Indian Entertainment and Media Industry badly hit by recession

For a sector that saw a 20 per cent growth in the heady two years before the financial meltdown recession and painful advertising cuts has hit them the hard.Here is the current scene

• Major advertisers in categories such as real estate, banking, insurance and mutual funds have reduced advertising budgets by 35-40 per cent.
  
• Overall, advertising revenues are down by 15 per cent.
  
• UTV Software has shut the Delhi operations for two film and two youth channels and has asked 80 employees to leave.
  
• The Network18 group that owns channels such as Colors and CNBC-TV18 has given pink slips to over 25 analysts and writers, who were hired for its e-broking joint venture with Ambit Finance and Centurion Bank.
  
• Outlook group is up for sale
  
• India Today has closed Bengali edition - will restart when market conditions improve.
  
• Business Standard has shut down its Gujarati edition.
  
• General entertainment channels, which could end up with an average annual loss of more Rs 300 crore.
  
• The INX network has huge distressed assets while NDTV is planning to raise more funds from the market.
  

source BW

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