Currently the Indian television industry is undergoing a seismic shift, operational challenges and planning for the next. The industry like television has a large customer base. The pace of technological change is accelerating so quickly that finding the right balance between addressing today’s daily operational challenges and planning for the next big thing can be a struggle. To innovate prosper and survive has become the motto of the Industry.
Some key trends noted includes; Change in the lifestyle and spending patterns of the Indian masses on entertainment is further a boost to the Industry. Technological innovations like online distribution channels, web-stores, and multi and mega plexes are complementing the on-going revolution and the growth of the sector. The low cost of production and high revenues ensure a good return on investment for Indian Television Industry. The growing middle class with higher disposable income has become the strength of the Media and Entertainment Industry.
In terms of Challenges – From Consumers perspective it’s the Greed for fresh content; Viewers no longer solely want a passive experience with a TV programme in their front room. They want to watch catch-up TV on a laptop, download a phone app on the move engage with content on a tablet or talk about their experiences on social media sites. They want different experiences on each platform, different flavours of content, and they want it all on their personal schedules. The appetite of the viewers is increasing and nowadays people are not satisfied with the conventional broadcasting only. Broadcasters need to provide their content on all possible carriage ways. New media including IPTV, mobile TV, YouTube, and the like, would complement traditional broadcasting.
The foremost challenges on the technology front are digitization of infrastructure and migration to HDTV. Broadcasters need to define how they traverse on the digitization path and put in serious efforts to decide what services they have to deliver to viewers. Systematic phasing out of analog system in broadcasting is a prominent task to meet the analog switch-off deadlines. Digital TV is not restricted to traditional home devices alone but is also available on personal devices. Next being Technological changes, Technology never remains static for long and often moves in unexpected ways. Technology getting better and better these days is becoming a threat to the TV Industry with the introduction of Netflix, New Apps, Mobile phones and laptops. The viewers these days want everything at their fingertips which now-a-days has become more convenient with the latest apps and technologies available. Consumers today are also very tech savvy and smart when it comes to purchasing electronics. Pushing boundaries further for consumers is the E-commerce market which changes the market dynamics when it comes to pricing.
From the Manufacturers perspective though the TV Market has grown with the online forums there have been other challenges to cater to, which brings further worry. Growing number of manufacturers have incurred heavy losses in the market. Additionally, LEDs still are under immense pressure to further lower prices. Even though manufacturers in the LED industry are being pressured to lower prices in the short term, in the long run there will be limited room for further LED price cuts. This can be explained by the growing number of manufacturers withdrawing from the market in the near future, as LED prices is close to manufacturing costs and reduce companies’ profitability.
Due to currency fluctuations, end market demands in different countries have been much lower than expected.
Another major perspective affecting the LED Industry currently would be GST – a game changer of every Industry. Some key highlights from consumer durables industry includes – Uniformity in tax rates which shall ease the pressure faced by this industry. Consumer durables will be placed under the 28% tax slab. Though it is the highest tax slab, a majority of goods are currently taxed at 26-31 per cent rate, depending on their nature and usage. However, one thing that companies may have to watch out for is whether excise duty exemption zones continue to get that benefit.
To summarize, it’s a stiff competition with new brands entering the consumer electronics segment, though each brand can participate actively by showcasing its individuality with the technology, the service and the price point offered.
The absorption and consumption of consumer electronics increasing rapidly creates a wide scope for each brand to excel, thus leading to a healthy competition in the market.
The biggest opportunity is extended by the consumers who are adaptable to new technology and versatility offered by each brand. The lifestyle of a consumer has undergone changes with time; it’s the willingness towards exploring a new technology or feature and living with the latest luxury contemporary in the society.
About the Author:
Mr. Saurabh Kabra, Director – Business Operations India, Truvison spearheads the company growth with his technology prowess and exceptional professional demeanour at work. He has completed his Masters of Science in Global Management & Pathway in Family Business from Regent University- London in 2016. He brings all his learning’s to the business in India with Truvison – a consumer durable brand expanding in India with its first innings.
His love for music and the geeky taste buds drive him close to his product segment. With nurturing the brand right from its seeding, Saurabh focuses a large amount of his time on product development, quest for introducing global technology & innovation in the Indian Market. He is passionate about driving his team to design products that have the end user in mind and address their needs to ensure they have an enhanced user experience. He closely manages all departments from R&D and logistics to sales and marketing.
Under his leadership, the brand has introduced global Technology built Home Audio Systems and Flat Panels in to the Indian market. He believes that a brand that can manage to stay new-fangled and fresh would uphold a better stature in the market. Hence, Truvison has been proliferating its product segment with various commodities under its umbrella.
With just a year from its Inception, the company has successfully launched three different product segments in the market. Known as an all-rounder, he truly redefines cross-function synchronisation at Truvison.