 So wonderful, it was beautiful actually hearing from you, Ajay, already. So a lot of context has been set since morning. So very, very warm welcome. I love to see such a beautiful audience. So thank you everyone. Let's give a clap for all of us to be in this room and to each one of us. So I was just reading this, a match made in heaven. Wow, right? Sounds beautiful. So yes, sports and television are truly made for each other. There's no doubt about that. It is the chosen destination. And so let us hear each one of us, you know, can speak. We all have had so many experiences and I'm going to have a really lovely time interacting with such a lovely panel, some of whom I've personally also worked with, you know, so that's really, really nice. So I'll start with Ajay actually to just ask because I think Altratech has done something both on ground and on television. That's truly something remarkable. A lot of brands tend to do that, but with the, you know, expenses rising and the choice to be made on television and on ground. How do you make that choice of, you know, what's the best way to go? And would you give up on ground for TV? Thanks. Thanks, Manila. I think clearly goes by the objectives that you have. I think as a brand, hope you can hear. So as a brand, we are roughly about a 55,000, 60,000 cross brand, which about 70% of that is B2C. Given the stature that we have within the industry, we do not have a problem in terms of awareness and consideration set, right? So we don't need a logo to be flashed across. Somebody is jersey to remind somebody of Altratech. When they are in this very, very momentous journey in terms of building their home, which most times for Indians is once in a lifetime, they want to know more because they've not experienced the brand before, right? And they don't have a context how to evaluate a brand of cement. I think our switch has been from putting logos across the ground and across sports to getting into storytelling. We are not a natural alley in terms of, right, we are not Nike. We are not Aridas or Reebok or any other sports brand. So the fit is largely from an audience gathering perspective. There, if we can build a narrative which is very, very simple from our proposition point of view, we are happy to do that. And considering if our friends on Star Sports support, we are happy to do that. That's the simple context that we have from a brand out and objectives point of view. So what did you exactly do on ground and if you could just share some experience of how you amplified it on TV? So from our perspective, I think across media properties, I think there are two very simple propositions that we put across from our direct point of view. One, I think putting together the context of this purchase, that you're building your home only once and there are some things that you don't want to, they are irreversible and some things that you don't want to take a chance on. And therein, I think making the best choice, if you've got to get your heart operated, you go to the best surgeon in town and that's what the equivalent parallel is. And given the choices rather than get too complicated, I think going to the best cement, which is India's number one and backed by most technocrats and experts in the industry. I think that's the, we simplify choice for consumers. If we can blend within the sports without in one sense being intrusive into sports because between Virat Kohli and Ultra Tech, houseover match, I love Ultra Tech. I think people are there to watch Virat and the Indian cricket team. If I can blend in without being too intrusive, that's, I've done my job. So I'll move on to, so Policab has been rather consistent on IPL on television. Yeah. You've actually built your brand on IPL. So I'd love to hear you share your experience. So at Policab, the brand building exercise started maybe decade. The philosophy was that, let's reach out to the heartland of the country from a distribution point of view, supply chain point of view. And then in 2017 when we were sure of that we are in the space where we're in a consideration set of our core influences with the electricians and the trade partners, that is the time we thought let's go to the consumers and talk about the story of why Policab and why a usage of a safest wire in the country is important. And that's where we started going to consumers and we wanted to reach out the most effective and faster way. And we thought that time the IPL would have given the best reach in a shorter period of time. So that's the reason we chose IPL from then. The objective was in 2019 we went public and again we wanted to reach out to consumers with our larger portfolio of products, which is the FMEG category, which is fans and lights and smart automation. And that's where we decided to continue our journey on IPL to reach out the mass. That brings me to the next question that between both the categories, did you see a difference simply because of the stage in which the brand was and overall brand was in terms of Policab? You'd already tested IPL for one set of categories. What were your learnings in comparison to each other? So whilst cables and wires as a segment we have been enjoying the leadership position over the last seven, eight years. FMEG is a different ball game