 Good afternoon everyone. I must say that we had a very insightful panel discussion just before this session. A lot of points were covered, you know, panelists spoke about behavior, you know, there were discussions around scale of CTV in India and measurement was also spoken about. So, with me coming from Nielsen, in this session which I will be covering over the next 30 minutes or so, I will try and touch up on and give our perspective of where CTV stands today and how do we see this medium grow in India in times to come. There are total three sections that, you know, we have put together in this presentation. In the first session, I will be talking about the rise of CTV in the US and we really believe it is important because in times to come, some of the patterns and insights that we see in the US would end up emerging in India as well. The second session is where I would like all of us to take a step back, zoom out and look at where the CTV stack up today vis-à-vis the entire digital ecosystem. I think even in the earlier panel and some of the other sessions, people have touched upon the scale of CTV itself, whether it's large enough, meaningful enough. So, that's what I'll cover in that session. And the third one being measurement. A lot of clients, leading advertisers, agencies that I've been speaking with in the market over the last one year, they are curious about this medium, but at the same time, they want us to help them decode this medium better so that they can take data-driven decision, they can invest more on this medium. So, with that, I'll get started with the first section, which is essentially the rise of connected TV that we see in the US as on date. Now, this is a very telling slide, if you see. And let's focus on the chart on the left-hand side. So, what we see already happening in the US today is close to 85% of US households have at least one TV connected device. So, talk from a reach perspective, talk from a scale perspective. In a very short span of time, CTV has really become very big in the US. So, on the left-hand side, like I said, we are talking about scale and potential reach of the medium that we're already seeing in the US, and that's huge. What's even more interesting is the trend that we are seeing, and we have called out on the right-hand side of the slide, as you can see, which is over a period of time, the number of households in the US who are cutting out cable and satellite boxes and relying on consumption of TV content solely through broadband connection has increased many folds. So, that's a 14x increase that we have seen from just 2.5% households back in September 2014 to about 35.5% households as on January 23. So, CTV has exploded in the US for sure. While we are talking about reach, scale in the US, it's also important for us to understand what's happening from a viewership perspective, what's happening from a usage perspective, what's happening from an engagement perspective when it comes to television in the US. And for this, Nielsen every month has been releasing what we call as the gauge. I'm sure many of you in this room may have already seen some of our reports in the past, but for those who are not aware about it, gauge essentially gives a snapshot of TV usage in the US, and we break it down by streaming, broadcast cable and any other activity that people would be indulging on television. On the slide, we have put out March 23 numbers, so these are the latest numbers. And what you see here is that in the US right now, over one-third of viewership or usage that's happening on television is already driven by streaming. So, that's how big streaming has become on television in the US. That's followed by cable at 31%, broadcast at 23% and balance is 12% with others. For those who are curious about what constitutes others, essentially it'll include activities like, let's say, DVD playback, or if someone is doing audio streaming on their television set, or even for that matter gaming or any other such activity. So, streaming already is huge, even from a consumption perspective in the US. And on the right-hand side, what we have done is again, extremely important for marketers. It's good to know that, you know, there are so many, you know, CTVs in the market, there is so much engagement that's happening. Everyone is curious to know where is that engagement happening? Where are people really spending their time? Which are the platforms which is garnering a large share of content consumption? So, as of now in the US, of that 34.1% that you see for streaming, 7.8% is the largest share which YouTube main has and that's followed by 7.3% with Netflix. Then you have Hulu, Prime Video, Disney and others which follow. So, while streaming is definitely on the rise in the US, it's important to also look at how things have changed over a span of time. So, this is the trend data that we have put together. And what you would observe here is that back in July 2022, a little less than a year from now, streaming share within television was about 31.5%. That's actually expanded to 34.1% as on March 2023. And a lot of that share has actually been taken away from cable in the US. On the right-hand side, we have a similar chart which has share for different platforms. In the recent months, if you look at it, the shares are fairly consistent. YouTube main still leads the chart with about a 7.8% share followed by Netflix, 7.3%. But in the last three to four months, what we are also seeing is some meaningful viewership that's happening on some of the other emerging platforms in the US. And all the data which I showcased on the earlier slides, as you can imagine, is possible only through data partnerships and some deep integrations that we have managed to forge in the US. So, these are some of the valuable partners with whom we work very closely. So, you have Samsung ads, you have YouTube, you have Hulu, Roku, you have Amazon who work with us with whom we have integrations. And all these partners are also open from a transparency perspective to ensure that ecosystem is aware of what's happening within CTV, what's happening within