 So that's how we'll just join us Hello Hi, everyone Sorry to keep you all away from the tea With Nassara. Well, we'll try to wrap up soon unless it's very interesting and you all want us to continue Okay, so yes the session now is of course on understanding the consumer So I was just discussing with Most of them, you know before we walked in, you know myself also being from a digital advertising agency One of our key pain points is, you know, who's really watching when we go to a client and pitch You know, you have to be on OTT now The whole option, you know, especially from a digital perspective is why, you know, how do I target only women? How do I target only men? How do I target 18 to 25 volts and then you say by the content? But you know that is definitely not in our Yeah, yes welcoming Siddharth from Hotstar Big hand for him He will remember that even after he gets late, we'll be in trouble Yeah, so yeah, so, you know, you know, without much further ado, let's just start You know, who really is watching and I think the key OTT players over here are on the side You know, if you've got a question, the whole thing was that, you know, if you have to do, you know Advertisement on your platforms. One of the key pain points is, you know, the consumer data is limited It's as good as TV. So, you know, if we could understand from your who's really watching You know, and what are they watching on your platforms other than cricket? You know, maybe yourself start and then, you know, so when if you both could just throw some light So, sorry, I missed the beginning of your question, but it was basically who's watching and what are they watching, right? No, I think the short answer to that is all of India is watching Nobody was not watching anymore at this point, but I think the core audience is obviously younger Skews a little more towards male I think those are the Uber demographics, but You know, contrary to what you would think and rather counterintuitively The viewership across metros, tier 1, tier 2, tier 3 is fast equalizing. I think we are at a point where I don't see any skewed towards any particular geography at this point, you know I think where we are still under-penetrated is two segments. I'd say obviously the older demographic which is 45 plus Women slightly because that is a digital divide that we see in any case in our country where there are far more men online than women And I think lastly the southern markets, right? Regional penetration relatively compared to North, Central India, it's a little lesser It has a lot to do with the connectivity to TV also because in the south There is far higher penetration of TV within the households I think 90% households in the south of TV whereas like 70 or thereabouts have it in North India and other parts of India So there's far higher engagement with the TV, there's higher penetration of the TV, so therefore we are a little under-penetrated It's a journey that everybody is on and I'm sure at some point it will all equalize And in terms of what they are watching, I think OTT fair started off with like thrillers and the regular crime stories and stuff But I think it's fast diversifying into many diverse genres of entertainment, not just one particular Where reality is coming on board in fast numbers, there's going to be comedy, there's all different genres Because the audience, maybe the audience that favours thrillers etc was the first ones to come on board But now as the camera expands and as more and more people come on board, the content is also following that And the camera of content is also expanding dramatically I think that's the long answer to your short question No thanks, and I remember as a child I used to wait for those film festival movies in different languages that used to come on dope And today you can watch a lot of these international movies on OTT, you know Swedish and the previous channel they were saying there was tough flicks Zubin, what about you? So we run a slightly different strategy on OTT We run Shimaru Mi which is our OTT for the family and the entire family together So specifically to our entire approach has been more about regionalizing And cohorts that we pick up where we know that there's a strong need and there's a gap and we can fulfil it One such example is Gujarati So we've specifically made sure that Gujarati is our forte And Gujarati is something that we want customers to start appreciating the content itself So our vision on Gujarati is to make every Gujarati fall in love with Gujarati content And on that note we started this journey about a year ago To do that, a year ago on B2C our OTT began about 3 years back And in that journey we said we will offer customers different kinds of varied experiences of content Right from a Gujarati web series and a series of tools to Gujarati blockbuster films coming first time on digital on OTT In fact the Salman of Gujarat at least about 4 of his titles are on our platform and so on and so forth And lots of those, so all the big titles, every single title you see will be on the platform Along with that Gujaratis are very, very passionate about Natux which is plays and theatre And we've also made sure that that is part of the entire content mix Having said that we also understood this customer and we know what the customer inside is The customer inside is one is Gujaratis are tight-fisted, I'm sure many Gujaratis here