PESTEL ANALYSIS OF

ENTERTAINMENT INDUSTRY
TREM PAPER REPORT

Submitted by
PUNEET MISHRA
REG.NO:10907392

ROLL NO:A64
In partial fulfillment of the requirement

For the Award of the

MASTER’S DEGREE IN

BUSINESS ADMINISTRATION
Under the Guidance

Of

MS. IMPREET KAUR

LOVELY INSTITUTE OF MANAGEMENT

 ACKNOWLEDGEMENT

First and foremost, I thank the Almighty God for sustaining the
enthusiasm with which plunged into this endeavor.
I avail this opportunity to express my profound sense of sincere
and deep gratitude to many people who are responsible for the
knowledge and experience I have gained during the term paper work.

I extend my overwhelming gratitude to MS.IMPREET KAUR, for

her valuable guidance and meticulous supervision during the preparation of
this Report.

My hearty and inevitable thanks to all the respondents who is helped

me to bring out the term paper in a successful manner.

Last but not the least; I extend my gratitude towards my, faculties and
friends who extended their wholehearted support towards the successful
completion of this term paper Work.

PUNEET KUMAR MISHRA

MBA (194)

SECTION-1902

REG.NO.-10907392

ROLL NO.-RT1902A64
Introduction of PESTEL analysis

PEST analysis of any industry sector examines the important factors

that are affecting the industry and influencing the companies operating
in that sector. PEST stands for political, economic, social and
technological analysis. Political factors include government policies
relating to the industry, tax policies, laws and regulations, trade
restrictions and tariffs etc. The economic factors relate to changes in
the wider economy such as economic growth, interest rates, exchange
rates and inflation rate, etc. Social factors often look at the cultural
aspects and include health consciousness, population growth rate, age
distribution, changes in tastes and buying patterns, etc. The
technological factors relate to the application of new inventions and
ideas such as R&D activity, automation, technology incentives and the
rate of technological change.
The PEST Analysis is a perfect tool for managers and policy makers,
helping them in analyzing the forces that are driving their industry and
how these factors will influence their businesses and the whole
industry in general. Our product also presents a brief profile of the
industry comprising of current market, competition in it and future
prospects of that sector.
The Indian media and entertainment industry is one of the fastest
growing sectors of the Indian economy. It has benefited from the
economic growth and rising income levels in the country, and is in a
crucial phase of transformation. The year 2006 was a good year for the
industry and it was characterized by consolidation, realignment and
growth in most segments of the industry. Further, the industry is
expected to grow faster than India’s GDP growth and consequently
more expenditure is expected in media and entertainment. 

Aruvian Research analyzes the Media & Entertainment Industry in India

in a PEST Framework Analysis. A PEST analysis is concerned with the
environmental influences on a business. The acronym stands for the
Political, Economic, Social and Technological issues that could affect the
strategic development of a business. Identifying PEST influences is a
useful way of summarizing the external environment in which a
business operates.

1. Political/Legal
2. Economical, Competition, Infrastructure, Geographic,.
3. Social/Cultural
4. Technology / infrastructure
 
It is also referred to as the STEP, STEEP, PESTEL, PESTLE or LEPEST (or
Political, Economic, Socio-cultural, Technological, Legal,
Environmental). Recently it was even further extended to STEEPLE and
STEEPLED, including education and demographics.
 Political factors include areas such as tax policy, employment laws,
environmental regulations, trade restrictions and tariffs and political
stability.

Economic factors are economic growth, interest rate, exchange and

inflation rate.
Social factors often look at the cultural aspects and include health
consciousness, population growth rate, age distribution, career
attitudes and emphasis on safety.

Technological factors include ecological and environmental aspects and

can determine barriers to entry, minimum efficient production level
and influence outsourcing decisions. Technological factors look at
elements such as R&D activity, automation, technology incentives and
the rate of technological change.

 The PEST factors combined with external micro environmental factors

can be classified as opportunities and threats in a SWOT analysis.
PEST/PESTLE alongside SWOT and SLEPT can be used as a basis for the
analysis of business and environmental factors.