altogether, where you are talking to consumers and they are choosing the product. The most important point was to talk to them in their language and tonality, which was very different than in cables and wires where you are still kind of trying to connect with the user segment, which is the electricians. So the impact and when you start talking about consumers, you have to be consistent talking to them. So within the first two years after 2019 when we started talking to consumers on the fast-moving electrical goods we were the last entrance, probably the most organized player in the last entrant in the space. But within couple of years we came in top seven as a brand in the fast-moving electrical goods. Great, so Anjali, sorry for having you keeping waited there. So let's bring in Anjali and 2008 is when we started IPL in India. It's been a long innings, ever since from there till now, how differently in category in Mondelees as we say speaks of innovation. I think of Mondelees and I think of innovation, especially being in media industry, right? And having worked also as part of not the core team, but as Madison. So would you like to shed some light on how IPL has added to the innovation quotient over the years for Mondelees? Sure, Vanita, can you hear me? Yes, we can. Okay, great. So before I answer that, let me go in little bit into the history of our association with IPL and with Star Sports. I think the first time we invested in IPL was nearly five years ago. And the reason we were putting a bet on IPL was that, you know, we had new communication that was coming out in the market. And typically during IPL the ratings fall across gendered entertainment channels and with the launch coming up, you know, we needed to make sure we have the right impact in the shortest amount of time. And so we partnered with IPL to bridge that, reach gap for us and give us some impact for our new forms. And like everything in Mondelees, we measured the outcome of this investment through a mixed model. And it showed us that why ROI was lower compared to regular inventory. Obviously because IPL is expensive. The effectiveness that Cricket delivered for us was nearly twice than, you know, regular inventory on brands, which brought us to the conclusion that this is a great platform for building brands. And that is what we've been focusing on for the last so many years. So our partnership with Star Sports is a very strong one. We work to bring the communication strategy to life. And so IPL is not a spot by for us, but it's more woven around our content marketing strategy. And we launched a new communication almost every year for Cadbury Dairy Milk using IPL as the launch pad. Now CDM, which is Cadbury Dairy Milk, stands for generosity and acknowledging the unacknowledged. So we've worked with the Star Sports team to bring content around, you know, acknowledging people. So we've worked one year with them on, you know, behind the scenes staff at the Star Sports office. These are the people who bring Cricket to our homes. We've worked one year with the groundsmen and the cricketing clubs to acknowledge their effort and so on. So every year we pick something that drives purpose around IPL and we've seen phenomenal results coming out of it, which is why we've been invested in it for the last five years. And for us, it's not just, you know, putting our money on a campaign over there. It's about building surround and building a whole communication, you know, strategy, piece and place. Could you elaborate on that because most of the times it's just putting new news on, new news copy itself is good. That's why I started with the question because Mondleys is known to do more than that, right? So how have you had some experience on using your new communication on IPL as a chosen destination, but further doing things around it? Right, so we've always run our new copy on IPL because it gives you great, you know, teach in a very, very short period of time. But the other thing that we have done is every single year our partnership with Star Sports takes us one step forward, where we take the brand communication and the purpose of the brand and we weave it into stories, which are about people who are associated with IPL and mostly people who, you know, otherwise don't get the recognition and they're due because they work behind the scenes. So because the brand stands for generosity, we've been, you know, doing content pieces around generosity and how, you know, you can bring the generous spirit in each and every one with the IPL woven into the storyline. Thank you, thank you, Anjali. We'll come back to you perhaps a bit later. Moving on to Girish. Well, Girish and me personally have worked on IPL right from 2008, the starting year. If I were just chatting and going back, oh really, it's been so long. And I think he is on the panel, the first person who must have amongst you been on IPL. And, you know, it was so interesting that today we're talking about IPL chosen destination TV. But the first year in 2008, actually, they tied up with BCCL print to co-sell IPL. We actually have come such a long way from there. So we did a deal where we did X square centimeter and why don't you just speak about your learnings and then we've gone such a long way. Then we've gone to TV