will agree with me They are a bit tight-fisted and they see value for money in everything And what we said is we want customers to feel that they are getting value for money for the subscription that they are paying for It's not just we will offer you blockbuster, we will offer you web series and Natux and come for the subscription So what we said is we will promise to them a subscription that gives them one new title every week guaranteed as part of the promise And now whether it's a web series or a Natux or a blockbuster film, we're doing that So we've done that for the last year, it's doing really well People are picking up, renewal rates are really good And we run an SWAT service to set that tone We use a little bit of AWAT to drive the customers in to sample our content and drive them in But as far as the overall business is concerned we see more value when customers pay for the content they are watching When it comes to profile into the question you were asking The larger piece is that there's a huge bunch of people who love Gujarati content And any so-called brand who wants to get and target that audience, this is the ideal base to go and go after Whether it's through inventory, whether it's through in-film which we do on our web series where we actually shoot and we can actually do in-film inside those We do a lot of that, we work with over 150 brands across various sectors who actually work with us on each of these things And that's how the entire thing works Profiling is very, I mean it's very clear, we're talking to a Gujarati audience, predominantly male like he said But we have different kinds of content that cater to women as well So we recently launched a web series called Equice More Tiffin which is 21st Tiffin, a very nice movie that came on theatrical and then first time on OTT on Shumaruni And that was a women's centric film altogether, so we actually targeted women's centric brands and the Mont Board and so on and so forth So based on the content we look at how we can target and write the right TGs to the content that is consuming and therefore those guys come on board along with the brands and the customers So you said you found Gujaratis adapting to your content, right? You saw a lot of Gujarati content consumption on your platform and then skewed your entire strategy towards Gujaratis So likewise, how did you map that you will do something for women, do you then track that? So let's put it this way, we said first year is all about experimentation, we will try out different formats So we said movies, nardugs, web series, our first web series on thriller did not really take off But when we did family drama it took off like a house on fire So we kept looking at different kinds of genres and formats to come to a formula that we now know that works And likewise women was one part of that, so now we know what kind of women's centric content works And therefore we are now getting sharper, I don't think anyone has a whiteboarding answer to what really works for women or for a certain segment But I believe that it's only experience that tells you more about how your customers behave And of course I think what I think as we all have heard even in the previous manner, what I think fresh content Ishaan what about you, you have your views on this? So Chhaya, I represent a very silent clan called the Internet Enablers While I have been hearing these lovely conversations where OTT partners share their lovely insights I represent networking and internet enabling services which actually add a different color to this entire story So let me add my own flavor to who is our Indian user and I would borrow some ideas from where Siddharth left From a network enabler or internet enabling point of view Our point of view is that we are talking with at least three if not more representative user persona When we consider who is a representative OTT user base The first is a connected or a fulfilled user, internet user and by extension OTT user For whom digital connectivity is not a challenge right So people like you and me who are in metro cities are privileged enough to get high speed reliable available sources of digital connectivity Consider this to be close to 250-300 million Indians The second part would be the rest of the connected internet like digitally connected Indians right Close to 400-odd million users would be our fair guess of users who are internet connected But I would imagine that the enabling solutions are not at par to realize the complete aspirations of them in terms of media consumption And we feel that there is a huge gap of their ambitions and the lovely content that our partners provide But there is a fundamental thing that we assume as a given which is not there which is digital connectivity Consider somebody who is living in a village or not in places which has the most advanced form of digital connectivity And the third would be definitely 600-650-odd million Indians who are not yet connected to internet right And what we are firmly like believers around that they are the next points of explosive growth for the entire industry So sugar box in its humble capacity what we are trying to do is that we are trying to have focused solutions for all these three types of users And because their aspirations are very different especially for the second and third the under connected and the unconnected Indian Who by extension is not