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Media Entertainment And World Economy Media Essay

Media and Entertainment is one of the most promising sectors of the world economy, continuously changing its approach towards the consumer base. Media and entertainment is one of the most prominent and innovation oriented sector of a country’s economy. It not just plays the role of entertaining people about also acts across as an effective way of communication to the masses. PWC in one of its researches argued that pace of costumers' migration to newer digital platforms is running much ahead of the industry’s expectations—and still non-digital revenue streams will still almost account for two thirds of total global spending in 2014. Changing costumer behavior impacts all segments of the entertainment and media industry, as media players search for the right role and positioning in the digital arena that is now building up in shape. Further on the same lines Crisil M.D. quoted "The media and entertainment sector is expected to be one of the key beneficiaries of the increase in discretionary spending by the Indian consumer. All segments in the industry are projected to grow, but growth in television and radio segments would be particularly impressive. The music industry, however, is expected to continue to show moderate growth,"

Though it is observed that the sector is already content with plenty of players. Just to name, few of the major players are:

Indian Media &Entertainment (M&E) industry went through a tough phase in last two years due to the economic slowdown which impacted business. The industry which is dependent on advertising for almost 38 percent of its revenues, was hit due to shrinking ad budgets of the corporate world. However, the industry as a whole registered a very modest growth of around 1.4 percent in 2009 compared to 12 percent in 2008. It is poised to recover in 2010, riding on the back of improved economic growth. The year 2009 was a year marked with innovation and a focus on cost efficiencies across sectors, more as a necessity to combat the

Newer content formats and strategies adopted by the players in the industry helped ensure that customers had more choices which led to the evolution of the industry. Cost efficiencies which came about last year proved to be a silver lining for the industry in a bad year, and many of these measures are here to stay and could benefit companies in the long run. Some sectors were impacted more than the others like Films, Radio and Out of Home (OOH), registered a negative growth during the year. In 2010, they are expected to recover somewhat with a moderate growth rate. Print showed a flat trend and music grew moderately.

TV industry showed a good growth rate, and Internet, Gaming and Animation, brought reasons to cheer for the industry with their growth rates touching double digits, albeit on a smaller base.

In spite of the economic slowdown, the industry witnessed a recovery in the last quarter of the year that is expected to continue going forward. The year 2010 is expected to see the industry coming out of the shackles of the slowdown and witness an increase in ad spends. M&E industry in India is indicating potential for growth.

The Indian entertainment and media (E&M) industry has out-performed the Indian economy in 2010 and is one of the fastest growing sectors in India. The E&M industry generally tends to grow faster when the economy is expanding. The Indian economy has been growing at a fast clip and the income levels too have been experiencing a high growth rate. Above that, consumer spending is also on the rise, due to a sustained increase in disposable incomes, brought about by reduction in personal income tax over the last decade. All these factors have given an impetus to the E&M industry and are likely to contribute to the growth of this industry in the future. Besides these economic and personal income-linked factors, there are a host of other factors that are contributing to this high growth rate.

The industry is looking at reaching newer target segments, geographies and mediums, while tapping the potential of the existing ones.

Source: Price water house cooper’s global entertainment and media outlook 2005-2009

Source: Price water house cooper’s global entertainment and media outlook 2005-2009

Inner circle represents shares in 2004 and outer circle represents projected shares in 2009

Estimates for the industry indicate robust growth over next five years.

The overall M&E industry size grew from INR 579 billion in 2008 to INR 587 billion at a rate of 1.4 percent. The growth rate is expected to increase to ~11.2 percent in 2010, as the industry witnesses a recovery. The CAGR from 2006 to 2009 has remained at 10 percent and the industry is expected to grow at a rate of 13 percent in next five years. TV and Print are the largest sectors of the industry contributing to greater than 70 percent of the revenues. Their dominance is expected to continue going forward. Sectors like Gaming and Internet have shown the highest growth rates due to the small base effect and the trend is expected to continue.