alone, then we've gone to TV digital, Hotstar and now Geo. It's amazing, right? Now we do various combinations. It's quite a lovely journey. So Girish would have some interesting anecdotes to share. Yeah, I know. So it's quite nostalgic here because we have Sake here and that's the first time we struck a deal with him. He was part of Times of India. IPL was co-sold on television, but we actually bought print. So we bought some six inserts of quarter page that here we bought some 30 expert opinion columns and we got some 1200 seconds on IPL. It was with Sony in those days and we didn't really have a very good idea of what IPL was about. Of course, a lot of the teams had approached us then in terms of sponsorship and in terms of branding, but we weren't certain what IPL was. And that 1200 seconds, we had to choose our matches. And we didn't even know how to choose, right? Because it was Mumbai Indians and there was RCB and all of that and we didn't know what to do. How do we choose those matches? Then we were trying to kind of correlate it with our priority markets. Should I choose this? Should I choose that? Oh yeah, we've come a long way. So we've been on IPL since 2008. I think every year, barring just a couple of years. So yeah, we'd be the perhaps the most consistent brand on IPL for us. It's in the bank of the season. Our BlueStar is an air conditioner brand. We were a B2B player then. We turned into a B2C player in 2011. And that transition also helped us because most of our new campaigns, we generally shoot a new TV commercial during the summer season. IPL typically begins mid-March, early April, and we launched our campaign during that season. So obviously I'd acknowledge the fact that a lot of the success of BlueStar as a brand goes to IPL. My only humble endeavor to them is that smaller brands like, I mean, we're a large brand with limited pockets like us. It should continue to become affordable. You know, that's the only thing because it's getting more and more expensive every year. But yeah, it's been a super platform for BlueStar to build a brand. The kind of engagement that we've seen over the years, the kind of, you know, we've realized a lot of aspects that work, that don't work, for example, even if your priority markets are Hezrabad and say, you know, Mumbai, but where there is Dhoni or where there was, you know, other big stars, those matches are watched. So it doesn't matter. It's something that brings the country together. Every match has an equal TV rating, more or less, unlike so many other formats of the World Cup, et cetera, where the only India matches do very well and the others aren't watched. Year more or less, every match is watched. So we've had a great experience with IPL. We're hoping to continue that association going forward. Thanks, Kirish. Take digital for some part and then you really, I think, got some success from the television. It would be nice if you could share whatever you would like to share from your experience on how it helped the brand because you are, you know, obviously against global multi-giants in this. So to answer your question, Vanita, what happens is that we're literally the new kid on the block, right? Amongst all the brands that you're seeing here, we are literally recently formed brand. Like you said, we are, yes, we are in a league where we have brands which are, you know, which have understood this entire path. But to go back to the year back, we actually invested in IPL because we believe that our demographic profiling sort of matched. Also, what also happened is that the overall experience that we learned is that Rupay as a brand got a fairly large brand recall, more than half of the population that viewed the matches actually had a very high brand. You know, we became a top brand of choice, in fact. Also, because the product we launched, which is Rupay on the go, which is basically a product line that we believe accentuates speed, it melded quite well with the media property that inevitably got created. On screen, which is Rupay on the go force, which was on the ground, as well as just matched my product line completely. So it became Rupay on the go force and then there was Rupay on the go the product. So to correct what you said, we didn't launch Rupay contactless, we actually launched Rupay on the go force, on the goals, which is a product line where you actually can use Rupay on your watch, which is what we launched. So that was, you were very happy with this experience or we are still here and we are looking at it for this year. So yes, we are still very much here. So let me ask a tricky question now. Let us all rate IPL on TV on a scale of one to 10, your experience. Let's do that. Tending the highest. But let's say about six to seven out of 10, yes. And would you rate any other event or campaign choice, any medium higher than that? So as a media vehicle, IPL obviously takes the cake. It is the, it's just the right time. It's April to June. People are on vacation. There is, it just brings everybody together. IPL by itself is a clutter breaking phenomenon. It changed the rules of the game and cricket. We associate with it because we believe Rupay is exactly like that. We are a clutter breaking brand and product by ourselves. So therefore for us, the match seems