able to get a great experience of say a hot star or a shama rumi We have invented a technology by which we can make digital applications work even without internet connectivity And that is where our understanding of OTT user is firstly refining right We take many things as given that speed of internet or cost of internet because we many a times think metro users to be the representative users But again aspirations of India are there in different places I would consider like present one or two stats just for the broader view India is ranked 120th in terms of mobile speed right And we unfortunately stand even behind like East African countries or like South Asian countries which we would like to think that we are probably way better in terms of state of life And secondly cost while cost is an assumed given in the current infrastructure We don't talk about cost as a barrier for OTT consumption right but this scenario is also going to change pretty fast Telecom organizations are facing immense pressure for making a sustainable business And as a result some of the factors which are given for all the OTT partners may not be given So that's why users are having different aspirations and we in our limited understanding are trying to solve this very basic problems for the Indian users So that they can be exposed to the brilliant content of OTT stars and Shemarumis That's really great and you know yes of course there are hinterlands there is the larger India which might not yet have a great bandwidth But you know we already have about 450 million OTT users Okay it might be you know primarily YouTube but we do have content consumption We've got e-commerce boom happening over there including tier 2 and tier 3 We have about 100 million plus population of country Our OTT base right The country is growing and we have 100 million population We have many countries put together OTT population alone So that is also something we need to recognize You know you are going to enable you know reach to a larger audience that's fantastic You know anything before we move to that we are going to talk about the reach where the reach growth is going to come from Any thoughts on you know who is consuming and you know before we move to the next Please Yes I think I am going to take the advantage of being the voice of branded content on this forum right now Yes please There is a content creator too Yes so I am a podcaster and a YouTube creator all because of pandemic I felt like sharing a part of me and my life being a mindfulness trainer I thought I should just keep the camera on one day and see what content comes out And voila I was surprised myself and which led to another podcast and another podcast But coming back to the topic I think content can come from anyone While we are talking about the platform owners here And the technology But from a branded content perspective a user can like content ideas coming from brands And when it comes to branded content all I can say from OTT perspective There is limitation when it comes to fiction content as all we know right Branded content in non-fiction is the approach the brands are taking From Omnicom media perspective we have had a very good run last year We have created our own IPs and in travel music and couple of more genres Which have primarily rested on digital One we took to Woot which was called Shkoda Sonic Roots with Amitrivedi And which was basically conceptualized as a travel show And I think this was gave us huge learnings in terms of what's possible What the users want to watch And what is not possible on OTT from branded content perspective But while my ear is on the ground Meeting the clients and brands literally every day having conversation with marketers I think the demand is lot But we are not able to meet the demand from OTT perspective And I am hoping to see a lot more change in that area Thanks so much Ishaan to your point you spoke about India and Bharat Of course there is this content story There is also a device story there We are talking about a market which is number two in terms of smartphone penetration We are ahead of United States We are just after China So smartphones are, India is a mobile personation It's my personal device where I consume my content And this is happening both in Bharat and India The other piece is you talk about the larger screen Talk about connected TVs The connected TVs are the ones that are driving TV penetration in India If my numbers are correct We are currently sitting at 10 million connected TVs Expected to go up four times in the next two years All of this points to the Indian consumer recognizing the importance of quality content Quality content is something that you can deliver from an enhanced audio standpoint Or an enhanced video standpoint So it's the whole ecosystem The content, the service that delivers the content And the playback, the device When the three sort of come together Whether it's in India or Bharat It just gives you a seamless experience So just adding to what you said Yeah just one thing I wanted to add Just from a softer point of view on this entire discussion While it's getting very technical That during pandemic I think also we've gone through this entire feeling as a consumer To be much more lenient towards content creators We've accepted languages We've accepted what's being served to us And we've agreed to read the subtitles Or accept the non