Drivers for growth growing forward:

Digitization to help in spreading the reach and impact of the M&E industry

Regionalization to aid in the inclusion of untapped markets

Convergence and impact of the new media to benefit media players

Consolidation leading to emergence of players with superior capabilities

Innovation across product, process, marketing, distribution and business model.

Indian M&E goes global:

The trend that was witnessed in 2008, of certain Indian companies acquiring stakes in global

Companies, continued in 2009. This trend however is likely to be selective going forward and

cannot be construed yet as ‘Bollywood going global’, as some in the industry and the media

have dubbed it.

Global M&E companies eyeing the Indian market:

The year 2009 witnessed a number of global film studios strengthening their Indian film

portfolios.

Fox Star Studios produced the experimental ‘Quick Gun Murugan’. Karan Johar's Dharma Productions and Shah Rukh Khan's Red Chillies Entertainment also finalised an arrangement with the Murdoch-owned Fox studios mid last year for ‘My Name Is Khan’

Warner Brothers continued its tryst with Bollywood by producing the Akshay Kumar starrer ‘Chandni Chowk to China’. The studio is expected to release more Indian films in 2010.

Carey Fitzgerald's High Point Media Group is collaborating with Pritish Nandy Communications for the latter's first horror film ‘The Accident’

International film studios continue to capitalize on the potential of their Hollywood portfolio

in the Indian marketplace by releasing a larger number of prints and increasing the number

of dubbed film screenings in regional Indian markets.

Size and growths

While the filmed entertainment sector had grown by over 15 percent between 200621 and

2008 , last year witnessed a significant de-growth for the industry. In 2009 the industry is

estimated to have declined by nearly 14 percent to INR 89.3 billion* from INR 104.4 billion

in 2008. This was largely on account of lower domestic theatrical collections in 2009

compared to the previous year.

Overseas theatrical revenues were also significantly impacted last year, de-growing by nearly 30 percent in 2009 over the previous year. As a result of the worldwide economic downturn, dearth of good quality content, and lower number of films with stars such as the Khans, Akshay Kumar, Hrithik Roshan, etc. that traditionally do well in overseas market led to a decline in the overseas theatrical revenues.

Another reason was increased number of illegal downloads over the internet due to higher broadband speeds also adversely impacted overseas collections.

Though the previous year witnessed a decline for the filmed entertainment industry, the trend is likely to reverse in 2010 to grow at a CAGR of 8.9 percent to reach INR 136.7 billion by 2014.

Production:

The Indian Film Production segment is highly fragmented with a large number of individual

and corporate production houses and film funds. There is a dearth of bankable male stars in the industry, underlying the need for new talent discovery. Content is often cited as the reason for the low success ratio for films as most of the content is very poor in terms of the requirement of the current market scenario. This highlights the need for trained scriptwriters and investments in research and development to develop and market content mapped to distinct target audience segments.

Distribution:

As with many industries, distribution plays an important role for the film industry in facilitating the delivery of content to film viewing audiences. In the film business, India is divided into a single overseas and six major domestic territories which are further sub divided into 14 territories. Distributors buy the rights of a film for a particular territory and recover their costs from the exhibition of the film. The acquisition of rights is based on the perception of the films’ chances of success at the box office. Primary drivers of this perception are the ‘buzz’ surrounding the film, reports on the film from various industry sources, and the team behind the project including the star cast, director and production house.

In recent times, many large players have developed an integrated presence in film production and distribution in order to increase their control and bargaining power in the industry value chain. This has led to a decline of the independent distributors who are increasingly aligning themselves with corporate distribution houses. Despite this trend, last year we saw independent producers using independent distributors to release their films which did not find corporate buyers due to the high acquisition costs

Current Trend and features followed in Indian Movie Industry

Creativity

Progress towards Corporatization

Unlocking of value in the production houses

Decreasing dependence on domestic theatre viewership

Increasing focus on customer experience in the domestic theatre viewership segment

Prime focus on tailoring the film product as per customer needs and preferences

Reducing dominance of the mainstream Bollywood genre

Redefining Marketing Strategies – Films as Brands

Re-emergence of Studio concept

“The UTV Group”

UTV Software Communications Ltd (UTV), India's first incorporated global media and Entertainment Company, has seen recent speedy extension, both in existing businesses and into new growth sectors. The entire UTV focus is based on certain principle like create; aggregating and disseminating outstanding content. UTV is in fact India's only diversified media and Entertainment Company with content creation abilities across platforms and genres.

