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4Ps B&M: How has been your entrepreneurial journey so far?
SC: It has been a difficult journey but at the same time an interesting and challenging one. I feel that we have been able to make a difference.
4Ps B&M: How do you see the competitive landscape in the broadcasting business in coming years?
SC: We may see interesting changes in the sector. Competition will surely intensify. Broadcasters who have sound fundamentals will be better equipped to take on the challenges. Channels that were launched with no clear differentiation or viewer base will have to learn to become more customer focused or be forced to exit. It is reasonable to foresee some signs of consolidation in the crowded GEC market through strategic business alliances.
Also, cost-cutting will have to give way to looking at cost-effectiveness and achieving higher levels of productivity. I hope we will see the end of frivolous expenditure in meaningless fare, frills and promotions. The financial crisis is an opportunity for more efficient players in the industry to improve their competitiveness and market share.
4Ps B&M: New channel launches have led to a lot of churn in human resource at Zee. Your take?
SC: We never believe in over-doing things. Last year when new channels were launched many of our people were offered and taken at three to four times of the salary they were drawing here. We wished them good luck. We continued our journey in Zee the way we have been conducting it so far. We never over expand and we never were over ambitious. There were some conflicts at senior level as some people in the senior management felt that we should also spend like others are spending. But we said no to that. That’s why there were some exits at the senior management last year. If new channel launches are happening and they are spending huge money we would not be affected. We would keep our heads down and let the storm pass.
4Ps B&M: How is the slowdown affecting the media industry?
SC: There is no reason for India to participate in this slowdown because India’s economy is by and large (around 86%) dependent on domestic demand. But yes the businesses are getting affected by it. It is affecting the media industry too but it is all psychological. The growth in TV industry was estimated to grow at 18-20% but we think it will come down to 15%.
4Ps B&M: Any new business areas?
SC: At the moment our focus is to carry on the existing plans that are already there. As we have announced we are getting into Out-of-Home advertising business. Apart from that the focus is to run the existing businesses properly and see how the economic situation emerges in the next couple of years before we do any new thing.
4Ps B&M: How do you see the media industry shaping up in few years?
SC: It will be growing. From the customers’ point of view, I am confident the days ahead will bring them a wider variety of interesting programming. Our group has led the way to providing more regional content in entertainment and news. All this will boost advertiser confidence. The Indian market is big so the cable industry can also find room to grow along with digital penetration. Viewers can expect more entertainment value for their money .
4Ps B&M: How do you rate Rupert Murdoch as an entrepreneur?
SC: He is a strong entrepreneur and a risk taker. My own belief system (being a strong entrepreneur and a risk taker) has been very much similar to his (Rupert Murdoch). (Smiles) And that has been confirmed during my alliance with him.
4Ps B&M: How important is succession planning at Essel Group?.
SC: We give due importance to succession planning at all levels. Youth is well represented in our group companies, and rightly so. India has the world’s largest proportion of youth and this is evident in Essel Group. Most of our CEOs and Business Heads are young executives, selected on the basis of their capability, potential leadership, & willingness to innovate. I believe in delegation and empowerment.
4Ps B&M: You are quite passionate about Vipassana. Comment!
SC: Yes, I am passionate about Vipassana. When we observe silence for 10 days at the centre, we realised it is the only time one spends with oneself. Otherwise, you are working for something or the other including your own ego. Vipassana helps to control that. As for me, Vipassana has helped me to control my anger.
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Source : IIPM Editorial, 2009
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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