to be just about natural. Wonderful, thank you. Anjali, what would be your score? I would definitely give it a rate of nine or 10. And this is more coming out of the association that we've had for the longest with IPL and with Star Sports. I mean, it's working brilliantly for our brands. My largest brand in the portfolio is on IPL. So that is testimony itself. Wonderful, thank you. Yirish. Do I really have to answer that question? Yeah. I've been on IPL ever since 2008, so. That speaks it, but still. We don't have a choice actually because it's summer. Not really, there are choices. But like they say, strategy is a choice. You make your choices and you make it well. But having said that, there are huge advantages that IPL offers from a clutter breaking perspective. So I'll obviously give it a nine to nine and a half. Wonderful. What about you? It's like the biggest reality show during that period, right? Yeah, it's interesting to know. I think cricket sells in India. And which better format than IPL, which happens every year. So the score, I would probably rate him at around six. Considering, you know, the trend line, which is there, the one-third of the consumers have gone away from overall viewership. And the rates have gone almost 1.5X. So the affinity and the affordability will be a question. So your score is not for what you bought it at, but your score is as of today. Yeah. Okay. Wonderful. That will itself change, I guess. The score will change. Yes, Ajay? Vanita, I stayed true to what I said in the presentation as to whether the medicine is good or bad depends on what ails you. And it's a fabulous franchise, a fabulous tentpole property. It depends upon the brand, I think, what the context, what stage you are in. I think it can be a glove fit or it could be just, if it comes at the cost of, so my picking order, if it comes at the cost of staying consistently across and paying a top dollar just to be there, depending upon the brand that we are, I would possibly go for consistent presence across the board. It's a fabulous engagement platform. Advertising-wise, there is fair amount of clutter. I think as a platform, it's done fabulously well. But I still think as marketers, there are a few shining examples like like Kath Mondalies has done fabulously well. I don't think we've done true justice to the platform from a content as to advertising point of view. I don't think we've leveraged it as well. Pricing, of course, it's an individual discussion. Yeah, that's outside the review anyway. So it, the answer is kind of stuff. What ails you? You've not given the ranking, I'm waiting for your ranking. Yeah, it's a very good property. As a consumer property, as a media property, it's a fabulous property. I think it would be eight, nine, 10, whatever you call. So, but it depends upon what's your context. What are you trying to solve? Great show. So next, let's just discuss what you just brought up, which is about consistency versus what really is enough, because like you rightly said, not all brands are able to do what Mondalies can do, some part of it being budgets, because obviously anyone in the room would agree that if I want to, if I get the chance to be an IPL, why not? You know, there are constraints. And like I said, you don't have a choice. I didn't mean literally, of course, we've evaluated choices every year. But what I mean is you really do want to be there, right? Yes, I want to be there. That comes out from your heart, right? But what stops us from not being there on IPL on TV? So let's have some views on that. Not necessarily being your brand, could be from your brand learnings. What could stop a brand from not choosing to be on IPL on TV? Who would like to go? This is an open question. So I think the most important reason is not what stops us. I think it's just clear-cut target audience segmentation, and we need to know what up where our product journey lies. It is just simply that fit. If that fit is not matching, then I doubt any of us on this platform will associate with any property, irrespective of where our product or brand stands. So therefore, the whole idea is that if that doesn't connect, I doubt any of us will be biased towards a media vehicle just because we like it or we do not like it. So the numbers are all there, but when you say target audience, IPL does deliver to everybody, right? We have so many single TV homes, so there's no question of not delivering. What did you mean by that? It depends upon, again, like I said, it all depends upon what your priority for the year is. It is all depending upon your messaging. It's all going to depend upon whether you want to, have you done this demographic segmentation and have you targeted them? Can you elaborate with an example? So I'm going to go with mine. In my case, my demographic profiling fits for say rupee. We have multiple other brands in our house. There is a chance that those brands may not associate with IPL for various reasons. So therefore, the brand fit in our stable of brands works with rupee, we are associating with it. And therefore that's the answer. And that need not be required consistently, year on year. Yes, like I said, it all depends upon your product and your brand where, what do you want to do with it this year? And yes, of course, budgets