Vol. 40, 18th May – 31st May 2012                           Mediatainment Track                                   Fortnigh...
FOUR-S Mediatainment Track Investment Activity                                                                            ...
FOUR-S Mediatainment Track Corporate DevelopmentsValueFirst acquires Way2SMS                                     Magzter r...
FOUR-S Mediatainment Track                                                                                  The Foreign In...
FOUR-S Mediatainment Track Stock Market Update (Returns)             Stock                           MCap (May31) Price (M...
FOUR-S Mediatainment Track         FY12 Results                                         Revenue                     EBITDA...
FOUR-S Mediatainment Track Four-S Services Pvt Ltd Founded in 2002, Four-S has a strong & successful track record of genui...
FOUR-S Mediatainment TrackAbout Four-S ServicesFour-S Services provides customized business and financial research to orga...
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Transcript of "Four s fortnightly mediatainment track 18th may - 31st may 2012"

  1. 1. Vol. 40, 18th May – 31st May 2012 Mediatainment Track Fortnightly Update on Indian Media & Entertainment Industry In the Spotlight Content FY13: Re-invent, Re-grow Content Private Equity 2 India’s GDP has declined to reach a 9 year low. With ad revenues’ dependency on GDP, FY13 looks like another tough year for the media industry. Mergers & Acquisitions 2 Listed leader Zee has been optimistic about FY13 outlook Corporate Developments 3 despite 12% decline in Q4 ad revenues. Zee forecasts industry to grow at 8-10% in FY13 while it aims to grow faster by News Update 4 increasing market share of its own channels, and the increasing subscription revenues. The second listed player Sun TV had a tough FY12, due to political issues. It is likely to Stock Market Update 5 face further headwinds in FY13. Financial Benchmarking 5 Regional media and retail advertising have done better on the whole as compared to the national. Print players have About Four-S 7 grown by geographic expansion but were hit by higher newsprint costs due to Rupee’s fall. In its earnings call, DB Corp revealed that while retail advertising grew over 20%, corporate advertisement remained a concern. Radio leader ENIL is confident of over 10% revenue growth for FY13. Indian M&E sector is re-inventing itself from a corporate advertising model to more robust multiple revenue streams model. Players are expanding geographically and digitally to make the most of local and digital media consumption and retail advertising. The regulatory support in form of Digitisation, Spectrum decisions, Radio Phase III auctions has been laid out by the Government. We would see new growth through changing business models in FY13.About Four-SIndia is getting increased focus in the Meanwhile, Services online/mobile segment. Nimbuzz is relocating theirFour-S Services is Indias leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai and Headquarters to India. InMobi, the biggest PE recipient lastBangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decision year, has opened up offices in Mumbai and Delhi in additionmaking and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries including to its Bangalore office.Education, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etcOur Services: Strategy Consulting Research Support Business Planning Valuation Services Investment Banking Investor Relations & IPO ConsultingFor further information, please contact Seema Shukla at seema@four-s.com seema@four-s.comse or reach us as http://www.four-s.com