Profile of entertainment industry

Entertainment Industry in India comprises of Film Industry and
Television Industry. The Indian entertainment industry is among the
fastest growing sectors in the country. In the past two decades
entertainment industry in India has witnessed explosive growth. In
television alone, from a single state owned television network,
Doordarshan in 1991, today there are over 300 national, regional and
local channels being beamed across the country. Indian film industry is
the largest film industry in the world, producing on an average, close to
a thousand films a year in all languages. In terms of film production
India exceeds Hollywood's production volume by over three times.
Some of the fastest growing segments in the Indian entertainment
industry include music, cable and satellite television, animation and FM.
According to an estimate by FICCI and Ernst and Young Indian
entertainment industry would worth more than Rs. 400,000 million in
2008. Several positive developments like the accordance of the
'industry' status to the film industry, satellite channel penetration, the
retail boom in the channels for music sales (Music World & Planet M),
the use of digital technology in all spheres of entertainment and the
growth of multiplexes have contributed to the growth of this sector.
 
Entertainment industry in India is presently in a consolidation phase as
boundary lines between films, music and television are fast
disappearing. Skills and resources are being pooled extensively. Besides
adaptation to high-end digital technology, the entertainment industry is
also witnessing rapid development of state-of-the-art studios and post
production facilities. 

In terms of employment, an estimated 6 million people earn their

livelihood from the entertainment industry and this number is all set to
grow. Entertainment industry in India is projected to be one of the
major economic driving forces of the country. In India, television is the
major segment of entertainment industry. Presently, India has the third
largest television market in the world behind only china and the USA.
Today, television reaches about hundred million Indian households.
India has the world's biggest movie industry in terms of the number of
movies produced. Presently, the technology of film-making in India is
perhaps the best among all developing countries. Indian film industry is
now increasingly getting professional and a lot of production houses
such as Yash Raj Productions, Dharma Productions, Mukta Arts etc. are
now working on corporate lines.

The popularity of Indian entertainment industry goes well beyond the

geographical frontiers of the country. Indian television channels and
films are viewed and enjoyed across the entire South Asia. Across the
Middle East, parts of South East Asia and Africa, large expatriate
populations ensure that Indian TV channels and films are a regular part
of their entertainment bouquet. In UK and North America (USA and
Canada), Indian TV channels and films are increasingly finding a
foothold beyond the expatriate pockets as the audience there has
started to enjoy and identify with the contemporary Indian culture.
Quite a few of Indian film stars are also getting good offers from
Hollywood.
 
The future prospects of Indian entertainment industry look to be
extremely good. As India's profile rises on the global stage outside
interest in India's culture and entertainment industry is also bound to
grow.

Characterization of entertainment industry

1. Film
2. Music
3. Radio
4. Live entertainment
5. Print media

Political factors-
Tax policy-Entertainment tax in India signifies the tax paid by the
entertainment industry in India. The entertainment tax in India is
usually applicable for large-scale entertainment shows, private festivals
that are sponsored, movie tickets, video game arcades, and amusement
parks among others. 

Entertainment activities include commercial movie/theater shows,

games, amusement parks, exhibitions, celebrity stage shows, any kind
of sports such as horse racing, and exhibitions. The entertainment tax
department looks after the tax payable for the entertainment activities
being performed in various places across the country. The
entertainment tax department is located in Delhi and works under the
stipulation of The Delhi Entertainment and Betting Tax Act, 1996. The
organizers or proprietors of the entertainment shows are responsible
for the entertainment tax in India. 
They collect the tax from the sponsors and deposit it to the
Government of India. One of the highest revenue earning sectors from
tax in entertainment industry is cinema. With every ticket, a certain
amount of tax is tagged which is paid while buying the movie tickets
and is included in the price of the tickets. The entry tickets to any
cinematographic exhibitions have the entertainment tax included in it,
which is 25-30 percent. 

The entertainment department is a major source of revenue for the

Government of India. It also has a great contribution towards the
publicity of Indian arts that portrays ancient culture and various sports.
This is done by granting tax-free benefits to the same. The organizers of
any entertainment shows will have to seek the permission of the
Entertainment Tax Department before putting up any commercial
shows. The entertainment tax in India is levied upon the organizers or
proprietors depending on the kind of shows being organized. There are
a range of tax schemes for various entertainment programs. These are
as follows:

 Tax schemes designed for amusement parks

 Tax-paid programs
 Programs based on tax exempted sectors
 Tax programs on cable television networks
 Tax for various invitee programs
 Tax on entertainment betting
 Tax on video parlors

