IN INDIA 2021 DIGITAL ADVERTISING - e4m Events
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PRESENTS
PRESENTS
CO-POWERED BY
CO-POWERED BY
CO-GOLD PARTNER
CO-GOLD PARTNER
DIGITAL ADVERTISING
IN INDIA
2021
1
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Anand Bhadkamkar
Chief Executive Officer - India, dentsu
2
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Foreword
2 020 presented a monumental
challenge to us – as individuals,
business and society. It made us
the elderly, meanwhile, gradually
moved to using cashless digital
payment methods instead of cash
witness time and space in ways transactions. Result? The pandemic
that many generations had only began to aggressively fuel digital
read about in textbooks or had adoption across the country leading
heard of from aging bystanders of to a 15.3% growth over the previous
yester-history. Yet, I must reiterate year.
that despite all the aching that this
hailstorm of a year introduced into Digital has been the largest and only
our lives, 2020 was also maleficently medium to grow amid this global
unique. It forced us into depths of pandemic in India and we will persist
insights that we could never have to work with our clients on this
comprehended otherwise. It also transformational journey. Also, it’s
reminded us of what the human the 3 Vs (voice, video and vernacular)
spirit could eventually endure and that will continue to remain at the
the magnificent resilience that it is epicentre of all our focus areas.
capable of!
We, at dentsu, expect 2021 to witness
The year was extremely tough on all a colossal rise in digital advertising.
of us and scarred the economy and We also recognise the need for a
businesses alike. In fact, every little business intelligence report that
aspect of advertising had to take the can give directions toward which
bearing as the industry slipped by a this industry is moving with ever-
massive 17.5% over 2019 due to the changing client demands and market
pandemic. Categories such as events, scenarios. The lack of detailed and
seminars and sports – areas that are accurate Digital Advertising Spends
chiefly reliant on physical human is surprising for a medium that lends
interactions - took the steepest fall. itself to measurement. It is to fulfil
this gap that the digital agencies at
Nevertheless, the pandemic also dentsu have collaborated with e4m
fostered something new. It created once again to launch the 5th edition
demand for e-commerce purchases of our Digital Report that extensively
in tier-II and tier-III cities and covers Digital trends, spends and
brought in a behavioural shift in insights across all sectors.
elderly consumers. Customers from
tier-II and tier-III cities began to We look forward to your thoughts
prefer buying from online retailers and opinions to help sharpen our
offering delivery at flexible timings approach towards this fast-growing
while being cautious about safety industry as we strive to expand,
and health during the pandemic; together.
3
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Nawal Ahuja
Co-Founder, exchange4media Group
4
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
The shape of Recovery
is DIGITAL
C OVID-19 without a doubt provided
the much required boost for digital
adoption in India. Digital translations
level of TV spends today, something
that might have otherwise happened
only by 2025.
clocked 100 million a day, and as per
RBI estimates, it could touch a jaw Scale brings with it a demand for
dropping 1.5 billion per day, totalling greater accountability and with
Rs 1.5 trillion by 2025. What would digital ad spends look set to equal
have otherwise taken another five those on TV, a larger number of CMOs
years of effort by the government will seek increased transparency and
and private players, was delivered ROI. Thus far, the medium has been
by COVID in one year! used largely as a lead generation
platform, heavily funded by big
Not surprisingly, the media and national advertisers. Social media
advertising sector witnessed a platforms have been under immense
renaissance of sorts too. OTT content scrutiny for content and with major
consumption, already growing on the brands across western markets
back of the Reliance Jio disruption taking a stand against toxic content,
in the telecom space, went truly these companies will in all likelihood
mainstream, with growth touching no longer have a free run without
exponential rates. Surveys estimate taking the onus for the content on
that there has been a 5x increase their platforms.
in consumers spending 16+ hours
weekly and a 4x increase in those With India deeply integrated into
spending 12-16 hours weekly on OTT the global digital ecosystem, all of
platforms. this will also have a bigger impact
in India. The chorus for third party
Digital advertising growth too data measurement, which Digital
naturally followed. In a year when currently lacks, is growing, as are
overall ad spends shrunk by 17%, demands for more transparency. A
spends on Digital grew by a healthy brand spending a quarter of its ad
15%, thus widening the growth budget on digital platforms is unlikely
gap between traditional and digital to do so as an experiment anymore.
advertising even further. As our Reliable data, better measurement,
report says, by the end of 2022, lesser fraud and more ROI will be the
digitaladvertising is likely to touch the name of the game.
5
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
To be able to attract a larger share of As video consumption grows, and
the advertisers’ wallet, digital will also social media provides the fuel for
have to prove itself to be a platform that growth, the digital content
useful enough for building brands, economy has reached an inflection
something that only TV can deliver point. Over the next three years (five
right now. On the flip side, as digital years being too long to make any
penetration spreads deeper into reliable predictions about the future),
languages, it will attract attention significant money will be pumped into
and money from regional brands, content curation. A large majority
who heavily depend on language TV of that money will be sought to be
for reach, further fuelling the growth recovered through advertising, thus
of ad spends. making the competition between
digital and legacy media businesses,
As video consumption has led digital especially TV even fiercer. India is
growth, it has left a lasting impact on uniquely placed in the sense that key
the creative side of the business too. leading ad-driven OTT platforms are
Where 60 and 30 second ads were owned by TV companies and how they
previously the norm, they have now re-focus their businesses in the post-
been taken over by six seconders COVID era will determine which way
thereby creating an ecosystem of this battle goes. If Star’s integration
content curators who specialise in of Disney and the focus on Hotstar
short video content. Tik Tok’s loss is any indication, TV companies see
has been the gain for YouTube, Daily their future as digital streaming
Hunt, Facebook, Zee5, MX Player, behemoths. And that future is full of
InMobi and many others. The digital exponential growth possibilities.
advertising ecosystem also saw its
first unicorn in the form of InMobi in
2019, truly establishing content and
thereby advertising as a primary
integrated service on mobile devices.
