I welcome you all to your Company's 25th Annual General Meeting. It is a pleasure to bewith you here today on our 25th anniversary and to share a few interesting insights withyou.
This Company was founded on September 281993 and here we are in another September 25years later reflecting on how the content business has transformed over the past quartercentury. We originally began with making news content. Our election shows on the nationalterrestrial broadcaster Doordarshan were widely appreciated. Then came The Pritish NandyShow India's first signature show another successful milestone. When satellitetelevision came to India we grew our portfolio successfully to include many differentkinds of shows including scripted entertainment content.
As the 21st century arrived we saw an opportunity in making filmed content. YourCompany was one of the first to corporatize what was then known as a risky and opaquebusiness and we produced some memorable movies which defined our status as one of the mostrespected film makers. Our movies covered multiple genres and won many awards at festivalsacross the world. They did well at the box office too. And satellite channels like Starwhich premiered most of them found them popular.
Over the past two years even as we continue to plan new movies we have made yetanother shift. We have re-engineered our content making skills to take advantage of theshift to streaming platforms that is taking place worldwide. Our first show the firstseason of a serialized fiction show for Amazon Prime Video called Four More Shots Please!will premiere soon. With the positive research findings on the show which is yet tostream we have been commissioned to develop the next two seasons a rare privilege.
Apart from this show we are in discussion with different delivery systems for threenew shows one of which has been commissioned and another has been green lit and is aboutto shortly go into development. The third is being conceptualised. We are also looking atunscripted shows. As a content Company the key assets of which lie in creativity andproduction excellence we see the digital revolution as a wonderful new opportunity totake our business ahead and at the same time alter our risk profile from that of apurely filmed entertainment Company. We are not the only ones doing this but we arecertainly one of the first to explore this new business opportunity with some success.
It may interest you to know that the Obamas too Barack and Michelle have now enteredthe same business. This has brought much excitement to the streamed content business andmade it the fastest growing segment of the news and entertainment business globally.
At the same time the motion picture business is also changing and new streamingplatforms are actually putting movies out directly without going through an intermediatetheatrical release. This is an interesting innovation and for content makers like usmakes the business much less dependent on distribution and exhibition risks. However yourCompany intends to continue making movies for theatres as well as hone its skills to meetthe expectations of the new generation of millennial and Gen Z viewers who are driving theincreasing consumption of digital content at home and on cell phones and laptops.
Our existing film library is still in demand and we have again during the year leasedout satellite and streaming rights of our existing films to Star and Hotstar. The libraryhas also been leased out to three more streaming platforms-Jio Sony and Spuul-and we aretalking to others as well which demonstrates the keen interest satellite and streamingplatforms have in our filmed content.
Last year I spoke to you about how we are now emerging as a diversified maker ofcontent for filmed entertainment television shows and streaming-the fastest growingsegment of our business. Content is the new powerhouse of the future and all major globalplayers in emerging technologies are slowly recognizing the importance of originalcontent scripted and unscripted to drive their businesses. As more and more data isconsumed more and more of your Company's content products will be viewed by larger andlarger audiences across the world localized in different languages.
The FAANG economy continues to derive its enormous strength from the power of creativecontent and your Company is stepping out of its old playbook and looking at newopportunities that are opening up as technology makes news and entertainment accessible tomillions of more people across the globe.
The next two to three years will be exciting for us. More movies will be made on newthemes. More serialized shows will explore new concepts in news and entertainment. And thesharp divide between fiction and nonfiction will blur as the market enlarges toaccommodate audiences expecting to see more innovation. Barriers are breaking down as newmedia explores artificial intelligence predictive analytics machine learning algorithmscybernetics and robotics all coalescing to shape a new future for the world of content.And India is emerging as the new playground for innovative digital ideas.
Your Company will continue to play an important role in the emerging scenario. And asthe digital marketplace grows larger and wider more opportunities will open up forcontent makers like us who are initiating and leading the change today.
We are a 25 year old Company that is forever ready to demonstrate the agility of astart up.
We constantly hear about gender issues in our business. So it may be pertinent to pointout that our Board of Directors has three women and there is equal gender representationamong the working directors and pay parity. Among the four top officers of the Companytwo are women and there is no difference in what they get paid in comparison to the othertwo. PNC has always believed in gender equality and equal pay. In fact our firststreaming show on Amazon Prime Video has a predominantly woman crew and cast. It not onlyfeatures four women in the main roles but also has a woman director two women showrunners a woman cinematographer two women writers a woman editor and a woman creator ofthe show. I am sure you will agree this is quite a feat.
This statement will be incomplete without thanking all of you our stakeholders. Youhave stayed with us for years and shared our vision for content that can challenge thebest in the world. This is now happening. And your Company will seize the advantage nowand grow as we go along the path of change. Thank you for bearing with us forunderstanding how the nature and scope of our business is constantly evolving. As we tryto stay ahead of the technology curve I thank you for your support.
I thank our bankers business associates clients consumers and all members of TeamPNC who have worked hard to keep pace in a swiftly changing world. We look forward tobettering our performance as we go ahead. The coming years will however continue to bechallenging.
Thank you for being here today and for being part of this annual occasion when we meettalk share ideas. If there is anything more you want to know please feel free to get intouch with our Vice President Yatender Verma. The Company's website will also continue tokeep you informed of all developments on a regular basis.
May I also recommend in keeping with the general shift to online that you provide uswith your email ID so that we can directly inform you from time to time about all theinteresting things we do?
It will also ensure that this Annual Report always reaches you in time.