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Today, Balaji stands on the threshold of a humongous opportunity. An opportunity to leverage the transformation of the M&E industry on the strength of its innovative content creation and globally benchmarked execution strategies. India's M&E sector is evolving like never before, and so is the viewing preference of audience. The challenge is to feel the pulse of the new–age audience, go back to the drawing board, innovate aggressively and provide him/her engaging entertainment with a difference.
Our creative expertise, technology focus and foresight have enabled us to remain relevant in a dynamic entertainment space, despite challenges.
The year witnessed reasonable application of the long–promised digital ecosystem. Subsequently, Indian movies have benefited from digital distribution with wide releases and revenue accretion. The television industry has grown via leveraging the rapidly evolving segment of digital cable and HD channels. Growing use of smart phones and tablets brought a seminal transformation in entertainment, with proliferation in the number of screens further impacting video consumption patterns. The regional and rural media is also on a growth trajectory, capitalising on the increased number of television households and growing consumption of Tier II and Tier III cities. Overall, India's M&E market is expanding steadily and is expected to grow at a compounded annual growth rate of 15 percent over the next five years, to reach Rs. 1.4 trillion in 2016.
At Balaji, we have anticipated upcoming industry opportunities. Our expertise and experience tell us that while watching a programme, viewers are less inclined towards social issues or controversies. We follow one simple approach to engross them: we deliver a complete entertainment package. Since the beginning of our journey, entertaining viewers has been our focal point. Leveraging our capabilities to cater to the needs of the Indian audience, we are all set to explore market opportunities. The last few years witnessed a change in audience preferences. We have always provided versatile content to address varied demographics.
The Indian box office registered commendable success in the last few years. Yet, considering the number of movies produced and number of tickets sold each year, the box office revenue still has remarkable growth potential as ticket prices for Indian cinema is one of the lowest in the world. To leverage the growing possibilities of the Indian film industry, we have shifted dynamically from television content to movies. The roaring success of our movies testifies our strategy of refreshing ideation and professional execution. We also acknowledge the importance of talented and skilled workforce to serve the entertainment industry. We are putting our best foot forward to create a healthy and professionalised work environment and nurture the potential of our human assets.
We are optimistic about the journey ahead and consider challenges as a necessary part of the growth trajectory. Balaji has overcome challenges on the strength of its passion to entertain diverse audience and an ability to foresee industry evolution. I would like to thank all our investors, business partners, viewers and all the members of the Balaji family for supporting us during tough times and seek their participation in our journey forward.