 Well, there are two important things before I go on to my slide. One is the timing of my speech reflects about my importance, but not about the topic. So I can assure you, you will hear nothing of what you have heard throughout the day today about data, science, and measurement. Also my presence always amongst my friend is overwhelming. You can measure it by how many people are outside the hall than inside. So today is also Thursday and Madison Report, right, Sam. It's not a good day for a media owner. I'm the first media owner to speak at this dais all alone, not in the company. I was supposed to be accompanied by Rohit Gupta who ran away for some reason. Normally people don't stay longer with people who run the news channels. Today also is a day when on Thursday when you get the data, my friend Sunil Lula has just gone out. He said what all that news channels can buy and even dissect it further to understand the content and then the shouting on the 9 p.m. news will happen at a particular time to gain more rating. That we'll discover later. But it's a very unusual day for a media owner to speak on not on data. My friend Vikram always tells me that you are a good storyteller, so I'm going to tell you a story. And the easiest thing to be interesting, what I topic that I chose today is to be interested in something. As a content creator, we are always about knowing about you than more about us. So usually people who work in the field of art culture and media entertainment are interesting people. They are curious about the surrounding and interested in people and things as they see. They tell stories. So today I'm going to give myself up to this house. Judge me on the statement that I present today and I'm not going to present any statement about the Sam projections about the next year. If they're interesting enough or are you interested in this? But first of all I would like to tell you a story. Also because Vikram often tells that after 8 p.m. we can tell better stories. So I'm going to talk about a story today and the story is not about what is obvious. In my next seven, ten slides that I'm going to show it to you is not something that is very obvious. And what Sam you rightly said, what is not very obvious. So it all started almost about nine years, eight years ago. It was quarter to three in the afternoon and with tremors, some six miles under the earth's surface and likes of which has never been felt before. More than a century, 60 miles away from that place the seismograph shows some crazy number. It was nine on the record scale. Less than half an hour later the first waves crashed on the Japan shore. Initially it was 20 feet, went up to 30, then 40 and then 60. You know what happens next. In a few hours over 200 square mile area was all gone. The devastation was everywhere. The entire area was covered with mud, water and debris. Over 20,000 people that day were dead in Japan. Now if something like this happens to any country, what's the first thing that comes to our mind about the human tragedy and how are we going to rebuild the place? What will happen to our economy? Particularly a question that has been there for a very long time in our mind for last one year when after GST and demonetization and all that. This is the slide of the Guardian newspaper which said that Japan's economy is heading to a free fall and my slide is very important for people who are thinking that the GDP or the economic side of the world, these kinds of events determine what you're going to do next. A few months later the World Bank tallied the total cost of the disaster to 250 billion dollar, roughly the size of the GDP of Greece. The Sendai quake on March 11, 2011 was the costliest disaster ever recorded in history before. But that's not part of my story alone. The most interesting part for those of us who are interested in business and in economy is this. Larry Summers, the famous economist and who taught me at Harvard, appeared that day on TV and he said this tragedy would help lift the economy of Japan. When the rest of the world was crying that Japan is devastated, he said this is a very good sign for Japan's economy. Sure enough there would be a couple of months of distress, but recovery efforts would boost demand, consumption and employment. Larry was right. The next year Japan's economy grew by over 2%. For a Japan's economy to grow at the rate of 2% is a big, big deal. The story about a tragedy leading to economic growth is a great story. And when we look at the data of what's going on in demonetization, GST, we did not figure out that why even after all that, the advertising industry has grown, Sam, which you have presented in the last two years, that it has grown. We all thought it is a devastation. You don't need to break a glass window to start an economic activity. When I was in this class somebody said that maybe to start an economic activity you should break the neighbor's window because if the neighbor's window is broken, he'll call a glass guy, he'll call a carpenter, the whole economic cycle will move on. That's not the way to do economic activity. I'm not sure. As a storyteller, and why I told you this story, is that as a storyteller we look at