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Merrill Lynch bullish on broadcasters, MSOs

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MUMBAI:Merrill Lynch’s India Media and Entertainment Industry report on the media sector post the conditional access (CAS) legislation, produced in conjunction with DSP Merrill Lynch Limited (an affiliate of Merrill Lynch & Co., Inc), states that CAS presents a sustainable and long term upside for broadcasters.
The report states that the implementation of the first phase of CAS over 15 months could increase broadcasters’ revenues by over 31 per cent. However, it adds that unrealistic deadlines and a high price for the FTA tier set by the government could affect the above mentioned estimates. The report also foresees richer business models for MSOs resulting from the CAS, as they would acquire virtual control over the last mile through control over STBs.
The report expects the level of piracy/ under-disclosure of pay subscribers to decline from 75-80 per cent to 25-30 per cent with proper implementation of CAS, led mainly by improved control of MSOs over the last mile.
Impact on broadcasters: 
The report claims that broadcasters will be the key beneficiaries of CAS, if implemented in a realistic time frame. This is notwithstanding the fact that markets have been concerned about the government’s compulsory addressability plan hurting broadcasters’ pay revenues. The report claims that CAS presents a sustainable and long term upside for broadcasters enabling them to earn their due share of the US$1billion cable pie via pay revenues.
The report adds that the current ‘faith’ based direct-to-operator (DTO) pay system might look attractive/ easy to tap in the near term, but it represents only a tactical upside for broadcasters, given the current state of fluid relationships across the distribution value chain and the problem of underdisclosure.
The report mentions that the implementation of phase I of CAS over 15 months (FY04) could increase broadcasters’ revenues by 31 per cent in a base case scenario even after factoring in:
(a) 30 per cent piracy/ subscribers loss 
(b) 20 per cent discount to bouquet price and 
(c) 11 per cent fall in ad revenues owing to reduced connectivity to the cost conscious (lower affordability) class of viewers.
However, the report feels that the real risk lies in :
(a) the government setting an unrealistic (~6 months) CAS implementation schedule, 
(b) government fixing a high price (e.g.~Rs150/month) for the FTA tier, 
(c) unwillingness of last mile operators to offer CAS can hurt viewership, 
(d) piracy
The analytical report also foresees richer business models for MSOs resulting from the CAS, as they would acquire virtual control over the last mile through control over STBs. ML analysts see Zee (Siticable) and Hinduja TMT as the key beneficiaries. ML’s bullish stance on CAS is based on four assumptions:
1. The Big four NOT to go free-to-air (FTA): ML analysts believe that given their respective compulsions to remain pay, the frontline channels of the big four pay bouquets viz. STAR, ESPN-SS, Zee and Sony will remain in pay mode post-CAS. 
2. Majority of consumers will buy STBs – given that much of the compelling content will be in the pay mode and the price of an analogue STB will not be prohibitive (say, lower than for e.g. the price of a consumer durable such as mixer-grinder). However, price of the FTA tier and financing of the STB (especially if it is a digital box) will be the key driving STB penetration.
3. ML analysts also believe the government will set a realistic timeline for CAS implementation: Considering the size & complexity of the CAS system, the report states that the government needs to set a realistic (>12 months) implementation timeline. The report adds that the discussions with the I&B ministry has given an impression that the government will set a realistic implementation timeline in consultation with multi systems operators (MSOs), broadcasters and equipment suppliers. ML analysts feel that the government can ill afford the risk of consumers’ ire resulting from having to see blank TV screens caused by lack of STB supply.
4. Box supplies/ financing to fall in line. ML analysts believe that the sheer size of the business opportunity, estimated at Rs10 billion for phase I of CAS, will induce equipment manufacturers, MSOs and financiers to offer an attractive package to consumers to buy set-top boxes.
Key Risks To Broadcasters’ Pay Revenues On CAS Adoption
The report states that the key risks to broadcasters’ pay revenues owing to adoption of CAS are:
(a) Specification of an unrealistic (6 months) implementation schedule for CAS by the government owing to lobbying by vested interests. The latter may wish to mandate a shorter deadline, within which time frame CAS cannot possibly be implemented. This move may, as a consequence, likely force pay channels to turn free-to-air in order to safeguard their connectivity (ad revenues). 
(b) Government fixing a high price (say Rs 150/ month /home) for the base tier that can create two problems – to make the overall package (incl. pay channel rent & EMI for STB) expensive and to leave less incentive for the ACOs to market pay channels to earn additional revenues. 
(c) Unwillingness of last mile operators to upgrade network/ offer CAS, which could hurt viewership. 
(d) Predatory moves by any one of the top three broadcasters viz.who might take their frontline Hindi general entertainment channel into the FTA mode to capture a higher share of ad revenues. 
(e) Piracy: Piracy is inherent to any CAS. The key point that the report has raised is: what is the piracy/ under-disclosure of pay subs in the current DTO system v/s in CAS. ML analysts expect the level of piracy/ under-disclosure of pay subs to decline from 75-80 per cent to 25-30 per cent with implementation of CAS, led mainly by improved control of MSOs over the last mile.
Further, ML analysts believe that the broadcasters who have a presence in the cable business, such as Zee & Star, will have an upper hand whilst tackling piracy problems.
Impact On MSOs
The ML report also foresees richer business models for MSOs as a result of CAS, as they would acquire valuable direct control over the last mile without much of capex. The ML analysts predict that Zee’s cable arm – Siticable, which is India’s largest MSO, Hinduja TMT and Hathway (Star holds 26 per cent equity) to be among the key beneficiaries. The report also states that Zee (Siticable) and HTMT could offer investors a play on the MSO business upside.
Key Uncertain Issues As Yet 
* CAS implementation timeline
* Technology of CAS – the kind of STB & funding
See related story:

