 I think let's hear it once again for the Dharavi project. In fact, this is a project in which, dear friend of mine who's going to be here, Sameer Bangara and his company QQI and the partners associated with that, which is Rehman and Shekhar, who have been responsible. And this is, you know, numerous initiatives of this nature. Really, those two little kids, the young boy and the girl, actually got Anurag sort of nudging and saying, I want to do this. So I said, yes, Anurag, you keep mentioning this is World Music Day. It also is World Yoga Day. So if not for World Music Day, take it up as an initiative for World Yoga Day and go ahead and do that. Delighted to be here and thank you the entire team at Exchange for Media and Anurag, I know I was not able to be a part of this initiative that you all have launched last year. But I was given a topic which read something like this, music, ex-consumer engagement, technology and audience. So to simplify this, I'm essentially over the next 15, 18 minutes and it's going to talk to you about how I see the landscape of music as it exists currently, seen from the prism of the digital world and how it is likely to shape over the next few years. So we'll touch upon some of the components that have been mentioned here, but don't read too much into this particular topic as it were. For starters, our industry with its rich and very, very rich cultural heritage, our music comes from 29 different states, 17 different film producing markets, but it has had a huge association to Indian cinema which is today about 104 years. Indian cinema and music have gone hand in hand and even though from time to time there is an aspect and spurt with regard to independent music as we've seen in the 80s and as we are beginning to see once again in a very significant way in the last five years. You also have tracks of music which is all about faith and devotion which is also a very big component. But the reality is close to about 80 plus percent of it stems from this and hence whatever happens to Indian cinema is also in its own way going to be driving that. So to take a point over the last few years you would have seen the emergence of more and more storytelling in Indian cinema across languages who are not necessarily relying as much as they would say 10 years back or 20 years back on music. There are several films which may just have one or two tracks. There are some which are even attempting only to do the soundtrack and not go with actual music within the film itself. And that with the advent of the digital world the way it's opening up is opening up opportunities for independent music and we'll talk a little bit about that. Today and again just set the context right whilst the music ecosystem globally is about a 17, 17 and a half billion dollar direct economy. We are primarily going to talk about the India market as such. The India market today ranks about 15th. Last year it's made it into the top 15 markets in the world. But when we look at the actual numbers it pales in comparison. Generally the largest market for music consumption driven by digital happens to be the US market is about close to little under three billion dollars. In comparison we are today at just about 125 million ecosystem which is directly the music economy which is built on the back of public performance built on the back of digital business etc. I think over the next 8, 10 minutes my idea is also about to sort of you know just light up the imagination of where this can go and what are the different avenues that it is likely to touch. One of the fastest growing categories in the last three years the Indian market has been a case study anywhere in the world driven predominantly on the back of two things. A massive proliferation of access. We were at a stage three years ago where data costs were about 250 rupees for a gig of data. Today technically for as little as 49 rupees you can actually get 30 gigs of data. We've moved from about 900 MB to a gig of data consumption for about 300 million consumers to now anything ranging from 11 to 17 gigs of data for close to about 750 million consumers. So you move from a market of data shortage to data abundance because on an average a consumer today has a 30 gig kind of pack and they are not yet utilizing that which is why several of you would probably have rollover plans that are happening. I know for one in my Vodafone service I'm sitting on 280 gigs of data you know which keeps getting added up. So you are in that as a phase. Why I mentioned that it's one of the fastest growing digital categories is when you look at the four, five key categories which have driven the digital revolution you look at categories like fintech from wallets to banking etc. You look at e-commerce, you look at transportation, you look at the space of OTTs whether it's video or audio. The amount of time that we end up spending in a category which is linked to the entertainment industry far outshines almost any other category including the quantum of frequency with which we are using this with perhaps the exception of transportation driven services because you're not doing necessarily e-commerce every day, you're not necessarily doing your banking transactions every day. So keep this at the backdrop and I will bring the reference to this. These are numbers which I would say are I would say conservative but definitely very realistic. Today roughly about 250 million users in the country are actively doing streaming. They may be doing it out of a range of about eight odd services that exist in the market. Four of these services which are the incumbent services account for close to 90% consumption and of course one of the biggest marketplaces for this and the discovery of this is continued to be in YouTube. So you have a stage wherein that's the kind of number and where it is likely to lead to in my mind it'll go to close to about 600 million consumers over the next five years. Now let's for a second just do