are always the big question for all of us. Keeping that aside, I mean, I know that that is, of course, one of the key reasons, but that's not the prerogative. Anything else that we think, one of the things, for example, a lot of brands do say to us is that you can't innovate, and which is why I asked Mondlis, Anjali, you can't really innovate much on IPL because you have sports and then you invest on sports, then you have to take a minimum of X number of sports and you land up, you know, I mean, you can't do that much necessarily beyond that. So is that a major constraint? Yeah, I think one small piece, I think you've got to separate it out as a audience and as a marketer. So you've got to be careful that this is a huge passion thing for people who are watching it. So it's a huge engagement. So in one sense you are, if you can't do the blending really well, you are in one sense competing with that, right? And that you've got to be careful about, right? Mondlis, everybody loves chocolate, everybody loves cement when they're making homes, but I think that's the audience that you've got to define that tricky piece. As to what's this, it's a double-edged sword kind of stuff. If you've not managed the integrations really well, and that's the constraint, I think struggle a little bit with sports in India kind of stuff or sports telecast in India. The degree of flexibility in terms of innovation, I think there lies a little bit of a hitch, especially when brands don't have a very natural fit in terms of a passion or let's say you're not, you're not necessarily a sports-linked brand. So I think that's the tricky piece that you've got to be really careful about. Because you'll get lost, you'll get lost. One more thing is it's all about the task in hand. So if it's a new product which you are supposed to launch, it's a great platform. If you want to reach out to large-scale heartland of the country, it's a great platform because within weeks you are able to reach out to more than 400 million audience. What stops people, probably, who would not be advertising on IPL is all about if over the years we have seen the key big players on IPL, the number of spots or the total airtime which they have bought are so significantly high that the rest of the 20, 30 brands who are advertising have a very, very limited share of voice. You mean the sponsors versus the others? I was just coming to that, yeah. And that's why one of the reasons is post-IPL when people would have invested millions of dollars, smaller brands also, post-IPL when they evaluate their scores and all, it may not match up to after a month or two in terms of the consumers would have actually recalled the brand being on IPL. So I could add to that, which is that if any brand desires to be on IPL, the big concern would be will I get lost out in clutter? Will I be overshadowed by other large brands? And obviously we've also experienced that over a period of time but what we've realized is as long as your content is strong and again coming back to your innovation question, if your creative is strong and if your creative is entertaining and if it's memorable and what we've also realized is that shorter duration formats in IPL work. So for the first time we did a 10 second or 15 seconder, different cuts of the same 15 seconder, so not the same story, and when you run that frequency and if it's memorable, you can't stand out of the clutter. That's what we've experienced. So our focus during IPL is create kick-ass advertising. Advertising that in 15 seconds will stand out and if we get there then we don't need innovation, we don't need that kind of frequency, we shouldn't be bothered that we'll be overshadowed because through content one can stand out. And it was the second or third season that we had shortage of budgets and we said no we need to be on IPL, we took other channels but we took just about I think five matches if I'm not mistaken. The first five matches and like Girish said, that new communication, content can play the king through just your advertising. So wow, IPL on TV, yes, Girish has said a lot. So give those to that. But yeah, sponsorship, what's your take as Mondele's Anjali on this whole sponsorship versus a spot buy on IPL? Because one of the views we all have as media planners is that what else do you get apart from promo tags? So I mean of course you do build a lot of content but this is a basic question, that do you need to be a sponsor? What does that give you? Be very honest, you don't need to be a sponsor but you need to be visible. You cannot come onto something that is as large as IPL that caters to a mass audience with a brand that doesn't have the bandwidth to be on it. Right, so that's the reason why when we are on IPL also we are largely on IPL, on TV with brands that are recruiting new users to the category. And that is the reason why this big ticket item meant for mass brands where you're reaching out to significantly large audience size. And if you build a sponsorship into it, it has to be more from a perspective of what am I using that sponsorship for. For us, sponsorship works more from the perspective of the whole exercise around building the brand proposition and therefore I don't use the sponsorship only to get more inventory on the platform. All