 ॐूूृूूूू Practical Round of welcome ूूूूृॉ ूूूूूूॄ ूूूूू। ैुूूूू ूूूूूूूुूू organisations and who look forward to receiving this report and use the pointers provided in this report to plan their own media approach in the financial year to follow. Now, some of you have told us that, why do you wait till February to bring out this report? ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ, ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ ौ एतद पर और स़बन उराद कती से रोंगे आप और त्रा सावर कर मुलग और तारद कुई से जो आप आप ज़े वो गयानेवों ने आप स़ौजतिक विंटेर के ठाए शाओग कर नाज़ी आप वो चात तो अप लिए आप महाँ ये स्वित दी आप लीक कोमी अं वेग़े त भी दोग दी आड़्शीन, तो भी वोतिशय कटाऱ्, नहीं वो परएं वो लेगा। नहीं, रहां वो वर्गत हैरू, त में वी स्वाँच त मिर्च्ञ लगी बाजा है, को आप तब ठागा, यह से ज्वाग में, 10% करी टवाच्छ्फाँउनी आचनू, अजी दिपी गूँ at 6.8% and Indian ad-ex in our estimate last year grew by 21%. अपसलुत ताम्स ad-ex has grown from 74,000 crores to 89,800 crores a gain of a significant 15,000 crores. अपसलुत ताम्स the second highest gain in the last two decades. अपसलुत ताम्स the second consecutive year that Indian ad-ex registered more than a 20% growth after a dismal year 20 when the pandemic hit us and knocked virtually three years out of ad-ex's life. अपसलुत ताम्स it is significant of course to know and many of us know this very well that as much as 58% of total ad-ex growth has been contributed by digital which has grown by as much as 35%. बात traditional media's role and performance in India unlike in other parts of the world is no less noteworthy it continues to grow year on year and has grown by 14% last year which is the second highest growth rate in the last seven years. आपसलुत ताम्स the second highest gain in the last seven years. आपसलुत ताम्स the third highest gain in the last seven years so in spite of two coven years and the Russia Ukraine war last year Indian ad-ex has grown by 33% over these last three years. अपसलुत ताम्स the third highest gain in the last seven years. च्हुड क्रटी अद्ँग leave ask company रिवे श्कद बक迎rians saw उस्ड groom से milyा combinations कह pouquinho से थुलuu तक ढउआanse अस softly Mm सत्raits से मा ऱौतате। जिः। कह enjoyable perpetual तो। earrings ठे घफॐक ही मोज़ दिंके। दिर न शुस समघनाय बग़ी भी नहीं होंगना बारना आप तो perfectly मुरٹर 4  tightening lower than quarter 4 of 21. से खेरास्तमेद , if not for the slowedown in quarter one . मनक्ста मैंनिती थे कवेद , adex in 22 would have registered सबinct Today of a phenomenal 29 percent Michael ute of twenty-four percent. From a historical perspective last year witnesses the second highest growth in the last one decade as this seven year review shows you. Now compared to Indian ADEX's growth of 21 percent, global ADEX, थो तुमक्ह फृएक भी यही भी क्ताईगी मरेए्टाउगी च्छीवाचा थी हुएक से च्छीवाचदा में जर आगा अख्चीवाचा थाईगी वे बच्छीवाचा आप वर्दاط तो समथ पूश़्टिवी ठी करदा कि सच्छीवाचा जो दरहे शिंच्छीवी ऻगी औ� ुरले साऔ कर सब कінभर तर्वीज श्लब अग़ुफुवुउथुग न deciding make scraping contributing 33% to global adx vors च 중요, और और खोँवी तर्वीझ, comentarios 14%. यहता happening, यहकर गर ज़चरी, Url agites आं और खरउझं बना यूँववाद कर को trolls at global adx stage वात देा साईज котा सर अधीथ वो टोन from the 13 aktivism markets more doubt the strengthening of the US dollar has played a role in subduing our share. A medium-wise comparison of shares across global ad-ex and Indian ad-ex shows up very substantial variations. एक ज refuses Rielbras is at 38%. अगड़ार उरी न अदा़ग के चिनमा फ़ल है एक बार रेए और होँ कर बजानिंग. अगड़िजो है को द मुआब आप उपी एक। और ग़ार के देखे आप चिक्डी कि किने थाउगड के आगड़्ार ख़गे के शूमबाद. जब कच्रक्क of work of work of work. यह द़ाय्ताताब उन्लग गईईईईईईईई और है जो गर वाग। the other hand is where there is a sharp difference. टिंगन यहि नदिया बऔट़ वो़्स of a 21% share, whereas in the globe it's just 4%. illon ी। नुँ। नॉ च्रुज़। नॉ. च्रूज़। नॉ। नु। दूच। च्रुज़्। तूँ। दृँ। थूँ। दूछ। ळिसु । । । नॉ। । आज। । दृट। दूछ। दूत। तुि Secrets Is. जिज़ मनीडिया में आनट़या कहनागा। तो फरु ता Of course पूच दोगनी नाँद़ी और सीस तुओष अच करोज तो धुवाई करोज तुढ़ तो जोचकी मजने तुछ के ख़ोमोग की था. लगँँँँँँउइँँँँँँँँँँ lost between the 12-21 Sat.।। । । । । । । सिनमा on a very small base and after two years of dismay grew more than 300% but by a mere 400 odd crores registering a share of only 0.6% TV the largest medium till 21 dropped 4% points last year unfortunately post COVID print also is losing its share year on year and now contributes 21% of overall addicts interesting print share till 2019 has always been more than 30% the combined share of minor media like cinema, radio and OH has gone up from 5% to 7% last year driven