Hindi movies or series We've accepted quality A little down quality as well If you remember when second wave You know we were just deep into it Any kind of content was welcome Content victory Something fresh on the library Wow So that was the feeling at that time And I think now is the time when we are discussing all this In terms of how to process all of this Going ahead in future But from a branded content perspective Again coming to the point that You know there is a lot more demand out there And I don't know if OTT platforms Are supplying that demand enough If I break it down into sponsored content Or curated content or created content When it comes to created content There is very less branded content happening Sponsored content yes, curated content yes Huge opportunities there Huge Yeah absolutely and we are hoping that all the OTT players out here are listening That there are lots of advertisers who would like to do a lot more Completely listening I mean we've been doing branded content for a long time now Look I think They It's not that Who wants to turn away money If somebody is coming and giving you money You are very happy to take it But generally what happens is The goals of the What the brand wants And what the platform wants And what the content creator wants It becomes very difficult to align them In such a way that you actually produce great quality For the end consumer And I do both I market my brand But I also look at the business So I want my brand to be front and centre In every part of the story I don't want the story I want just the brand And the content creator doesn't want the brand at all They are like the brand should be in the background And the brand should be an integral part of the story And then the brand owner says that Where is my brand I mean it's a part of the story No I want it to be front and centre So at the end it becomes They tend to be compromises I'll just add to this Brand owners are They are wanting to be part of the storytelling They don't want the product comms anymore And in fact Because I manage a few Global brands at OpeningCom And they've done enough of content marketing In last one decade They are fine with no logo presence Or no product endorsement Or placements So the ask is more about story line Can be part of it Can be part of the journey that the user is enjoying Yeah Lots of brands are now open to You know Marketing in a more Pardon the term But a more sophisticated fashion Rather than brand in your face Kind of a fashion But I think the problem has also been The unit economics of it In the sense that Today when you produce a good OTT show for the audience It takes a lot of money And I think there are content panels Before me who would know much more about it So actually And so what you end up building Is like Not really OTT show, they are pieces of content But they don't have the scale And the rigor that OTT shows to the demand I think So okay fair enough They don't need to pay the whole money They can be a part of the monetization But the problem with that Is in the consumer experience gets compromised Because then the brand says Also put me in the show lock up Or whatever That's the only example that came to mind Which was beautifully done But the brand was still there And the OTT consumer who's subscribing Is not okay with things like that They want a very pure experience Because they've paid money So this is where I mean that's why there are AWOD models And so that's where you see the clash You know that's why quality content Is not coming out And that's what I meant by when I said Making consumers paying subscription For a pure experience You're putting a brand in front of them Your conversion declines On that piece of content Because they're not getting a clear experience So then the economics Start to fall through But I think to your point I think we've yet to discover That middle ground Between a great story And a brand in it Do you see it coming this year Do you see those conversations That happen That kind of writing quality That kind of client's understanding Isn't there to make it happen on a mass basis So it happens every now and then Like we did an amazing Branded content show with Quaker Oaths Which was called Kitchen, Khanna and Conversations And we bought a celebrity chef there And it did fabulously well But it's very difficult to Replicate that kind on a massy level You know even that brief That brief with the client It wants to close So more in non-fiction space Less fiction And I think this would be an evolution Good ideas would happen This is going to definitely I think in the future With more and more I think the problem also is brands Don't think of it as a media spend When you think about a media spend There'll be brands that will come And spend 70, 80, 90 crores On media without linking an eye Big brands right now But when you ask them to put More than 10 crores On a piece of content for a brand No that's very difficult And you know hardly any good story Nowadays gets created below 15, 20 crores Is my sense So I think that's where the economics Kind of You know just because of this I think great storytelling From the brand side is happening More in digital Just because of the space And not intrusive It's very subtle Very subtle I think also looking at this entire content piece And branded content etc Brings us to the other aspect About the quality of content