What is your view on the 12- minute ad cap (the broadcast regulator has capped advertising at 12 minutes per hour of programming, including two minutes for in-house advertising)? One of the largest advertisers in India, Hindustan Unilever Ltd (HUL), has stopped advertising on your network because there is no agreement on ad rates (following the cap, some channels sought to increase ad rates to compensate).
The impasse with HUL continues. But we strongly believe that at the core of every content business lies a great viewer experience. If something comes in the way, it brings down value. Some channels had so much advertising that it was difficult to know whether the channel was running ads or content. We have reduced ad inventory anywhere between 15% and 18% to comply with the ad-cap rule, so in the short term, it hurts. It does affect our revenue. But in the long run, it is good for the industry and the consumer.