ICICI Securities: Media 2021 Outlook - Low New Normal In Ad; Embrace Disruption
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ICICI Securities Report
Advertisement revenues were weak in FY21 due to Covid-19 and lack of fresh programming for more than a quarter through digital media gained traction during the same period.
We expect television ad revenues to rebound in FY22E, but it could still be lower than in FY20.
Further, Zee Entertainment Enterprises Ltd. and Sun TV Network Ltd. have lost viewership share, which would put pressure on realisation.
Subscription revenues would face risk from the National Tariff Order 2.0 implementation.
Zee Entertainment is aggressively investing in over-the-top platforms and may continue with it while Sun TV is yet to start investing.
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