 becoming for an editor or a founder of a media business to sustain themselves. Is digital media the silver lining that we see today? Well the way I located it is that as of now all media is going to be digital media eventually and therefore this is the space to be in. The only question is whether this is going to be sustainable and whether we are able to monetize because we are getting hit as media entrepreneurs in multiple fronts. One is more recent and a clear and present issue which is the impact of demonetization and GST which is led to a reduction in spends on advertising. The second is the prevalence of ad blockers which are again making advertisers conscious and careful about whether they want to spend on online advertising or not. The last is the consolidation of advertising spends with Google and Facebook which leads very little for a large number of publishers and content creators to have. So therefore what we are essentially fighting for is relevance and sustainability because also with the way the platforms work and the personalization works they decide what is relevant for their audience. So there is a loss of control there. The only way that we are looking to address this is by building communities focusing on the people that we cater to because there are only two models possible. One is where you are operating at such a large scale that you are competing with Google and Facebook and the other is where you are focused on a specific community and you are trying to meet their needs. So our readers quite often are advertisers. We have looked at a support model also where our readers were paying to support us. Subscription is something which we have considered as well but outside of that we have looked at other ways of monetization like we have got reports. We do events. Our events are frankly very heartening and a great success because our reader community comes in and they absolutely love what we do. We see that love coming in. So as a journalist the focus is really understanding what our community needs and what do we do to help them understand the environment better, provide them perspective and analysis, provide them data which is what we do with reports. So on the whole it's about knowing your user and that's the way we focus. In the India ecosystem do you feel that Google and Facebook are actually the mitigators of helping media get in touch with the advertisers or actually leverage digital advertising on a whole. Facebook gives you what you want to read, what you want to consume. It's becoming absolutely very very customized. Do you feel that can in the future as India embraces more social media websites like Facebook and Google it will become a challenge for media owners, media unit owners to really provide that kind of interest to its advertisers. What are the kind of interest that advertisers are looking to get from the portal? Look I think if you're dependent on either with Facebook and instant articles depending on all with Google and Google Ads if you're depending on them unfortunately that's always going to be a bottom of the barrel revenue. It's never going to be substantial enough unless you're operating at a very large scale and therefore advertising has to be built on direct relationships that you have. From a consumption perspective I think there's always a battle going on between creators and platforms because platforms optimize for their revenue. Creators have to optimize for their revenue. Platforms optimize for their audience and maximizing time spent on their platform. Creators have to take that traffic, bring them to their own site or their own app and optimize for that. So there's always going to be a battle. Now unfortunately because platforms work in a manner where there's infinite fragmentation and they monetize aggregation it's a battle that that publishers cannot win in the longer run. And therefore there's a move away from the dependency of advertising and a move towards subscription. We've seen that with the New York Times, we've seen that with the launch of the information. In India we've seen that with the Ken in India that seems to be done very well. There are other sites for example legal sites that I know of that are bar and bench that have also run this. So I think every publisher has to decide what works for them and their own audience. So that's it. So I think mature of course and that depends on your audience right. If you are able to segment an audience that's willing to pay you do that. I don't think this is going to be you can't look at the Indian audience as a whole you have to look at segmentation. Not just committed but also segment the type of audience. For example our focus is purely on decision makers in the internet space. Decision makers usually have the capacity to pay their companies have the capacity to pay and that's how we've done our segmentation. If you're operating for example in the gadget space that's a highly fragmented highly competitive place operating at scale. Therefore if there's X amount of revenue that's allocated to spending on gadget advertising that's going to get fragmented far more than anywhere else. So these are decisions publishers have to take on a regular basis. It's also something that because I understand both the business and the editorial side I also look at it saying what kind of content do I create to attract the kind of audience that will benefit from my content. So we've done our segmentation from that perspective right. So for example this is a magazine that caters to entrepreneurs. You customize your content to cater specifically to entrepreneurs and there's someone who's willing to monetize that relationship that you've built with your audience. Whether it's through advertising whether it's through events whether it is through sponsoring videos. These are all models that we have to take and this is what not just publishing this is what every business does. You will have for example an iPhone that initially started by getting to the top end of the audience and you have an Android which went mass and went through multiple OEMs and went to a mass market too. Every business takes these decisions whether they're optimizing for scale or that they're optimizing for monetization.