Media and Virtual Economics Term Paper

Submitted By:

Bhoomica Middha- 22

Sonal Dhingra- 69

Surabhi Goswami- 73

Tikendra Singh- 76

Topic:

Regulatory Framework for Broadcasting: DTH

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Contents:

Topic Page

Introduction to DTH 3

Government and Regulatory Interventions 7

SWOT Analysis of DTH 11

Key growth drivers in DTH industry 12

Dish TV 13

Regulatory Framework for DTH 20

Contribution of DTH to Indian Economy 21

Our research findings/take on DTH in India 22

Future of DTH in India 22

Conclusion 23

Appendices 24

References 26

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Introduction to DTH –Direct To Home:

Direct-to-Home (DTH) is a platform for the distribution of multichannel TV programmes

using a satellite system that transmits signals to the premises of the subscriber directly. Since

2010, the DTH satellite industry has grown manifold. What started as a niche delivery

mechanism has now turned into a full-fledged business. The subscription-based model of

DTH services promises to augment the kind of choices Indian households have in terms of

their entertainment.

A typical DTH service comprises the following stages –

Content: The general entertainment and other features like news, sports, music and

movies that constitute the offer packages they intend to sell

Space: Ownership as well as access to adequate transponders in the correct orbital

slot to broadcast that offer to a particular area

Ground: To facilitate the distribution, installation and servicing of the dishes and set-

top boxes, as also the access to appropriate technology and manufacturing prowess

Subscriber Management: Set procedures for acquiring and deactivating subscribers,

billing and collection of fees, activation of pay-per-view programmes like movies and

performing customer service properly

Financing: Providing credit to the customers seeking to buy or lease set-top boxes

Government Relation: Being able to navigate through tedious government

procedures and regulations to acquire licenses, permits, etc.

How it all started:

The coming of DTH wasn‟t easy. STAR TV tried bringing it to India, but the government

imposed a ban citing security risks and an attempt of western cultural invasion. In 2003, the

government failed to implement the CAS in metros, thus becoming apprehensive of the force

that the cable operators were. In 2007, however, everyone finally accepted that it was a far

superior technology permitting a better viewing experience. Thus came digitisation- a

compulsory move. But due to the paucity of transponders, limited variety of channels and the

unwillingness of companies like STAR to offer their channels to Dish, the subscriber had a

very restricted set of choices, and consequently the growth was limited.

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Major players in the Indian market today:

Dish TV

Tata Sky

Sun Direct

Big TV

Airtel Digital TV

Videocon D2H

The current market of Dish TV leads at 13.9 million gross subscribers, with Tata Sky

following next with roughly 9.7 million.

Market share & growth:

Estimated growth of the active subscriber base is from 32.4 million (2012) to 63.8 million

(2017). DTH industry in India made revenues worth $ 1.5 billion till the beginning of 2013.

Approximate market share by the end of 2013 –

Dish TV = 30%

Tata Sky = 20%

Airtel Digital TV = 15 %

The Scenario now

DTH subscriptions have only been increasing with time. Roughly 1/4th portion of the total

TV industry is ruled by digital technology. DTH has the maximum share under that. As more

and more channels shift to DTH, the bargaining power of DTH service providers has been

rising. Even the broadcasters are enjoying a higher share in the domestic pay revenue.

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Ten years after its launch, it has over 60 million customers and 23% of the TV-owning

houses. DTH has effectively challenged the might of cable TV in India with not only a

superior quality of broadcasting, but a clear-cut technological edge.

Economic Analysis

Capital-intensive industry – Huge initial investment needed

The DTH service is becoming more elastic with the power-over-price ratio decreasing

Demand with respect to price-change is very sensitive

Multiple players entering and capturing the market

Competitive nature of the industry currently

Profit margins are decreasing

Heavy taxation

Value-added services high in demand

High revenue generation from advertising (when the TV is just switched on, there‟s a

default page/channel that runs ads of a specific brand for a long duration)

Market moving from being highly monopolistic to an oligopoly currently and will

turn highly competitive 2 years from now

High entry barriers

Can apply great economies of scale as the compulsory shifting to digitisation has

brought in a major population into the market demand side

Product-bundling is very commonly used to capture new subscriptions

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Porter’s Five Forces Analysis –

Despite having about 7 major players, India still has a tremendous market potential. The

government-owned DD Direct can also enter, especially into the rural markets where it has a

loyal consumer base. Of the 232 million households in our country, just about 141 have at

least 1 TV set; just 31 million of this number have DTH. This is a very big untapped

opportunity for the players.