our efforts go towards building brand proposition and that's why there's a lot of content that's created out of it, it's consistent. So every single year that we come on board we build consistency on the kind of communication that we have with IPL. And we have a special idea that is crafted only for IPL. When you were speaking and everybody else was speaking about what are the barriers to getting to IPL. If I was to set cost aside and if I was to set the demographics being obviously a fit. I think the single largest driver to be on IPL has to be a very, very strong brand idea. And if you don't have that then you're just using it like any other inventory that you can get which is high in fact. So if you have a great brand idea you can find great ways to build the brand around it and with consistency you can deliver even brand metrics on it over a period of time which is how we look at IPL. Wonderful, thank you, thank you for sharing that. I think one more question that I'm getting is like what is the role of B2C versus B2B on IPL because there is a lot of reach. Lot of reach but brands that are both B2C, B2B is fine but what about some B2B brands? Anyone would like to share what they feel about that? I think we have a strange situation. We don't need to market in metros, right? Because nobody buys cement as an individual customer, right? Most of our, 70% of our audience which- Hold the mic. Yeah, 70% of our audience which buys which is B2C audience that's up country, right? Which is tier one and down. So it's a tricky situation. What this delivers there's nothing wrong with what they deliver. Does it fit us? That's the question for us to ask. Having said that, I think I want to, I just go against that myth that B2B does not need advertising. In fact, B2B the strongest reason why your sales teams get across the door and get, I think when in rooms you are not there and decision is getting made is because somebody's heard and B2B we all know is defensive decision making. And people like to go with brands that are salient what they've heard and therefore it makes sense. Sometimes it makes sense. For us, yeah, we would have think. We've heard of where we call being mentioned of course earlier. So from polygap standpoint, when we started advertising on IPL which was in 2017, we were a 95% B2B company, okay? And while both the businesses grew, you would be still surprised that our B2B has also grown in a similar pace what B2C has. Today the ratio is around 70-30. But as he mentioned, it gives the brand a stature. When you speak to the B2P audience, finally you are talking to an individual, a human being. Whether he's a manufacturer or OEM, finally he's a consumer. He's taking a decision on a brand perception, yeah? So I think B2B or B2C, it's probably the brand stature if it has to be built. I think it's the best plan. Yeah, exactly. I think stature plays a major role. Imagine telling the trade that, okay, please watch my spots on digital at so and so time. Can't do that. So I still remember Sam is here and I remember his famous statement that if you wanna build a brand, you can't do it in private. You have to do it in public, right? So whether it's B2B or B2C, of course one will only have to assess the efficiencies because a wastage for a B2B brand will be higher. We were only a B2B brand when we started advertising in IPL. We turned to B2C in 2011. So for about four years, we advertised the central air conditioning solutions. We advertise only a duct that you see, not even a product. But the fact of the matter is that consumers, both B2B and B2C are watching an event like IPL and therefore it does make sense if you want to, like he rightly mentioned, it gives your brand a particular stature because not everybody can invest in IPL. And you could also add how HD relevance hence was higher earlier because you were B2B, you could just mention. So primarily at that juncture, HD was just kicking in and which is why we were one of the first brands to go on HD. Again, because of the same economies in terms of efficiencies because we weren't targeting a B2C audience, we were targeting a B2B. So when HD came in, HD really made sense. I've also advertised only on the English feed and not the Hindi feed. Okay, we've also done those bits to ensure that the efficiencies are in place but at the same time, we try to focus on the B2B audience. So I'd say irrespective of B2B, B2C, if one can just keep aside the efficiencies from a platform perspective, there's nothing as powerful as cricket. And obviously IPL plays a major role there. You want to say something? Yeah. So we are essentially B2B2C brand which just simply means that you can't buy a rupee card just off any shop. You have to walk into my partner's branch which is the 1300 banks in India and you have to all work with a partner. It could be a Tata, it could be any of the partners, co-branded cards that we have. Now for us, the way it works is that the platforms have actually because they have helped our brand uplift automatically all our B2B customers have sort of worked with us to ensure that the entire campaign has sort of helped leverage even their own business. So well, the IPL campaign is a completely B2C-facing campaign. However, the B2B part of it is that we work very closely with