Major Throwback: Headlines That Shook Internet In 2022
In India, the media industry operates around-the-clock and never stops creating buzz. Discussions in our living room include everything from leading media companies to top businesses. This year, the media industry experienced some incredible revelations or, maybe more accurately, stunning news that surely rocked the internet and became a hot topic among readers.
In the month of November, the Indian media and entertainment industry was valued at USD 27-29 billion in 2022, and it is estimated that it is bound to grow to USD 55-65 billion by 2030, as per the report by the industry body Confederation of Indian Industry (CII) and BCG.
Here’s a wrap of the biggest news of the ever-evolving market and media business sector:
Twitter 2.0
Twitter is the only social media networking site that has garnered the most media attention over the past three months. In April, Elon Musk's offer to buy the social media platform and take it private was accepted by Twitter. Musk, though, quickly started to cast doubt on his willingness to uphold the pact, claiming that the volume of spam and fake accounts on the site was inadequately disclosed by the company. Twitter sued Musk when he stated that he was cancelling the agreement. Musk changed his mind earlier in October and said that he would move forward with the acquisition of the social messaging platform at the initial price of USD 54.20 per share if Twitter dropped its legal action.
Takeover of NDTV By Adani
The acquisition of NDTV by AMG Media Networks, a wholly owned subsidiary of Adani Enterprises, on 23 August, 2022, was one of the biggest television industry stories of the year. AMG Media Networks said it was indirectly acquiring a 29.18 per cent interest in NDTV and announced an open offer to purchase an additional 26 per cent of the company's stock.
Prannoy Roy and Radhika Roy, the founders of NDTV, have sold the majority of their shares to Gautam Adani's AMG Media Network. AMG Media Network is currently NDTV's single-largest shareholder as a result of the Open Offer.
Ravish Kumar Quits NDTV
A day after Prannoy Roy and Radhika Roy resigned from their positions as directors of NDTV promoter business RRPR Holding, the senior executive editor for NDTV India, Ravish Kumar, resigned "with immediate effect." Having joined the NDTV in 1996, Kumar has been working with its networks ever since. On NDTV India, he hosted a number of news-related shows like Prime Time, Des Ki Baat, Ravish ki Report, and Hum Log.
IPL- Digital Rights, Sponsorships & Women’s IPL
Beginning in the month of January 2022, the Indian Premier League had several significant breakthroughs. For the 2022 and 2023 seasons, Tata Group would serve as the Indian Premier League's (IPL) new title sponsor, taking the position of Chinese mobile device maker Vivo.
In the month of June, Viacom 18 bagged the IPL digital rights. Viacom18, which purchased the Package C rights for Rs 3,257.52 crore, served as the de facto digital home for IPL matches. For the Package C rights including 98 games, Viacom18's winning offer was Rs 33.24 crore per match. The base fee of Rs 16 crore each match has almost been doubled.
The Board of Control for Cricket in India (BCCI) approved the Women's Indian Premier League, marking a momentous decision. The tournament, which has been under contemplation for a while, is finally happening. The league will initially have five teams, and the sale of the franchises has not yet been decided. The five teams will be chosen based on zones or specific cities, just like in the men's IPL.
ASCI’s Guidelines For Gambling & Influencers
The information and broadcasting ministry outlawed online betting advertisements and surrogates on Television and internet platforms in October. Private TV stations, digital news outlets and OTT platforms were asked to stop showing commercials, including substitute ads for online betting services that pose major hazards to customers' financial and socioeconomic well-being. As per the regulations, influencers must adhere to strict rules set forth by Advertising Standards Council of India (ASCI), which also provides a mechanism to track their activity. A minimum of 30 per cent of cases in 2021 involved influencers.
PVR- Inox Leisure Merger
PVR, a chain of multiplexes, has approved a merger with rival Inox Leisure. In March, the boards of directors of PVR and Inox Leisure approved a merger proposal involving a share transaction that will bring Inox and PVR together. PVR requested permission from equity shareholders for the Inox merger during a meeting in October. The merger was approved by a vote of 99.9986 per cent in favour and 0.0014 per cent against it from those present at the meeting. The amalgamated company, which will be known as PVR-INOX, will grow to be India's largest movie theatre chain, running 1,546 screens on 341 different properties across 109 different cities.
