India remained one of the world's fastest growing economy in 2016-17. Despite headwindsand short-term disruptions the country's economy grew 7.1% last year. It remains apreferred destination for foreign investment ahead of China and the US for the secondsuccessive year according to FDI Intelligence a unit of the Financial Times.
Not surprisingly one of our main focus areas in FY 2016-17 was to identify a digitalstrategy to build a news media company of future and develop the capabilities required tobecome one.
The year was even more significant because it saw the Indian government take stepstowards new fiscal and tax policies supported by a more robust statistical framework toreport economic numbers. Some of these new measures have since been implemented mostnotably the unified Goods and Services Tax from 1st July 2017.
In 2016-17 India's mediaand entertainment industry grew by 9.1% powered by growingdemand for entertainment and knowledge in an expanding economy. The Indian digital mediaecosystem has become especially vibrant with non-linear TV offerings competing againsttraditional broadcasters and I digital-only news start-ups fighting it out withestablished media companies. At stake are relevance salience and of course revenues.
NEW MEDIA AND OLD
A growing economy rising consumption and the emergence of a thriving digitalecosystem present significant opportunities to a company such as yours. Not Isurprisingly one of our main focus
areas in FY 2016-17 was to identify a digital strategy to build a news media company offuture and develop the capabilities required to become one. In FY 2015-16 we created astate-of-the-art integrated newsroom and last year our three news brands leveraged thisnewsroom to up the quality and relevance of their digital offerings.
Our website hindustantimes.com ended the year doing around 100 million monthly pageviews and 30 million monthly unique visitors while livemint.com became one of the leadingdestinations for business news in the country with around 30 million monthly page viewsand 11 million monthlyuniquevisitors.
In the entertainment segment desimartini.com became the No.2 movie entertainmentcontent website in the country.
This focus on digital hasn't come at the cost of our print business which continues toremain one of our strengths. We have worked to ensure that our three newspapers are instep with the new India. We have also made significant investments in
We will continue to be innovative with our print offerings grow our digital footprintincluding with digital-only products and expand our radio business.
training our journalists. Our flagship newspaper Hindustan Times continued to maintainits strong position in the English newspaper segment including in the country's twobiggest markets of Delhi and Mumbai. Mint remains India's second widely read businessnewspaper and continues to win national and international awards for its work. Our Hindinewspaper Hindustan is the leader in Uttarakhand Bihar and Jharkhand and a strong secondin Uttar Pradesh and Delhi.
In FY 2016-17 we strengthened our radio operations by launching FM Radio stations inseven cities in Uttar Pradesh and Hyderabad in addition to second frequency in Delhi andMumbai which were launched last year. Fever FM continues to enjoy a significant positionin the radio markets where it operates.
Radio Nasha has gained immense popularity both in Delhi
and Mumbai since its launch.
Our effort to engage with audiences and society at large extends into the offlinedomain. At one level
events such as the Hindustan Times Leadership Summit and Hindustan Shikhar Samagamprovide a platform for thought leaders to discuss and deliberate issues of relevance tothe country and even the world. At another our thematic and industry- focused events suchas the Mint - MIT Emtech Conference and the Mint Annual Banking Conclave deepen ourengagement with key interest groups. And at still another our regular community outreachand socio-economic development programmes nurture our deep-rooted bond with society.
As we continue our journey we will always align ourselves with our core values and thepreferences of the new India.
We will continue to be innovative with our print offerings grow our digital
footprint including with digital-only products and expand our radio business.
Our performance so far and our initiatives going ahead are both driven by people. Ithank my colleagues on the Board of Directors for their support and guidance and ouremployees for their relentless drive to take HT Media to the next level. I would also liketo continue to thank our shareholders and vendors for their continued support andpartnership.
Chairperson and Editorial Director