  2. 2. FOUR-S Mediatainment Track Investment Activity st Private Equity deals in M&E and Mobile VAS till 31 May, 2012 Date Investors Target Stake % Amount $mn Business Stage 9-Ma y IndoUS Ventures Ma gzter NA NA Di gi tal Publ i s hi ng Ea rl y Mumba i Angel s . Bl ume Ventures , Indi a 26-Apr Venture Pa rtners (Ma uri tius ) a nd Uni ted Mobi l e Apps NA 1.0 Mobi l e Apps Ea rl y Chri s topher Prei nz a nd As s oci a tes (EU) 18-Apr Future Ventures Ama r Chi tra Ka tha (Ack) 9.8 NA Publ i s hi ng Late 27-Ma r Ni rva na Ventures Advi s ors Ga mes 2wi n 10.0 NA Ga mi ng Late 13-Ma r Provi dence Equi ty, Ma cqua ri e Ba nk Ha thwa y Ca bl e 17.3 72.0 Ca bl e opera tor Late 20-Feb Oja s Venture Pa rtners Bri zzTV Medi a La b NA NA Di gi tal medi a Early 17-Feb Upda ta, Wes tBri dge & Intel Ca pi tal Jul y Sys tems NA 15.0 mVAS Late 15-Feb Ci s co Sys tems Qyuki 17.0 5.5 Di gi tal medi a Early 8-Feb Indi a n Angel Network Ga mi a na Di gi tal Ga mi ng NA 1.0 Ga mi ng Early 31-Ja n Oja s Ventures Venturenet Pa rtners Pvt Ltd NA NA Di gi tal Ra di o Early 27-Ja n NA InRev NA NA Soci a l medi a product Ea rl y 19-Jan CCube MyAdCorner.com NA NA Online ad booking Early 19-Ja n Sequoi a Ca pi tal Knowl a ri ty Communi ca tions NA 6.6 mVAS - Cl oud Tel ephony Growth 2012 has seen 13 deals for more than $101.1mn till date. st Merger & Acquistions in M&E and Mobile VAS till 31 May, 2012 Date Acquiror Target Stake (%) Amount ($ mn) Business 23-May ValueFirst Messaging Way2SMS NA NA mVAS 19-May AV Birla Group India Today 27.5 NA Publishing 17-May Trivone Digital Chakpak NA NA Online portal 26-Apr CA Medi a , Zodi us Advi s ors Onl y Much Louder NA NA Event 26-Apr CA Media Endemol India 49.0 NA Content Production 25-Apr Eros International Plc B4U Television Network 76.0 53.1 Broadcasting 24-Apr Publicis Groupe Indigo Consulting NA NA Digital Agency 5-Apr Tyroo media, Inflection Digital DGM India 94.6 0.7 Ad network 2-Apr Jagran Prakashan Nai Dunia Media Pvt Ltd NA NA Publishing 30-Mar Gujarat Fluorochemicals/ Inox Fame India 18.7 18.2 Exhibition 30-Mar Affle, D2 Communications MobiMasta NA NA mVAS - Advertising 21-Mar Gruner + Jahr NetworkPlay 70.0 NA Digital Ad Network 15-Mar Ver Se Innovation Eterno Infotech NA NA Mobile Media platform 13-Mar Pubmatic MobiPrimo 100.0 NA mVAS 29-Feb Komli Media AdMax Network NA NA Ad Network 10-Feb GigaOM NA Guardian News & Media - PaidContent, other assets NA Content 3-Feb Persistent Systems Openwave Location Business 100.0 NA mVAS - Location services 2-Feb Walt Disney UTV Software NA 430* Broadcasting, Production 25-Jan Gujarat Telelinks V&S 51.0 0.2 Distribution - MSO 19-Jan Reliance Strategic Investments DEN Networks 1.1 NA Distribution - Cable 4-Ja n Wa y2Onl i ne 160by2 100.0 NA Onl i ne portal - mes s a gi ng 3-Ja n Network 18 Group Eena du NA 395.0 Broa dca s ting 2-Ja n Undi s cl os ed buyer Ba l a ji Tel efi l ms - educa tion/ mobi l e NA 1.6 Content/ Medi a educa tion *estimated value 2012 has seen 23 acquisitions happening in the segment, worth more than $899mn. Four-S Indian PE Directory 2012” – A Guide to choosing private equity partners Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years. A first-of-its-kind, the directory offers “Deal History” in India for individual investor. Management, investment profile and Contact details. User-friendly Spreadsheet Format. It comes from Four-S Services, the most trusted deal information bank in India.Research DeskFor further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  3. 3. FOUR-S Mediatainment Track Corporate DevelopmentsValueFirst acquires Way2SMS Magzter raises Series A from Indo-USIn the first deal in the messaging space this year, Magzter has raised a Series A funding from Indo-USValueFirst messaging has acquired Way2SMS in an all cash Venture Partners. While the amount was undisclosed,deal. While the deal amount was not disclosed, it is news report put it in the range of $3mn-$5mn.pegged to be around $30mn by some news reports. Magzter is a digital magazine store and news stand forWay2SMS was in the news in late 2011 when it had mobile devices which allows users to browse, buy andacquired another Person2Person