6
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
1
The Indian
Advertising Industry
• Ad spends on media
• Media spends across industry verticals
2
The Indian Digital
Advertising
Industry
• Spends on digital ad formats
• Growth of E-commerce
advertising in India
• Digital media spends acros
industry verticals
• Digital Media Spends across devices
3
• Trends in digital media buying
Changes in
Indian consumer
behaviour
• Growth in the usage of voice technology in India
• Drive towards vocal for local language
• Transition towards digital news media
• Boost in online gaming in India due to the pandemic
• Shift in consumer spends
• Adoption of online education in India
4 Research
methodology
7
PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Executive Summary
The global outbreak of the pandemic transformation. Thus, businesses
sent shockwaves across the global have reshaped their functioning by
economy. Various industries and diversifying, adapting to the market
verticals experienced the impact of situations. This has catalysed the
the pandemic, including the media changing consumer habits towards
and advertising sector. The pandemic digital and the advent of the new era
accelerated the process of digital for the Indian economy.
Indian Ad Industry as of 2020
Advertising Digital Advertising
Industry Industry
20 `56,490 Cr. `15,782 Cr.
20 ($7.74 Bn) ($2.16 Bn)
20 `62,577 Cr. `18,938 Cr.
21 ($8.57 Bn) ($2.59 Bn)
20 `70,343 Cr. `23,673 Cr.
22 ($9.64 Bn) ($3.24 Bn)
11.59% 22.47%
CAGR CAGR
The Indian advertising industry 10.8% to reach Rs 62,577 crore by the
currently stands at Rs 56,490 crore end of the year 2021. Furthermore,
and it has witnessed de-growth of it is expected to grow with a CAGR
17.5% over 2019 due to the pandemic. of 11.59% to reach Rs. 70,343 crore
The advertising industry is expected by 2022. The digital advertising
to make a come-back and will grow by
8PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
industry has witnessed growth in followed by online video (28%,
market size from Rs. 13,683 crore Rs. 4,366 crore) and paid search
by 2019 to Rs. 15,782 crore by 2020, (24%, Rs. 3,725 crore). Online video
growing by 15.3% from the previous has seen the fastest growth from a
year. Digital media will grow at 20% share of 22% in 2019 to 28% in 2020.
to reach a market size of Rs. 18,938 The FMCG and media & entertainment
crore by 2021 and with a CAGR verticals spend the largest share of
of 22.47% to reach Rs. 23,673 crore digital media budget on online video,
by 2022. while e-commerce spends the most
on paid search.
Television has an unparalleled reach
in the media market and contributes The rapid increase in mobile usage
the largest share of media spends and internet penetration has led to
at 41% (Rs. 23,201 crore) in 2020. 75% (Rs. 11,836 crore) of digital media
Followed by spends on digital spends on mobile devices. Majority
(28%, Rs. 15,782 crore) and print of the online expenditure on mobile
(25%, Rs. 13,970 crore). Currently, devices goes to online video for 29%
FMCG has the highest expenditure (Rs. 3,458 crore) and social media
on advertising with a contribution accounts for 29% (Rs. 3,429 crore).
of 21% (Rs. 11,554 crore) closely
followed by e-commerce (17%, People belonging to tier-II and tier-III
Rs. 9,788 crore) and consumer cities have contributed the most to
durables (10%, Rs. 5,751 crore). the growth of the digital advertising
FMCG spends a large majority of market. The pandemic fostered the
its advertising budget on television demand for e-commerce purchases
(64%) while retail, automotive and in these cities. Consumers have
media & entertainment segments preferred to purchase from online
spend a large share of their retailers offering delivery at flexible
advertising budget on print. The timings while being cautious
biggest spenders on digital media about safety and health during the
are BFSI (57%), consumer durables pandemic. The shift in habits and
(45%), telecommunications (40%) behaviour is evolving as the elder
and e-commerce (39%). consumers are preferring to use
cashless digital payment methods
Digital is growing rapidly and the instead of cash transactions. The
pandemic has propelled the adoption. pandemic fuelled the adoption rate
Advertising spends on digital media of digital in India, coupled with the
has increased from a share of 20% high consumption of digital video and
in 2019 to 28% in 2020. It is further the growth of regional content. The
expected to reach 34% by the end businesses have been future-proofing
of 2022. Spends on digital media are by being adaptive to transformation,
led by social media with the largest merging different types of business
share of 29% (Rs. 4,596 crore) closely models and implementing it during
the pandemic crisis.
9PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
10PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
T he Indian advertising industry
currently stands at Rs. 56,490
crore. Due to the coronavirus
for AdEx growth for the year.
Some brands decided to pause
the advertising spends and utilise
pandemic it has witnessed a it more judiciously in the coming
de-growth by 17.5% over 2019 quarters, while others adjusted their
leading to a reduction in advertising advertising spending across the
spends compared to the previous lockdown period. Even during the
year. Most of the sectors like lockdown, many businesses tried to
manufacturing, trade, tourism, reach their audience using digital
transportation, real estate and marketing tools.
automobile were impacted during the
initial phase of the lockdown in India. The most drastic change has been the
With the unlocking of the economy widespread digital transformation
in phases, the economic activities and adoption of digital technology
began and businesses were able to
Growth of the Indian Ad Industry (Rs crore)
12.4%
70,343
10.8%
68,475 10.8%
8.9% 9.4%
62,564 62,577
56,471 56,490
51,851
-17.5%
2016 2017 2018 2019 2020 2021f 2022f
Ad Industry Growth
function to a limited capacity. In the across various sectors. The pandemic
third and fourth quarters of 2020, shifted the consumers to online
businesses started to show uptake and digital solutions with increased
and were returning to normalcy. emphasis on contact-less delivery
of goods and services. It has been a
Media and advertising sector transitioning phase and consumers
witnessed that many brands/clients across the spectrum are becoming
wanted to delay and reschedule accustomed to online shopping. This
campaigns, which led to a revision resulted in a boost in online shopping
during the lockdown period.
11PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
The audience’s content consumption media sector. In 2021, the advertising
patterns and choice of the medium industry will recover strongly to
changed during the pandemic. reach a market size of Rs. 62,577
For entertainment, consumers crore with a growth of 10.8% over
moved to OTT platforms like Netflix, 2020. We expect it to grow with a
Amazon Prime, Sony Liv, etc. Indian CAGR of 11.59% to reach Rs. 70,343
classic content like Ramayan, crore by the end of 2022.
Mahabharta, etc. garnered huge
traction and television viewership Indian Ad Industry (Rs. crore)
sky-rocketed. It was able to hold the
. 59% 70,343
attention of audiences belonging to 11 R
CAG
any age group. 56,490
The advertising revenues picked up
steadily month-on-month. The IPL
and the festive season during the
second and third quarters of the
year certainly gave a boost to the 2020 2022f
1.1 Ad Spends on Media
Television contributes the largest is unprecedented and accounts for a
share (41%, Rs. 23,201 crore) to majority share of advertising spends
the Indian advertising market. in India. It has been a leader in terms
This is followed by digital (28%, of media spends thanks to strong
Rs. 15,782 crore) and print (25%, audience loyalty.
Rs. 13,970 crore). Television’s reach
Ad spends on different media (Rs. crore)
1,617
3% 288
1,632 0.5%
3%
Telvision
13,970 Digital
25% 23,201 Print
41% OOH
Radio
15,782
Cinema
28%
12
12PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Due to the pandemic, there has Out-of-home (OOH), radio and cinema
been a huge positive shift in the have also witnessed the media ad
time audiences spend on digital. The spends share decline compared to
advertising spends on digital have 2019. The festive season combined
increased from 20% in 2019 to a with IPL and business activities
whopping 28% in 2020. This shift has in the economy post lockdown
impacted print, resulting in slower allowed brands to liquidate their
growth with its media share declining OOH inventory and reasonable
from 29% in 2019 to 25% in 2020. proportions of spends came into
There is a drop in the readership of this medium.
print due to the availability of content
on digital platforms.
Ad Spends across various media: forecast
12% 15% 17% 20%
6% 28% 30%
6% 34%
2% 6%
4% 2% 6%
4% 2%
2% 3%
4% 1% 3%
4%
3% 1% 3%
3% 1%
3%
35% 34% 31% 29% 25% 23% 21%
40% 40% 40% 39% 41% 40% 39%
2016 2017 2018 2019 2020 2021f 2022f
TV Print Radio Cinema OOH Digital
13
13PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Digital makes a substantial print during the lockdown. They
contribution to the advertising market preferred to consume news on news
in India. The reasons for this have websites, mobile news applications,
been attributed to the adoption of social media, etc.
internet, local language options and
usage of internet-enabled phones. The lockdown has had a severe
Digital is expected to grow at a rate impact on the businesses and it
of 20% to reach the media spends certainly affected the reach of print,
share of 30% in 2021. English and OOH and cinema. Measures were
other local language news readers / taken to contain the pandemic and
audiences are shifting to digital news people were confined to their homes.
publications. The lines between print, There were no footfalls in the cinema
digital, pay TV, OTT and traditional halls in the initial lockdown phase.
media are blurring with the rapid Print readers preferred to consume
digitization of media. At an overall news online rather than print due to
level, digital advertising in India is the fear of COVID-19, which resulted
expected to grow at a consistent rate in a change in consumption habits.
in the coming years. It is furthermore This resulted in the contraction of the
expected to have a CAGR of 22.47% media spends share for print, OOH
to reach a spend share of 34% by and cinema compared to 2019. Print,
the end of 2022. OOH, radio and cinema are expected
to maintain the same market spends
The reach of print declined due share as that in the year 2020.
to the lockdown and shift in news The online audio-streaming services
consumption by readers. Middle- have begun to give a stiff competition
aged readers preferred digital over to radio.
1.2 Media spends across
industry verticals
FMCG segment spends the segment with a contribution of 10%
highest share on advertisements, (Rs. 5,751 crore) to the advertising
contributing 21% (Rs. 11,554 crore) pie. Telecom segment contributes
to the industry. This is closely 9% (Rs. 5,121 crore) to the ad
followed by e-commerce with a expenditures followed by automotive
contribution of 17% (Rs. 9,788 (7%, Rs. 4,092 crore) and BFSI
crore) and the consumer durables segments (5%, Rs. 2,836 crore).
14PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Ad spends by Industry Verticals (Rs. crore)
13,143 11,554
23% 21%
1,662 | 3%
9,788
2,542 | 5% 17%
2,836 | 5% 4,092
5,121 5,751
7%
9% 10%
FMCG E-Commerce Consumer Durables
Telecom Auto BFSI
Media & Entertainment Retail Others
India is rapidly moving towards FMCG spends the largest share of its
becoming a digitally empowered media budget on television (64%)
country. Digital is being seen as the as the medium has the widest reach.
catalyst towards booming digital This is followed by spends on digital
payments, an exponential rise in (19%) and print (11%).
e-commerce spends, and overall
economic growth in India. The The automobile sector spends the
expenditure share in the advertising majority of its media budgets on
spends pie for e-commerce has print (39%) followed by television
increased from 10% in 2019 to and digital. Share of digital spends by
17% in 2020. During the lockdown the automobile sector has increased
and unlock phases when people were from 16% in 2019 to 25% in 2020.
restricted to remain indoors, the
e-commerce industry fostered online E-commerce sector spends the
demand and change in consumption highest share of its media budget on
patterns in turn benefiting the television (45%) followed by digital
economy and the consumers. (39%). Retail segment spends the
maximum budget on print followed
by digital.
15PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Ad Spends on various media by vertical
10%
19%
25% 23% 0.1% 2%
32% 6%
4% 39% 40%
2% 1% 45%
3% 5%
11% 3% 1% 1% 57%
8% 5%
1% 1% 1%
3% 0.3% 6% 48%
1%
14% 6% 4%
39% 1% 1%
4% 15%
47% 3% 1% 37%
64%
50% 19%
45%
35% 34%
29%
15% 16% 19%
FMCG Auto E-Commerce Retail Telecom BFSI Media & Consumer Others
Entertainment Durables
TV Print Radio Cinema OOH Digital
The telecom segment spends the followed by print (19%). From 2019,
largest share of its media budget on BFSI segment’s spend share on
television (50%), followed by digital digital has increased from 42% to
(40%). The telecom segment’s 57% in 2020.
advertising expenditure share on
digital increased from 35% in 2019 Media & entertainment segment
to 40% in 2020. This is mainly spends most of its budget on print
because Vodafone-Idea (Vi) launched (37%) followed by digital (32%). The
its new branding campaign and other segment has increased its share of
telecom companies were heavily spends on digital from 23% in 2019
active with new launches during the to 32% in 2020.
second quarter.
Consumer durables spend the
BFSI segment spends the largest majority of their shares on digital
share of its budget on digital (57%) (45%) followed by television (35%).
16PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Innovations
shaping the
new normal
Tanay Kumar
CEO, Co-Founder & Chief Creative Officer, Fractal Ink Design
Studio linked by Isobar
17
17PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
I t’s heartening to see the industry
adopting new terms to remain
upbeat on the future. Entrepreneurs
powered by the adoption of digital
and smooth information flow. No
longer we wanted to stand in long
and businesses are now moving on queues or battle weather and get into
and rather than seeing this as an crowded buses and trains to reach
abnormal, we are now terming it as the workplace. This enlightenment
“the new normal”. While the focus was positive in every way.
of governments and regulatory
bodies around the world still remains Some sectors took advantage of this
around containing the pandemic, situation and gave an extra boost
the businesses have already both financially and physically to
started showing movement towards make innovation for the new world
acceptance of the new normal and a priority. Let’s look specifically
are ready to adapt and innovate. into some sectors where we feel
movement will be faster than others:
We are far from being free of this
pandemic and the truth is that the Education and technology:
impact of these last six months has These are one of the biggest sectors
changed our course steeply. Along which will wipe off a large portion
with the huge loss of human lives, of the old norm. Online education
many businesses have been wiped and its viability got proven almost
out, which definitely is a big set back immediately and with time all aspects
to the overall financial health of the of schooling got covered. Technology
countries. Many great start-ups are lived up to quickly innovating on
all either struggling to find a ground online classroom teaching, discipline,
or looking for quick exit strategies. monitoring and evaluation and
gave rise to some areas which were
On the good side of this, we also sluggish due to dominance of physical
saw the market getting filtered. The presence of schools.
toughest ones survived and some
even thrived. The legitimacy of Management costs, infrastructure
companies was tested and proven, costs, expansion plans all will see
and the progress was fast forwarded getting diverted towards ways of
due to acceptance of the new norm improving online infrastructure to
in a few sectors. What traditionally ease out home education. We will
would have taken years to drive also see governments moving fast
through behaviour change strategies to make policies that will enforce
came into being almost immediately. this change. Evidence of this we saw
in huge investments being bid by a
Behaviours around jobs, shopping, leader in online education into just a
entertainment, health and education year old start-up.
moved swiftly towards recognising
the new rules and norms primarily
18PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Health and medicine: The Traditional banks will face a challenge
exposure to the weakness of the in adopting the new need due to the
current infrastructure during this strict government policies but overall
outbreak showed a lot of policymakers it will push governments to ease out
to look into this sector closely. With policies.
biowarfare being a viable medium, it
will become more and more important Personal insurance both in the life
to invest heavily in monitoring and health sector is going to see a
and developing systems to curtail rise. The current sentiment will play
outbreaks. China already has started a big role in getting a large population
placing and showcasing monitoring of India which was otherwise not
technologies to build stronger walls insured into the circle of insurance.
in case of further outbreaks.
E-commerce: This one probably
While both investments in physical was already seeing movement much
infrastructure as well as infusion before the pandemic hit. While curve
of tech in healthcare will rise in the was already steep, the acceleration
coming years, there is consciousness with COVID took businesses through
among individuals to strengthen the roof. The most heartening thing
immunity from within. This has given was to see the readiness of businesses
a boost to an otherwise dormant or to jump straight in.
sluggish category - alternate medicine
and personal well-being. Areas such This, in some approach, gave way to
as Ayurveda, Naturopathy, Yoga are stuck management of large legacy
gaining prominence and people are organisations who were reluctant
realising the importance of wellness in to make the jump. The logistics and
a bigger way. Spends from consumers delivery services quickly ramped up
are already on the rise on wellness to cater to the larger need. The fear
products and programs. of going out made even local Kirana
stores take lead. With big malls shut,
Banking, finance and it gave an opportunity to the local
insurance industry: Economies markets to quickly move into online
have seen a new low and pressures ordering channels.
on businesses have grown many
folds. Most businesses in the SME Also, e-commerce passed the litmus
and MSME category are today in test when festival season got fulfilled
requirement of cash to grow or even online. People got bolder in their
survive. NBFCs will see a rise in the spends and also went onto the
need for unsecured loans and lending purchase of high-value items such as
overall will be in the rise. jewellery, expensive fashion online.
All this helped companies to innovate
on their door-to-door services and
come up with models that put people
safety at the forefront.
19PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Entertainment industry: remotely, to medical consultancy are
There are two parts to this industry, now relying on these platforms to
one is the production and the other conduct their activities with minimum
is consumption. While production disruption. While the adoption was
saw a downfall and we saw a slump great, it also surfaced a lot of issues
in new releases, consumption saw in a short period of time.
an astronomical increase in the
viewership of OTT platforms. With This gave rise to heavy investments
strengthened internet speeds, people by companies such as Google,
were more openly ready to spend on Microsoft, Facebook etc. to jump into
paid OTT channels. innovating on it. Facebook live and
Instagram live services saw close to
Going out specifically for a 300% rise in a short span of time.
entertainment, parties are still Instagram is working on upping the
some time away. People will be Instagram live time from 60min to
abstaining from getting into closed 4 hours.
crowded spaces. Online gaming
and collaborative gaming platforms In the coming days, we will see new
are coming up steeply. Games like platforms innovating on various
“Among us” in a short time gained aspects of remote working and
huge popularity. We will keep seeing bringing specialisation to the table.
growth in these sectors and large Events, office work, education,
investments are going to go into the entertainment all will see some
development and design of these. innovation in the coming days.
