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Wednesday, March 29, 2006
New Delhi (UNI): Genpact Ltd, formerly GE Capital International Services, and broadcasting leader NDTV today announced a tie-up to offer media outsourcing services to global enterprises. Genpact and NDTV will form a joint venture that will focus on providing cost effective, high quality media services to global and regional media and entertainment companies in spheres like editing, digitisation and closed captioning. At present 70 per cent of all media work is done digitally and 70 per cent of this can be outsourced. Currently decades of analog is being converted to digital from major process-based operations to high-end functionality. It is this unexplored market which Genpact and NDTV are looking at tapping.
The joint venture aims to deliver value-based services to global media and entertainment customers. The venture will combine NDTV's brand image, domain knowledge and world class media skill with Genpact's offshore experience, global delivery capabilities, sales and marketing infrastructure, and reputation for operational excellence. ''We are excited about this new venture and believe that there are significant untapped opportunities around the world. We hope to break new frontiers and push India's media envelope even further,'' NDTV Chairman Dr Prannoy Roy said. ''Our partner, Genpact and their outstanding experience and reputation in global business processes, combined with NDTV's commitment to quality and cutting-edge technology, should deliver significant value for media and entertainment players globally,'' he added.
Genpact President and CEO Pramod Bhasin, commenting on the JV said,''This is a landmark deal, the first of its kind to offer outsourcing solutions for the media. Through our partnership with NDTV, our customers will gain access to customised solutions and be able to further benefit from our global expertise and cost-effective service delivery.
The entire global media and entertainment industry was estimated at 1,340 billion dollars at the end of 2005 and is expected to grow to 1,777 billion dollars by the end of 2009. In addition, there are a number of key drivers that are changing the dynamics for the industry, such as the increasing prevalence of HDTV, digital content and on-demand programming. The changing dynamics have created a need for media companies to ensure that their content is digitised and available for customers to access and use. Given the pressure on media companies globally to cut costs, outsourcing is one of the established means to achieve this. The venture between NDTV and Genpact will offer tailored outsourcing solutions to the media, allowing companies to respond to these changes faster and in a cheaper manner than would otherwise be possible.