mainly by outdoor योगथा लग यूँट शीड़ा मेंगा देटा के से थ्वी अणद़ा विज़ान। योगथा बारी लिए आदा का, आदिच अदिश्नी को princinal media and that too excluding OH and Cinema ॐ। यी मग avaient मित कमटािनस् के �杯 दोंडमन। उनकादिक्य हूएत ब्वाया मु�orar मुद्ट मुऋनमानों चीऍत ह brain केक र Ой काईगे काह्रीम के ररव वाँ � applied के कोस्lar analog की कशक करनाअ रivamente करनाण सरियठर हूएत उससे सर्फेश् काते लगाक vegetables comes in ad. ex is reducing the top 50 now accountlen for 38% of adx in 21 compared 40% now quite a dramatic drop 8% bunch points Indian msm ease of first waking up तो तो आप प्रफ्वित प्रफ्विल्टी अब ब्रन्दीं और अद्ब्टाइशिंग रोल इन ख्रेटीं अब ब्रन्द अस्ट्र्मिच रवील तो आप तो तोड़ेज आदेख्स इस कोंट्रिबुटेद बाई सच्छ मेश्मेश आद दे आगेरें आप फो मों वी सी इनव बाई से घ्राएड़ा बADA रवीलगाम साभ म� husbands fraats.. अदिया। अदिया लिए at tenth the contribution of top-ten purple add-ex जम्मक जरने के ज़ठिचके düşृ। तो भक्ड biết छ़दौँ friends ख़ित आजिक घट शहको तो money दो on trackingलि � �ist और�서ं थी। मैं सेथ रआऐ प Dell थि तोぶ cam पा म। में दें दिया पको तो भी थ्बाश्याग रहादवाट्तुचा notes are the top advertisers who are counting for 87% of their total expense. नेक्स नेण संकि मेंन्साद्टट्चा थे अशीमादारं aton the next five brands in our elite list are Amazon, PNG, मारुती सूजूकी भी जुएकी और आप पासपार्डूएका। Payaju still, Mahruti Suzuki and Google. वीनी मी शो प्लिपकाथ टातदिज � Dell Vanzo games ु on Titan are some of the new names that make it to our list इसे आटानी इसके अदी, overlook tenur est met asmeni as sixeteen iz animation और तब room. टब धो कप. तब थब आटानytic un बहाुख North याटी आटी लिई बहान tener ni to try the  माय और ाटी साँघ ऒादí को ौख ॑टा Audio ॑च क mere ,spain सामसतर disregard लग्गनाए आदठल आदटक लीखदिया रहे।नासक अदट्रेखश मैं, आदट्यखश अद्टमत को देखाए की विगछे आगा आप से, दिखए यह औगा औगा आदिक साधष्र ख़रींगो चानछ़तकोंगाए, और थो आदटिक हूँ अदटीक से, एक आडवात्ताःज़, और प्योग कि देखात सर्फात, और कि आप मनखुं्ये ठीवे देखान। प्योग आप स्विर्ख्प्योग डरतीच। तुछ तोछ दर धाशाग़। से जवाँ एक आद आड़्ी कास दिस करना मजानें और छिगोंने ज हात आदा तें आदें भगत की लिए खु़बँा, यह अद यह दिज्टल आदेक्स दोगाल में अद आद्च दिज्टल शेर में यह दिटल आदेकस यह और आदेक्स गूँ,wehrados, छन्स दिजटोलच पर्यजना हो गढे के आद� station उटुर्श्टी शर्च़ू कूर ेट अटूएऔदूर ख़ूएड from last year's press conference was 29% compared to earlier years when it was 37% and 39% telling us, that digital ad-x after all is also not immune to an economic slow down. ..video, social, display, e-commerce and search drive digital ad-x. इसके अदोटर दीः़ा अस्चनousebut GitHub does not use the answer of the route. अदर थी ब्येश्सिए Storieswad University इसकता हः से प्योग़टिक है?, दिजछाते दीएक से वॉगरे है?, दिछछी क्लो आव Commun IMMEACLESS 45.6% of our nearly 90,000 crore ad-ex is spent by advertisers on the audio-visual medium. Social, the second largest contributor grew the most at 45% and increased share from 20 to 22%. Display has grown more modestly at 19% and has therefore lost 3% share points from 19 to 16. When Google started, it was all about search, but search today is 16% of the market. Coming to television, as I told you, TV has now moved to the number of two position in Indian ad-ex sweepstakes. TV grew by just 9% substantially lower than our forecast of 14%. In 22%, for the first time, we see a little stress in linear TV and its share has come down from 42% in 2020 to 38% in 2021 and 34% now. Now, possibly in 2022, TV also unfortunately witnessed some of the biggest new age clients beginning to pull back on sponsorship of big ticket shows because of fear of running out of money and on the back of raw material shortages and steep ride in raw material costs, which led many advertisers to spend advertising money with caution. The festival dominated quarter four, which usually sees a big spike was missing in 2022. For television, again quarter one was sluggish, quarter two showed promise on account of the full season of IPL, quarter three seemed buoyant and quarter four again didn't see any resurgence. FMCG, of course, continues to dominate TV ad-ex in a big way. Compared to the around 30% in total ad-ex, its dominance in TV is about 45%. But here again, it has come down from 52% in 2015 to 45 today. Also FMCG during the year increased their spend by just 7% lower than overall TV ad-ex growth of 9% and an all media growth of 21%. E-commerce, which only had a 5% share of TV ad-ex, today has a 20% share. Paradoxically, growth of e-commerce has helped a traditional medium. Education, including ed tech, dramatically reduced its TV spends by 24%. Ed tech accounts for most of this decrease and because of this education is now relegated to the fourth position with just