Remote working tools: Overall, the new norm will push all
Wanted to bring this up last, as these of us to the edge and innovation is
tools have become the backbone of inevitable. The sooner we realise this
our current survival mechanics. All the better we would be in this race to
sectors from education to working adapt to the new norm.
“
In the coming days, we will see new
platforms innovating on various
aspects of remote working and bringing
specialisation to the table. Events,
office work, education, entertainment
“
all will see some innovation in the
coming days.
20PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
21PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
T he digital advertising industry
has seen a growth at Rs. 15,782
crore by the end of 2020, which was
The growth of digital media can be
attributed to factors like internet
penetration, availability of affordable
at Rs. 13,683 crore by the end of phones with internet connectivity,
2019. Owing to the widespread digital and change in consumer behaviour.
transformation during the pandemic, The internet user base has
and changing consumer habits and been increasing rapidly and has
behaviour, digital is the only media contributed to the growth of digital.
that has witnessed a positive growth During the lockdown, the dependence
rate of 15.3%, whereas traditional on digital increased and people
media has seen a decline with started spending more time online.
a negative growth rate of 25.7% On digital payments, transactions
over 2019. from mobile wallets like Paytm and
PhonePe exceeded those of credit
Digital media is expected to have the and debit cards. Individuals in
highest growth rate of 20% to reach non-metros started accessing these
a market size of Rs. 18,938 crore and utility apps more.
traditional media will have a growth
rate of 7.2% by the end of 2021.
Indian Digital Ad Industry (Rs. crore)
32.4% 23,673
31.7%
26% 18,938
25%
15,782
13,683
20%
10,859
15.3%
8,202
6,228
2016 2017 2018 2019 2020 2021f 2022f
Digital Media Growth
22PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
The audience has started spending The digital advertising industry is
more time on streaming video expected to grow at 22.47% CAGR
platforms like YouTube, Hotstar and to reach Rs. 23,673 crore by the
Amazon Prime, and are consuming end of 2022. The pandemic has
local language content. 73% of the setback the reach and revenues for
audience belonging to the age group the traditional media. On the flip
of 45 years to 54 years use YouTube side, digital content consumption
to watch online content. The younger and time spent on smartphones
(under 18 years) audience use video have increased considerably. Video
streaming apps like Hotstar, Amazon streaming has penetrated into the
Prime and YouTube to consume small metros and towns in India.
content in the local language.
Digital has consistently been the
fastest-growing advertising media
in India for the last few years and
this trend is expected to continue in Digital Media (Rs. crore)
the future. Even amid the pandemic,
digital media has seen growth of 47% 23,673
2. R
its market size where all other 2 AG
C
traditional media avenues have seen 15,782
a decline. New technology and tools
have been aiding the advancement of
the digital advertising industry and
mobile advertising has become more
prominent in the current times. It
2020 2022f
offers brands and marketers the new
opportunity to target the audiences
precisely with personalised content.
2.1 Spends on digital
ad formats
The highest proportion of spends video (28%, Rs. 4,366 crore), and
on digital is contributed by social paid search (24%, Rs. 3,725 crore).
media (29%, Rs. 4,596 crore). This Spends on display banners stand at
is followed very closely by online 16% (Rs. 2,528 crore).
23PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Ad Spends on digital media by formats (Rs. crore)
568 | 3%
2,528
4,596 Social Media
16%
29% Online Video
9,788 Paid Search
17%
3,725 Display Banners
24%
4,366 Other including Classifieds
28%
Social media remains the strongest It is expected that the digital
digital ad platform and has advertising market will grow at a
constantly grown by leaps and rate of 20% to reach Rs. 18,938 crore
bounds. Indian consumers spend by 2021. Spends on online video
around 2-3 hours on social media have increased from 22% in 2019
a day, hence, resulting in higher to 28% in 2020 and will continue to
spends on social media platforms. grow steadily.
Online video spends have seen
the highest growth rate of 46% The pandemic accelerated the digital
in 2020 compared to the previous trends and businesses moved online
year. This is followed by the growth during the lockdown period. The
of spends on social media at 20% media and advertising industry is
over 2019.
24PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
shifting at a rapid speed and digital needs and build trust. The pandemic
is taking the lead. Digital media pushed more and more businesses
saw the quickest recovery and to go online and engage with their
digital advertising spends returned customers directly and create
to pre-lockdown levels by the end avenues to cement brand recall. The
of 2020. rapid growth of online video has
shown that digital has evolved as a
For brands, it has always been strong branding and creative medium
imperative to have an active social in addition to being the performance
media presence to communicate behemoth historically.
with consumers, understand their
Ad spends across various digital formats - forecast
27% 26% 25% 25% 24% 24% 24%
5% 4% 4% 4% 4%
7% 6%
29% 28% 29% 29% 29%
28% 28%
18% 19% 21% 22% 28% 28% 28%
20% 21% 21% 20% 16% 16% 16%
2016 2017 2018 2019 2020 2021f 2022f
Display Banners Online Video Social Media Other Incl. Classifieds Paid Search
25
25PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
2.2 Growth of E-commerce
advertising in India
The pandemic has disrupted language and localized content and
consumer’s purchase behaviour as offers. In addition to that, the advent
we have known so far and has helped of DSPs by e-commerce platforms
to form a positive perception towards and higher focus on product search
e-commerce across the customer during the pandemic period has
base. Marketers and e-tailers have driven the evolution of e-commerce
identified and adopted the trends to advertising in India. By the end
reach out to a larger audience with of 2020, the advertising spends
e-commerce advertising, blending it on e-commerce platforms were
seamlessly with merchandising and Rs. 4,700 crore. Based on the current
other formats of digital advertising, trajectory, the advertising spends on
resulting in rich customer experience. these platforms is expected to grow
E-commerce advertising results at a CAGR of 40%.
in greater sales conversions and
personalization helps in avoid dilution
of the marketing messages.
