Media Release

1. This report is solely for the use of Zinnov Client and Zinnov Personnel. No Part of it may be quoted, circulated or reproduced for distribution outside
the client organization without prior written approval from Zinnov.
This report is solely for the use of Zinnov Client and Zinnov Personnel. No Part of it may be quoted, circulated or reproduced for distribution outside
the client organization without prior written approval from Zinnov.
Media Report - February, 2016
Media & Entertainment
Global Service Providers Rating - 2015

2. Global M&E Landscape01
Service Provider Landscape02
USD 1.4 Trillion
Overall Media & Entertainment
(M&E) Vertical Market Size
(2015)
― Media and Entertainment Industry Landscape
― Market Numbers and Segment Wise Growth
― Total PES and IT Addressable Market
― Addressed PES and IT Services Market
03 M&E GSPR 2015 Ratings

3. Media and Entertainment vertical consists of 8 major segments, each comprising of
multiple customer groups
New Media
Online – Audio, Video, Editorial
Social Platforms
Information Services
Directories
Financial Information Providers
Market Research Providers
Publishing
Book Publishers
Magazine Publishers
Newspaper Publishers
Gaming
Console Gaming
Casinos/Slot Machines
Online Gaming – Betting & Social
Broadcasting
Broadcasting – Over The Air
Cable & Satellite
OTT
Marketing & Advertising
Marketing Agencies
Ad-Tech Players
Entertainment
Studios
Music
Theme Parks
Original Content Creators
Education
Online Education
Education Publishers
Education Tech Players
Source: Zinnov Research & Analysis 3

4. 260 275
110 130
320
400
110
140220
295150
220
60
100
150
300
2015 2020e
The M&E market currently is 1.4 Trillion USD, expected to reach 1.9 Trillion USD
by 2020
Revenues in USD Bn
4Source: Zinnov Research & Analysis
New Media
Education
Entertainment
Gaming
Marketing &
Advertising
Broadcasting
Information
Services
Publishing
15.0%
10.5%
8.0%
5.9%
5.0%
4.5%
3.5%
1.0%
Overall6.1%
CAGR 2015-2020
Key Players
Facebook, Yahoo, Twitter, Google, LinkedIn, Baidu,
Huffington Post, etc.
Pearson, Apollo Group, Blackboard, K12, Laureate,
Kaplan, Udemy, Udacity, etc.
Warner Bros, Sony Pictures, 21st Century Fox, Disney,
Universal Pictures etc.
Gtech, Zynga, King, Las Vegas Sands, SJM Holdings,
EA, Scientific Games, Activision Blizzard, etc.
Publicis ,Omnicom, WPP, IPG, Dentsu, Havas,
AppNexus, etc.
Comcast, DirecTV, Disney Networks, Turner, BBC,
Sky, Fox Networks etc.
Nielsen, Kantar Media, Ipsos, McGraw Hill Financial,
IMS Health, Harris Interactive, GfK etc.
Pearson, News Corp, Hachette, Gannett, Time Inc,
Condé Nast, Tribune, etc.

5. TOTAL
North America and Europe based companies contribute more than 75% of the
overall revenues for this space
Publishing
Information
Services
Broadcasting
Marketing &
Advertising
Gaming
Entertainment
Education
New Media
Americas Europe APAC
5
25%
15%
20%
35%
15%
15%
10%
20%
150 Bn
60 Bn
150 Bn
220 Bn
110 Bn
320 Bn
110 Bn
260 Bn
20%
20%
20%
15%
55%
25%
30%
40%
55%
65%
60%
50%
30%
60%
60%
40%
~52% ~27% ~21%~1400 Bn
0% 100%
Revenue Share
50% 0% 100%
Revenue Share
50% 0% 100%
Revenue Share
50%
Source: Zinnov Research & Analysis

6. Overall, the Media and Entertainment industry is fragmented with a long tail of
companies.Top 50 companies contribute 40% of overall revenues
40%
60%
M&E Industry Revenues USD ~1.4 Trillion
50 500+
Long List of 500+ companies
6Source: Zinnov Research & Analysis