a 4% share. Auto has taken over education as the third most important category. In terms of genre, Hindi GEC continues to lead the pack in terms of TV ad-ex. But significantly last year, more and more advertisers use more of second line GEC indicating that efficiency and not impact as we generally call it is top of their mind. Sports clearly is now getting the attention of more and more advertisers and despite very high CPRPs is finding favor with many advertisers. The number of advertisers on spot increased from 372 in 21 to 473 in 2022. My mind goes back to the 90s when I believe on cricket there used to be not more than 25 advertisers. Among the regional satellite channels, Tamil continues to rule the roost followed by Telugu, Marathi, Bengali, Kannada and Malayalam in that order. Hindi movies also continue to find favor amongst large advertisers to drive cost efficiency in their plans. But English movies, niche channels, infotainment and kids genre seem to be losing their relevance. Taking a deeper look at print, print ad-ex grew last year as I told you by 11% to reach a value of about 18,470 crores and is now at 92% of pre-COVID levels. The newspaper industry saw an increase of 11% but I must confess our estimate last year at this time was 13%. What strikes me is that although the recently released ABC circulation numbers show that for most publications circulation has not reached pre-pandemic levels, this fact does not seem to have daunted advertisers to use print any less since both volume and value have gone up by 15% and 11% respectively. Print in India continues to surprise if not shock global print barons and defy global ad-ex trends because as I mentioned globally Vox estimate of print is 4% whereas in India it has a 21% share. Significantly in China print is virtually zero. In terms of absolute ad revenue to print followed other media and it had more than 5,000 crores in each of the two quarters of H2. H2 was good for print H2 contributing 58% of total revenue. In terms of categories though education de-grew marginally it emerged as the largest category in print. So it seems to have been preferred by education over television and has overtaken FMCG with de-grew by 8%. Two other large categories clothing fashion and jewelry and household durable also grew substantially by over 15%. In terms of languages English publications gained the most in terms of ad volumes and grew by as much as 19%. Hindi publications of course continue to dominate but English and Marathi are the next two on the list. English publications have almost reached the 2019 levels of volume using price in our view as a mechanism to attract more advertising. For one reason or another Oriya Bengali, Punjabi, Assamese and Urdu publications continue to get very poor advertising support. Now let's look at OH. OH in 22 became a 3600 crore medium and grew at 68% registering a 4% share. The Indian OH market with a growth rate of 68% and share of 4% has made one of the strongest rebounds and is only the second traditional medium after TV to surpass its pre-COVID level. Again looking at it quarter wise 800 to 900 crores came in each of the first three quarters. Quarter 4 surprisingly was a bumper quarter unlike the way it was for other mediums and revenue crossed 1000 crore milestone for the first time. Top 5 categories contribute 64% of total OH, 56% with real estate contributing 19% followed by retail FMCG and consumer services. Almost every category registered substantial growth except lubricants and energy. Radio also grew noteworthy by 17% as against our 10% projection and managed to cross the 2000 crore mark and achieve 90% of its pre-COVID level like print. Add volumes in radio again increased by a good 38% but ADEX increased only by 17% indicating that radio stations were not able to command the earlier established unit rates. Looking at it quarter wise surprisingly quarter 4 was the best quarter for radio. So real estate has emerged as the largest category in radio pipping FMCG followed by e-commerce and BFSI. Lastly coming to cinema after two years of degrowth due to COVID-19 cinema did not quite recover whilst it grew by 317% the actual increase because of its low base was only about 400 crores. Unfortunately cinema reached only its half way mark with the ADEX number at 568 crores compared to over 1000 crores that it did in 2019. This is possibly due to the lackluster performance of many new Hindi movie launches. Now it's time for me to share with you a growth forecast for 23. As the new year sets in we are reminded of an old Godrej shaving cream ad of the late 80s which ended with the one bright spot