 Thank you so much Sam Vikram Naval for inviting us. We are always looking at these forums to make sure that we are represented in the right way. One of the biggest content is actually right on 45 days into this. We are going to have that biggest event. I just wanted to first introduce myself in a bit of background. Ajit Vargas, 25 years in agency life across Madison. Worked with Sam Vikram also worked in WPP. I had the privilege of working with the best of the minds in the agency side. So if you ask me, I still have the planner's mind in my nature and in my beliefs. The last three years I've actually moved into the publisher side. Last two and a half years in the digital ecosystem and now in Disney and now ahead of revenue. Having said that, to ask me what do I believe in, what am I, why did I join Disney? One of the core beliefs I have and more passionate person is actually sports. And being the biggest buyer of sports and television, actually being part of an ecosystem, big IPL in India. I had the privilege to work with Vikram to actually start the game in India along with Lalit Modi. I've been involved not just in starting the ecosystem, but also buying a team, managing a team, managing the media spends of various clients across the years. So in a way, in a large way, I can say that IPL, if it's cricket or if it's any sport, you actually want to enjoy the passion of the game at the stadium, right? There is no better experience that you can get if you are watching live sports. But if you're not in the stadium, totally live one's task. Because everything else to me is catch up. Whether it's text, whether it's SMS, whether it's chatting with other people, getting video bytes, all of them is to me catch up. And if you really want to watch live sports in any television would be the best medium that we can work with. And there is a reason for this, right? There's a reason for this, right? Television in India, I mean, it was two decades, it still has 900 million viewers. Is it better? Is it better now? Look at why, okay, checking, okay, that's fine. Yeah, I'll just repeat myself. If you look at why the impact of sports and television is an obvious choice, even today 900 million viewers of television in India, it's unparalleled and I've worked in India, I've worked in Asia, I've worked across global countries. This is unparalleled and it's still growing. If you look at sports watchers or sports viewers, actually there are more sports viewers in India than internet users. Because internet users are highly duplicated with multiple SIMs, multiple phobiles. 758 million people watch sports and it's still growing at a double digit. And I've heard a lot of chatter about last IPL, genuine client concerns about will the ratings be up, will the ratings be down. And we have seen good and bad in cricket, like decades of controversies, players, even betting, ratings are down, player performances are down, and cricket has outlasted any of this chatter. If you look at sometimes when your players are not playing, when your team is not performing well, rating goes down when sometimes rating comes up. We have seen almost four IPL months in the last one and a half years, from December 2020 to around April 2022. And at one end it delivered around six rating, at the bottom end it delivered around 3.74 rating. And to me, it actually shows that cricket is such a fandom that your passion, your emotion, your sentiment actually starts getting reflected in actual rating ecosystem. Having said that, I started looking into what happened to the last few series that India has played. Now in the last three and a half months, we have seen three cricket series of India bilateral, whether it's India-Australia, India-New Zealand, or even as recent as India-South Africa, there is a change of 30 to 50% ratings have gone up. And at a time when we believe that, you know, by the ratings gone up, is there a shift in people's behavior, we are actually seeing increase in TV viewership. And that's the reality of the sport on television. And if you look at, even compared with global standards, 83% of people, and actually it's actually, in a Super Bowl it's almost 90%, people want to watch big sports, big events on television. And that's their natural choice. Yes, there are other mediums which will come in because of convenience, because of movements, because of where you sit at that point in time. But at a given time, if you have a television screen in front of you, just think what will you do. So having said that, I mean, we all know, if you look at IPL as an event, it is the Super Bowl event of India. Even in Super Bowl in US, 110 million people actually watch it on television, 10 million people watch it on digital. That's the scale of sport and television. Yes, so overall I would say IPL is getting bigger. IPL, there are 22 plus channels which are going to show this programming. We are actually increasing the number of feeds both at the regional level and at the HD level because we realize there are a lot of advertisers looking at premium audience targeting today. And that to me is an important segment and we recognize that fact. And it's actually growing at 40%. So HD viewing is actually growing at 40%. And therefore we have added more south channels into HD viewing which can cover almost 50% of the HD audiences. There is more hours of programming. We are creating some special innovations like Star Wars. I mean, a lot of you can ask about