The UTV group has expanded into 5 verticals, all of which allow for synergy across in terms of content growth, communication and development of thought leadership.

These 5 verticals include the following:

Broadcasting

Games Content

Motion Pictures

Interactive Media

TV Content

Listed on India's premier stock exchange, The Bombay Stock Exchange UTV has subsidiaries with offices across India, USA, UK and Japan. The Walt Disney Company holds a strategic stake in UTV.

UTV started off as United Software Communications Pvt. Ltd. on 22 June 1990. Subsequently, they went public and were renamed as UTV Software Communications Ltd. in 1998.

The UTV Group was incorporated as ‘United Software Communications Private limited’ on June 22, 1990; under the Companies Act, 1956 as a Private Limited Company. Subsequently, it became a deemed Public Limited Company and the word Private was deleted on November 27, 1995. It was renamed as ‘UTV Software Communications Limited’ with effect from March 19, 1998.

At the time of incorporation in 1990, the group was primarily engaged in the production of television content for Doordarshan and also production of ad films. In 1992, with the entry of satellite TV, ZEE TV commissioned the group for producing content of around 250 hours wherein it became one of the largest content providers. Around the same time, it also expanded into the businesses of In-flight Entertainment programming and dubbing. In 1993, it ventured into the business of acquiring programs from outside producers and marketing airtime on their programs. In 1995, it launched India’s first daily soap titled ‘Shanti.’

In 1996, Disney contracted the UTV Group to dub its library into Indian languages. In 1996, the company’s In-flight Entertainment division, which was hitherto catering to Air India only, also started catering to other international airlines.

DIVERSIFICATION

The company then diversified into Broadcasting, by acquiring controlling interest in Vijay Television Limited in November, 1998. Vijay Television Limited was incorporated on May 30, 1996 and operated Vijay TV, a 24-hour Tamil language channel out of Chennai. The Udayar family of Chennai initially controlled Vijay Television as GEC channel since 1992. In 1995, United Breweries Group acquired the operational control of the channel and the name was changed to Vijay TV. The UTV Group acquired the controlling interest from United Breweries Group.

In 1995-96, the company also ventured into the movie distribution business.

In 2000, it incorporated a group company called UTV Net Solutions Ltd. (UTV Net) in which it held an 86% stake. UTVNet was in the business of Internet content creation and aggregation, Indian regional language portals (with dual language content) and leveraging of their audio/video library rights for Internet usage. In 2000, UTVNet started the business of broadband content aggregation under the brand name sharkstream.com, through its subsidiary Sharkstream.com Pte. Ltd., Singapore.

In 2002-03, the group acquired the studio business of Western Outdoor Media Technologies Limited (WOMTL) in order to attain leadership position in the Post-Production, Special Effects and Animation business. The Studio operations of WOMTL were thus merged with the group’s post-production business. Since 2000-01, the UTV Group initiated a corporate restructuring exercise in order to consolidate their holdings in certain group companies and subsidiaries. The objective of these exercises was to maximize shareholder value, remove conflict of interest and build a powerful combined entity that would be involved in various aspects of the entertainment business.

Ownership Pattern

Before the internet, the television, the motion pictures, the radio, and everything else that we consider “mass media” now, the world had newspapers. Newspapers are one of the oldest forms of mass communication. At one time, all newspapers were local, and most were individual enterprises. The earliest colonial newspaper was owned and operated by a printer as a supplement to his job printing business, and his individual ownership plan is still popular in small communities. But many communities grew rapidly and, as newspaper operations became more complex and opportunities to serve increased, other types of newspaper ownership, management, and operation were developed. Those found most commonly today are individual ownership, partnership, corporation, group or chain ownership, employee ownership, vertical ownership and joint operation.