Government & Regulatory Interventions:

DTH operators agreed to a regulatory body‟s intervention to fix wholesale prices at

which the broadcasters can sell their channels and/or channel bouquets to DTH

operators.

According to them, the retail level prices, i.e. the consumer prices don‟t need any

regulation and should ideally be determined only by the market forces.

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The operators believe that the content rate for DTH is very high, as a result of which,

they have to heavily subsidize their services in order to compete with the cable

platforms.

Cable operators don‟t pay any license fee.

Because of the under-reporting of subscribers and revenue, there‟s no level playing

field between them.

They‟re pressurising on a proper tariff order because it would alleviate uncertainty

and judiciary interventions.

Widespread under-declaration of sub-base by un-addressable systems is the reason the

central and state governments are incurring so much of revenue loss.

Product Bundling :

DTH operators subsidise the set boxes heavily and offer them under a lot of schemes. As per

Quality of Service, they are required to make the boxes available in 3 ways –

Outright purchase

Higher purchase

Rental basis

Fierce competition has given way to striking rental schemes bundled with free subscription

for a few initial months. Some offer the box free of cost. Therefore, regulating or

recommending any fixed rental for the same cannot be justified from an economic point of

view.

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Two very important factors that determine a DTH service provider‟s success are –

Access to distribution channels –Not only to capture the market, but also to ensure a

smooth after-sales service

Brand Salience –with hardly any product differentiation, the brand positioning

becomes vital to stay as the top-of-mind recall brand and build a loyal consumer base

Buyer switching cost –Currently it is very easy to switch in the interests of the

consumer

Price sensitivity –Price-conscious and a market driven by promotional offers

Supplier Power – The bargaining power is dependent on the quantity and cost of raw

materials needed. The 3 major inputs needed are –

Customer premise equipment

Content

Satellites

Challenges faced by the Industry:

DTH is a new-born industry and is still having its teething troubles. The policies and how

they are actually implemented has a lot of impact. Some of the challenges it faces as of now

are –

Policy and regulation

Lack of exclusive content

Cap on foreign investment

Cap on cable company/ broadcaster investment

The rule of “must carry”

Issues related to uplinking/downlinking of television channels in India

Interoperability issues

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Lack of Exclusive Content:

As eminent panelists comprising CEOs of the main DTH players in the market spoke about

„Sizing up the promise of digital‟ at the India Television Summit, they were quick to point

out that“the consumer is not excessively worried about what access technology is used, all

that matters to him is the content, the way it is packaged and how and when it is made

available.”

Different market segments require different plans and thus, different strategies. DTH is yet to

provide niche content to the masses. Programming doesn‟t differentiate them from the

analogue market.

TRAI doesn‟t allow a broadcaster to offer its content to any one service provider in specific.

It has ruled out that content exclusivity will only follow in the matured phase of DTH in India

when the competition will be perfect in the economic terms.

The rule of ‘must-carry’:

Every DTH operator has to transmit all the channels a broadcaster provides them with

without any kind of bias. There are a lot of constraints at work here though. For example, if

some operator is demanding only one popular channel, the broadcaster generally wards it off

by either refusing outright or charging a premium for its bouquet.

Inter-Operatability Issues:

Eventhough TRAI has recommended that the set-top boxes should be independent devices

and any operator should be able to connect to it, this is not being followed perfectly. The only

way to change this is by increasing consumer awareness and telling him about his rights. This

will also lead to zero switching costs for the user- not a very good proposition for the DTH

operators.

Quality of Service Issues:

Image clarity gets compromised and sometimes the signals get totally cut-off in case of bad

weather conditions like rain and snow. This is highly unacceptable to the users, but no

solution has been found as of now. It‟s basically due to the transmission frequency in India.

Other negative aspects that trouble consumers are –

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Lack of grievance redressal

Poor after-sales service

Errors in bills

Removal of channels without intimation

Non-availability of Transponders:

Only Indian satellites can be used presently by Indian DTH operators. To use a foreign one,

ISRO will have to be contacted for a special permission. This is vital as it concerns the

security of the country.

1 Ku transponder can usually be used for 12-20 channels. This implies that one DTH operator

will need roughly 5-10 transponders to even stand in the market. This leaves a huge gap in

the supply side as buying transponders isn‟t really cheap.