some crystal ball gazing here. 2024, assume a market of about a billion active users. Assume a market which will be closer to about 850 to 900 million smartphone users at that point in time. Now most of us we may end up having you know 80, 100, some of us maybe geeks may even have 200, 300 apps or services on our device but what you actually end up using would not be more than 15 to 20 of these and these as I mentioned would be broken up into five, six distinct categories. So it's my belief that the category of music and the broader spectrum of video centric OTTs if let's say you had 20 services I believe 9 out of 10 consumers would use these services. I believe close to about 6 out of 10 users by 2024 would be using fintech or you know services which are centered around payments and banking etc. I believe you'll probably have about 4 out of 10 users who would use it for commerce and transportation. So in that kind of pyramid funnel bear in mind that the music category is a category which is a catalyst for other digital adoption and that is the point I'm making and you know over the next couple of slides I'll tell you the significance of this and why I see this obviously a big part of this growth is now happening across what I term as middle India and Bharat as opposed to the top 20 cities and that's pretty and that kind of leads the way into the next 250 million consumers are really likely to come from that part of the world and hence again this is a category which will play a huge catalyst role in the adoption of the internet. Just today in one of the leading papers there's a story how the market, the digital market which has seen you know bizarre growth the last three years as I mentioned almost 10, 15x growth in terms of consumption is tending to Peter and one of the reasons why it's petering down is as you're going into middle India the significance of language is becoming a barrier if there isn't enough content in that space adoption is to certain extent getting hindered. Here I think music is going to play a very interesting role because we are already producing you know there are creators, there are singers, there are artists in every corner and the aspect of what we sit here in forums like this and term as regional I believe is going to now become the next mainstream. Already when you look at data regional as we describe it music is already accounting for almost about 48% if you keep in mind the fact that even English is not necessarily a language which is our own language but 35% is stemming out of you know different geographies, different markets and I believe the next three, four years this will go into closer to about 50% consumption as opposed to mainstream Hindi and again it plays a catalytic role in the adoption of other services because just on the back of you know a comfort that you have access to your content on music streaming services you are likely to discover other types of services and that becomes an important critical element with regard to. So coming next to how is the consumer and the audience in this entire space building out? So let's start with some numbers to begin with. On streaming services today consumers are spending between five and six hours on a monthly basis but this actually pales in comparison when you look at a market you know small market in Asia Philippines which is already doing 17 hours per day per month of consumption. 17 hours you know may look may seem large but it actually is just about 30 minutes on a daily basis and the potential for India to grow stems a lot from this next slide which was you know from a report from IMI you know in the Deloitte report which suggests that Indians are already doing 21 hours per week of music consumption. It is one of the largest categories of content that gets consumed. Obviously this is happening on open networks it's happening on radio broadcast it is being discovered on television and digital is a component that's happening in this entire thing and we are in that sense already ahead of the world average. And this again comes from the fact that when you look at it from a pop culture perspective as I mentioned earlier the fact that our music is derived predominantly out of our cinema. Our cinema in 17 different languages 1400 plus films that are produced on an annual basis almost six times that of Hollywood there is a lot of that that is driving this entire thing and hence for an uplift as far as digital is concerned over the next four to five years you're likely to see at least a three to four four jump from those five six hours to potentially 20 hours or thereabouts that Indian Indians will consume on digital platforms. It is also as I mentioned a short while back the highest category in terms of time spent today when you look at any of the categories which are driving the app economy music as a category is one of the highest and that makes me ponder that why are we not looking at avenues other than the core avenue of advertising or subscription and over the last two couple of slides I'm trying going to try and sort of you know just tickle the imagination of all of you here to see that is there a possibility of sorts leading in that. What are the other unique things about Indian music is that I believe India doesn't just listen to music actually India watches music because going back to that same analogy that it emanates from cinema the first look of most movies as we've seen the last 20 plus years from the television days to now the YouTube era the first look is always a music driven promo so you're beginning to discover music not necessarily on the back of audio but indeed on the back of visuals and the fact that video is one of the fastest growing categories and will continue to dominate 90% of digital overall consumption I think you know the music industry is very well placed to capture this and this will kind of lead into a point I have which is pertaining to what's happening with the player and we'll touch upon that in