7. However, a detailed analysis reveals a split of consolidated and fragmented segments
within the M&E Industry
59%
20%
57%
34%
60%
18%
54%
Consolidated Segments – Top 10 Players Contribution
Fragmented Segments – Top 10 Players Contribution
7
Broadcasting Information Services
Gaming
Entertainment
Marketing &
Advertising
Education
New Media
Publishing
58%
Source: Zinnov Research & Analysis

8. M&E GSPR 2015 Ratings
Global M&E Landscape01
Service Provider Landscape
03
02
USD 60 Billion
Total Addressable Market
(2015)
― Media and Entertainment Industry Landscape
― Market Numbers and Segment Wise Growth
― Total PES and IT Addressable Market
― Addressed PES and IT Services Market

9. Technology disruption is driving robust spend on PES and IT in the Media and
Entertainment space
Source: Zinnov Research & Analysis
USD 114Billion
Total PES and IT Spend ( 2015)
9
New Media
USD 29 BN
Entertainment
USD 11 BN
Marketing &
Advertising
USD 6 BN
Information
Services
USD 10 BN
Education
USD 5 BN
Gaming
USD 21 BN
Broadcasting
USD 22 BN
Publishing
USD 10 BN

10. Current Addressable PES Spend Current Addressable IT Spend
*Opportunity Includes market for Product Engineering and IT Services
USD
60Billion
Addressable Market (2015)
Total Addressable
Opportunity*
USD
92
Billion
USD
22
Billion
USD
38
Billion
The addressable PES and IT globalization and services opportunity stands at
USD 60 billion and will reach USD 92 billion by 2020
Addressable Market (2020)
Total Addressable
Opportunity*
Addressable PES Spend (2020) Addressable IT Spend (2020)
USD
37
Billion
USD
55
Billion
10Source: Zinnov Research & Analysis

11. 14.3
3.1
5.8
8.8
3.4
13.0
5.5
6.7
28.0
4.8
8.6
12.9
4.4
18.5
6.9
7.6
New Media Education Entertainment Gaming Marketing &
Advertising
Broadcasting Information Services Publishing
Total Addressable Market Segment Wise
(in USD Billion)
2015 2020e
USD
60
Billion
FY 2015
USD
92
Billion
FY 2020(E)
~8.7%
The addressable market is expected to grow at a CAGR of ~8.7% till 2020
11Source: Zinnov Research & Analysis

12. 10-15%20-25%60-65%
Outsourcing HotspotsOutsourced
PES and IT Services
12
Current addressed PES and IT service market is USD 6.5 billion, around 60% of the
outsourcing market is driven by North America based companies
Americas Europe APAC
USD
6.5Billion
Addressed PES and IT services through
outsourcing partners
Source: Zinnov Research & Analysis

13. Three
Key trends in
Media and
Entertainment
outsourcing
landscape
Key forces changing the outsourcing landscape
1
2
3Service Providers are building end to end capabilities across the media value chain by
acquiring niche digital companies or partnering with start-ups
Global media companies are looking at APAC and emerging markets for driving future growth
and working with service providers to achieve faster time to market for their products
Ability to reach end consumers directly, providing customized experiences are becoming key
investment areas for companies in the media and entertainment space
13Source: Zinnov Research & Analysis

14. M&E GSPR 2015 Ratings
Global M&E Landscape01
Service Provider Landscape
03
02
Service Providers
players are moving towards
delivering more niche and
digital services
― Media and Entertainment Industry Landscape
― Market Numbers and Segment Wise Growth
― Total PES and IT Addressable Market
― Addressed PES and IT Services Market

