 It's been two long days, so many topics, so many speakers, I think we are all bejafried. Thank you for sticking on to the bitter end. Thank you for being here, but more importantly, if you could all just get up and stretch a little bit, I think it'll do you a world of good. I know I got a backache for sitting so long. I approached a creative director and asked him, how do I get an audience to respond after two long days and I'm the last speaker? His advice was, talk about sex. No, I can't do that. But I will leave you with a thought. Just last Sunday, we had Mother's Day, and everybody was going around saying, Mary, Ma, Mary, Ma, all the good thoughts. But came Monday morning, the traffic jam on Western Express Highway, and the thoughts changed from Mary, Ma, to Teri, Ma. Which of course reminded me of Harbhajan Singh and Andrew Simmons, where they had the monkey bath, you know? Where the defense was, he never said the word monkey, he said maaki, and Andrew Simmons thought he said monkey. I believe that's where the inspiration from monkey bath ultimately came from. Now, what does all this have to do with the topic at hand? Nothing. But my wife, Proce told me, when you speak, you've got to entertain. So I'm glad to see some of you smiling. An investment banker came to see me recently, and he said, where do you invest your money? So I told him I'd leave my investment by the roadside. He appeared shocked. Then I explained, look, I put up structures, and they're on the roadside. So I invest my money on the roadside. He looked at it, and he said, you know, I think you need more liquidity. I said, the government liquidates many of my structures quite often, thereby declaring them illegal from some context or the other. After that, I asked him for a loan, and he went away. But outdoor advertising is going places, ladies and gentlemen. We are now on Bollywood's Schindler's List. Schindler's Lift has entered the market, and we are now proud to be on Schindler's List. I asked my friend over there, the general manager of Schindler, Anil Tuck, who's here, asked him, how's the business? And he replied with a straight face, mostly up and down. Gentlemen, I think you need to pick up some jokes and some laughter, please. If not that, at least some clapping. That would do all, sir. Good, good, I'm glad. I have news for all the lovely media people here. Media worldwide is getting screwed. All media, all media except OOH. Let me share some statistics. The statistics are from Solomon Partners, one of the world's largest investment bankers, dealing in M&As, mainly in the media space. If the deal is below a million dollars, they won't pick up the phone. Their research is incredible. And the facts that they show are even more so. Pay TV networks. Viewership peaked in 2016 at 98 million viewers. I'm talking about USA, the my-bop of outdoor advertising. In 2022, the viewership fell to 65 million people. By 2026, two years or three years later, it is expected to fall to just above 50 million viewers on TV. Direct to home, DTC streaming. The losses have increased. The combined losses today of Disney, Warner Brothers, Discovery, NBC Universal, and Paramount have grown from six million dollars to a loss per annum of over 10 billion dollars. In a nutshell, media companies have lost 50% share value in the last one year, Jan to December 22. So what has grown? OOH grew. Grew 21%. And short-form video grew 7% in 2022. In 23, OOH is reckoned to grow by 12% in USA and short format at 10%. Digital bashings or Google and Meta, not Meta, sorry, Google and Meta combined share falling to below 50% for the first time of the US buy. Below 50%. The first time ever since 2014. So why are we reeling off so many numbers of the US? India is now taking its place on the international scene. We've taken the chairmanship of the G20 and we're looking to emerge as a world power. We are naturally affected by what goes on all around the world. But let me come back closer home and say what's happening in India. But before I do that, I must point out to you the new elephant in the room. In the US, all major retailers have their own media network. Albert Sun's Media, Best Buy adds CVS, Media Exchange, Home Depot, Kroger's, Low One Roof, Macy's, Wag, et cetera, Walmart, and so on. These are the new chains and they're taking a sizable piece of the pie. Amazon, of course, remains the big daddy with $38 billion in revenue in 2022, which is expected to rise to $55 billion in two years. The third wave of digital advertising is upon us. It is called retail media and it's going to be the biggest we've ever seen. I bet you never saw that coming. The chaos of fragmentation of media as audiences shift with linear TV shrinking, radio losing ground, podcast streaming gaining ground, print losing out, circulation falling to $24 million from $40 million. The time consumption on mobile media has increased. The time consumption on mobile media is now 8.2 hours a day. Four points stand out in the market. Price matters, OOH ad recall, outpaces mobile and digital, advertisers moving towards brand marketing, and brands want reach and impact with large format media. What's happening in India? No, we