Recent Developments

Service Tax Issue

Dish TV, the king player, has recently pleaded to the government to waive the 12.36 %

service tax until the GST rolls out and to rationalise the various other taxes levied on the

DTH industry. It has asked for the waiver of the service tax till Goods and Services Tax

(GST) regime is enforced as the industry has to pay a double taxation to central and state

governments.

The first Indian digital TV honours in New Delhi–

Tata Sky awarded for its obsessive focus on consumer service and product

quality

Dish TV honoured for its focus on its financial health and for guarding and

creating shareholder value ( “We have been generating free cash flow for quite

some time, and probably are the only Indian DTH company to do so,” said

CEO RC Venkateish)

Videocon D2H acknowledged for innovative technology and use of home-

grown set top boxes made by the group's sister company

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SWOT Analysis of the DTH industry:

Strengths:

Increased demand of HD services

Declining content acquisition cost

Government Support in complete

digitization

Weakness:

Multiple taxation and regulatory issues

Capital intensive industry

Unavailability of exclusive content

Increasing content piracy

Declining Average revenue per user

(ARPU)

Limitations of Transponder

Technical glitches

Opportunities:

Increasing number of TV households

Increasing pace of Digitization

Increasing disposable income

Increasing Horizontal Integration among

DTH Companies

Huge Market still untapped

Threats:

Development of technology may turn

DTH services obsolete

Competition from other TV distribution

players

Adverse regulatory changes

Slowdown in economic growth

Set Top Box Shortage

Key Growth Drivers in DTH industry:

Macroeconomic factors:

Foreign Investment: The foreign direct investment cap on DTH is increased from 49% to

74%. The government also declared a 74% cap on mobile TV, which was an unregulated

area so far and moreover managed to raise FDI limit of teleports and hubs established for

uplinking TV channels to 74%. The segments like head-end-in-the-sky remained

untouched with the FDI limits of 74%, the 26% cap which is currently on uplinking of

news and current affairs TV channels/FM radio and content providers will remain the

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same. FDI for up linking of non-news & current affairs TV channels/ down linking of TV

channels will continue to remain 100%.

Technological Changes: With the profound growth in technologies in the DTH industry

like the advent of 3D and HD technologies, the DTH industry is expected to generate

greater revenues and subscriber base in the industry. In next few years the dynamics of

the DTH industry are expected to change drastically looking at the current trends, and the

future looks very promising

Microeconomic factors:

Economies of scale: Economies of scale can be achieved by any industry by producing

large volumes and expanding its sales of operation. Economies of scale mean that as you

increase the volume the price decreases. It can achieved in a number of ways such as

buying bulk raw materials, obtaining low interest charges when borrowing a large sum of

money from any financial institution, reduction in marketing costs by spreading the costs

of advertising over a greater range of output in media markets. In the case of DTH, we

can achieve economies of scale by producing bulk set top boxes, remotes or any other

equipment which is a primary or secondary component of DTH. Moreover, increasing the

customer base and spreading the advertising will also bring the economies of scale.

Economies of scope: As per the rules of economics as we increase the number of

different goods produce, the average total cost of production decreases.

We can achieve economies of scope in DTH industry by producing all the products of the

DTH bundle such as remote, set top box, the wires used etc. The economies of scope can

also be achieved through distribution efficiencies. Also, we can provide more Value

added services in DTH.

Regulatory Influence: Due to Government being particular about complete digitization

of the country, there is a great scope for the nascent companies to enter the market. This

favourable regulation and also the easy licensing regulation makes this regulatory

influence a key factor in growth of the DTH industry.

Market Competition

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The structure of the DTH in India is Oligopolistic in nature. It follows OLIGOPOLY. In

an oligopolistic market, a few players dominate the entire market. When we look at the

figure below the statistics for the DTH industry in India, we can find out that there a few

players in the market which hold the major share of the market and dominate the entire

market.

Rational behind choosing Dish TV

dishtv is India‟s first direct to home entertainment service company. It is a subsidiary of Zee

Entertainment Enterprises which is one of the largest media and general television entertainment

network with multiple businesses in majorly media.

dishtv is not only India‟s but Asia‟s largest Direct to Home (DTH) company and it is poised to

becoming one of the top DTH companies in the world. dishtv was the pioneer in DTH service in the

country and changed the face of Indian television viewing by making digital entertainment accessible.