Merrill Lynch gives Zee buy status post-CAS

Awards

Hamdard honours changemakers at Abdul Hameed awards

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NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.

The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.

Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.

The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.

Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.

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Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.

The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.

Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.

Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.

The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.

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Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.

 

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Why the best campaigns today start with insights, not ideas

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MUMBAI: For decades, creative storytelling has been the cornerstone of brand communication. The “big idea” amplified through catchy jingles, striking visuals, and memorable hooks was once the gold standard for relevance and recall. Creativity defined presence, and the loudest, boldest campaigns often won attention.

But the marketing landscape today looks very different.

Audiences are more exposed, more discerning, and far less patient. They are inundated with messages across platforms, formats, and creators, often encountering hundreds of brand touchpoints in a single day. In this environment, creativity alone especially when untethered from real consumer truths is no longer enough to move behaviour. Great ideas are abundant. Meaningful impact is not.

This is where insights matter.

The difference may seem subtle, but it is fundamental. An idea represents what a brand wants to say. An insight reflects what the audience is already thinking, feeling, or experiencing. The most effective campaigns emerge not from cleverness alone, but from the intersection of these two forces.

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From creativity to relevance

As the marketing ecosystem becomes increasingly saturated, consumers are growing immune to inflated claims and surface-level storytelling. Even beautifully crafted campaigns can fail if they are disconnected from lived realities. The gap between a brand’s internal enthusiasm and the audience’s actual sentiment can be the difference between attention and indifference.

Insights help bridge this gap. They force brands to pause, listen, and observe to understand emotions, behaviours, cultural contexts, and contradictions. Instead of trying to be remembered through louder branding, insight-led campaigns allow audiences to see their own experiences reflected back at them. When a campaign articulates a problem that feels personal, relevance is created. Trust follows.

Insight is interpretation, not information

It’s important to distinguish between data and insight. Data tells us what is happening. Insight explains why it is happening. While data is measurable and structured, insights are interpretive and dynamic, shaped by real-time sentiment and human behaviour.