are not 4%. We are over 5,000 crores and that puts us at 6% plus. We are taking steps in the IOWA to create an ad-ex going forward which will provide more accurate data on an annual basis. So many handicaps have been mentioned in OOH. They talk of diffused ownership, too many small players. But this is natural, it's a local medium. It's been so in every country around the world. What makes it different is the consolidation progress. Why hasn't consolidation happened? Because the big bucks haven't arrived as yet. When they do, the market will dramatically change and there will be consolidation. We have the additional problem of generation. The generations have what we call the legacy element. A person who inherits a business automatically feels emotionally attached to it and that emotional attachment causes valuation expectations far in excess of reality. We talk of no credible third party monitoring but this problem is easily solved. The only problem that is not solved is who's going to pay for it. If the clients expects another freebie, it's not going to happen for a long time. Lack of third party data and recognized viewership data has often been mentioned. The platform for measurement is ready. The app is ready. What is not ready is the agency's willingness to take to it. As soon as the agencies make up their mind that measurement is indeed wanted and they subscribe to it, we will be on our route to well-measured outdoor advertising assets. We can have the best sites in the country, across the country, the number's ready in less than a quarter. But the agencies need to come on board. The media owners will automatically follow suit. From IOA's point of view, all we can say is we can lead a horse to water but there's not much we can do to make a drink. People have mentioned lack of clear regulatory bodies, which means that it's not known whether the sites are legal or illegal. This is a problem with India's federal structure, sometimes bashing into the central government structure. DMRC claims they have a right. PWD claims the right is there since it's on their road. And the municipality says our permission has not been taken, the site is therefore illegal. These are legally-tended sites which have been bid for and taken by entrepreneurs in the OOH field. Large, small, and smaller-still LEDs already been messages. Experts who find that they are not true digital media, perhaps, but we'll get there. We'll get there in our own time, in our own way, making all possible mistakes. But we will get there with a little luck and a lot of jugger. We are Indian after all. Lack of proper creative, really? You're telling the media owners the lack of proper creative? What are the agencies doing? One of the greatest problems that we face as media owners is the law or rather the lack of it, the lack of the law of thoughts. The law of thoughts emphasizes small grievances, small problems, get solved with a penalty paid by whoever is responsible. In India, no one is responsible. If my site gets removed, it's just bad luck. We had purchased a company after going through all the licenses and found the licenses valid. And a year later, half the licenses were tended invalid because they said they had not been correctly got and were in violation of some law or the other. Who got punished? Not the people who gave the license, not the authorities, not the person who sold the company. The only one that got screwed was us, because we bought the company based on all legal documentation. A law of thoughts would have said this right in no time. A lot has been spoken about programmatic. We've heard tons and tons of data. So far, programmatic has proven to be, and hear this carefully, a race to the bottom, a revenue that has highly been discounted. Normally, we give a discount of at least 25% to make it attractive to put on to programmatic. From that, 40% is taken away by the DSP or SSP, of which 28% goes to Google. The rest are their own fees. The only way you can make money on programmatic is to try to be an SSP or a DSP. But that space, too, is now coming under the lens of Google who want to claim the last 7% or 12% that's possible in this particular medium. If anybody wants to go up and fight against Google and build their own DSP or SSP, go right ahead. I will be busy trying to put up another 40 by 40 on the Western Express highway. Digital overage is one to many. But the advantage is it can have a layer by which the many can also talk to the one. So you can get both mass and personalized medium in one single ad by using the combination of the smartphone and your digital ad. Make no mistake, digital outdoor is here to stay, and so are we. Digital will grow, and so will we. But it's not an us versus the agency's situation. It is us and agencies. We are two sides of the same coin. We both dine at the same table. Together, we can prepare a feast. We need the agencies to help prepare the measurement source which spices up our media offering and makes OOA experience a delightful culinary journey. Otherwise, the table will remain bare, and we will be left fighting for scraps. What can I say? But let the feasting and the celebrations begin. Thank you.