what the Star Wars is. Around 120 plus experts and Super Sundays, weekend specials to make sure that your weekends are actually enjoyable watching cricket at your home on television. So then I thought maybe take a step back. I actually now want to cover probably three points on this entire ecosystem. I took a step back and said, let's look at how clients look at this. What are they using this medium? What do they intend to do this? And also start looking at from a consumer interaction lens point of view. If you look at consumers at any given point in time, the content behavior is divided into roughly by hygiene hub or hero content. When I say hygiene content is basically any content which is available either because of habit or because of snacking habit, which is either you are watching day-to-day habit viewing or let's say you are in and out of many things or you want to snack what's going on on social ecosystem or any other video ecosystem. And it's divided by professionally made content and UGC content. So most of the narrative, even when we heard about the national sessions is digital equal to TV, TV equal to some other medium. All these conversations are mostly in the hygiene because it doesn't matter to clients where I catch my consumer. I just want to catch that person at a given point in time. And that's where this entire uniformity of your shape or uniformity of comparison starts coming in because at the end of the day it's a habit or a snack. You just want to catch at the right time. But there evolves the content ecosystem, right? What are the impact properties? That's where the appointment starts coming in. That's when you start taking consumers, start getting passionate, gets involved, starts having affinity towards a particular content. And that to me is mostly, I mean 99% of that content is actually professionally made content. And that's where the impact starts building up on why professionally made content is actually important for a consumer interaction engagement and future. And last but not the least is the hero content. I mean there is a World Cup, there is an IPL, there is an avatar coming. Consumers now doesn't even matter what the money is. I want to take special time, special involvement. I want to enjoy it with my family. I want to enjoy it with my friends, community. And that's a hero item. They don't want to compromise. This is a place where, I mean imagine tomorrow I show you avatar on your mobile. I mean that's because people don't want to compromise that experience of a large screen. Not even TV. I'm saying not even TV. They want to go to the screen. And that's how avatar makes $2.5 billion across the world because that experience in theaters is unmatched. Now, and I saw the report that just got published and some of the other reports that the industry published. This is the core reason why brand building, brand building budgets of clients are still 5x of brand building on digital. So digital has grown, obviously. I mean we all know we are all digital ecosystem. But it has grown on the back of search, intent based. It's backed on based on ecom channel. It's grown on the back of customer acquisition. So there are many, many parts of digital ecosystem. And when we compare that with brand planning or consumer planning, let's not confuse ourselves. TV is still the largest ecosystem, almost 5x of digital in terms of brand building. I was part of a unicorn last two and a half years. Almost in the last probably three years we have heard about at least 50 to 100 unicorns which has come into being. 75% of the digital unicorns that are there in today has used television or IPL to establish their brand. And the ones probably some of them have not and have spent 90% of their monies on only customer acquisition, you can see when the winter has come, the customers has also walked away. So there is no brand loyalty. There is no brand affinity. There is no brand building in that place. So if you start comparing, therefore, digital has its own merit. Television has its own merit. And when we start talking of big game, big view, creating customer loyalty, television outcomes. That's the first point. But there is another more interesting point that I wanted to make. Now imagine the same graph. Hygiene is the largest bucket, hub is the medium bucket, and hero normally is a small bucket, right? But imagine cricket unifies hub hero item as a hygiene reach. So you can get 400 million, 500 million, 600 million reach on a hero item. And that too at a hygiene price. So I just used my time to look back into how these are bought at a cost per million, whether it's in the digital space, and try to unify it. Most of the hygiene content comes between PGC is actually cheaper. So PGC on TV is a remair between 20 to 50 CPM, depending on which language and channel and national, right? UGC is actually 50 to 70 CPM. So I would want people in this room and outside who is listening to me to actually think when you buy impressions of television, television is actually cheaper than digital even today. Even today. Now let's go into impact properties anywhere between 70 to 150 CPM. That's the range because obviously there are, that's a plethora of different options there, right? IPL all adults, 70 CPM, 80 CPM is the current, even when we compare on a bad IPL. Now imagine what you can achieve on a good year. Last but not least on this particular point, research after research, international, even in US market, TV