Like we were discussing earlier You also have content creators dominating Across the web And they're the quality of content So you have the bottom of the spectrum In terms of quality of content With somebody just shot anywhere in the garage On the street And on the other hand You have high quality content Which is going to actually give you Those eyeballs and retainer Subscriptions etc Sameer do you want to throw some light on Because being from quality end You've done the scope creating with Several players last year You did a campaign around that Absolutely thanks So to your earlier comment About the pandemic Letting consumers settle for whatever It's available Back by consumer insights So these are consumer insights That we picked up There was a four country study Done by Wakefield Which points to In the Indian context Points to Indian consumers Doing a two pronged upgrade During the pandemic More time You want the best possible experience And those upgrades are actually happening One from a premium So 94% In India Pointed out to Indian consumers 94% willingness to Subscribe to a premium service Provided it delivers an enhanced Experience Whether it's an enhanced audio Experience or video experience The second upgrade that the Indian Consumer is willing to do Is to upgrade his device Something that I have been Snacking in and snacking out In the non-pandemic days Now I am totally dedicated To upgrading my device Provided the device Comes with the latest technology That gives me a better experience So this is not just the AV content Even on the audio narrative side Because that's another streaming aspect Of content that we look at There was a Kantar study Done recently With music listeners in India Nine out of ten music listeners Who are heavy music listeners Pointed out to their willingness To subscribe to a premium service Provided it gives them more quality And quality is defined as something That gives you more clarity Gives you more depth Gives you more detail 1.3 billion population Everybody Enough content and type of content Quality of content for everyone Absolutely To Chhaya's question From a branded content perspective Yes, there are opportunities to co-create So at Dole TV We co-created a property With NDTV Gadget 360 Talking about how do Indian consumers Get a premium experience So it's a how to 101 kind of series Which talks about how to get the best Experience on your smartphone How to get the best streaming experience Which is seamless across screen types So day in the life of a consumer Morning I walk out on my smartphone Start consuming something Enter work To a desktop Back home I'm on the big TV So how can streaming services Give you a seamless experience Across screen types and so on and so forth Could you share your own experience On this high quality content Where the production value is very high Visibly low production value content How is the consumer behavior? I mean everything has a place Firstly everything has a place today In the Indian ecosystem It doesn't matter high quality Everybody has its sensibilities Its own set of consumers Obviously the higher quality The more likelihood The more propensity a consumer Has to pay for it And shorter formats Content creator democratization All of them play a role In bringing people on to digital video So YouTube pretty much shapes Digital video behavior today If you think about it People come online To be honest the first place Mostly YouTube And they learn things there They catch on to things there I think their sensibilities Start getting shaped there And then they graduate to better quality And better quality And start to eventually Maybe pay for the content So I think it exists In all shapes and sizes today I think everything has a role In fact what we call low production quality Snacky videos Is thriving on all of that stuff So there is an economics there also There is a viewership there also There is a viewership at the higher end also And I think to You know Shalija's point I think a very valid point That because of the pandemic We were open to watching A lot of content as long as it was fresh Stuff we would not have watched Two years ago in our regular lives So I don't remember But I think I don't know When the KGF part one came out Or maybe it was at the beginning or whatever But a lot of people started watching it in Hindi And then when Pushpa came We were so I'm not saying that anywhere Has driven the success But I think people wanted to try something new And there was some content that was out in the theater They went They saw it There was a great effort done to dub it in Hindi The songs and everything They saw it, they loved it Word of mouth spread Just to add to this Because when you just touched upon A little bit of creator Economy growth Which happened at the same time during the pandemic With the launch of Plethora Of short video apps You know, I think back in 2020 I think that's the switch When the consumer became the creator Right The technology gave that leverage To the consumer to start creating content And the studio Inside a short video app Which has a filter It has music inside You can upload your content You can show your creativity That's the time you realize Also when you're watching that content Hey, quality doesn't matter As long as I'm getting entertained I'm watching something which is nice And funny And it just kind of relaxes me And that was