22.3 22.1 25.2 27.5 26.2 27.8
Zee TV 33.2 33.2 33.5 34.1 32.9 33.1 34.4 33.7 32.2 30.2 30.3 34.1 33.0
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
22:00 - 22:30 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 5.9 6.2 6.2 5.8 6.7 5.9 5.8 4.9 5.7 5.5 5.5 4.7 5.4
Colors 25.2 25.1 24.5 23.4 22.7 20.2 17.6 17.0 17.4 17.8 15.1 14.7 13.5
Life Ok 10.8 10.8 11.3 10.9 10.0 10.9 10.5 10.0 9.7 9.7 9.2 10.0 8.7
SONY SAB 11.9 12.4 10.3 10.9 9.6 11.5 9.6 9.5 10.4 10.1 11.1 10.4 9.4
Sony 7.4 7.2 6.9 6.9 7.2 6.9 7.1 6.1 6.1 5.8 6.4 5.8 5.1
STAR Plus 19.6 19.8 20.9 23.9 25.9 26.0 22.0 21.3 24.2 26.8 26.6 22.1 24.0
Zee TV 19.2 18.5 19.8 18.2 17.9 18.6 27.4 31.4 26.4 24.3 26.1 32.4 33.9
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
22:30 - 23:00 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 13.5 13.1 14.6 14.0 14.2 14.7 15.7 14.6 15.8 15.7 16.5 14.1 13.1
Colors 25.6 23.6 23.8 23.3 21.4 19.2 17.8 19.0 18.8 20.9 18.8 17.4 17.4
Life Ok 15.7 16.4 17.5 16.8 17.1 17.2 17.1 12.0 13.5 12.3 11.7 12.1 11.2
SONY SAB 10.6 11.7 9.4 10.0 9.2 9.1 8.2 8.4 8.1 7.4 8.6 8.7 7.9
Sony 10.8 10.9 11.6 12.5 14.0 12.4 12.7 13.4 12.5 12.7 12.4 12.0 11.3
STAR Plus 6.9 7.0 7.0 7.9 7.8 7.7 7.2 6.4 7.6 7.5 8.2 11.8 14.0
Zee TV 17.0 17.3 16.2 15.5 16.3 19.7 21.3 26.2 23.6 23.6 23.7 23.8 25.1
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
23:00 - 23:30 wk4 wk5 wk6 wk7 wk8 wk9 wk10 wk11 wk12 wk13 wk14 wk15 wk16
&TV 10.5 10.7 11.8 11.4 11.7 12.1 12.1 12.2 12.9 14.0 13.4 12.2 10.8
Colors 22.7 18.9 18.3 17.7 15.8 15.5 15.5 13.9 12.4 14.0 13.6 15.3 14.3
Life Ok 16.5 18.0 17.9 17.7 17.4 19.1 18.2 16.1 22.9 22.9 19.2 19.8 18.3
SONY SAB 18.4 19.0 19.3 20.2 21.0 20.8 18.9 18.7 21.0 19.6 18.2 18.7 17.2
Sony 15.4 16.2 16.8 17.0 17.7 16.2 17.6 16.5 8.3 7.5 8.2 7.3 7.2
STAR Plus 6.5 6.1 5.3 6.4 6.7 5.0 3.5 3.9 4.5 4.5 4.7 10.4 13.3
Zee TV 9.9 11.0 10.7 9.6 9.7 11.4 14.2 18.8 18.0 17.5 22.7 16.2 18.9
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: BARC (Market: HSM Urban; Target: Universe), I-Sec research
19
I-Sec investment ratings ((all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)
BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return
ANALYST CERTIFICATION
We /I, Vikash Mantri, PGDM; Abhishek Bohara, PGDM; Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or
securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts are not registered as research analysts by FINRA and are not associated persons of
the ICICI Securities Inc.
Terms & conditions and other disclosures:
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with
SEBI Registration Number – INH000000990. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life
insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.
ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant
percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies
that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be
altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a
reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a
particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in
certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational
purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this
report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable
or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions
and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of
changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance.
Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and
may be subject to change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings,
corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.
ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in
the report or third party in connection with preparation of the research report.Accordingly, neither ICICI Securities nor Research Analysts have any material conflict of interest at the time of publication of this report.
It is confirmed that Vikash Mantri, PGDM; Abhishek Bohara, PGDM; Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.
It is confirmed that Vikash Mantri, PGDM; Abhishek Bohara, PGDM; Research Analysts do not serve as an officer, director or employee of the companies mentioned in the report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.
We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.
Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
This report has not been prepared by ICICI Securities, Inc. However, ICICI Securities, Inc. has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be
guaranteed.
Disclaimer
This report may be distributed in Singapore by ICICI Securities, Inc. (Singapore branch). Any recipients of this report in Singapore should contact ICICI Securities, Inc. (Singapore branch) in respect of any matters arising from,
or in connection with, this report. The contact details of ICIC Securities, Inc. (Singapore branch) are as follows: Address: 30 Cecil Street #15-29 Prudential Tower, Singapore 049712, Tel: +65 6232 2451 and email:
[email protected], [email protected].
"In case of eligible investors based in Japan, charges for brokerage services on execution of transactions do not in substance constitute charge for research reports and no charges are levied for providing research reports to
such investors."
.
In case of industry/sector reports or a report containing multiple stocks, the rating/recommendation for a particular stock may be based on the last released stock specific report for that company.”