streaming, what content are people watching, and over a period of time that helps entire industry scale from an advertising perspective. Coming back to India, and that's important for us to also look at what's happening in India, what does the digital landscape in India really look like, and where does really CTV fit within the entire scheme of things? We recently released our own internet estimate report for the market. Some of you may have come across our reports as well. And as on that in India, we have over 720 million active internet users. That's huge. Over the last couple of years, a lot of these growth in internet adoption in India, what we have seen is has been driven by higher internet penetration amongst women audiences. A lot of this growth is also driven by higher penetration within rural audiences in India. A lot of this growth is also interestingly being driven by people in lower social economic strata of the society. So it's bringing about a more inclusive society within digital, if you will. And you know, in a lot of our discussions that I've been in this industry for long enough, I remember there were times when there was a huge gender bias or gender skew when we looked at digital at one point in time, it was like 80-20. It's really heartening to see that over the last couple of years that gap has really bridged. Today, within that 720 million audience that we are talking about, 58% still a skew, but much better than what it was maybe five, six years back. 58% of the audience that we share is with male audience, while Balanced 305 million active internet users in India are females. The other data point and a very strong positive story for India is rural, how quickly everyone is slashing on to digital, is engaging with the medium, is consuming content, is making payments, is shopping online, and there is scale as well. So today out of 720 million active internet users that we see in the market, a lion's share of that is actually coming from rural India. So 425 million out of 720 million are active internet users from rural India. Having said that, when we look from our internet penetration perspective, rural still lacks urban. So about 48.4% of rural India is right now on internet as compared to urban, which taxed at up 62.6%. Now, whichever way you look at it, whether glass is half full or half empty, there is still enough and more headroom for growth both in urban as well as rural India and this number will only increase in times to come. Since morning, we have been talking about CTV, we have been talking about streaming, we have been talking about content. What we all know is that India is a very content hungry market, be it movies, be it shows, be it web series, we love watching our content. And from that perspective, it was no surprise that when we look at top activities that people indulge in online, video is right at the top. So video is the most sought after activity on internet in India today. And then you have other activities like social networking, video calling obviously has picked up in a big way during and post COVID as well, and that trend has not changed. And then you have others like audio streaming, playing games, making online payments, e-commerce. So these are the top activities that we see with video right at the top. Now while all this engagement is happening, we also have to be realistic in terms of seeing where is this engagement really coming from. And all said and done, today still smartphone is the king when it comes from a device perspective, which people are using and leveraging from a connectivity standpoint. So today our estimate says there are over 425 million smartphone connected users in the market. And when we look at connected TV in India, from a household perspective, there are about 18 to 22 million households who are CTV enabled and are consuming content on their CTV. There's a lot more data about these households that we have. But for you, we have also put a snapshot of what do these households represent today. Some of it logically may sound obvious. These are households which are affluent. They come from top eight metros. These households are those which are over indexed on digital activities like online shopping, grocery shopping, making online payments, e-commerce and likewise. In times to come, obviously as CTV expansion happens, there would be a change in the profile of these households, as we will see. Now if you remember in the earlier section, I spoke about the gauge that we released in the US. And I also spoke about how large CTV has become in the US. So there's already a scale that we have in the US. And it was but obvious for us to also look at what's the kind of usage or viewership that's happening on television in the US. In India, like I mentioned on the earlier slide, while CTV is growing, smartphones still leads the market with 425 million devices which are connected. And hence, what we have tried to do is give you a gauge-like chart for smartphone in India. We recognize that in times to come, as this CTV ecosystem evolves in India, as it scales in India, we would look at doing similar partnerships just like we have in the US and create a similar chart for India market as well. Now till such time, let's look at what's happening in the smartphone ecosystem and some of these patterns may again start emerging and what we may end up seeing on CTV as well. So first is, if you look at the time spent back in January 20, on an average per day, a smartphone user used to spend about three hours and 19 minutes on his or her phone every single day. Come Feb 23, this time has increased to four hours and 21 minutes, which means there's been an expansion of one hour of time in user's life. So we all have 24 hours. Within that, there is that one hour of additional window of opportunity which marketers have today on smartphone to engage and reach out to their relevant consumers. On the right hand side, what we have done is we have given you a breakup of what do these people do on their smartphone every single day, right? And a lot of us may not even realize what we are doing. This is not a survey