Currently dishtv uses three satellites to broadcast Hi-Definition and Standard Definition signals to

provide enhanced viewing experience.

dishtv revolutionised the TV viewing by not just providing them superior quality but also changing

the whole payment model with the customer having in his hand the option to chose what he wants to

see. It provides the whole option of choosing the bouquet of services, many advanced features and

offers a whole range of permutation and combination. It has consistently been setting benchmarks for

the Indian DTH industry and has redefined business through marketing innovations, introduction of

new generation value- added services and the highest standard of customer delivery.

To summarise the highlights of dishtv would be as follows:

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1. Pioneer in India and the largest in Asia pacific

2. Highest transponder capacity and maximum content offering

3. Leader in DTH service offering with 400+ channels and services

4. Only DTH service provider in India to be serviced by two satellites

5. Pan India distribution network with 167,000 dealers across 8700+ towns

6. Over 300+ sales personnel and 14 Regional offices

7. Promoted by a leading media house – Essel Group

To see the brief history of Essel Group, it can be noted that it was founded by Subhash Chandra in

1976, and is one of the largest business houses in India with a dominant presence in media. It is

India‟s one of the largest vertically integrated media and entertainment group, and also one of the

leading producers, content aggregators and distributors of Indian programming globally. It is also the

largest producers and aggregators of Hindi programming in the world.

Vertical Integration

dishtv leverages on the availability of backward integration style of vertical integration. Or can also

be said so that Zee network, the content generator part of the business can be seen as having

implemented forward integration by venturing into content distribution part of the business.

Content Generation part of the business

Zee Entertainment, which was launched in 1992, is currently the one of the largest media

and general TV entertainment network in the country. It has a Market Cap of Rs 260bn.

Zee Media Corp. Ltd. was also launched in the same year and now has a strong presence in

national and regional news genre. It has a Market Cap of Rs 3.1bn.

Content Distribution part of the business

dishtv, was launched in 2005. It is Asia‟s largest DTH service provider. It has a Market Cap

of Rs 52.1bn.

SITI Cable Network is present in 54 cities across India. It was launched in the year 2006,

and has a Market Cap of Rs 9.1bn.

DNA, Daily News & Analysis, is the launched in 2005

Complementary Industry

As discussed earlier, television is the most reached form of media in the country and as well it is

going to keep growing in the future as well. Although it has been growing at a steady pace in the past

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years, there still is a lot of growth potential in the television sector. Indian Media and Entertainment

industry is also growing at continuous pace on account of the consumption of media. Television

makes for a good chunk of media industry and no surprises why still all the marketing plans have the

major part of their budget reserved for this medium. Speaking about the TV industry which is the

complementary good to the DTH industry the future looks promising, as the TV industry has been

registering steady growth in the past years and is expected to do so further in the future. The following

data are few of the trends observed and the near future trends expected in the industry that shall

strengthen the argument.

Key Indian Television Market Strategy

Indian Media and Entertainment Industry Size

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Composition of Indian Media Industry

DTH services industry has been growing at a steady rate of 15.0%. Among the many reasons,

important ones are the push by Government for national digitisation and addressability and also

customers realising the benefits derived from DTH. The following graph shows the past and projected

numbers in the subscribers of DTH satellite services.

Competitor Analysis

Currently dishtv is the market leader with around 15 million subscriptions which amounts to about

1/4th of the market.

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Let us look at the various product offerings of the various service providers in the market and pitch

them against dishtv.

Competitors Products and Service Offerings

Channels

Dish

TV

Tata

Sky Airtel

Sun

Direct Reliance Digital Videocon

Linear 338 260 305 200 241 313

HD 43* 18 19 10 10 23

Number of channels offered

A comparison of the fee paid be these Direct-to-Home (DTH) service companies towards the license

in India (during 2008-2009 to 2011-2012 period)

DTH Licensees

License Fee Paid for the Last 3 Financial Years (Rs. in Crore)