the next couple of slides. So this kind of teased me up to my the convoluted sort of you know topic which was there but I do believe a session of this nature technology and music is an aspect that needs definite and continuous discussion if you go back 15 18 years back one of the first disruptions that happened to the digital economy happened on the back of a music driven service in ecosystem how many of us are familiar with Napster as an example. Now Napster may have shown the path for file sharing Napster may have gotten caught up in huge legal battles and Napster may have folded down but I believe Napster has also triggered the imagination of numerous players in this broad technology arena and those players are who those players are telecom networks who are providing you know access those players are device companies who are creating technology in terms of you know what will be the use cases for this why do I say that Napster happened in an era which was a 2G era in fact not even barely 2G it was really the first phase of the internet today we are already in India in a 4G environment by next year you will go into the implementation of 5G now what is this what is it that this this means why I feel music at times has not necessarily got its due as playing a very catalytic role in the broader adoption of digital media as today if I stream a hundred audio songs it's give or take five six hundred MB of data consumption five six MB per song three years back that was probably sixty percent of the average consumption per month of a user because the average consumption of a user was roughly about nine hundred MB to a gig of data today that is barely four five percent of the average consumption that's happening it's led to a stage wherein data access is almost equivalent to me like electricity or water it's there you don't need to there is no anxiety of sorts that's popping up and I think when you look at numerous companies and the ecosystems that have developed around them before Apple founded the Apple iPhone it actually created the iTunes store way back in two thousand two in two thousand sixteen when Apple introduced Apple pay the background to Apple pay was that they had eight hundred million cards on file those cards on file ninety two percent of those cards on file came out of the sale of digital goods primary amongst that being music of course subsequently leading to things like games ebooks etc so it wasn't that people were you know those eight hundred million consumers were buying phones and books and whatever and that led to them believing that we can actually move up in the fintech space and go into a service like Apple pay and of course being a device entity you have NFC etc in terms of so music has had the ability to inspire different types of industries to branch out and I think that's the backdrop that I'm trying to lead into you know and just keep that it's also we all talk about big data in times like this one of the simplest examples of AI and machine learning which is real which is today happening for close to about a billion and a half million consumers already before we move into other categories etc is again the music industry under I spoke about the death of for instance billboard charts and the emergence of playlists nothing could be true how are these playlists becoming more and more popular because you are now using intelligent AI and ML to curate and constantly update what the consumer really wants dynamic lyrics has become a reality in any case this is now pretty much a hygiene aspect of it I was very intrigued to find out did you know lyrics as a category is the sixth most searched word on the internet it's actually a head of sex on the internet so again you know these are elements and features we are beginning to see in services and that's really where this entire component world is leading to I believe the technology in a music ecosystem in gamification is going to be a very big driver as well gamification has been for the last three years amongst the top ten trends in the broader digital world itself introduced we have two patents pending in the space of gamification so on our service for example there are about 12 different actions which we have gamified what does that mean it means if you like something you share something you downloaded you get points for those you can take those points and redeem those points for the simplest thing being a premium subscription which means you're using that loyalty to buy into a premium service or you can now cross exchange those points for other products you can lead those points into money can't buy kind of experiences and we are now syncing this up with close to 34 different banks because when we went deeper we realized the banking ecosystem today when you swipe a card you either get cashback or you get core points we believe digital goods within which music is a strong category has the potential of being a huge supplement to the cashback economy and why do I say this today I swipe say 100 rupees worth and say okay fine you get this access 500 rupees you may get a monthly subscription size you know thousand rupees you might get a video service or whatever it may be in this ecosystem you don't have a logistics problem to deliver because you're able to deliver it all digitally and seamlessly in the ecosystem of loyalty instant gratification is a big big issue and instant gratification you have a problem which is pertaining to the fact that people don't remember they likely they end up using most of the loyalty programs for big ticket items like you know when you're flying you want to upgrade yourself or whatever and so by the time you get to a certain critical mass of points you've seemingly lost interest I believe the entire digital entertainment economy has a huge opportunity in filling this gap and that becomes a whole new revenue model as well for them going forward I think there's a massive amount I'll spend about 60 seconds in this the video