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Turner Broadcasting System, a Time Warner company has once again decided to exit the Hindi general entertainment segment. It is shutting the business operations of its entertainment channel Imagine TV, its second attempt to break into this lucrative but highly competitive segment.
The move will impact 150 employees of the channel. The company also said it will be closing down the channel's international feed called “ Imagine Dil Se ”.
Mr Siddharth Jain, Managing Director- South Asia, Turner International India Private Ltd called it a “carefully considered decision”. In a statement he explained, “Imagine TV has not performed and grown as per expectations. While some programmes delivered satisfactory ratings, overall the channel was unable to achieve the ratings consistency needed to sustain the business and support continued investment.”
Known for shows such as “ Rakhi Ka Swayamvar ”, Imagine TV's channel share in the Hindi speaking market in the 14th week stood at a mere 5 per cent with 64 gross rating points.
The company currently operates seven English channels- HBO, CNN, Cartoon Network, POGO, WB, TCM and Boomerang - in India.
Mr Jain stressed that the company remains committed to future investments and long-term participation in India. “We will continue to explore expansion opportunities in this important market,” he added.
The channel was launched in 2008 as NDTV Imagine and was subsequently bought by Turner in 2010.This is the second time the company is exiting the Hindi general entertainment space after its joint venture channel with the Alva Brothers Entertainment - ‘Real' - failed to take off.
Talking about the challenging times for the broadcasting industry, Mr Jehil Thakkar, Head – Media & Entertainment, KPMG India, said, “Broadcasters are dependent on advertising revenues as subscription revenues are limited and in the given economic environment, advertising outlook is soft.” He added that digitisation in cable will help broadcasters earn higher subscription revenues.
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