opportunity in all adversity. We are looking at getting even finer things done because maybe in bad economic time people are looking at some nice stuff to entertain. The success of Big Boss in the last season, Raj, is a great example of creating an out-of-the-box content. The story that I narrated in Japan is a great story from writers and journal point of view, but it's not an only interesting story because it happened, because finally it's an outlier story, something that does not happen on a usual day. And as a journalist, that's what we chase, that's what we report. Running a news organization, I can tell you, is the hardest thing to do. One thing is to look at the data and one thing is what goes into that data. In all creative business, we think a good creative work can only come from having a good amount of money, isn't it? The latest series of the morning show on the Apple TV, I'm told, each episode is over $15 million. All put together, they burned about close to $85 million on eight part series. It won Emmy, I don't know, Raj will be no better from entertainment side. So, data I'll come later, but doing a good creative requires courage, and courage is not all about taking risks. Everybody can take risks. Courage is about doing things when you fully know and acknowledge what are the consequences of doing it, and yet you go ahead and do it. This is what we do at news channels. We know what are the risks. The next video that I'm going to show it to you, which is my first video today, is about a series that we launched about five years back, and that's a very interesting story which some of you were not there at the launch of this. No sane company, I can tell you, will ever get into this kind of indulgence, because what you do may not give you rating, and my friends at Madison will bring down the advertising rate by negotiating with my team. Right? That year when we launched this show, we spent 30% of our total communication budget and planning budget. Shekhar Kapoor, by his own admission, got further immortalized by this series. He personally told me that when he made Bandit Queen and Elizabeth, he was more recognized by what happened in Pradhan Mantri 1. This series is now in series two, and I can tell you he's even more immortalized. I'm going to show you a clip which has not been released in the market, which will come almost three weeks from now. Just watch this video. This series is the second part series in the problems that held India, and this particular episode that you have seen from the next slide movement. The producer who went to work in the field of the Jharkhand was almost killed by the next slide. He was in their captivity for good 14 days without anything until they realized that he's actually a journalist and then they released him. But when we made the series one, my fellow broadcaster quickly copied it, put a similar name and reflected intellectual bankruptcy by hiring a non-working actor to hit the show. I tell you what happened next and that's the real story. That particular show, the second one, which was a copycat got more rating than this particular show. It's a different matter that Pradhan Mantri 1 got 9.1 rating in IMD and Exchange for Media News Broadcaster Award actually awarded the copycat as the best show. That's called courage and that's why it is interesting. You know the collective strength of this show, I'm coming to the next slide, that in the reality television side, the format of this show, this particular show which I'm going to show it to you, has never been done before. Can you play the video please? So this particular show was the first time done about 18 years, 17 years back, if I'm not wrong, when Star News got launched. Every single day, five days a week or now seven days a week, it is the number one show. And what is unique about this show is that this show, the narrator is not the center character. But the people whom she's reporting about, the character of the real shows are the reporters. Several of my fellow broadcasters tried to copycat, but what is more important about this, that, go to the next slide please, that this show is so powerful that Sam, none of your political friend will ever do a press conference, launch anything or do a rally during that time of the show. Because the broadcasters are not going to drop that show. And if that is the case, they're not going to address that constituency. I don't think so other than politicians knows better than any market. They are the best market here. So what is more important for us to understand that the kind of creativity that particular producer has done is far more important than what the data just represent. Look at what is happening in the Indian polity. Next slide please. Now, that is why I say that this, the most of the time, the simple ranking that, whether the Pradhan Mantri ranking or the, or the Sas Bose Adish ranking, reveals actually far less than what it shows. So it's important to note that simple ranking of the channels actually does not matter as far as the creativity goes. Probably it hides more than it reveals. And this ambiguity has helped us in believing millions of gods. I'll show you the next, next video and you'll understand what