Partnerships

The UTV group has several business & strategic talent relationships in India, the UK and the USA. These associations are formal relationships with leading players in the Indian and international media industry. They also help UTV enhance its visibility in the international media industry.

The UTV Group’s significant current relationships include those with:

• The Walt Disney Company (South East Asia) Pte. Ltd. is a strategic Investor in UTV India.

• Fox and Fox Searchlight were movie co-producers for ‘The Namesake’, ‘I Think I Love My Wife’ and ‘The Happening’ with UTV Mauritius and USA.

• UTV has Talent Relations with Mira Nair, M Night Shyamalan, Iranian film director Majid Majdi, Ramgopal Verma, Vishal Bhardwaj, Ashutosh Gowarikar, Ken Ghosh, Rensil D’Silva, David Dhawan and John Owen after having past associations with directors Rakesh Omprakash Mehra, Anurag Kashyap, Shyam Benegal and Aamir Khan to name a few.

• UTV is also associated with Verizon, Vodafone and Airtel and over 80 telecom companies worldwide for Mobile game publishing, new media and online gaming.

• UTV is associated with Coke, Pepsi, Hero Honda, HUL, P&G, Cadburys, Airtel, Reckitt Benkiser, Godrej, Johnson & Johnson – for sponsorship and branding relationships across various TV channels and content titles.

• It has a partnership with Virgin Comics to create original superhero franchises across platforms.

• It is also working with Nintendo, Microsoft and Sony Computer Entertainment Inc. in the console gaming business.

• UTV has long standing relationships for television content with Star India, Zee TV, National Geographic Channel, Sun TV.

UTV Global Broadcasting Limited (UGBL)

UGBL was incorporated on June 6, 2007 with an intention to carry on the business of broadcasting of satellite television channels in India. On August 8, 2008 UTV Software Communications Ltd. acquired 75% equity stake in equity shares of UGBL. UGBL is a parent company for its two wholly owned subsidiaries, Genx Entertainment Limited (Genx) and UTV Entertainment Entertainment Limited (UETL). Genx and UETL are engaged in the business of up linking and broadcasting entertainment (non-news/current affairs) channels from India.

On September 30, 2009 UTV Software Communications Ltd. acquired additional 10% equity stake in UGBL from Unilazer Exports and Management Consultants Limited (“Unilazer”) for a total consideration of the total stake of the company in UGBL increased to 85%.

UTV Games Limited (UTV Games)

UTV Games Limited is a 100% subsidiary of UTV Software Communications Ltd. and was incorporated on September 5, 2008 to carry on the principal activity as of investment holding. On September 10, 2008 UTV Games Limited acquired 80% equity stake in True Games Interactive Inc, (True Games) an online gaming start-up Company based in California, USA, thereby making True Games a downstream subsidiary of the Company.

UTV New Media Limited (UNML)

UNML a 100% subsidiary of UTV Software Communications Ltd. and was incorporated on September 20, 2007 to carry on the business of developing and maintaining websites and acquisition and exploitation of digital rights on mobile and digital platforms.

Following is the complete list of TV programmes produced by UTV:

Sr no

Title

Channel

1

Back to the Floor

BBC World

2

Bhabhi

Star Plus

3

Bollywood Inc.

BBC World

4

Bombay Talking

Zee Cafe

5

Business Bytes

BBC World

6

C.A.T.S.