our partners to leverage it and it also in turn helps them in ensuring that their consumers walk into their branch and ask for a rupee card. Anjali, you want to add anything? We are completely B2C so absolutely. Don't have a perspective on that really. Sure, sure. Open to whatever each one of you wants to add to your extra, anything that we missed out through my questions, anything else that you would like to share as your, from your side on IPL, anything else that we missed out, I would always like to add. No, so I don't think we are breaking news here saying it's a great property it does well, right? We are not adding too much insight to it. I think the piece that if we've got to use, build a proposition from an advertiser's point of view really well, I think it's not a one size fit all. I think the opening up carefully of stuff which is integration and knowing that brand solutions kind of need to fit well, I think that needs to be the way of the game. While there is tremendous build from the consumer side, I'm not seeing as much build, there is some, but as much build from an advertiser's proposition point of view, right? It's because there is sufficient demand, maybe I think that flexibility is not happening, maybe it will. I think that flexibility would get a lot more people to participate into a property which in any case is fabulous from a consumer's point of view, right? The second piece from this point of view is that we need to have possibly a very different approach, I think going segment by segment, right? The third onus I think it's on advertisers is to build the kind of content, the kind of advertising given, I think the media owners allow that, which also makes it not just even from a consumer and cricket point of view, but also from an advertising and because the only breaking news that I think people love good advertising, consumers love good advertising and good content, it's not one or the other kind of stuff. I think allowing that would add lots of facets to IPL as a property beyond what it already is is a great game. Absolutely, I think content is very important. I think a lot of brands literally look at their calendars and see what are we gonna bring out during IPL. So that's one of the things, short duration has been, yes, yes. Vikram, just to add to some of the stuff that I added, I think we are looking at audience from an opportunity to viewpoint of view. We've got to discount it from some of the perspectives that we talked about, right? On attention span, on stuff which is viewing together. I think those are things that you've got to be really, really careful because I think those things show in our output metrics, but I think in this case, I think TV is the game to go, right? If there is a choice. So what I feel is small is big, which means of course the small screen is big and is growing much faster, but bigger is better. So I think IPL is a mass bombarding platform and if your objective is mass bombarding, it's not performance marketing, it's not targeting. I think television would be far more effective because obviously television, even today, if you go with the stats, there are two 20 million sets penetration, I mean installed in the country. 150 million are still cathode ray tubes. So obviously if you're targeting tier three, four, five towns, you know, television in terms of reach would be far more effective. As long as you don't really want to do too much of performance marketing or targeting, which I don't think a platform like IPL really needs, the focus should be on TV. It's this versus that because they are both completely in our heads, a little different demographic profiling sort of targeting. To answer your question, will we go with this versus that, I doubt we can answer your question at this point, but it's a completely different mathematics that works in one and a completely different mathematics that works in the other one. That's how we're treating it right now. Yeah, so we would go with both and the reason why I'm saying this is because maybe we have enough play talk to back the fact that large brands with mass presence do extremely well on IPL on television. Whereas the moment you start looking at niche brands where you just want to get residents and you want to get salience for the brand at an opportune moment, it makes sense to go with digital. So all the brands of which we are trying to build brand proposition, we are trying to deeply penetrate into markets and brands that are recruiting new users to our category are all on TV. And the ones that are more niche, tackling very small audience segments and have not such ambitious business objectives also are on digital, so both are important to us. Thank you. And I'd just like to end with saying this one point that in the Super Bowl and in a very developed market in the US, the trend is again in favor of TV. 90% plus of revenues there is from television versus digital. India, yes, even I said in one of the interviews in fact an impact magazine, what are the trends to watch like Vikram was asking. This is one of the key trends we're all waiting for. I wish we had an answer. Let's see how it unravels because a lot of brands are also looking out for digital in a new way this time. But as of now, chosen destination seems to be television.