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Speaking at the inaugural session of the 14th edition of FICCI FRAMES 2013, the annual convention of the Media and Entertainment (M&E) industry here in Mumbai, Bird said that the company has grown its other businesses over the past nine years – both organically and also through the acquisition of UTV last year.
“When we made the decision to buy UTV, we did it with two considerations in mind – the first was to create a diverse company in India and as importantly to acquire Ronnie Screwvala's talent to run the new company,” Bird said.
Bird said that in the transformation towards diversification, the company has not only changed how it looked at itself and its business, but also how it looked at the world.
“It’s no longer 'domestic' versus 'international' for us. We recognise that each market we enter essentially needs its own 'Disney' company – with strategies and products and messages that are compatible with the culture and relevant to local consumers,” he said.
He said that Disney sees tremendous opportunity in rapidly emerging markets like China, Russia, Latin America, South Korea and India and hence connecting with consumers in these regions is a key strategic priority.
Bird said, in the past, The Walt Disney Company India and The Walt Disney Company China were very similar, largely sales, marketing and distribution organisations for product created in the US.
“Today, instead of The Walt Disney Company India, we’re creating the Indian Walt Disney Company and, instead of the Walt Disney Company China, we’re creating the Chinese Walt Disney Company. Each different to ensure each is as relevant as possible to consumers in each market,” he said.
“With the acquisition of UTV and the creation of the new Walt Disney Company India, Disney became India’s leading film studio and TV producer. We also added six of the country’s most popular entertainment, and film channels to our portfolio, so we’re now one of India’s leading broadcasters as well, reaching more than 100 million viewers every week across the country,” he added.
FICCI-FRAMES is a three day global convention covering the entire gamut of Media and Entertainment. It was flagged off Tuesday in presence of the Minister of State for External Affairs Preneet Kaur, filmmakers Karan Johar and Ramesh Sippy, FICCI Secretary General Didar Singh, FICCI M&E Committee Chairman Uday Shankar, FICCI President Naina Lal Kidwai and Bollywood actress Kareena Kapoor.