Sony TV

7

Chakravyuha

DD National

8

Chamatkar

DD National

9

Chooha Mantar

Hungama TV

10

Chotta Packet Bada Dhamaka

Zee TV

11

Choti Maa

Zee TV

12

CNN Indiadotcom

CNN

13

CNN Style South Asia

CNN

14

Dance India Dance

Zee TV

15

Ek Se Badhkar Ek

Zee TV

16

Face to Face with Karan Thapar

BBC World

17

Full Toss Inter School Cricket

Hungama TV

18

Gee Boom Bha

Gemini TV

19

Gol Gol Gulam

Hungama TV

20

Hard Talk India

BBC World

21

Hero

Hungama TV

22

Hip Hip Hurray

Zee TV

23

Kabhi Hero Kabhi Zero

Hungama TV

24

Kabhie To Nazar Milao

Sony TV

25

Kehta Hai Dil

Star Plus

26

Khichdi

Star Plus

27

Meher

DD National

28

Pan Asia - Journey in Asian Cuisine

Star World

29

Saanp Seedi

Zee TV

30

Saaya

Sony TV

31

Sanya

Hungama TV

32

Sarhadein

Zee TV

33

Sea Hawks

DD Metro

34

Shagun

Star Plus

35

Shaka Laka Boom Boom

Star Plus

36

Shanno Ki Shaadi

Star Plus

37

Shanti

DD National

38

Shararat

Star Plus

39

Shisha

Hungama TV

40

Smriti

Star Plus

41

Sohni Mahiwal

DD National

42

Special Squad

Star One

43

Style!

BBC World

44

Stuntmen of Bollywood

National Geographic Channel

45

The Cadbury Bournvita Quiz Contest

Zee TV

46

Tiger

Hungama TV

Film production and distribution

UTV Motion Pictures

UTV ventured into film distribution in 1996 with its subsidiary UTV Motion Pictures Plc. It then moved into film production, first in Bollywood and then in Hollywood in partnership with major studios like 20th Century Fox, Walt Disney and Sony Pictures.[4] It is today one of the largest production houses in South Asia.

According to the UTV group, movies enjoy an almost ‘basic need of survival’ status in India. Therefore, UTV Motion Pictures has worked consciously to ride on that phenomenon, pioneering not just newer films and story ideas, but also the very manner in which films are made in India. From novel plots and stories that one would think can never work in mainstream cinema, to pioneering the studio model in movie production, UTV has always led positive change in the Indian motion picture industry. Today, UTV’s Motion Pictures business spans the integrated model of creative development, production, marketing, distribution, merchandising and syndication worldwide. UTV’s portfolio includes Hindi Movies, Regional Movies, Animation Films, International productions and co productions, besides an exclusive distribution arrangement for India with The Walt Disney Company.

It is no surprise then that their movies do just as well at the box office as they do at film festivals around the world. The ability to innovate at the script level has led to the development of an almost new genre in Indian cinema, breaking the mould in Indian film making. Films like “Dev.D” and “A Wednesday!” were among those that did not boast of a lavish budget or a power-packed star cast, and yet created history at the box office because of the inherent strength of their content. By the same token, “Fashion,” led by an all female star cast, bucked the trend of women oriented subjects not performing at the box office and grossed more than most big solo hero starrers in the same period.

UTV co-produced two Hollywood movies with Fox Searchlight in 2007, making it the first and only Indian company to have mainline Hollywood film releases – the box office hit and critically acclaimed masterpiece by Mira Nair, “The Namesake;” and “I Think I Love My Wife,” with Chris Rock in the lead role and as Director.

Pioneering the stint of producing movies abroad, UTV was the first Indian production house to announce its independent production venture globally in April 2009, with “The Exterminators.” It also has a co-production agreement with the Actor/Producer Will Smith, his production company Overbrook Entertainment and with Sony Pictures Entertainment, for two films to be produced and distributed worldwide.

In 2008-2009, UTV Motion Pictures emerged as one of the largest production houses in the country with 10 Hindi Film releases, 1 in Tamil and M. Night Shyamalan's “The Happening” – the first mainstream Hollywood movie co-produced by an Indian movie studio. Not only this, UTV also distributed Disney's productions – “Confessions of a Shopaholic” and “Bedtime Stories” in India. This coupled with innovative marketing initiatives and a concentrated campaign to leverage value across existing and new media platforms, further reinforced their stature as not only the leading motion picture producers in India, but also the most innovative.