To alleviate the tax generating program, a series of technologies has

been introduced in the entertainment tax department. For example,
the computerized ticket booking system has been incorporated for
booking movie tickets along with the online data transmission in the
entertainment industry. The more advanced the entertainment
industry is becoming the tax rate is increasing at a proportional rate.
Implementation of innovative technologies for an easier access for the
customers’ demands for sufficient entertainment tax rate depending on
the revenue. Customers mostly look for convenience and less
hazardous tasks while going for any entertainment program and so
faster access would definitely attract more customers. 
Entertainment laws

Entertainment law or media law is a mix of more traditional categories

of law towards providing legal services to the entertainment industry.
The principal areas of Entertainment Law usually overlap with the well-
known and conventional field of intellectual property law, however,
generally speaking the practice of entertainment law often involves
issues relating to employment law, labor law, securities law, agency &
contract, intellectual property (especially trademarks, copyright),
International law (especially Private international law), and insurance
law. Much of the work of an entertainment/ media law practice is for
drafting contracts, negotiation and mediation. Some situations may
lead to litigation or arbitration particularly in cases of infringement of
Intellectual Property Rights (IPRs).

Entertainment law is generally sub-divided into the following areas:

• FILM: covering option agreements, finance, chain of title issues,

agreements with screenwriters, film directors, actors, composers,
production designers etc., production and post production issues, trade
union issues, distribution issues, and general intellectual property
issues especially relating to copyright and, licensing thereof; 

• MUSIC: talent agreements (musicians, composers), producer

agreements, general intellectual property issues, especially relating to
copyright; 
• TELEVISION and RADIO including broadcast licensing and regulatory
issues, mechanical licenses, and general intellectual property issues,
especially relating to copyright; 

• THEATRE: including rental agreements and co-production

agreements, and other performance oriented legal issues;

• MULTIMEDIA: including software licensing issues, development and

production, Information technology law, and general intellectual
property issues;

• PUBLISHING and print media issues, including advertising, models,

author agreements and general intellectual property issues, especially
relating to copyright;

Economic aspect
Business economists working in the entertainment industry will
recognize this new edition as an old friend. Since its first introduction in
1986, Vogel’s Entertainment Industry Economics has been the first
place professors sent students who wanted to begin serious study of
the industry. While the book is serious in the sense of being a no-
nonsense, fact-based treatment, complete with supply and demand
curves and equations, it is far from humorless. Each chapter begins with
a line like, "Break a leg" for the Performing Arts or "Happy trails to
you ..." for Financial Accounting in Movies and Television. And then the
line is connected to the subject in the introductory paragraph.
The book's subtitle is appropriate, because the focus of the book is the
financial side of the industry. However, the book is much broader than
accounting or financial analysis per se. In fact, these elements are
mercifully minimized. The book is a collection of professionally
researched industry studies, complete with bibliographic references
and data. It covers the economic landscape of entertainment in its
broadest sense, including cultural, social and political factors that
influence the industry's economics. For example, in the first chapter
when entertainment and recreation are differentiated, the value of
time is discussed and contrasted with concepts spanning those of
Aristotle and Veblin to modern economists such as Becker and
DeSerpa. Financial aspects are explained as consequences of broad
ranges of intervening variables and forces, from philosophical and
social to political and historical. More than one-third of the book is
devoted to citations, references, data and technical appendices.

The first chapters are about the cinema. A brief history of movies is
recounted, beginning with Edison in the 1890s and the lower Broadway
"Kinetoscope Parlor" to the century-later purchase by the Kirkorian
group of MGM, MGM's buying the Orion library, and now the explosion
of DVD titles. The inelastic market demand for tickets is discussed in the
context of the seasonal fluctuations and changes in national income. I
was surprised to learn that the real price of tickets has fallen since the
1970s.

Film is like construction in the sense that capital is a critical factor of

production. It is interesting that apparently a statistically significant
inverse correlation exists, with at least a one-quarter lag, between
interest rates and the number of production starts. Also, with at least a
six-quarter lag, an inverse relation probably exists between production
starts and borrowed reserves (credit availability).
The lag structure is consistent with the long lead-time needed to
assemble all of the components for motion-picture productions.

Many other aspects of the industry are discussed, including

international aspects. Because 30 to 45 percent of the gross rentals
earned by the major studios are from outside the United States and
Canada, swings in foreign-currency exchange rates substantially affect
domestic U.S. firm profitability. Many other economic and financial
aspects that would interest potential investors are introduced, as well.
In the analysis of the film industry's assets, there is an illuminating
discussion of the real-estate holdings of the major studios.