online portal 160by2. read digital editions of select magazines and periodicals. ItThe combined entity had a market share of 95% in P2P has apps for iPhone, iPad and Android devices. The 11online SMS business with over 33mn registered users. month-old company is based in New York and Chennai. ItValueFirst messaging is a leading Enterprise Messaging claims to have 2.5mn registered users, including 0.6mnservice provider. It is also into SMS advertising network, iPad users from India, and has 1,000 transactions per day.SMS content publishing and content alerts. It has raised a It has over 400 magazines on its platform at present. Ittotal of $21mn till date in two rounds from Headland Asia plans to add newspapers and increase magazinesVentures and NEA. It has been acquiring companies to catalogue to over 10,000 from across the world in next 18increase its breadth of services. Earlier acquisitions months. The company is looking for another fundinginclude SMS Social network Tagg.in, telecom products round of over $10mn.company PacketShaper, VAS firm CellNext. ValueFirst isexpected to achieve turnover of $50mn this year. Seed Funding deals: Innoz, iDubbaThis acquisition will increase ValueFirst’s presence in In two seedfunding deals of the month, mobile searchconsumer space. Post acquisition, ValueFirst will have company Innoz and TV guide iDubba raised seed funding.over 50mn opt-in subscribers. Innoz has raised series-A funding from Seedfund. It offers mobile search service on the shortcode 55444. It charges aAditya Birla Group acquires 27.5% in India Today rate of one rupee per serach and also has a subscriptionIn another case of an Indian corporate house increasing option at thirty rupees per month. The company had apresence in media space, Aditya Birla Group has acquired turnover of $1.2mn in FY11 and it receives over 33mn27.5% in India Today Group – Living Media India, for an queries in a month. More than 80% of Innoz’s trafficundisclosed amount through its Private Investment arm. comes from Airtel. Innoz positions itself as a good dataThe India Today Group has presence across all media mining platform for telcos for customer insights.verticals – publishing, television, radio and events. Its iDubba has raised angel funding from a group of angellisted group company TV Today Network Ltd closed FY12 investors. iDubba is an Online and Mobile TV Guide andwith a turnover of Rs. 3,084mn and a PAT of Rs. 105mn. based in Noida. It offers interesting services around TVCommenting on the investment, Chairman of Aditya Birla programme information, like recommendations andGroup termed the media industry as a sunrise sector. alerts.Trivone acquires Chakpak.com Punjab Kesari to expand, looks for PE fundingTrivone Digital Services has acquired Chakpak.com for an Hindi Daily Punjab Kesari plans to enter new markets ofundisclosed amount. Chakpak is an entertainment portal UP and Uttarakhand in this year. It has already acquiredmostly focussed on South Indian film news. It had raised a land and is setting up facilities in Noida, Meerut,$5mn funding from Accel Partners. Flipkart had acquired Ghaziabad, Lucknow, Dehradun, Bareilly and Agra. Thererights to Chakpak’s digital catalogue that included 40,000 will be two main editions, one for each state, and manyfilmographies and over 10,000 movies. sub-editions.Trivone owns and manages four other portals – Punjab Kesari has editions in Punjab, Haryana, Jammu andtechtree.com, CXOtoday.com, Supportbiz.com, and Kashmir, Himachal Pradesh and Chandigarh. It also plansChanneltimes.com. Chakapk, its fifth portal will get it into to increase itds reach in Rajasthan where it already hasentertainment segment. It also plans to launch sports and one edition. It plans to raise $30mn via PE funding routeauto portal. Trivone also has Accel Partners as investors. It for the planned expansions.had raised a Series A from Accel in December 2011.