An unparalleled slate that started in 2009 will see even more content driven movies in 2010 – the slate will boast of movies spanning across various genres from romance to action and from thriller to comedy such as Prakash Jha’s “Rajneeti,” Deven Khote’s “Phillum City,” Sanjay Leela Bhansali’s “Guzaarish” and Aamir Khan’s production “Delhi Belly” and “The Falling.”

Along with production, UTV successfully distributes its movies in more than 45 countries around the world on the same day as their theatrical release in India. UTV Motion Pictures accomplished the feat of being among the Top 20 Distributors in North America and is the first Indian film studio ever to have crossed the US $5 million revenue mark in the first half of a year, thus redefining the scope of overseas distribution of Indian films.

In the South, post their successful maiden venture – “Kanaamochi Yenada” in Tamil, UTV Motion Pictures forayed into another project with Priyadarshan as a co-producer for the remake of the commercial and critically acclaimed “Khosla Ka Ghosla” called “Poi Solla Porom.” This proved hugely successful, completing 100 days in theatre. UTV Motion Pictures went on to co-produce the remakes of the superhit “A Wednesday!” – “Unnaipol Oruvan” (Tamil) and “Eenadu” (Telugu) by joining hands with Actor Kamal Haasan. The remakes starred Kamal Haasan, Mohan Lal and Venkatesh.\

Animation

UTV forayed into animation production in 1998 with the acquisition of Ram Mohan Biographies. Currently, UTV's subsidiary UTV Toons handles its animation business. UTV channel is popular channel in india.

Broadcasting

UTV entered into the broadcasting arena through its acquisition of Vijay TV from United Breweries. It was later sold to Star TV in two phases in 2001 and 2004.

In 2004, UTV launched Hungama TV, a kids channel. This was sold to Disney in 2006.[5]

In 2008, UTV re-entered the broadcasting business through its broadcast arm, UTV Global Broadcasting Ltd (UGBL). UGBL launched five entertainment, news and film channels in its first year. These are:

UTV Bindass

UTV Action (Formerly Bindass Movies)

UTV Movies

UTV World Movies

Bloomberg UTV (formerly UTVi)

Gaming

In December 2007, UTV's ventured into production of gaming software and content through its subsidiary UTV Media by acquiring Indiagames Ltd., an Indian gaming company. It later went on to acquire Ignition Entertainment Ltd. and US-based True Games.

During the year, the results of the Games Content segment included consolidated financials of Ignition and Indiagames for the full year and financials of True Games for the period September 11, 2008 to March 31, 2009. During the year, the Gaming segment reported an increase in revenues of 49% to Rs. 1,105 million from Rs. 742 million in the previous year. In the current year the Gaming segment also reported a loss Rs. 289 million, as against a profit of Rs. 75 million during the previous year.

UTV Through the Verticals !!

UTV MOTION PICTURES

UTV Motion Pictures is a part of UTV's many verticals. It is among the largest studios of the Indian Motion Pictures Industry with an amazing record of award-winning Hindi film titles, produced, marketed and distributed worldwide by it.