the entire shift Which happened I mean, data is great But I think I'm very inside And just looking at life person I think like, you know Siddhartha definitely said That you do have demand for both For sure And he also specified And I'm sure you're going to pay a premium For premium content And there are products also So for example We launched an app during the pandemic Called the Dolby On app If you have a piece of inspiration That you want to share with your audience You can actually record it using the app It does the Dolby magic And you go live You can even go live on Facebook And other platforms We, in fact, engage with a lot of artists Doing that So I mean, it's a mix of both It's definitely in the environment You want to add your experience Yeah, so we've done some very interesting stuff With a few brands But specifically in regional pockets I mean, there are brands who've come to us Because we're so prominent In that particular region They've come to us and said It could just be a Mithai store And he's saying How to weave or make a story in your content He has told us And literally to your point We've actually created We're now in the process of actually getting Writer, brand, OTT player All in one room and saying Okay, let's figure out what each one's wish list is Based on that wish list We'll come to a common denominator And say, okay, now all are happy We'll make a story based on this piece And that's what we are headed to So you're bang on in that In that insight Thanks Ishaan, you've been going to those The Bharat, the larger So what is the consumer looking for? You mentioned that they're looking for Native content Would that be a right understanding? Actually, I want to Come back to the earlier question And add my insight about What is the audience choice of Lower quality versus higher quality And I'm giving you a Bharat Point of view Again It is very interesting when Some of the barriers are removed People start behaving very differently I'm citing an instance Of a remote village in Maharashtra called Pathetan Which actually introduced our infrastructure As a result The rural audience Were able to watch content Without any barriers of cost Or connectivity They were getting equivalent to 4G, 5G content And that too without having to pay money So essentially we removed the barriers That are there When a person makes a choice Between low quality and high quality And very interestingly Ishaan Most of the villagers Were pleasantly surprised after seeing that They chose the highest format of Video Highest resolution of video They were willing to Experiment with different High quality content formats Just because the barriers were removed So A very interesting conversation And I was loving to hear that part The only aspect is that It is functional to the current environment If the environmental barriers are removed I actually tend to Agree with Sunny that People are voracious for high quality content Whether it is data or whether it is content Different parts of Different elements of content consumption I think also maybe there was a novelty In getting good content for them And then you know you obviously Will choose the most The highest common Definitely and they are also equally Edutite of an audience To understand the differences Between mediocre quality It is probably just that they were Constrained by some other barriers Just to add to that I think good quality content Is going to be costly like Sid said And there is no way you will make money From the advertiser You have to make money from the consumer That is where SWAT comes in Mediocre content which is great value In terms of entertainment value Conserved by the advertiser And funded by the advertiser It will still mitigate costs It will not recover costs But I think that is best for both worlds Substitution is what is going to drive the growth No I would not say that I think the most successful businesses Will be able to bring in brands Subscription as well as build I see a future You know on Avod reach is what sells And that is what brands come in for That is the TV model You will see a future where You will have people subscribing You will have massive reach on those subscriptions And you will be able to Because of these two things You will be able to build content That has brands woven in Talks about brand integration But also is very very Separately or with it Is very high quality And possibly it is a little too early Even now because we are still not As penetrated I don't think it is a little too early Because we already have scale Even in our subscriptions And even our subscription Platform base is good enough For advertisers today But again I think we are just Scratching the surface I think over the next two years There will be another 50 At least 50 million people Added into the subscription ecosystem What I meant more from early Is that there is a lot of room To do a lot more today So therefore where the revenues Are really coming from We will see different kind of formats Maybe newer avenues I think models will evolve for sure There are so many economies at play here There is the creator economy at play There is the influencer economy at play There is a subscription economy at play There is a brand or an avod economy at play There is gaming along with that There is interactivity along with that I don't even We don't know what we don't know Even know what the future