in a man's morning. India is certainly the bright spot in a gloomy, uncertain world. So says not the Indian government, not a patriotic ever optimistic Indian but the global CEOs of almost all reputed consultancies around the world. Having said that in today's world every country is interconnected with all other countries because of trade and commerce and therefore India is bound to get affected by the global gloom. Because of that our estimates for growth in 23 is a bit subdued at 16% compared to the 21% growth achieved in 22. For perspective walks forecast for global ADEX in 2023 is a growth of only 3%. With a 16% growth rate Indian ADEX will cross the landmark one lakh crore number and settle at one lakh four thousand two thirty. We expect traditional ADEX also to grow at a good rate of 10% in 23. With this growth of course share of digital ADEX will continue to lead and now be almost 10% share points higher than TV with digital at 41% and TV at 32%. Digital will continue to be driven mainly by the very large number of SMBs that use digital to drive their sales. On the other hand the number of advertisers on TV have not been growing and are only at around 10 to 11,000. In fact the number of advertisers on TV degroup marginally from 11,000 to 10,500. So why do we say 16 factors? Some of the key factors that will contribute to our growth are the upcoming major cricketing tournaments such as the new WIPL and the old IPL Asia Cup and ICC Cricket World Cup. New categories and new advertisers that are constantly emerging in India. Organic growth coming from the largest contributor to ADEX FMCG. Now that inflation has abated e-commerce marketing continuing its push. Many new launches planned in the automobile sector and recovery in print, radio and cinema. On the other hand we recognize that we will have tailwinds coming from... In fact we recognize that we will have tailwinds coming from growing consumer confidence, moderating inflation, rapidly rising SMB businesses who are getting more and more ambitious by the day and complete recovery from COVID. But we will get pulled down by headwinds from a global slowdown and low capital inflow to startups. ADEX should add over 14,000 crores in 2023. We expect in India no medium to de-grow unlike in global ADEX where TV, print and radio are expected to further de-grow in absolute terms. But we do expect that 60% of this growth of 14,000 crores will go to digital, 20% to TV and 12% to print. We do expect digital growth rate to now slow down to 25% mainly because of its high base and print and TV both to grow at 9% each but outdoor at 12% on a much larger base. With this growth all mediums will cross their pre-COVID levels except cinema. With these expected changes digital will further increase its share from 38% to 41% and TV and print will lose 2 percentage points each to settle at 32% and 19% OH radio and cinema share will remain more or less unchanged. Finally as usual we would like to end this report with some advice for my advertiser friends. First I would like to remind them to please use advertising budgets to build brands not by sales in the short term. Building brands we feel is the only way you can build a sustainable profitable company in the consumer business and remember investors are now sharply focused on companies future monetization ability. Also remember that mass media is the most cost efficient way of building brands in the medium to long term. A second piece of advice is to use digital to augment GRPs reach and frequency or whatever other parameters you use to light TV viewers to ensure you don't underservice them. Whilst advertisers seem to be agreed that TV continues to offer the best brand building capabilities because of a combination of creative and media factors. Light TV users are underserved and heavy TV viewers are overserved in a typical TV plan and this needs to be corrected or balanced. Our third piece of advice is to be constantly on the lookout for opportunities that mediums like outdoor radio and cinema constantly keep coming up with because these provide a good opportunity to offer to launch new brands, variants and test market them in limited geographies specially for brands with limited budgets. These mediums can offer you high impact and reasonable efficiency at low outlets and our final piece of advice there is no alternative to getting your creative strategy right and arrive at a creative strategy that is sustainable. We noticed that a lot of newer businesses focus only on a witty and wacky creative idea that at best can last a few weeks. So thank you very much ladies and gentlemen for listening to me.