The chapter on the financial foundations of making and marketing

movies as well as the one on the financial accounting in movies and
television motivates the book's subtitle. They were at just the right
level for me. They gave me just enough information to understand the
issues and to remind me why I became an economist and not an
accountant. However, I recommend the chapters to other business
economists. We operate in the business world, and we deal with
numbers from financial accounting systems. Because of this, we need
to understand the source and assumptions under which those numbers
are constructed. Vogel makes a good argument that accounting
problems in the industry are more often due to differing views,
assumptions and interpretations than intended deceits. Nevertheless,
the book covers numerous arcane practices as well as a dozen simple
tricks of the trade like pricing tickets below profit maximizing levels to
maximize concession profit, called "downstream diversion." These
conditions combine to reduce the transparency or reliability of financial
information and reduce investment returns as well. The problem is only
compounded because of the already risky nature of the business.
Other industries that are classified as media dependent include music,
broadcasting, cable, publishing, and toys and games. Each chapter is a
study of how markets and business works. They are fascinating and
written in a clear style that concentrates on economic issues. Each
study is presented at a level above popular accounts and yet several
levels below the abstraction or technical virtuosity of purely academic
inquiry.

The wisdom displayed in the book comes from the selection of material
and its concise explanation. No chapter is more exemplary of this than
the one on gambling in the section of the book on live entertainment.
This section also contains chapters on sports, the performing arts, plus
amusement and theme parks. In terms of the general public, the
fundamental economics of the gaming and wagering industries are
probably the least understood of any industry. As in most
entertainment, the one thing you are left with is the memory. However,
in gambling the memory might be loosing, so the value must not be
that memory. And because consumers spend more on gambling than
any other form of entertainment, it certainly has value, and it is not a
new value. Vogel traces the history of gambling from biblical times,
through the postwar Nevada Bugsy Segel era, to modern issues such as
the Indian Gaming Regulatory Act and bets placed via the Internet.

Consistent commitment to economic reform over the last decade has

spurred the steady growth of the Indian economy. The emphasis on
creating an enabling environment for investment and the inherent
potential of the Indian economy have together pushed India's annual
Gross Domestic Product (GDP) growth rate beyond 8 percent.

While India's GDP ranks eleventh in the world in absolute terms, it

ranks among the top five economies of the world when assessed in
terms of purchasing power parity. It is the growing consuming class
with the proclivity to spend that will drive the growth of the Indian
entertainment industry. Adding to this positive outlook is the fact that
the average Indian is getting younger and is showing a greater
propensity to indulge and entertain himself. Moreover, there are over
20 million Indians living abroad who are increasingly opting for India-
oriented entertainment, as the availability of such content increases.
Globally, a clutch of international films with Indian content, themes and
performers are receiving wide visibility and acclaim. This broad
acceptance of Indian entertainment is likely to give a further fillip to the
expansion of this industry.

Consumerism and demographics

The emergence of the Indian middle class with greater earning power
and a higher disposable income is one of the key factors that will drive
the growth of the Indian entertainment sector. Demographic analysis
clearly shows the evidence of this growth. The consumption chart
below indicates the continued progression of people into higher
income and consumption segments.

As the average Indian gets richer and his more compelling needs are
met, his propensity to spend on discretionary items such as
entertainment increases. Further, as his consumption of various goods
and services rises, companies would try to reach out to him through
more marketing and advertising. Higher demand and an increased
investment would result in an expansion of the entertainment industry
in the years to come.

Non homogenous market

As the Indian entertainment market grows, it is essential to recognise

the heterogeneous nature of the market. All too often, the specific
appetite of certain segments such as the rural population, women and
children, is under-estimated and their financial value proposition
continues to be under-recognized.
Companies and businesses that have managed to differentially cater to
the varying segments of Indian population have benefited. As a
corollary, the entertainment sector too has begun to witness the
advent of a broader set of offerings which are aimed for specific
segments: e.g. television channels for children. On the other hand, the
‘children's films’ genre, for instance, has yet to grow and mature in
India. There is a case for a proactive and sustained targeting of specific,
niche segments of the market. In fact, given the size and potential of
India's niche segments, niche may be a word which is likely to be
replaced soon.