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Modern consumers are full of contradictions. They demand authenticity while remaining deeply aspirational. They want brands to take a stand but expect nuance, not instruction. They seek transparency, yet are drawn to curated narratives. These tensions are not obstacles, they are opportunities. When understood correctly, they can shape communication that feels timely, credible, and human.

Some of the most effective campaigns today are born not in isolated brainstorm rooms, but through listening to audiences, creators, editors, online communities, and cultural signals. Insights often exist in blurred patterns, but once identified, they can redefine how a brand connects.

A recent campaign we executed for Domino’s illustrates this shift clearly. The brief wasn’t to make a pizza look bigger or louder. Instead, it was rooted in a simple behavioural truth: in Tier 2 and Tier 3 markets, sharing food is an emotional act tied to family, celebration, and value perception. The “Big Big 6-in-1 Pizza” became a canvas for this insight. The campaign leaned into regional voices and real sharing moments, allowing people to show how they experienced the product rather than being told why they should buy it. Influencers and celebrities amplified genuine usage, not scripted endorsements. The impact from engagement to footfall to sales came not from a clever idea, but from understanding how people relate to food in their everyday lives.

Shifting the starting point

Today’s consumer landscape demands a shift in perspective from “What should the brand say?” to “What does the audience need to hear right now?” This marks a move away from inward-led marketing toward communication shaped by behaviour, emotion, and cultural relevance.

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Brands leading today are keen observers. They notice when perfection stops resonating. They sense when luxury shifts from aspiration to excess. They recognise when influencer content begins to feel repetitive and trust erodes.

Virality, too, is often misunderstood. It is not a strategy to chase, but an outcome. Campaigns rooted in insight do not aim to go viral; they aim to resonate. When content reflects something familiar, a shared truth, emotion, or tension, it travels organically because people see themselves in it.

Ideas attract attention. Insights build connection.

The evolving role of PR

For PR professionals, this shift has redefined success. Coverage volume alone no longer tells the full story. The more meaningful questions today are: Did the communication influence behaviour? Did it align with cultural conversations? Did it address a real consumer pain point?

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Insight-first thinking allows these questions to be answered at the planning stage, rather than corrected midway through execution.

In a world where formats and platforms will continue to evolve, what remains constant is the power of authentic communication. The strongest campaigns today do not begin with a brainstorm, but with observation, interpretation, and empathy. That is not just better marketing, it is more responsible, resilient, and meaningful brand-building.

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Brands

Ahmad Muneeb elevated to VP – HR centre of excellence at Zepto

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MUMBAI: Zepto has elevated Ahmad Muneeb to vice president – HR centre of excellence, placing him at the helm of the company’s total rewards, executive compensation and organisational effectiveness as the quick-commerce firm powers through a high-growth phase.

The move follows his stint as senior director of the HR COE, where he played a central role in preparing the company for IPO readiness while scaling its people analytics capabilities. During this period, Muneeb helped align complex performance management structures with more streamlined and scalable employee experience frameworks.

In his new role, he will steer the design of total rewards strategies, executive compensation planning and organisational design, while also overseeing performance management, employee experience initiatives and people analytics programmes.

Before joining Zepto, Muneeb spent nearly three years at Meesho, where he held multiple rewards and HR business partner roles. Earlier in his career, he worked as a senior rewards consultant at Mercer, advising high-tech clients on compensation benchmarking, pay structures and talent-focused reward frameworks.

He began his hr journey at Cognizant, where he supported compensation programmes for nearly two lakh employees across India and worked on m&a compensation alignment and skill-based pay initiatives. Prior to moving into HR, Muneeb started his career as a software engineer at Netcracker, bringing a technical grounding to his people strategy work.

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With a mix of consulting rigour, start-up agility and enterprise-scale experience, Muneeb’s elevation signals Zepto’s continued focus on building robust people systems as it races towards its next phase of growth.

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