2008-09 2009-10 2010-11 2011-12

Dish TV India Ltd. 38.5 20 56.9 30

Tata Sky Ltd. 32.8 53 62.4 79.3

Sun Direct TV Pvt. Ltd. 14.5 34.3 24.2 36

Reliance BIG TV Ltd. 3.5 8.4 8.8 9.5

Bharti Telemedia Ltd. * 10.4 25.5 61.87

Bharat Business Channel Ltd. * 0.2 0.1 5

Total 89.3 126.3 177.9 221.67

24%

18%

14%

14%

12%

11%

7%

Market % Share

Dish TV

TataSky

Airtel

Sun Direct

DD Direct+

Videocon

Reliance

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New Media

dishtv is trying to tap on the growing by leaps and bounds. The internet industry in India has seen a

boom in terms of users which will increase five folds by 2015. The growth is even more so in the

mobile internet domain, where it is estimated as per the growth trends that by year 2015 3/4th of the

internet users would be on mobile. To tap on to this online population dishtv has launched a new

service called „DishOnline’. This aims to capture the online users who usually catch up on their

favourite shows online. The features include 35+ LIVE TV channels, Catch-Up TV, Movies and

Shows.

Growth with Profitability

The major growth figures have been summarised in the table below.

Key Milestones and Performances

2003: Oct 03: Received license to operate DTH services

2004: Apr 04: Obtained teleport license from MIB

2005: May 05: Launch of DTH services

2007: Apr 07: Listing of Equity Shares on NSE and BSE

2009: Nov 09: Raised $100mn through GDRs to Apollo for 11% ownership

2010: May 10: Launched HD services

Dec 10: Acquired additional Transponders on Asiasat 5

2012: July 12: Net subscriber‟s base crosses 10mn

2013: First full year of positive cash flow

Growth Trajectory Since Listing

parameters 2008 2013

Company Profile

First Indian DTH

player

Asia's Largest DTH

Provider

Net Customer Base <3.0 million 10.7 million

Total Revenues Rs 4,162 million Rs 211,668 million

EBITDA(% margin) (Rs 2,095 million) Rs 5,795 million

Market

Capitalization ~ Rs 21.1 billion ~ Rs 71.3 billion

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Regulatory Framework for DTH

Policy and regulation

The following regulations need to be followed by the companies who want to enter in the

DTH segment:

1) It should be an Indian company and it must be registered under the Indian Company's

Act, 1956.

2) The maximum limit of the total foreign equity holding is 49% in the applicant

company under FDI, FII, and OBC etc.

3) The FDI component in the foreign equity holding should not exceed 20%.

4) The Chief executive and majority of the top representatives of the board should be

residents of India. Also, the company should have Indian Management Control.

5) Throughout the license period, the Broadcasting companies and the cable network

companies cannot have more than 20% share collectively in the applicant company.

6) There is a prescribed Performa for the equity distribution of the company which needs

to be submitted within a month in the starting of every financial year.

Tariff Regulation:

1) Consumers can buy different STBs (set-top-box) and CPE from the various cable TV

and DTH service providers.

2) Depending upon the security deposit, the DTH service providers can monthly charge

the CPE for Rs. 71.75 or Rs. 65.50 (excluding taxes) for Rs. 500 or Rs. 1000 security

deposit respectively.

3) At the end of three years, the subscribers get the security deposit and the customer

then owns the STB or CPE.

Issues related to new DTH licenses

1) Throughout the license period, the Broadcasting companies and the cable network

companies cannot have more than 20% share collectively in the applicant company.

2) The company should provide the freedom to consumers, if in case; they want to buy

different STBs (set-top-box) and CPE from the various cable TV and DTH service

providers.

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3) The license fee for the DTH companies should be 8% of AGR (adjusted gross

revenue).

4) The existing as well as the new entrants in DTH industry must be charged an entry fee

with the exception that existing companies should be given some rebate.

Cap on Foreign Investment

DTH industry:

The maximum limit of the total foreign equity holding is 49% in the applicant company

under FDI,FII,OBC and the FDI component in the foreign equity holding cannot exceed 20%

Consequences:

This would discourage foreign investors, as even after investing heavily, they wouldn't have

any controlling stake in the company.

Cable industry:

Here, there is no cap on FDI and 74% of the total foreign equity is allowed in the Cable

industry.

Cap on Cable Company/ Broadcaster Investment

Throughout the license period, the Broadcasting and cable network companies cannot have

more than 20% share collectively in the applicant company.

Also, any DTH company Cannot have more than 20% share in any Broadcasting and cable

network companies.

Consequences

This promotes bureaucracy and also is not at all cost effective for the operator. Had they

removed this rule, it would have been comparatively less costly for the operator due to the

link between him and the broadcaster.