that we have done, but this is all passive tracking, passive measurement we are doing. Again, as you could have imagined, a lot of time is being spent consuming video content on smartphones. There is social networking, there is gaming, there is digital payment that's happening, but video still is very large on on smartphone. I think in times to come, it'll also be interesting to see, as CTV explodes in India, and I think in the earlier panel discussion as well, someone mentioned this, whether smartphone time spent engagement will continue to increase. If CTV becomes really big, will it actually take additional time from consumers life? Will it lead to a drop in time spent or linear TV, or will it lead to a drop in time on smartphone? So that's something that we'll have to watch out for. Now moving on to what's available for the industry today, when we look at digital advertising. And coincidentally, couple of days back, Nielsen also released our annual marketing report. For those of you who have not seen that report, I request you to visit Nielsen.com and try and get a copy for yourself. What I've done here is I've taken one chart from that report. And this is important because if we start with the headline of this chart, it says global ad budgets are leaning to CTV. So it goes without seeing this is what we are seeing across the globe across all regions and it's happening in APAC as well. Having said that there is a downside to this spends that's happening on CTV. And this is basis the feedback that we have received from leading global marketeers. And what they are very clearly called out is that at this stage, they don't yet view CTV to be as effective or more effective than some of the other established digital channels. So on the left hand side in the chart, if you look at it, it's a five point scale survey that we are done with leading global marketeers. And we have looked at the top two box, which is extremely effective and very effective. And we have ranked them based on the summation of the two. So if you see CTV right now, from perception perspective, based on the data that's available for marketeers, stacks up third from bottom and the established digital channels like video display, search stack up much, much higher. So what this also tells us is there is a need for measurement, there is a need for more empirical data that we need to take to marketeers to basically improve the efficiency and effectiveness of this medium so that they can take data driven decisions and invest even more going forward on CTV. So as on date in India, when we talk about reach measurement, given that there is a lot of scale that we already see on desktop and mobile and CTV is still the journey has just begun. There is a reach measurement that's available at a fairly granular level across a host of metrics, which is critical for clients. So for computer and mobile, you have metrics like tracked ads, unique audience reach, frequency and GRPs. We have been running the service for almost seven years now. For connected devices, we have rolled out tracked ads as a metric, but a lot of advertisers and agencies that we speak with, they also recognize that eventually what matters is reach, what matters is audiences. So in times to come, we would also be having similar metrics for CTV rolled out in India. This is a quick meta that we have put together based on all campaigns that we have measured on digital in the last year in 2022. And what we did is we looked at campaigns which stack up in the top quintile campaigns. And while for digital, we have been always talking about scale. What we are seeing is that from an investment perspective per campaign, if you look at it, the scale is still not there, irrespective of whether CTV is there or not scale on even desktop and mobile still is not very high. On an average today, when we look at top quintile campaigns, they are about 95 million impressions. And when we translate that to unique audience, it's about 26 million in target unique audiences that advertisers and agencies are reaching out to. The largest campaign that we have seen last year from an in target reach perspective was 201 million. So enough and more case for advertisers to scale up their spends on digital and have larger scale campaigns and larger volume campaigns going in. And that's actually better illustrated with this slide that I have here. So what we did as an exercise is we plotted a chart which had in target impressions, which is tractors getting served in the market. And on the y axis, we plotted in target reach that advertisers are getting today. Just to see if there is a saturation point which is creeping in much earlier within the campaign. What we find is that the scale of campaigns are definitely small. And that's why there's an absolute linear correlation that you see, which means clients can get a lot more reach from digital if they were to invest and have larger scale campaigns. What we also recognize is that, you know, larger reach will always come at a cost because the more you try to go for reach and chase reach through different platforms, your cost of inventory is bound to increase. And that's where ROI's could get impacted in a big way. So as a second exercise, what we did is we plotted the other chart that you see on the right hand side, which is comparing in target unique audiences that you are reaching out to versus ROI that we captured via MTA. And this chart essentially shows that if your campaigns are large in scale, and you're ensuring that your campaigns by and large are reaching relevant audiences, your ROI's will also be very high. But if someone is chasing high reach without necessarily ensuring that your ads are seen by relevant people, you're bound to end up with lower ROI's, as is illustrated on the chart on the right hand side. Effectiveness, ROI measurement, you know, extremely important, something which a lot of leading advertisers in the market have been measuring for a very long time. And most of you would be aware that we have been talking about what is the kind of ROI that I get from TV? What is the kind of ROI that I