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The Telecom, Media & Entertainment (TME) industry faces a series of challenges both in growing the top line by finding new sources of revenue growth and also increasing operational efficiency to enhance margins. These challenges, while not new, are increasing as a result of the continually evolving consumer demand, rapid technology developments, new business models, and increasing competition. The rise in data usage, fuelled by the proliferation of mobile devices such as smartphones and tablets, is exerting tremendous strain on the network of operators. In addition there is the challenge of operators to effectively monetize this rapidly growing data traffic. New business models and non-traditional competitors are also increasing competition in the industry. In order to effectively tackle these transformational challenges, telecom players have adopted a number of diverse measures aimed at renewing customer relationships, network infrastructure, operations, IT systems, and product management. We have assessed these responses here calling it Digital Renewal.