15. ZINNOV ZONES EXPLAINED
Nurture
Zone
Breakout
Zone
Execution
Zone
Leader
Zone
AttributesChallenges
Recommended
Initiatives
• Acquiring new customers,
diversifying revenue
• Building product engineering
competencies across various media
customers/segments
• Developing Engineering services /
platform/product specific Sales
organization
• Understanding the differences
between PES/ IT Service business
Software Engineering Services
• Focus on targeted customer
sections
• Build technology competency in
niche focus areas/ technologies
• Focus on building credibility by
delivering on initial project scope
• New entrants, providing skill sets to
supplement Product development
and R&D growth
• Presence in only a few customer
segments: Focused growth
• Innovation, if at all, in process
optimization
• Limited number of clients
• Typically work in T&M model
• Acquiring large customers
• Growing existing accounts and
repeat business Software
Engineering Services
• Developing across the PDLC,
solution development
competencies
• Building domain, product/
platform engineering capabilities
• Focus on Skill Development
• Focus on augmenting domain
skills ( aligned to the concerned
media segment)
• Work on building trust with
existing customers
• On the way into big league,
delivering R&D services effectively
• Presence in two or more customer
sections
• Innovation frameworks resulting in
tangible benefit to customers
• Typically work in T&M and Fixed
Price model
• Growing small accounts into deep
relationships
• Building Concept to Market
Capabilities with deep domain
expertise, relevant IP’s
• Executing on new & innovative
business Software Engineering Services
models
• Limited self owned R&D/ product
development infrastructure
• Focus on IP creation; create segment
agnostic IP’s for media vertical
• Focus on Account Mining and
execution on new business Software
Engineering Services models
• Focus on internal and external
innovation capability /skill
incubation efforts
• Capable of delivering complete
product/platform development as a
true engineering partner
• Presence in almost all customer
sections for that segment
• Reusable IP’s built, and benefits
quantified
• Capable of executing engagements
across all business Software
Engineering Services models
• Succeeding as go to market partner in
emerging markets
• Building end to end product of their
own
• Building product management
capabilities
• Scaling new segment practices in R&D
services to drive continued growth
• Focus on end customer of
customers
• Drive customer led innovation
• Build strong Go-To-Market
capability to become viable
channel partner for customers
• Capable of performing concept to Go-
To-Market for the product/platform
• Presence in almost all customer
sections for that segment
• Formal innovation culture, resulting in
IP’s and numerous tactical innovations
• Capable of working in all models,
including Risk Reward and Revenue
Share
15Source: Zinnov Research & Analysis

16. NEW MEDIA – 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
IGATE
Happiest Minds
HARMAN
Connected Services
GlobalLogic
Cybage
Mindtree
Low
High
Scalability
Domain Practice
Maturity
Zinnov Zones – Leading Service Providers
Depth of Services
Innovation
Eco-system
Connect
EPAM
Aricent
TCS
HCL
Wipro
L&T
Infotech
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
Ness
Software
Engineering
Services
Tech Mahindra
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (multi-channel distribution,
analytics media planning)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in multi-channel distribution,
analytics media planning solutions
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
16Source: Zinnov Research & Analysis

17. EDUCATION - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
Happiest Minds
HARMAN
Connected Services
Ness Software
Engineering
Services
Cybage
Mindtree
Low
High
Scalability
Domain Practice
Maturity
Zinnov Zones – Leading Service Providers
Depth of Services
Innovation
Eco-system
Connect
EPAM
TCSHCL
Wipro
L&T
Infotech
Tech Mahindra
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (content management services,
mobility, analytics, LMS)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in content management services,
mobility, analytics, LMS solutions
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
17Source: Zinnov Research & Analysis

18. ENTERTAINMENT ( FILMS, STUDIOS, MUSIC,THEME PARKS) - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
IGATE
Happiest
Minds
L&T Infotech
Ness Software
Engineering Services
EPAM
Scalability
Zinnov Zones – Leading Service Providers
Aricent
Tech
Mahindra
HCL
Wipro
Cybage
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (content supply chain, mobility,
analytics)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in content supply chain, mobility
solutions, analytics platforms
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
Domain Practice
Maturity
Depth of Services
Innovation
Eco-system
Connect
Low
High
TCS
18Source: Zinnov Research & Analysis

19. GAMING - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
Happiest
Minds
HARMAN
Connected Services
Ness Software
Engineering ServicesCybage
Low
High
Scalability
Domain Practice
Maturity
Zinnov Zones – Leading Service Providers
Depth of Services
Innovation
Eco-system
Connect
EPAM Aricent
TCS
HCL
Wipro
Tech Mahindra
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (UI/UX, mobility, analytics, CRM )
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in UI/UX, mobility, analytics,
CRM solutions
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
19Source: Zinnov Research & Analysis