  4. 4. FOUR-S Mediatainment Track The Foreign Investment Promotion Board (FIPB) has News Update approved proposal of Bloomsbury India UK to carry out publishing business in India for an investment of upto TRAI: TV Advertisement to be capped at 12minutes/hour $1.876mn. The Telecom Regulatory Authority of India (TRAI) has issued regulations regarding ‘Duration of advertisements Percept’s IPL5 Scorecard in television channels’ to all broadcasters, to enhance TV An analytical study done by Percept Media shows that ad viewing experience for subscribers. It had earlier released volumes for IPL5 dropped by 19% and number of a consultation paper in March for the same inviting advertisers dropped by 41%. In this IPL season, the rate comments from all stakeholders including consumers. per single 10 second slot was hiked to ~Rs. 0.51mn from There were complaints on the increasing duration and Rs. 0.45mn in IPL4, a hike of ~13%. For audience, average distracting formats of TV ads. The new regulations include GRPs per match dropped marginally to 32GRPs. The study maximum duration of TV ads to be capped at 12minutes also confirmed that General Entertainment Channels are per clock hour with no carry forward of unconsumed slowly reinstating the female viewership. duration. This will include promotional ads as well. In case Online streaming of IPL5 done by Indiatimes in of live sporting events, ad breaks to coincide with breaks partnership with YouTube reported a 55% increase in in the actual event, Time gap in consecutive ad breaks in a combined page views over last IPL to reach 113mn program to be a minimum of 15 minutes, Part-screen and pageviews. IPL’s CEO claimed that the pageviews at official drop-down advertisements will not be allowed, and audio IPL site increased by 355% this year. level of ads not to be higher than the program. Mobile viewing also went up with 0.6mn viewers in the first week itself. Apalya had tied up with Indiatimes for Chrome Dii R2: Carriage fee increases $60mn in FY12 mobile streaming of IPL matches. According to the Distribution Investments Index (Dii) study on Carriage fee released by Chrome Data Analytics and Copyright Bill Amendment passed Media, carriage fees paid by broadcasters in FY12 The Copyright Amendment Bill 2012 has been approved increased by $60mn to reach $380mn. In MSOs, DEN leads by the Parliament. The legislation will now be presented in premium commanded as it has a 18% share in C&S before the President. The bill essentially recognizes households across Chrome reported markets. DEN’s artistes as the owners of of copyright rather than carriage fees in FY12 increased 44% for UHF-band and producers. Hence, broadcasters will be mandated to pay 22% for S-Band. royalty to owners of copyright everytime their work is On a national level, the cost per contact per household for broadcasted. a new player has increased by 43% for S-Band to Rs 26 and The Indian Broadcasting Federation (IBF) has appaluaded by 42% for UHF band to Rs 17. For existing players, the the move as a significant and positive step for the increase has been 39% and 37% respectively. A reason for industry. increase in cost per contract is that number of households have decreased due to increasing DTH subscribers. Mobile TV Spectrum to be located South is the only market to show a decline in carriage The Information and Broadcasting ministry is in talks with fees, as a result of Government’s control on Cable. the Department of Telecommunications (DoT) for a Chennai’s market share in South has decreased from 56% regulatory framework to allocate mobile TV spectrum. The to 37%. North remains the most expensive area. framework will include spectrum