get from digital? What is the kind of ROI that I get from print, radio, etc., etc., so that we could do some kind of a comparison and decide which is the best medium for us? Within digital, over the last few years, what we've also seen is ability to go more granular, which means today, marketeers are not looking at digital as a whole. But within digital, everyone is wanting to double click and say, okay, what's the kind of ROI that we're getting from different platforms? Within platforms, what's the kind of ROI that we're getting from different ad formats? What is the ROI for running video ads? What's the kind of ROI for running audio ads? What's the kind of ROI for running you know, display ads? And now, as we work with these leading marketeers and as they invest on CTV, CTV is an additional data point that's also getting plugged in so that very soon marketeers will start seeing what's the kind of ROI now CTV is garnering for them for taking that decision on where to spend and how much to spend going forward. This again for you is a meta analysis of all the MMM work that we have done. And what you see in the charts are essentially media and ROI numbers indexed to television. What stands out very clearly is digital as a medium has been delivering very high ROIs as compared to other media like print, like radio and OH. Talking about reach measurement on connected TV, like I mentioned earlier, there are certain base metrics, which is already available for desktop and mobile in the market. And it's but obvious that some of those metrics will continue to be rolled out in the near future for CTV as well. But there are certain additional metrics and factors that we all need to consider and be aware of when it comes to CTV and when we are looking at reach measurement to start with on the left hand side, very base metrics, like I mentioned, volume metrics, demographics, audiences, given that all those metrics need to be there. But unlike, let's say, the way we have been looking at mobile, which is more of a personalized device and a lot of content consumption and hence ad exposure could be happening one on one. When it comes to CTV, the behavior could be much different. People could be sitting with their family to consume content and in the process getting, you know, coming across ads on the CTV. And hence, co-viewing becomes a very important factor that needs to be established in the market. And it's important for us so that we can do personal level measurement using co-viewing factor. What we'll also be introducing very soon is a metric which is called as demo efficiency rates. On the next slide, I'll illustrate a bit more about it. But for us, you know, all said and done, for us, even as Nielsen, to roll out measurement for CTV, like I mentioned, what's already happening in the US, it will require a lot of data partnership and deep integrations. It will require user registration data. It will require a lot of tuning data for us to more accurately give a read of who are the audiences who are getting exposed to your ad on CTV. And once that gets established, we'll be at a stage where we can look at four screen cross media measurement, which is linear TV, CTV, computer and mobile. This is a quick example of the metrics that I spoke about on the earlier slide. So the first column essentially talks about tract ads. Eight tract ads as an example, uniquely identified as ABCDFGH. In reality, like I said, it's quite possible that on CTV, while one tract ad was served, there could be multiple people who could have got exposed to the ad. So eight tract ads served could have translated to actually ten tract ads being seen on the other side of the screen. And that's where demo efficiency rate is what we are defining, which is nothing but ten divided by that eight. Similarly, on target percentage or in target audience, like I said, it's extremely critical metric for a lot of marketeers out there because as demonstrated on the earlier slide, higher in target reach would translate into higher ROIs for them. And that's where on target percentage is something that advertisers, agencies are looking forward to measuring. Very simple math. In this example, there are seven tract ads which landed on the right audience out of ten tract ads served. So the on target percentage is 70%. And similarly, we can derive the efficiency rate for target demo as well. So netting out, you know, and with some closing points, essentially, CTVs, you know, right now I spoke about scale being 18 to 22 million. We believe in the next five years, it could touch about 100 million in India. CTV audiences are upscale, they're affluent, they come from top eight metros, they're over indexed on certain digital activities. CTV impressions, again, like I said, we are already doing that measurement in the market of all the impressions that we tracked in 2022, 10% of the impressions are getting served on CTV and that's bound to expand in times to come. From our marketing report, while CTV spends will continue to increase, marketeers need more empirical data. They need more data to get that confidence that this is the medium that I should be investing more and more on. And hence, proving the effectiveness of CTV is a big ask which is coming our way. Currently, there is no reliable factor to arrive at co-viewing that's happening in the market and it's extremely critical because CTV cannot be measured the way computer and mobile is getting measured and Anil San is working on creating that co-viewing factor for the market. ROI measurement already happening in the market, marketers are double-clicking on digital and now they're also wanting to know what's happening on CTV. In times to come, a lot of ROI based studies will reveal where does CTV stack up versus other digital media where does CTV for example stack up versus linear TV as well. So interesting times to see how that pans out. And finally, we recognize that getting reach measurement for the market is extremely critical for CTV. We are working on it. Stay tuned. You'll hopefully hear something from us soon. Thank you so much. Have a good rest of the evening.