The contribution of DTH in Indian Economy

The Indian DTH industry is estimated to have clocked revenue of about USD 1.5 billion in

2012. The CAGR for television industry is estimated to be 16 per cent from 2010 to 2015.

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As per the 2012 figures of Media Partners Asia, the Indian DTH industry is worth 1.5 billion

USD, with a 32.4 million subscriber base. As per TRAI, the estimated DTH subscriber base

in India as on 31st march 2013 is estimated 56.5 million. However it is also estimated that the

out of this 25-30% connections are inactive, which makes only 40-45 million active

connections.

It is also projected by the Media Partner Asia report is that, Indian DTH industry will be able

to generate a revenue of $3.9 billion with a subscriber base of 63.8 million subscribers by

2017 and $5 billion and 76.6 million subscribers by 2020.

Our Research Findings/ Our take on the whole picture of DTH

Form last few years, the Direct to Home industry is witnessing a tremendous and promising

growth. The DTH industry has crossed a mark of 30 million subscribers which is an

achievement since digitization has been made compulsory to only tier 1 and tier 2 cities. This

data indicated that there is a huge growth potential for DTH to grow in near future. This

growth is not only largely dependent on the huge investment by the existing as well as the

new players but also the superiority of DTH in quality as compared to Cable TV or any other

medium. Our research finding about the DTH industry is that the DTH industry is currently in

its growth phase, and expected to attract a large number of subscribers in near future.

Future of DTH in India

The Indian TV industry has grown at a much faster pace in the last two decades. The

television population of India is approximately 135 million and out of this 80% of the

population has television sets enabled with cable and satellite. And DTH has a holding of 22

million subscribers which forms the rest 20% of the population.

DTH as an industry has emerged out as a big player during last few years. It has seen a huge

improvement in not only generating content but also providing consumers with choices and

option of choosing what they want to see. The DTH named this concept as “Pay per View

(PPV). Not only this the DTH channels “bundle” the channels and allow the user to choose

the bundle, in which the user has maximum number of preferred channels or the user can go

for A La Carte channel selection scheme in which the consumer can choose each channel he

would like to see and can pay the cost pay channel.

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Moreover, the advent of new technologies in the space of Direct to Home services and

delivery platforms are creating further opportunities for innovation and growth potential for

the industry to tap new and niche markets.

With the growing technologies in the DTH industry such as 3D and HD, the DTH industry is

expected to generate greater revenues and subscriber base in the industry. In next few years,

the trends are expected to change the dynamics of the DTH industry, and the future

promising.

But there are also some challenges that are posed before this industry such as high level of

subsidy provided by the DTH operators, the result of which is higher gestation period,

shortage of satellite capacity and also the stringent competition between the DTH operators

and the analogue cable operators resulting in lower ARPUs.

Conclusion:

DTH is a highly oligopolistic market where all the competitors are facing a stiff competition.

It has a huge growth potential but due to stringent Government regulations and difficult entry

barriers it is not easy to get into DTH industry. Being a capital industry and also the pricing

are factors that constraints new players to get into DTH. We see a huge growth potential for

the DTH industry in the years to come because not only there have been changes and

relaxation in Government regulations but also a change has come in people‟s thinking

process and lifestyle.

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Appendix

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Essel Group’s Diversification

In Media

In other industries

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References:

http://www.dishtv.in

http://indiainbusiness.nic.in

http://www.jobscholars.com

http://ameinfo.com

https://en.wikipedia.org/wiki/List_of_DTH_Operators_in_India

http://www.dishtracking.com/forum/index.php

http://www.rediff.com/money/2004/mar/23spec.htm

http://www.indiantelevision.org.in/dth/dth12.htm

http://www.intelsat.com/wp-content/uploads/2013/02/5457-DTH-White-Paper.pdf

http://articles.economictimes.indiatimes.com/2010-01-19/news/28483335_1_tariff-regulation-

services-in-non-cas-areas-dth-operators

http://compareindia.in.com/products/dth-service-providers/492

http://economictimes.indiatimes.com/dish-tv-india-ltd/chairmanspeech/companyid-20201.cms

http://www.dishtv.in/Library/Images/dishtv-3Q-FY14EarningsRelease.pdf

http://indianresearchjournals.com/pdf/IJMFSMR/2012/March/4.pdf

http://www.indiantelevision.org.in/digital/y2k13/nov/novdig27.php

http://tvnews4u.com/article/860/1/trai-seeks-comments-on-issue-of-new-dth-

licences#.UyN3RVGSxbU