identification within the recommended band, service area licences, number of CCI nod to Reliance – TV18, FIPB nod to Bloomsbury UK providers, as well as TRAI recommendations on bidding CCI has approved Reliance’s stake acquisiton in TV 18 and for mobile TV licenses. Network 18. The multi-layered deal has already seen Mobile TV requires spectrum in UHF Band V (585-698 Network 18 Group acquiring Reliance’s stake in Eenadu MHz), however there is not enough spectrum available in for $395mn. Reliance, through its Independent Media this band at present. This has been a big roadblock in Trust, will provide funding through optionally convertible launch of mobile TV services so far. debentures to Network18 Media and Investments Ltd and Mobile has become an increasingly important screen in TV18 Broadcast Ltd. Network 18 and TV 18 have targetted Media sector. Indian Cellular Association (ICA) has said to raise $800mn in total including promoter’s that mobile handset demand in India was 180mn in 2011, contributions. Reliance will get access to Network 18’s a YoY increase of 20%. It predicts demand for mobile media content as a part of the deal. handsets to increase to 250mn by 2014.ResearchDeskDeskDeskResearch projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists andservices. We have executedDeskResearchhedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us asDeskResearchhttp://www.four-s.comFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We haveDeskResearch for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge fundsexecuted projects
  5. 5. FOUR-S Mediatainment Track Stock Market Update (Returns) Stock MCap (May31) Price (May31) 15 days 1m 3m 6m 1 yr P/E (TTM) Zee Entertai nment 1,26,222 131.7 6% 4% 4% 7% -4% 21.4 Sun TV Network 94,167 239.0 -9% -17% -23% -9% -39% 13.6 Di s h TV 61,470 57.8 -5% -4% 6% -10% -26% NM DB Corp 35,745 195.0 -3% -6% -4% -11% -19% 17.7 Ja gra n Pra ka s ha n 29,255 92.5 5% -6% -13% -12% -28% 16.4 HT Medi a 25,946 110.4 -2% -14% -23% -9% -31% 15.7 Ha thwa y ca bl e 23,421 164.0 -1% 5% -1% 59% 47% NM Eros Interna tiona l 15,196 165.7 0% -11% -11% -26% 12% 10.3 Den Networks 12,416 95.2 3% -12% -9% 56% -8% 85.2 ENIL 10,235 214.7 8% 3% -9% -13% -12% 18.2 TV 18 Broa dca s t 6,608 18.3 -20% -32% -40% -51% -80% NM Pri me Focus 6,089 43.9 -2% -9% -19% -9% -20% 6.1 Decca n Chroni cl e 5,736 27.5 -17% -31% -37% -39% -60% 9 Onmobi l e 4,744 41.3 -17% -23% -42% -37% -63% 5.7 PVR 3,952 152.6 5% 2% 7% 12% 39% 15.5 Rel i a nce Broa dca s t 2,880 36.3 -17% -28% -31% -35% -48% NM Ba l a ji Tel efi l ms 2,380 36.5 6% -19% -13% 7% 4% 11.6 Rel i a nce Medi a works 2,292 49.7 -22% -33% -40% -41% -63% NM Ni fty 4924.3 1% -6% -9% 2% -11% Sens ex 16218.5 1% -6% -9% 1% -12% Market Cap in `mn Financial Benchmarking - Quarter 4, FY’12 Results st Quarter ending 31 March, 2012 Revenue EBITDA PAT Q4FY11 Q4FY12 YoY Q4FY11 Q4FY12 YoY Q4FY11 Q4FY12 YoY Zee Entertai nment 7,954 8,691 9% 2,222 1,600 -28% 1,968 1,602 -19% HT Medi a 4,673 4,941 6% 862 482 -44% 529 220 -58% Di s h TV* 4,330 5,248 21% 902 1,442 60% -371 -490 NM Sun TV Network* 4,605 4,270 -7% 3,639 3,282 -10% 2,083 1,590 -24% DB Corp 3,174 3,606 14% 796 758 -5% 450 454 1% TV 18 Broa dca s t 2,058 5,120 149% 72 -458 NM -132 -334 NM Ja gra n Pra ka s ha n* 2,826 3,104 10% 714 659 -8% 421 428 2% Den Networks 2,821 3,216 14% 231 305 32% 81 48 -41% Eros Interna tiona l 1,143 2,068 81% 134 342 156% 136 297 118% Decca n Chroni cl e 3,349 2,195 -34% 68 397 481% -466 61 -113% Rel i a nce Medi a works 1,392 1,760 26% -641 -392 NM -1,735 -1,262 NM Pri me Focus 768 1,891 146% 380 597 57% 102 209 105% Onmobi l e 1,333 1,776 33% 309 413 33% 269 48 -82% Ha thwa y ca bl e* 1,235 1,355 10% 187 233 25% -175 -68 NM PVR 898 1,177 31% 190 47 -75% -11 -132 NM ENIL 822 935 14% 326 329 1% 180 196 9% Rel i a nce Broa dca s t 678 687 1% -120 -185 NM -197 -307 NM Ba l a ji Tel efi l ms * 433 369 -15% 2 -16 NM -11 15 NM * Standalone results Figures in Rs.`mnResearch DeskFor further information, please contact Seema Shukla at seema@four-s.com or reach us at http://www.four-s.com
