ICICI Securities: Media  2021 Outlook - Low New Normal In Ad; Embrace Disruption 
A viewer operating a television remote. (Source: flash.pro/Flickr)

ICICI Securities: Media 2021 Outlook - Low New Normal In Ad; Embrace Disruption 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities Media Outlook 2021.pdf


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