UTV Motion Pictures is the first to adopt a 'studio model' for film production related. At Present is Motion Pictures business spans the model of creative development, production, marketing, distribution, merchandising and syndication across the world. Its portfolio includes Hindi Movies, Regional Movies, Animation Films, international productions and co-productions, besides an exclusive distribution arrangement for India with The Walt Disney Company. In year ‘08-‘09, UTV Motion Pictures emerged as the largest production houses in India with about twelve Hindi movie releases, one in Tamil and M. Night Shyamalan's The Happening - the first mainstream Hollywood movie co-produced by an Indian movie studio. UTV M.S. also distributed Disney's productions - Confessions of a Shopaholic and Bedtime Stories in India. This coupled with innovative marketing initiatives and a concentrated campaign to leverage value across existing and new media platforms, further reinforced UMS stature as not only the leading motion picture producers in India, but also the most innovative in the market. In year ‘09 -10 with an even more aggressive move UTV Motion Pictures conducted co-productions with leading film makers like Rakeysh Omprakash Mehra for Delhi-6 and Ashutosh Gowarikar for What's Your Raashee. UTV garnered tremendous critical acclaim and travelled the world over across prominent film festivals with Dev D (Anurag Kashyap). With Kaminey (Vishal Bhardwaj) UTV has not only provided great cinema but also the song of the decade in Dhan Te Nan.

Thus UTV movies has portrayed itself as a prominent and a leading player in the arena of media and entertainment at a global level

UTV MOTION PICTURES

“The Strategy”

NEW REVENUE STREAMS

As part of their strategy for maximizing revenues from our productions, during the period they established UTV Home Video, including a core team and support infrastructure, to give the Company a Home Video division with strong distribution across India. Successful releases through UTV Home Video include “The Namesake”, “Life in a Metro” and “The Blue Umbrella”.

The Company has been one of the most active players in new media distribution from the Indian entertainment industry, forging alliances worldwide to ensure delivery of our content across multiple platforms.

The company have concluded deals for online downloads of our content with portals in India and overseas VOD, Cable and IPTV deals with key players in the U.S. and a Manufacturing On Demand deal with Hewlett Packard for Home Video distribution.

SOUTH INDIAN FILM INDUSTRY

Our first South Indian co-production in the Tamil language “Kennamoochi Yennada”, was completed in this period, and is scheduled for release in November 2007.

In September, we entered the Telegu film sector with a deal for two movies with Mahesh Babu, one of the biggest Telegu film stars; and a co-production deal with Indira Productions for two Telegu films, one of which will feature Mahesh Babu.

The Company also acquired the Andhra Pradesh theatrical distribution rights to Atidhi, Mahesh Babu’s next movie which is scheduled for release on October 18, 2007 and follows Mahesh Babu’s record breaking “Pokhiri”

The roster of relationships with key talent and production outfits the Company is establishing in South India is strengthening our position in this market and should contribute positively to the financial performance of the second half of the current year and beyond.

SPOTBOY

Another key element of our strategy is to broaden the scope of productions and provide flexibility

across a range of genres, budgets and target audiences, to which end the Company launched the

SpotBoy studio during the period. In August, “Spot Boy” entered into collaboration with Virgin Comics, an entertainment division of Sir Richard Branson's Virgin, to create original superhero franchises for publishing, animation and gaming, targeting India’s 550 million teenage audience.

Since the end of the period, SpotBoy has signed agreements with directors for three Hindi films. Shyam Bengal, who has received India’s highest honours including Padma Shri and Padma Bhushan, is returning to comedy after a 25-year absence with Mahadev. Anurag Kashyap is one of the most outspoken and bold directors in recent times and is planning to recast the classic Devdas in contemporary times in his forthcoming film Dev D. Raj Kumar Gupta makes his debut as a director in “Aamir”, a thriller about a young Muslim professional who lands in Mumbai International Airport.

INTERNATIONAL PRODUCTIONS

Our co-production with 20th Century Fox, The Happening, directed by M. Night Shyamalan and starring Mark Wahlberg, has recently completed its shoot and is in post production in the U.S. and is slated for release in June 2008.

Live action and Animation projects with Will Smith’s Overbrook are in the development stage.

RISK PROFILE AND CUSTOMER INTERACTION

The Directors believe that the Company sits at the lowest end of the risk chain while remaining at the top end of the value chain. By being active Producers who incubate talent internally whilst having long-term strategic relationships with our Directors, we are able to keep our costs down when compared to others in the field, whilst establishing a worldwide marketing and distribution organization that touches the consumer directly, we are able to achieve higher returns from our productions

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