  6. 6. FOUR-S Mediatainment Track FY12 Results Revenue EBITDA PAT Company FY11 FY12 YoY FY11 FY12 YoY FY11 FY12 YoY Zee Entertainment 30,088 30,406 1% 8,219 7,396 -10% 6,370 5,892 -8% HT Media 17,762 20,030 13% 3,320 2,869 -14% 1,809 1,655 -9% Dish TV 14,367 19,579 36% 2,380 4,960 108% -1,920 -1,331 NM Sun TV Network 20,135 18,472 -8% 15,779 14,144 -10% 7,698 6,929 -10% DB Corp 12,652 14,638 16% 4,031 3,550 -12% 2,585 2,021 -22% TV 18 Broadcast 8,042 14,227 77% 463 -495 NM -174 -738 NM Jagran Prakashan 12,211 13,557 11% 3,565 3,169 -11% 2,078 1,783 -14% Den Networks 10,419 11,393 9% 1,108 963 -13% 375 146 -61% Eros International 7,070 9,439 34% 1,561 2,124 36% 1,172 1,478 26% Deccan Chronicle* 10,309 9,147 -11% 3,475 2,121 -39% 1,626 607 -63% Reliance 8,361 8,145 -3% -137 -1,443 NM -3,289 -5,180 NM Mediaworks Prime Focus 5,030 7,719 53% 1,671 2,343 40% 761 993 30% Onmobile 5,372 6,380 19% 1,208 1,399 16% 892 831 -7% Hathway cable* 4,739 5,142 9% 900 873 -3% -403 -502 NM PVR 4,622 5,131 11% 916 794 -13% 82 254 211% ENIL 4,635 3,110 -33% 1,016 1,222 20% 172 561 227% Reliance Broadcast 2,454 3,002 22% -64 -633 NM -537 -1,130 NM Balaji Telefilms 1,922 1,878 -2% 3 12 312% -11 204 NM * Standalone results Figures in Rs.`mnResearch DeskFor further information, please contact Seema Shukla at seema@four-s.com or reach us at http://www.four-s.com
  7. 7. FOUR-S Mediatainment Track Four-S Services Pvt Ltd Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE fundsFour-S, trusted advisor to top Indian & Global Cos Offering comprehensive bouquet of services to SMEs, Corporates and PE Funds Target Portfolio Post investment Sector Research Identification Benchmarking Review Investor Investment Independent Entry Strategy Relations Banking Valuation
  8. 8. FOUR-S Mediatainment TrackAbout Four-S ServicesFour-S Services provides customized business and financial research to organizations across the globe. Thecompany also provides Investor Relations consulting to corporate based on in-depth sectoral and companyresearch. The company has an impressive client profile and a team of senior analysts covering key sectorsincluding Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructureand Manufacturing amongst others. For further information on the company please visit www.four-s.comDisclaimerThe information contained herein has been obtained from sources believed to be reliable but is notnecessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee orundertaking, express or implied, is made as to the fairness, accuracy or completeness of any information,projections or opinion contained in this document or upon which any such projections or opinions have beenbased. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of thisdocument or its content. This document has been distributed for information purposes only and does notconstitute or form part of any offer or solicitation of any offer to buy or sell any securities. This documentshall not form the basis of and should not be relied upon in connection with any contract or commitmentwhatsoever. This document is not to be reported or copied or made available to others. The Company mayfrom time to time solicit from, or perform consulting, or other services for, any company mentioned in thisdocument.

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