models Commercials will look like But today we do see avod, svod Brands maybe at a certain point In a certain offering Even coming together Along with also existing as pure play Offerings So something else that we do with brands Is that it is slightly reverse So we actually go and understand What their requirements are And what their objectives are And in line with their objectives We can play a role in that journey And then there are many times When brands say we want to acquire Some of your subscriptions in bulk And that's where B2B comes in Some guys say we want to integrate Your app into our app So that we increase engagement So that's where engagement and B2B Again comes in So there are lots of different models As it was saying And we haven't even scratched the surface As far as monetization is concerned So where do you see the future growth Coming from We did speak about About 100 million paid subscriptions today But 450 OTT users Where do you see the future growth Coming from Do you think metros are So I think there's extreme competition I wouldn't say competition But there's too much supply Of content in the Hindi space Whether it's web series Or in different genres But the real magic is going to come From that same scale Being done at every regional pocket So if there are I mean regional has not even scratched the surface We've just kind of touched it right now There are few players who are doing regional Gujarati is what we are doing We also do a lot of Bollywood Which is our regular Bollywood catalog So the entire Bollywood catalog About 5000 films is on the platform But more importantly The regional pocket is where Things are actually going to explode As time goes on And we have to penetrate Beyond the 100 If you want to get to the next 500 million You'll need to look at regional as the only way Yeah So that would you agree Do you share the same thoughts I mean it depends on what cut you want to take Regional is one cut Which is more a language affinity So if you look at it from a language affinity Yes When I started I said that we are under penetrated In the regional audiences right Relatively and TV is much stronger there Versus what happens in the Hindi ecosystem HSM as we call it Hindi speaking markets Right and so definitely that is a space For growth But you know There are 700-800 million viewers on TV Of Hindi entertainment Sorry of overall entertainment There are maybe If you leave out YouTube There are maybe 200 million people On premium OTT entertainment right So there is still headroom for 600 million people More who love entertainment to come on To OTT Now they can come across regions But I think there is a big job As well If you look at the other cut of it Which is geographically right There is tier one cities There is tier two cities Which is Bharat Which is tier three and below I think huge job All these places And I think if you look at the audience sizes Of course Bharat is the largest audience size That is still to be explored And tier one and tier two But then you have to balance it With affinity And propensity to pay And affordability right So I think at the end of the day It's a cross play between those three or four things And it depends on How you position yourself What you want to sell and what is your proposition But I think all of these markets Have great potential Metro of course Metros are the most saturated markets So maybe the headway there might be lesser But tier one, tier two, tier three Below I think massive headway And then if you go into languages On those tier one, tier two, tier three Even more headway Thanks so much I am getting all kinds of signals That are being sent here To say that we are out of time But you weren't looking here Ma'am, you were only looking there I kept waiting, I am instead going to ask Then you will see me Ten seconds per person Precisely ten I am passing I will save those ten seconds Sir, my budget only allows that much I will try and do it in ten seconds As long as Okay, perfect As far as So businesses As long as they are looking at their subscribers As consumers and not customers And giving them cuss Which is basically giving ease of use Imagine a integrated A single remote that gives me both Linear and non-linear content As a consumer You are not giving me cuss You are treating me as a consumer Plus the whole integrated interface Example being fire TV Ease of discovery of content Xiaomi does a very interesting patch wall Which aggregates content There are different carousel As long as you are thinking consumer And reducing the cuss To me that will drive growth Okay, just one last point Nobody And nobody is cracked that code Nobody is platform loyal We are all content loyal So if there is content today on a particular platform We will jump there If there is another piece of content on another platform We will jump there as well And we will watch it We will pay for it This is consumer behavior And till we don't crack the code Of how to make customers loyal on the platform We have tried to do that With our 52 week promise of Premiers But till we don't crack that code I think we will all be trying to find That subscription hack Maybe you won't be disappointed Tomorrow we will call the staff Watch our content online Use Dolby Watch all the content online Watch all the content online Yes, watch content online OTT, OTT Thank you so much everyone For your patient listening