20. MARKETING AND ADVERTISING - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
Ness Software
Engineering
Services
Cybage
Mindtree
Low
High
Scalability
Domain Practice
Maturity
Zinnov Zones – Leading Service Providers
Depth of Services
Innovation
Eco-system
Connect
EPAM
TCS
HCL
Wipro
L&T Infotech
Tech
Mahindra
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (ad Tech Engineering, ROI
measurement, marketing tools)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in ad Tech Engineering, ROI
measurement, marketing tools solutions
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
20Source: Zinnov Research & Analysis

21. BROADCASTING - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
IGATE
Happiest
Minds
HARMAN
Connected Services
Ness
Software
Engineering
Services
• Product development and R&D is a focus area
across this segment
GlobalLogic
Cybage
Mindtree
Low
High
Scalability
Domain Practice
Maturity
Zinnov Zones – Leading Service Providers
Depth of Services
Innovation
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
EPAM
Aricent
TCS
HCL
Wipro
L&T Infotech
Tech Mahindra
• Niche capability in one type across the three
major areas (content supply chain, mobility,
analytics)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in content supply chain, mobility
solutions, analytics platforms
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
21
Eco-system
Connect
Source: Zinnov Research & Analysis

22. INFORMATION SERVICES - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
Happiest
Minds
HARMAN Connected Services
Ness Software
Engineering Services
Cybage
Low
High
Scalability
Domain Practice
Maturity
Zinnov Zones – Leading Service Providers
Depth of Services
Innovation
Eco-system
Connect
EPAM
TCS
HCL
Wipro
L&T
Infotech
Tech
Mahindra
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (workflow management, editorial,
digitization and analytics)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in workflow management,
editorial, digitization and analytics solutions
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
22Source: Zinnov Research & Analysis

23. PUBLISHING - 2015
Nurture Zone Breakout Zone Execution Zone Leadership Zone
Happiest Minds
Ness
Software
Engineering
Services
L&T Infotech
Cybage
Mindtree
Scalability
Zinnov Zones – Leading Service Providers
EPAM
Wipro
TCS
Tech Mahindra
HCL
CurrentScale,Customerbase,#ofservices,
Breadth/Depthofservices,abilitytoscale
• Product development and R&D is a focus area
across this segment
• Niche capability in one type across the three
major areas (content supply chain, content
ecosystem, digital distribution and analytics)
• Innovation, if at all, in process optimization
• Generic - MOUs with partners and alliances
• On the way into big league, delivering domain
services effectively, tear down , purpose fit labs
• Generic Capability across the segment and niche
capability in one area
• Innovation frameworks resulting in tangible
benefit to customers
• Specific industry alliances, partnerships and
membership in Global forums
• Capable of delivering complete end to end
engagements, strong product development
capabilities
• Niche capability spans across two areas and at
least generic capability level in one service type
• Reusable IP’s built, and benefits quantified
• Alliances with Customers who are Industry
Leaders and strong ecosystem linkages
• Capable of performing concept to Go-To-Market
for the segment –Significant investment in Lab
infrastructure
• Strong capability in content supply chain, content
ecosystem, digital distribution and analytics
solutions
• Formal innovation culture, resulting in IP’s and
strategic innovations
• Leadership role in alliances, leverage startups,
Specific academic research, and co-creation with
customers
Domain Practice
Maturity
Depth of Services
Innovation
Eco-system
Connect
Low
High
23Source: Zinnov Research & Analysis

24. Bangalore
69 "Prathiba Complex",
4th 'A' Cross,
Koramangala 5th Block,
Bangalore-560 095.
Phone: +91-80-41127925/6
Singapore
Level 42, Suntec Tower Three
8 Temasek Boulevard
Singapore 038988
Phone:+65 6829 2123
Texas
21,Waterway Ave
Suite 300
The Woodlands
TX-77380 USA
Phone:+1-281-362-2773
Beijing
Meilifang Tower 4, Entrance 4,
10/F #1003,
11 Beiyuan Shuangying Road,
Chaoyang District, Beijing
China 100012
ThankYou
Gurgaon Office:
First Floor,
Plot no. 131, Sector 44,
Gurgaon-122002,
Phone: +91 124 4420100
California Office
3080 Olcott Street
Suite A125,
Santa Clara, CA 95054
Phone: +408-716-8432