I'm talking about. Now, we were doing opinion poll. We did an opinion poll where we showed up is getting 58% of votes and BJP is going to get less than 30% of the vote followed immediately by that because obviously when this happened on the first day, I got a call. And when you get a call, you try to rectify that. So I started doing a daily poll. How the poll, how the pollsters are reporting about the movement of the voters share. What happened in the peak of activity of polarized activity that actually the figure moved in the favor of BJP, it became from 30 to 34%. But look at what happens next. So like typical politician is shooting the messenger saying that you are wrong, 32% is bothering him. He is getting 54% but it's still bothering him. And he says, you are not credible. Then who is credible? Just see the next slide. So this is what the result was. This is what we projected and this is what happened. Go to the next slide please. He gave credit to the Hanumanji instead of all the poll that showed that, that he is getting 54% of voters. The problem with most of the reporting that we do is that to look at these outliers and it's not an easy job to do. I will show you a few video which is very short but it's the interesting thing of how the Hindi as a language can work as a magic. Can you please play the next video? We have a belief that it has come down to giving you pain. How are you? Are you fine? How long have you been sitting here? Today is the 30th day. 30 days? Yes. Okay, tell me one thing. What is the pain that you are giving yourself to tell the pain? So he asked, what is the pain that you are giving yourself to tell the pain? Now this particular fellow who went on for reporting, this is the one experiment that we did at AVP news is that we said everybody is reporting about Shaheen Bagh. In fact, when Vikram called me for this speaking, I was stuck in that jam and he said Rohit has dropped out. Can you do a standalone thing? I said okay lovely, you know I'm stuck here. I'll maybe be reporting about this. Shri Varthan who is reporting from here is an NSD trained actor. He's probably one of the most recognized face of Indian television because he does a daily soap which comes at 11 p.m. every night on the crime. He does acting in that. To send him to report on a matter of Shaheen Bagh was not a small thing to do. It was quite a courageous thing because he has never reported before. So he framed these sentences and this particular video became viral and this was remember the next day when the two journals were beaten in the Shaheen Bagh itself and he dared to go inside. This program did well amongst the sensible audience. The next video is also a first time video in history, in the history of India. Just watch it for a moment. So this is the first interview of a sitting governor of India. To a press. What happens next? That rest of the world started chasing it. This video become viral. Mamta Banerjee complained saying that you cannot interview a governor. Now governor went one step further. He gave further interview to all the newspapers. And now the governor interview has become a fashion. In this interview was done about close to one and a half back. Last week on Rajesh Sharma's show, the Kerala governor appeared in Aapki Adalat. It's a very entertaining show if you get time, watch it. Now these unprecedented coverage of Indian polity has one thing that happens to us which Sam is called dropping of the spots. And I'm not saying this. This is happening even in America. The advertiser and advertising agencies are never valuing what a live television has done to the business of advertising. In any way, Sam, the Netflix and the Amazon Prime are not allowing the advertising to place. But so is the live telecast and the drama of the politicians all around us. It is a sheer loss to the advertising growth which you can project in the next year. Indian news TV where internal estimates have dropped about three billion dollars of advertising this year alone. In my next two video, that's what we did. So we said that because we have to run ads and we have to report a lot. We made a few videos which went viral on the social media and on the website. Each day it received over 1.5 million views on the digital. Let's play the video please. You can see that I have won in 2020. It is the third time in the election field and we are fighting as the Chief Minister. It was clear that Arvind Kejriwal, who was painted in the last five years, he does destructive politics. He does dharna politics. Today, when I am talking to you, are there two big parties in front of him? The Indian People's Party and Congress in these five years. Now, these viral videos and millions of views are absolutely going unmonetized or not so much monetized by the structured way in which we do advertising sales. And what you rightly said in your presentation today that selling TV and digital together is a new mantra for the success. TV is a very hard business to do. And the problem of the measurement today, whatever that we do report, is these extrapolated numbers. The moment we start getting the real numbers from TV plus digital together, it would be a different thing. So what matters today