Murdoch’’s television channels to be aired in six unnamed Indian citiesAugust 5th, 2008 - 2:02 pm ICT by ANI
Mumbai, Aug.5 (ANI): Rupert Murdochs six new regional television channels will be aired in six cities, and will help his News Corps Star TV channel to tap into Indias growing retail advertising sector, the London-based Financial Times reports.
The paper quotes TAM, Indias television rating agency, as saying that television advertising generated revenues of over two billion dollars last year, while the amount spent on regional television advertising grew by eight per cent in 2007.
Murdoch who will invest 100 million US dollars in the venture, however, remains tight-lipped about the content of the new channels and cities in which they would be broadcast.
The media and entertainment market in India is expected to grow by 18.5 per cent between 2008 and 2012, the fastest rate among BRIC countries Brazil, Russia, India and China according to a recent Price Waterhouse Cooper report. Chinas growth rate for the same period is projected at 14.6 per cent.
Indias print media sector has already seen a significant increase in foreign investment in the past two years. Overall readership has risen 15 per cent, and print ads alone generated 2.4 billion dollars in 2007, according to Price Waterhouse Cooper.
The Wall Street Journal launched a content-sharing agreement last year and several glossy magazines such as Vogue have launched local editions. However, foreign investment in news publishing and broadcasting is capped at 26 per cent by the Indian government, which seeks to protect local news groups.
Murdoch said in Mumbai on Monday that he doesnt see himself taking a stake in print, as presently Indian Government regulations on foreign components in this medium is too restrictive.
Murdoch said the current regulations were ridiculous and eventually technology would sweep the barriers away. (ANI)
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