Advertising spend

As per industry estimates, the total advertising spend in India in 2004

was approximately INR 118 billion, a growth of 13.4 percent over the
last year. However, India continues to have a low 'advertising spend to
GDP' ratios compared to other economies, underscoring the untapped
potential. In 2004, the advertising spends for India stood at 0.50
percent of the GDP, up from 0.48 percent the previous year. This is
expected to increase significantly due to rising consumerism and
growing interest from global brands attracted by this huge and
expanding market.

Given the increasing number of media channels that consumers are

exposed to, brands will have to advertise more frequently and across
more channels to generate brand recall. As television channels have
multiplied and the content available has become more diverse in the
last decade, their viewership has increased, niche channels have
emerged targeting specific demographic segments and the cost of
advertising on television has reduced.
 While the broadcasters can dwell on this shared optimism, they must
also recognize that advertising budgets are very sensitive to economic
downturns. Advertising budgets are not only easily brought down, but
the productivity of such expenses is also challenged. Companies are
increasingly demanding their advertising agencies to link their fees to
performance indicators such as sales increments. With increasing
access to state-of-the-art technologies, addressability issues are being
put to test, thereby exposing the limitations of current media research
findings and measuring the true efficacy of media.

Social Impact 
The entertainment industry has a huge impact on people today, in fact
on a daily basis we need to fall back on entertainment at least 4/5
times. That’s what a recent survey says. What we see, watch or hear is
how we ‘grow up’. The meaning of entertainment has undergone a
major makeover over the years. We would love to dress up as
Cinderella and get married at the Disney castle. The life-like video
games perhaps give us a high like no other. Whoever doesn’t watch the
saas – bahus of Indian telly? What about the violent reality shows,
MMS scams, dance bar controversies? Surely, we realize how easily a
tech-savvy 10-year-old can give himself adult entertainment over the
internet? This is what this industry has come to! some for the good and
some for the worse. The entertainment industry to a large extent
shapes our social structure. This industry has significant impact on our
minds, i.e. it shapes our way of thinking, acting and doing things. In
recent times, not only have there been revolutionary innovations to
entertain various segments of society but a lot of undesirable trends
have also taken birth. Each aspect has impacted society in some way or
another, especially because of the accompanied upsurge in media. Thus
lies its significance.
Technological factor-
Technology has become an inseparable part of the Media And
Entertainment industry. Some examples of the latest technology
involved are digital media technology, interactive TV, new and e-
distribution channels. Therefore, technology management is also a
major issue for the entertainment companies.

Technology has played a key role in influencing the entertainment

industry, by redefining its products, cost structure and distribution.
Empirical evidence suggests that technological innovations create
discontinuities in the industry, with the initial dissonance evolving into
eventual realignment to effectively create and realize value from it.
Content creation has benefitted significantly from technological
breakthroughs, especially in the areas of sound, visual effects and
animation. This has benefitted audiences by providing them with a
high-tech content viewing/ listening experience. The growing adoption
of digital television around the world has forced leading global
broadcasting companies to put development and use of new
technologies at the centre of their core strategies. For a content
distributor, future will come by specialised offerings, such as high-
resolution pictures, high-speed Internet access, online games and
information, pay-per-view electronic commerce services and voice
telephony. New technologies, such as satellite radio, are characterised
by their ability to reach out to larger audiences than ever before,
reducing the cost per contact. While these technologies typically
require high initial capital expenditure, the same may be set off by
incremental volume gains through increased reach. It is this trade off
that needs to be evaluated before an investment is made in any new
technology. If one were to look at emerging trends in technology and
their impact on entertainment consumption, the most significant
trends are seen in the areas of media distribution, though some may be
regarded as product innovations.
The increasing penetration of technology is a major force shaping the
entertainment landscape today. It will completely revolutionize content
delivery as well as the viewership experience. Once these technological
changes attain a critical mass, they can have a shattering effect on the
existing industry equilibrium. Due to the imminent impact of these and
other technologies, the successful media and entertainment companies
will be the ones that are prepared for their disruptive effects on their
business models and the industry structure.