2020 has witnessed accelerated
Ad Spends on
E-Commerce 20
growth of e-commerce usage
and people belonging to different
age group now shop online more
platforms 20
frequently than before. The adoption
of the digital-first approach was one
of the significant drivers towards this Rs. 4,700
change. There is also a growing trend crore
of online shoppers coming from the
Tier II and Tier III cities and beyond,
thus truly widening the reach of this Expected growth
platform. E-commerce giants have
been focusing on these consumers
40% CAGR
with initiatives like the use of local
26PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Digital marketing
in the post
COVID-19 era
Gurjot Singh Shah
Senior VP & National Media Head, Dentsu WebChutney
27PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
T here are essential lessons to
learn from brands, which have
emerged from the pandemic even
There are examples of such change
and shifts historically during big
events. The power of radio came
stronger than before. All the brands alive when the US government
that have succeeded have quietly successfully persuaded citizens to
invested more in transforming join the army through radio during
their businesses to meet new needs World War I. Print media really came
and they have shown the rest of to the forefront when the Spanish
the brands and marketing world Flu pandemic was contained with
how to make digital core to their successful public health posters
businesses. In fact, we think of our or ads in newspapers. It is time for
work in very simple terms: imagine digital to see a big uptick.
life without Dentsu Webchutney’s
clients such as Google, YouTube, The web is becoming the new
Twitter, Flipkart, Whirlpool during grocery mart - Big Basket and
the pandemic. Life would be Grofers saw up to 3X the traffic,
immeasurably different without cab companies have tied up with
digital technologies our brand grocery brands for deliveries.
partners are building. Dining-in is the new dine out.
With over 55% increase in-game
Inevitably, if digital was the future, downloads, gaming has become
the time for it has certainly arrived. the virtual playground for all ages.
Now, as we look forward, there will Over the top content consumption
be some short term pains in the has become mainstream, audiences
advertising model we have known have turned to digital like never
and loved for a while, i.e., mainline before and it is only natural for
advertising. There might be a brands to follow
shortfall in advertising growth in
India – but the long-term prospects On the other side, there is major
for digital advertising have never evolution in how brands are going
been better. This shift isn’t just market themselves in this new era,
new for brands. It’s borne out of a majority of brands have found
customer-centricity. ways to start selling online and
existing ones have strengthened
We are headed to a new normal. Born digital businesses by going
out of compulsion, consumers are direct to customer also reducing
acquiring new skills, and have new dependencies on marketplaces.
expectations from categories that This shift has called for a mix
would have been taken for granted of brand and performance-lead
until now. The new normal will digital marketing, which is radically
revolve around technology, going different than the pre COVID-19
virtual, becoming contactless and era. Some key focus areas include
hence, will be built on click more immediate translation of views
than bricks. and impression to clicks and
28PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
quality visits. Techniques like consumers across touch points.
programmatic is assisting in Leading consumer electronics
achieving the same and we are brands like Samsung, Sony and
actively exploring relevant solutions Haier are assisting their customer
for our advertiser client partners with servicing and troubleshooting
like Federal Bank. virtually. Car brands like Skoda
and BMW are launching their cars
Brands are adopting digital not online and have migrated FAQs to
only as a preferred medium to voice assistants.
advertise but also to address
Salil
Sadanandan
President, South
Asia & EMEA Kohler
“ We have been early adopters of digital
platforms in the home décor space and it has
helped us remain in touch with consumers
and engage with our customers even during
the pandemic. Digital initiatives will remain
“
intrinsic to our strategy going forward.
29
29PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
On the ecommerce front, with a 100 Let’s take a few examples from this
percent rise in online orders from year to validate the hypothesis of
Tier 2 and 3 cities, Myntra got over brand building and performance
5 lakh shoppers over a 4 days end of marketing becoming seamless.
season sale, over 15 lakh products
were sold during the 12 hours of IPL has been the biggest bet so far
EORS. It also registered the highest in 2020, and advertisers have been
ever number of app downloads and bold enough to take these bets and
new customer acquisitions on day we believe this opportunity will help
one of EORS. in driving meaningful customer
adoption. With 229 million viewers
Nestle reported ecommerce is 4% tuned in on day one of IPL 2020,
of revenue, double YoY. 28% growth was witnessed in
comparison to last year and it is
E-commerce companies including only increasing.
Flipkart and Amazon sold $4.1 billion
(Rs. 29,000 crore) worth of goods What is even better this year is the
during the October 15-21 period this tenacity of viewers. More time spent
year, up from $2.7 billion in 2019. at home leading to more active time
spent on watching and celebrating
All of this will result in an exponential IPL has offered more immersive
increase in investments on digital partnership opportunities for
both, in products for enablement advertisers. ESPN CricInfo has
and platforms for marketing. The come up with many customisable
Indian digital advertising industry opportunities, which have been
is expected to grow at CAGR of adopted by our client partner
32% to reach Rs. 18,986 crore Whirlpool and we are seeing healthy
($2.93 Bn) by 2020. results. Indians have really gone
through a flood of emotions over
With greater dependency will come the last 6 months, and the IPL has
even greater responsibility on presented temporary relief in many
digital mediums Digital will take ways, to brands and audiences.
the responsibility of sales alongside
marketing increasingly, as a result With conviction, we see in these
of that the media mix is going opportunities and brands willing to
to change with performance / ROI sustain momentum. Investments
driving mediums taking a major are going to be heavy in the
share. approaching festive season too,
making the period longer and
brighter for advertising this year.
30PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Strong brands get even stronger share stories of what they do. All in
during periods of downturns and all, COVID-19 has given newfound
depressed advertiser sentiment resilience to brand managers and
and this period is no different. We the C-Suite in adopting holistic
are excited in how this newfound thinking when it comes to managing
momentum sustains throughout their presence on digital platforms.
the IPL & festive seasons, and even They are no longer just allocating
beyond for the new year. small parts of their spends online –
they are building with digital as the
The biggest shift that we are epicentre of the brand experience.
witnessing is an overhaul in how This has implications on their
brands overturn their marketing balance sheet, the competition,
teams. Today, marketing is not their marketing spends, and more
just about the 4Ps. It’s about excitingly in the long run, how they
truly adapting to your customers’ develop products to be even more
needs, as quickly as possible, and customer-centric going forward.
meeting them where they are
present. Brands are not outliers to
culture and society but a part of it.