player is make no mistake the next bastion and the next sort of terrain for all digital companies as in that's the next real estate which needs to be conquered why do you think you have global e-commerce companies companies like Alibaba companies like you know Amazon now getting into the production of films TV shows etc the reason for this is fairly simple on the one hand with content you are able to create periodicity you're able to create a consumer coming back to you on a regular basis and therefore I'm sorry I'm seeing two minutes over time so I'm going to just rush this past apologies guys I know you're already running late but the player itself is now the next phase of the player is going to be all about what more you can do can I touch lead to commerce the play the devices are today coming with core technology which whereby it's already analyzing what you are watching and even without an expression all of that is getting captured and hence I'll just leave this as a thought I'm sorry I'm just going to rush this past I think VR is going to drive a lot of this and again music is an industry will be one of our investors and partners the company called Intel Intel has in fact done a fabulous initiative with AR Rahman it's a film called Namask which is one of the first full-fledged films with music as a backdrop but completely shot in VR recently about six months back or four months back it was the 40th year of the of the film called Grease and they got the original director and Intel did a massive VR rendition of the title track from Grease and this was done in a technology called volumetric which had 130 different cameras in a massive dome whereby it essentially makes you the viewer feel a part of that ensemble choreography and be able to experience it and view it if you go on YouTube you'll be able to see those videos and experience it so again I think the music industry whether it is from its aspect of what's going to happen with the on the exhibition and on the concert side or what's going to happen on the phone side is going to be a big driver of the VR I think this is something that I wanted to add you cannot be talking music without the artist itself I think it's been more liberating than ever before for them there is a direct connect that they have with the audience there is a whole new era of original music which is happening right now similar to what we saw in the 80s and early 90s or what we termed as independent music I think there is more and more of this and for those who are interested as artists and they should be because you have an ability not just to reach the millions as it were but you have an ability to know about these consumers through data and information about the artists in the industry and you have a different way to do that and I think it's very fun that you have this right and therefore don't just look at this as a means of getting your music out there apart from that it has a direct linkage into concerts it has a linkage into converted which has been an elusive revenue stream in the Indian context and there will be more and more of those that will happen This is, I mean, for a $3 trillion economy where the cultural significance of our industry is so large, this cannot remain the size of the ecosystem. And we cannot be over dependent on advertising. Advertising at the end of the day is an $8 to $9 billion industry in the Indian context. When it comes to digital, you have about $1.5 billion, but two or three of the international players take away about 80, 85% of that market and therefore don't make the mistake of being over dependent on advertising. I think there is clearly a need to reimagine subscriptions and I'm consciously just skipping past a little bit. I believe music OTT is going to be a catalyst to video OTT. And I think music on its own is not necessarily at the state that the market is right now. The state is you buy a telecom subscription, you'll get music, you'll get video, you'll get newspapers, you'll get magazines, you'll get television, 581 channels, all bundled in. We are firing on the shoulders of content at a price point which the content industry is literally getting pennies on the back of this. I think the music ecosystem will kind of converge with the broader, very rich video ecosystem. And that is where in my mind, there will be new revenue models and I'll leave with the thought for you. So if there are, let's say 2024, 500 million active users of OTT services and OTT has described a digital entertainment driven services, what do you believe could be the size of that market? I'm going to leave a thought in your mind. So bear in mind, our Prime Minister is talking about $5 trillion by 2024. At that kind of an economy, whether that happens or doesn't happen, we're still going to be a per capita income closer to about 3 lakh rupees on an annualized basis. Now if we took 50 rupees per month per user for 500 million consumers, that for the broader OTT ecosystem is a 30,000 crore market. If you took 100 rupees per month per user, that is a 60,000 crore market. That doesn't mean that you will go and pay 100 rupees for a service. You may choose to pay just 5 rupees for a service. You may choose to have 4 or 5 service, but can the average kitty of a consumer be between 50 and 100 rupees as being their enrichment given the fact that data access is there, etc. I fundamentally believe it is possible because today with 50 million set up boxes where the average ARPU is about 170, 175 that you already have with a multiple of about 4, 4.5 as households, these being individual screens, you will look at it and I think if in that ecosystem you have the ability to potentially tag along commerce because if consumers are spending that kind of time and that technology is going to be prevalent which will lead to commerce, then the potential of this ecosystem is much, much larger than even 60,000 crores. With that I'll end, I'm sorry I took a little extra time, but thank you very much.