is not the nature of the product but the price in the market today. With this, I come to the last part of my presentation, which is why we judge everything with number. What price is the product that determines alone its value? It's interesting to see that what we don't see. And here are my few questions that you can take some interest in. Can you judge the quality of an educational institution by its number of graduates? Or how many people are graduating every year? Does a good doctor means that there's a good care? And does a high viewership of a television channel means a good programming? The economy is growing. Therefore, the country is doing fine. Are these a statement in itself true or false? And that's what interests us as a journalist to find out more. Advertising dollars are chasing mindless numbers because of this chase a number news channel and journalists are compelled to chase stories which they shall do far less or may not do at all. Because advertising follow numbers, a British think tank estimates that it destroys seven times of the value. Producing good content requires good people and many of them. Unlike ever before. The thing to think here Sam is that wise price have not kept with the cost of the content. Cable operators and DPOs are making more money today than any content creators. In fact, content creators does not have much incentive to do much. It's a curious thing to see that the plumbers today are making more money than the people who supply water. Our industry, as you rightly said, is bank on a good GDP, good growth. All politicians love GDP. To me, GDP is not a very high indicator of the growth. That's an interesting fact that if you travel around you'll find no vacant seat in the airline today. Hotels are sold out including this one when I checked in today. And as our PM rightly said yesterday that we are all buying these cars, holidaying abroad, where the money is coming from. But they say GDP is not good. GDP is actually good for journalists like us. We tell you everything that you may already know. Therefore, what I want to leave you with an interesting fact and all content creators face every day. Producing good content is not like producing coffee machines. Something in life always resists efficiency. No matter what you do, a good quality work can never be made by buying like cheap or putting more money into it. And Mozart's 14th string is an example of that. Even 400 years later, the same amount of people are required to produce a good music. As you rightly said, Sam, that investment in brand and making it premium is the right thing to do. Sasta as Manoj Kohli, what he said today is a very relative term to me. When you're too obsessed with productivity, you don't see a real value of what is being there. Productivity and efficiency, I believe, are for robots. Because humans like to do experiments. The next video I have taken a permission from my colleague to show it is not from my channel. But one of our colleagues did an experiment by bringing an aggressiveness of Hindi into English news channels. And it changed the way the television is seen across not only television, but the way the public discourse happens. Point is that you may or may not agree with him and show you may not like or like. It does not matter. What matters is that what it has started. Why can't you stand up for jana gana manha? Why doesn't it stand? Why do you want to stand? Why don't you stand up for jana gana manha? What's your problem with it? Why can't you stand up for 52 seconds? Why can't you? Why? See, the entire Rotary Club was good. Why can't you stand up for 52 seconds? Why can't you stand up for 52 seconds? Why can't you? Today, because I'll tell you why. Because I'll tell you why. You hear me, then I'll tell you why. Can I tell you why? Can I tell you why? Then you stop. I'll tell you why. I can't shout over you. I'll tell you why. I'll tell you why. I'll tell you why, Mr. Padhan. Don't be an anti-national. Don't be an anti-national. I will not. Don't. No matter what you think about or what your views are, you watch him, you have an opinion about him, and you share that. For me, when I look at the show and when I, all of, most of us know or know personally, we know that these are the two different things that we, what we see on television and what he is as an individual. Creating a show like this requires courage. What it has done, that is the 9 p.m., either it is a noise or the one-sided video that has proliferated across the networks, across India, and that's a revolution, Sam, and that is why it is interesting. In the advertising business, Sam, you always compare China, America, and all that. And now I'm coming to my last two slides. We may be closer to China faster than you think. Only if media buying and selling is beyond numbers. It's an assist, it's real value, which is here and beyond the numbers. And we must know what we want and why we want it. Now it is up to us to consider what is the right way to measure a good content, data or curiosity or both. Does growth means progress? And more fundamentally, what makes life truly worthwhile if we are not interested in any specifics? Thank you very much for listening to me. Thank you.