ads build more memories, more affinity, more trust. And that's something even against social media. So I'm not even comparing, you know, like to like it. I'm just saying ads which appear on social ecosystems or UGC ecosystems, they are actually claiming 70% actually doesn't deliver on memories and affinity. TV is like way, way higher and I can share that research with the key people here. 70% weightage towards TV if you want to build brand loyalty brand. And imagine if all of this you can get on IPL and at the effective CPM on a hygiene, it's an obvious choice that I would say. The second point is obviously there are always concerns that we raise about what happens if the elite population of India starts moving. There is always a lot of traction that, you know, their behavior has changed, caught cutters, connected TV. I just thought maybe let's take a step back. If you want to look at premium audiences, we always start looking at India into India ABC. I've already discussed that the large part of India cricket cuts through on TV. Now I want to just touch base upon how does it look in the premium audiences. The top 100 million of Indian population, which is where the most of the consumer, you know, consumer money is there, right? And I started looking, I mean, currently at this stage, I would say HDTV is growing. I would say connected TV is growing. Both are growing at a very fast pace. But currently we are talking about 7X ratio. We still have around 200 million people on HDTV where they're paying a higher price for quality viewing, for a quality speed and a larger view of the game. And that's growing at 40% in the last one year. We are investing behind this furthermore by adding Tamil and Telugu channels so that we can cut through almost 100, close to 90 to 100 million reached on HD. That's the option that we are giving this today. Yes, CTV is growing. There's no debate about it. I handle platforms across television, digital and sports. But at this point in time, I would say the scale is not enough for brands if you want to reach a large set of audience. It is growing at a faster pace. At this point in time, our estimate, if you look at various estimates, even the publisher estimate or from an actual estimate because we have hot star, it's anywhere between 12 to 13 million households. But even the best estimate shows closer to 20 number. So that's, however, having said that, we are a measured ecosystem. None of the numbers that I say here today are open for debate. You can measure it on Bach. And that's something that we are open for that scrutiny. And it's not just a claim that I'm making here. Last but not the least, there is always an element of saying, okay, what if I open up tomorrow if everything goes free, CTV is free, everything is free. But actually, if you look at the underlying cost for consumer, nothing is free because they end up paying a cost. And I was just looking at what if the scenario is, what is the cost of watching an IPL, either on a mobile or a Wi-Fi, one match costs roughly three GB data. Even the best packages shows 10 rupees per GB. It's actually for the cost of one game, you can watch the entire IPL on television. That's the kind of magnitude. I know most of us won't look at the two data because we are in the top 1, 2, 3, 5% of the population of India. It doesn't matter. We'll take both. But as you go into the lower pop strata, this becomes a serious question. While we may think that it's free, we can just go in there. Data cost is still very huge. And it's a three-hour game. That's precisely the reason when we were showing, see, showing free is not a novel idea, right? At the end of the day, we were showing IPL free in 2018 and 19. It's not a novel idea. We moved to pay because the cricket costs have gone up. Earlier when you look at cricket, cricket was mostly advertising-funded, less distribution, right? Over the 2001 to 2010, more and more distribution money started funding cricket as a game. Towards the last five, seven years, the consumer is also participating in that cost because you have to either get a pay or pay for data costs. Consumer is actually paying. Now, the question really is for 18 bucks or 19 bucks, I can watch the entire IPL or maybe 38 bucks for two months, you have to pay anywhere between 800 to 2,500 bucks to start watching matches on digital. It is accessible free, but what's your cost, underlying cost? And that's where the reason, I'm sure it will keep growing. Data costs will come down over the next few years, more 5G is coming in. As long as data cost is real free, technically, adoption will be a problem. Yeah, I'll move on in the interest of time. I was just thinking also, if at all the industry, if at all as a platform, we want to really give something free and that's a demand that comes across. I'm open to offer ideas, but giving access free is not the option. Data has to be free. I'm open to ideas. Is it worthwhile to go into free dish as an option? That's an option that we can discuss. It's a debate. And we can go back and check whether bottom end of the funnel can we get more viewers into the ecosystem. Because cricket is still growing. I strongly believe both digital will also grow. I also believe that consumers at the bottom end of the funnel needs more access, but at the end of the day, it has to be real free rather than hidden cost for the consumer. At the end of the day. And thank you so much. In the interest of time, I will ask.