It matters how they adapt and how
they give back, and then ultimately
“ Today, marketing is not just about the 4Ps.
It’s about truly adapting to your customers’
needs, as quickly as possible, and meeting
them where they are present. Brands are not
outliers to culture and society but a part of it.
“
31PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Building efficiency
in Digital Marketing
using Data and
Technology
Rubeena Singh
CEO, iProspect India
32PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
T he pandemic has changed
our lives in many ways - our
approach to health, interactions
experience to their users and also
market themselves better.
with our friends, the way we work, Here are 5 areas where technology
the way we run our homes, and can help scaling and building
most definitely, the way we shop! efficiencies in digital marketing.
We see many first-time consumers 1. Use machine learning
have adopted digital commerce (ML) to create customer
channels. More and more people experiences that earn
are shopping for everyday needs loyalty and trust.
and luxury items online. From
groceries to sanitisers and from Customer experience can be difficult
clothes to washing machines, the to perceive, manage, measure, and
need to physically visit a store to support as it is dynamic, contextual,
shop continues to fade. and offers a mammoth amount
of data to mine. ML can leverage
Even post the lockdown, consumers customer data and interactions
hunkered down at home to avoid to fuel CX strategy; automate the
contracting coronavirus are turning repetitive and mundane tasks of
to online shopping for products that data cleansing, structuring, and
they traditionally bought in stores. maintenance; and help companies
Going forward, one can expect these understand customer opinion for
new digital interactions to remain crafting targeted and engaging
sticky and gain at the expense of experiences.
offline commerce at physical stores.
2.Using technology to
And, as the behaviour of the create content
consumer changes, with it,
change the marketing trends. • Today, with the availability to
Brands will need to build digital faster connectivity, many doors
experiences for the consumer are opening for VR or AR where
& getting customer love in the advertisers can build surreal
digital world. Data, technology experiences for customers
and artificial intelligence can digitally, to showcase their
products and services. This will
enable companies gather more
enable a lower bounce rate and
insight into their audience by increased CTR & ROI.
offering recommendation engines,
predictive search, chatbots, etc.
• Machines can make automated
Use of these technologies and tools content creation possible! Banner
will help companies offer a better ads, email campaigns, or social
33PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
media posts can be generated and 3.As consumers continue
applied into different formats shopping from their
for native to every channel. sofas without going out
This is a big stride in the area to the physical stores,
of personalisation of content at conversational commerce
scale. Content can be created is the need of the hour.
for hundreds of segments
of customers based on their
Personalization and warmth in
demographics and interests. Based
on performance, messages can the shopping experience in a
automatically be changed to match conversational style needs to
the content that is performing be built in the digital consumer
well. journeys. Buyers tend to prefer the
more direct and human (or human-
• Video currently accounts for like) contact, and companies that
approximately 75% of all internet adopt conversational commerce
traffic. With the help of ML, video soon notice the improvement.
marketing strategy can scale This technology provides up to 4
greater heights. AI can help you times more sales conversion than
provide tailor-made content traditional buying channels. The rapid
to potential customers. Video development of Natural Language
developers can use AI data as a tool
Processing (NLP) technology and
to understand customer interest
and base their future videos on artificial intelligence (AI) systems
the same information. Insights have made it easier for conversational
from AI prevent the marketer from trade to rely on more sophisticated
producing redundant videos. There and advanced services.
can help marketers in rationalising
production, interconnecting Also, Voice Search is growing
videos based on the watch history, rapidly. Marketers will need to focus
improving personalisation and on creating content for voice and
creating socially relevant content. optimizing keywords for voice-
based queries, which are more
• Analytics can make it possible for conversational than a typed-up
companies to get feedback on their query. Voice has the potential to
video and product and that too in upend paid search and organic
real-time. When the video content content strategy practices.
on social media is live, AI can tap
data, which can be used for future
content inputs. If the past videos
were successful, it would give
information about viewers who
liked points. AI will help marketers
develop powerfully social content
that also is personalised.
34PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
4. A common problem 5. By using data, marketers
statement for marketers can track customers along
is how to target users who the journey from initial
have abandoned the journey interest to final purchase.
with offers?
Building a multi-touch attribution
Data, Analytics and Machine model will allow marketers to have
Learning can help re-engaging with a much clearer picture of what’s
such users effectively. A Machine working and what isn’t and make
Learning Model, which will self-learn data-driven decisions, allowing
on the closure data with previous them to prioritize expenditure in
offers using Analytics and create the right channels.
classification based on personas,
can be built. The data then, can be
churned daily, to optimize for the
recommended offers.
Digital marketing and technology go hand in hand. You need technology
to be able to provide innovative digital marketing solutions. At iProspect
Solution Labs, we provide bespoke marketing solutions driven by tech
and data to our clients. Our array of advanced tools can help in creating
personalised experiences at scale for customers; at the same time enable
measuring, managing and analyzing business performance to maximize
its effectiveness and optimize return on investment (ROI). This allows
marketers to be more efficient at their jobs and minimize wasted digital
marketing dollars.
“ Brands will need to build digital experiences
for the consumer and get customer love in
“
the digital world.
35PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
2.3 Digital media spends
across industry verticals
E-commerce makes the highest increased from 19% to 24% to
contribution of 24% (Rs. 3,782 crore) be the highest contributor to the
to the digital media industry. This digital media spends pie. The key
is followed by consumer durables drivers in these sectors are young
(17%, Rs. 2,609 crore), FMCG demographic profile, improving
(14%, Rs. 2,163 crore) and Telecom internet penetration, government
(13%, Rs. 2,046 crore). Compared initiatives and improving economic
to the previous year, the share performance.
of e-commerce segment has
Ad spends on digital media by verticals (Rs. crore)
388 | 2%
1,362
809 | 5% 9%
3,782
1,004 | 6% 24%
1,618
10% 2,609
17%
2,046
13% 2,163
14%
E-Commerce Consumer Durables FMCG
Telecom BFSI Auto
Media & Entertainment Retail Others
36
36PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Ad Spends on Digital Media by Formats and Verticals
23% 26% 24% 27%
32% 34% 31% 34%
45%
9% 1%
1% 13%
3% 13% 3%
31%
21% 15%
42% 2% 18%
24%
19%
49%
34% 20% 41%
32% 26%
16% 17%
21%
25%
15% 18% 17% 15% 19% 18%
14%
10%
FMCG Auto E-Commerce Retail Telecom BFSI Media & Consumer Others
Entertainment Durables
Display Banners Online Video Paid Search Other incl. Classified Social Media
FMCG spends the highest share of Telecommunications sector spends
its digital media budget on online 34% of its digital media budget
video (49%) followed by social on social media and online video
media (32%) and display banners respectively. BFSI sector spends
(14%). Automotive segment spends a maximum of their digital media
the largest share of its digital media budgets on paid search (31%), then
budget on online video (32%) on display banners (25%) and social
followed by social media (23%), media (24%).
paid search (21%) and display
banners (15%). Media and entertainment segment
spends the largest share of digital
E-commerce segments spend the media budget on online video (41%)
most with 42% of their digital media followed by social media (31%) and
budget allocated for paid search. It is display banners (15%). Consumer
followed by social media with 26% and durables segment spends 27% of its
online video at 21%. The e-commerce digital media budgets on social media
segment spent their digital media followed by 24% on paid search and
budgets on online videos more this 19% on online video.
year compared to the previous year.
Retail segment majorly spends its Digital video has seen unprecedented
digital media budget on social media growth in spends across almost all
(45%) followed by paid search (19%) industry verticals this year over the
and display banners (18%). previous year. This shows that digital
media is evolving as a robust creative,
branding and awareness medium
in addition to being a performance
medium.
37PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Evolution of
Digital Marketing
in the Never
Normal World
Gopa Kumar
COO, Isobar
38PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
A s we entered 2020, who would
have known the year would turn
out like it has, amidst the pandemic
new users across sectors like
entertainment, where consumption
of content and screen time has
and lockdowns. In February 2020, gone through the roof during these
when all of news around the pandemic times. The pandemic has potentially
was developing, everybody hoped changed the digital landscape, an
it to be a tiny wave that would pass era that is driven by a rapid increase
in no time but how wrong we were. in digital reach coupled with a rapid
The COVID-19 pandemic hit us hard increase in the width of usage
and severely impacted our lives amongst current internet users.
and livelihood. It has changed the According to many reports, the usage
world and the way people interacted will propel the growth of the internet
with each other before. The New to higher levels.
Normal, Now Normal or Never
Normal, whatever terminology Kantar’s I-Cube Study estimates that
you may want to give, the world India will have more than 900 million
has changed and will never be the internet users by 2025. That’s an
same again. addition of about 350 million users
over the next five years. The growth
It has now become the biggest will be driven by segments that have
global challenge of our lifetime, till recently been underrepresented
leading a change in our attitude – the rural population, school-going
and behaviour, and forcing brands, children and women.
marketers to respond accordingly.
However, the need to respond won’t The pandemic will also change the
end when the virus’ immediate threat way we think, how these changes
eventually recedes. The pandemic will affect the way we design, build
has forever changed the experience experiences that people will seek, and
of being a consumer. We expect to in turn how we will communicate with
see behavioural change at scale for them. All of this will be answered in
some time to come. the way people react to all source of
creative innovations and new hacks.
For all the hardships that COVID-19 Every marketer and brand needs to
brought in, it has also turned out to be actively heard and be ready to
be a Black Swan event for the digital respond in real-time if the situation
industry, which has accelerated the demands so. There will be massive
adoption and usage of the Internet behaviour change at a scale and
further. Work from home and all speed that we’ve never seen before,
other restrictions have created sparked by fear and encouraged by
new services and models across government policies.
sectors like healthcare, education
and e-commerce. This also added
39PRESENTS
CO-POWERED BY
CO-GOLD PARTNER
Here are some of the key behavioural Another trend one will see is the
changes of people which could be emergence of health economy. As
observed include- health will become an essential factor,
everybody will be willing to invest
Trust will become a necessity This in health-related activities. Every
means, for brands to be effective, they business will require to understand
would need to be trustworthy. In some how it can be part of a new health
cases, to rebuild trust quickly, the ecosystem that will dominate
focus should be on building confidence consumer thinking.
through every channel. Optimism
will sell more than fear. The familiar Some of the other behavioural
will be more valuable. Established actions happening around the world
brands that handle the crisis well and in India are people postponing
will rise in value and acceptance. purchase decisions in many
The risk will be less tolerable to most categories due to uncertainty. This
people. Individualism may rise with will be expected to continue even
more people adopting a look-after- after COVID threat reduces. People
yourself-first policy. will continue to wait and watch,
which will result in broken marketing
Virtual world becomes a reality calendars for brands as demands will
The enforced shift during the worst continue to fluctuate.
of the pandemic to virtual working,
consuming and socializing will fuel a This will also mean that digital
massive and further shift to virtual will become a necessity. It will be
activity for anything. But it is growing a solution for all requirements
fast. Microsoft teams experienced a of consumers, whether its
500+ percent increase in calls and entertainment, commerce or utilities.
conferences worldwide. Anything
that can be done virtually will be While it’s tough to wear a future-
preferred. Brands & organisations gazing hat in this ever-changing
that will win are those who test and dynamic and fluid world around us,
explore all the associated creative there are definitely certain trends
possibilities. While everything which are shaping in the post-COVID
is moving virtual, a craving for world and where digital will be the
“real” will also build and things will key driver.
explode when everything opens up
or comes back to normal. But virtual Day to day essentials, groceries and
experiences and content will continue medicines will massively be driven
to grow and expand like virtual gym, by digital and will see huge growth.
virtual commerce, virtual arts, etc.
40You can also read