The future of the entertainment industry will be a function of the

interplay of each of the above factors, namely consumerism,
advertising spend, content, pricing, technology and regulation.
Estimating the industry size over the next 5-10 years, would require a
crystal ball, given the number of variables involved. However based on
current trends, the industry is expected to breach the INR 500 billion
barrier in five years. For the Indian entertainment industry, this is the
moment of truth. Beyond the linear growth projections, there is a
bigger story waiting to happen if a concerted and accelerated effort is
made now. The industry is entering a second phase of growth, which
will have technology as one of the key drivers. This growth phase will
be the consequence of a combination of quality infrastructure and the
gradual penetration of digital connectivity, which will redefine the way
entertainment content is delivered and consumed. This phase of
growth needs to be supported by an enabling tax and regulatory
infrastructure, as the government begins to understand the long term
potential of this sector, and starts according it the priority status it
deserves.
Environmental aspect-
Using the entertainment industry as a means for environmental
education may seem blasphemous to those who still view popular
culture with contempt. However, the EMA(Environmental Media
Association) justifies its unrelenting focus on using television to teach
the public with the logic that in a marketplace society, where ideas
have to compete to be heard, harnessing the power of pop-culture
appeal in order to access, inform, and potentially educate a large
audience is a prudent strategy. Generally speaking, “harnessing” the
power of television would not be an easy task for a local environmental
advocacy group to accomplish. Mander writes that in most cases,
advocacy groups who strive to obtain access to television programming
are often limited to public broadcasting stations with nowhere near the
audience that commercial programming has (1977: 36-37). The EMA,
however, has one giant advantage over the others – insider status.
With a Board of Directors comprised primarily of Hollywood elites,
including Ted Turner, Ed Begley, Jr., Pierce Brosnan, Blythe Danner, and
Daryl Hannah just to name a few, as well as a incredible host of
celebrity supporters who have worked with the EMA on a project-to-
project basis, grabbing the attention of television producers is much
easier. By going to the offices of television series producers and
“pitching” environmental story lines to weave into their programs, the
EMA believes that it can do what other environmental activists may
have trouble doing. The problem that environmentalists face in gaining
the public’s attention is that they don’t speak the same language,
preferring science-speak over people-speak.
The result of this discrepancy is that the environmental story often gets
lost. “The environment is a vitally important story, filled with episodes
of inspiring triumph and heart-wrenching pain, humorous anecdotes
and sobering human drama” ( www.ema-online.org ). Therefore, the
EMA, with its insider status, attempts to play the role of matchmaker,
marrying the environmental story that needs to be told and the
medium that has been deemed today’s dominant storyteller. As an
example of successful work in this regard, the EMA points to the
television program that has captivated audiences of the most eclectic
nature for almost 20 years. The Simpsons was first introduced to
America on April 19, 1987, and through “vicious social satire” and “pop-
culture allusions” its creators have received considerable praise by the
EMA for the way in which the show meshes sardonic humor, popular
culture awareness, and environmental commentary (Meister and Japp
2002: 63). Over the years it has been difficult to ignore Lisa Simpson’s
soapbox banter regarding a clean ecosystem, global warming, or animal
rights. So, in 2001, the EMA presented Lisa Simpson with their EMA
Board of Director’s Award for Ongoing Commitment, signifying to the
writers of The Simpsons writers that their passions for the environment
and their efforts to weave them into their storylines were appreciated.
Other programs that have either been directly influenced by the EMA
or have taken it upon themselves to incorporate environmental
messages into their stories include, King of the Hill, The Practice, 6.
Legal aspect-
Digital Preservation is also related to entertainment industry as we
have to preserve movies and similar products. This resource is the
Exclusive legal resource in India that is providing the legal aspects of
entertainment industry in India.

Categories:

 Academic research
 Best practice for digital preservation
 Commercial systems
 Consultancy
 Copyright and licensing
 E-government
 General
 Information management
 Long-term preservation
 Portals
 Standards
 Technology

Conclusion
2004 was an eventful year for the industry. The industry saw a further
strengthening of the C&S dominance and increasing reliance on
subscription revenues. Persistent efforts by broadcasters enabled them
to get higher disclosure rates. These superior disclosure rates coupled
with higher subscription charges, post lifting of the price freeze that
had been in force for around two years, increased the broadcaster
revenues.
 It also helped the broadcast industry continue its progress from an
advertisement dependant one to one with more balanced revenue
streams. 2005 could be a turning point in the industry's life cycle. The
launch of DTH, DSL and IP-TV is expected to reshape the landscape of
the industry, by introducing competition in the last-mile for the first-
time. The forces unleashed by them will determine the future of the
industry.

--------THANK YOU