News Headline
MSOs biggest gainers – JP Morgan CAS report
MUMBAI: JP Morgan India’s report on the Indian cable industry titled: “CAS: The Medicine for a chronic ailment” believes that the full implementation of the CAS (conditional access systems) would happen over a period of six to seven years. However, the report anticipates a minimal impact of the Bill on the industry within the first six months of the implementation process.
The report states CAS would be a disruptive force for the cable industry. However, it adds that the television industry, suffering from chronic under-declarations, poor infrastructure and fragmentation, would benefit from the post-CAS scenario. It sees MSOs as the biggest gainers in the post-CAS era followed by the broadcasters and consumers. It is the local cable operators LCOs that have the most to lose from the CAS dispensation, the report states.
It adds that CAS would enable the cable industry to become more organized, healthy and much less fragmented. The change would come about as increasing numbers of subscribers would be connected directly through set-top boxes, thus increasing transparency in the system.
CAS would be a paradigm shift: MSO still to be the biggest gainer
CAS would be a disruptive force for the cable industry despite the fact that CAS and its implementation details are not currently specified. The report estimates that CAS would come into force one year after the passage of the Bill (which was last month).
The report estimates that the cable industry would be rid of its major ailments such as under-declarations, poor infrastructure, cash dealings, and the presence of unsavoury elements would get sorted out if CAS is implemented well.
In the long term, CAS would benefit broadcasters and MSOs the most as transparency in the system improves. The impact of CAS in the near term remains uncertain for broadcasters and has to be thrashed out on a case-by-case basis.
It anticipates that the MSOs would bag the last mile access, something that they have been lacking so far. The report expects MSO valuations to rise significantly. A prime case would be Zee (through Siticable) which stands to gain considerably.
MSOs (not LCOs) more to blame for lower declarations
Elaborating on the ground realities as they exist currently, the report makes a valid point about the general perception that the local cable operators (LCO or last mile operator or franchisee operator) are the biggest culprits of low disclosure in the country and do not report actual numbers. The report states that the truth is different as the LCOs affiliated to MSOs are the only ones who can get away with lower declarations. The report quotes industry sources and states that the standalone LCOs are paying at higher than industry levels of declarations.
In all fora, the larger broadcasters and MSOs complain about low declaration from the local cable operators who have last mile access. Contrary to popular belief, the report claims that the MSOs are the biggest under-declarers.
The report states that studies reveal that the LCOs are usually very small players who are aligned to an MSO, either directly or through a franchisee. Though the LCOs have last mile access, their bargaining power is limited. The report claims that a MSO can (and actually does) muscle their way to get high declarations from the LCOs. While earlier a franchisee could migrate to a rival MSO in case of pressure on higher declarations, an informal non poaching arrangement between MSOs has put an end to this practice. In case the declaration is inadequate, they can shut out a LCO from the signals and he would then have to face pressure from subscribers.
The report mentions that MSOs are uniquely positioned in the cable industry. Since MSOs are situated in big towns, their bargaining power with the broadcasters is high as large cities are also from where data for programme ratings is collected (known as TRP cities). The report claims that the channels thereby settle at much lower level of declarations from MSOs in return for uninterrupted telecast, which drive ad revenues.
However, it is not all hunky dory for the MSOs. In the bid to build bigger subscriber numbers, MSOs have historically competed to get franchisees. This has led to lower level of declarations from franchisees to MSOs.
Local Cable Operators (LCOs): unregulated proliferation
The report mentions that the unregulated nature of the cable industry has led to a proliferation of LCOs. It adds that the total number of estimated LCOs varies widely. The official number is around 17,000, which is the number of operators listed in the post offices. However, some estimates point to numbers ahead of 40,000. Morgan’s analysts estimate this number to be around 28,000, as of 2001 year-end.
MSO: different business models in place
The report mentions that some of the big players decided to take control over customers after the initial proliferation of the cable operators. The desire to achieve this control was driven by the need to ensure carriage in 1994, a time when most TV sets had only 8 channels in the country.
This resulted in the springing up of lots of multi-system operators (MSO) though business models differ from player to player. The report gives the following examples: Siticable forms JVs with local cable operators and shares the investment in the headend as well the revenues. INCable directly appoints distributors who carry the INCable signal to the consumer and have a revenue sharing agreement. Hathway forms co-operatives between cable operators and invests in the headend and the co-operative firms. Some other MSOs like RPG Netcom and Asianet use public utilities to string cable.
The report estimates that the top six MSOs in the country control around 50 per cent of the country’s subscriber base, directly or indirectly, depending on the business model.
Independent Cable Operators (ICO)
In some of the cities and bigger towns, the Morgan analysts have noted the appearance of ICOs. These players would be different from the MSO, as they would be having only one head end and would own the last mile. Some examples of these would be 7 Star Network in Mumbai. The total number of subscribers with these ICOs as a percentage of the country’s total subscribers would be around 10-15 per cent.
Anatomy of the pay market
The report estimates that the total size of the pay revenue market stands at Rs 76.8 billion ($1.6 billion) currently with the payment by cable subscribers at about Rs160/home/month for the country.
The total number of cable households in India is estimated to be between 38-45 million. JP Morgan analysts believe that the correct number is likely to be somewhere in between, around 42 million. Of this, about 14 per cent or Rs10.6 billion accrues to the broadcasters on an overall basis. ESPN-Star Sports, which has the largest penetration, claims a reach of around 6.5-7 million homes.
And growing fairly rapidly
The growth in cable homes has been exceeding total TV home growth. This has been primarily driven by the fact that cable programming is much superior in content to what is available on terrestrial channels (which is what a consumer gets if not connected through cable).
Lack of regulation has led to a complex structure
The report envisages that the consumer might get the feed from the MSO, the independent cable operator or the local cable operator. What complicates things further is the fact that there may be multi-level franchising taking place between MSOs and LCOs. Overall, the number of tiers that exists between the broadcaster and the consumer can range anywhere within one to five and at times even more.
The flowchart below shows the structure of the Indian cable and satellite television.
Chart 1: Structure of Indian C& S Television
Source: JPMorgan.
And poor infrastructure
The report laments the fact that the lack of regulation has led to a complex structure but the biggest victim has been infrastructure. There is hardly any underground wiring in the country and a large part of cable system (especially in smaller towns) is of low quality. The cable industry is known for its cash dealings and attendant undesirable elements that such cash dealings usually attract.
Fragmentation in the industry has also resulted in multiplicity of infrastructure (number of headends etc), which makes it difficult to get optimum returns from the business without making it expensive to the consumer. Additionally, poor infrastructure also means that it gets difficult to introduce value-added services over cable systems. Given the rampant underdeclarations, the cable business has found it difficult to attract capital from organized sources.
MSO: Winner All the Way
The biggest winners of the CAS implementation would be MSOs. The Morgan report believes that the most likely scenario would be MSOs taking control over the box in consumers’ homes. This would solve the longstanding problem of scattered ‘last mile’ control. While there would be short-term gains on the profit and loss of MSOs, they would not be very significant. In the longer term, however, the analysts expect slow demise of the MSO-LCO model and emergence of a pure MSO model. This would improve both revenues and valuations for MSOs
Awards
Hamdard honours changemakers at Abdul Hameed awards
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.
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.
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.
MAM
Why the best campaigns today start with insights, not ideas
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.
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.
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.
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?
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.
Brands
Ahmad Muneeb elevated to VP – HR centre of excellence at Zepto
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.
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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