This week has been yet another roller-coaster ride for corporates, the media industry and especially so for the Indian currency and the economy. With Raghuram Rajan taking charge as the new RBI Governor, industry honchos are expecting him to bring both the economy and the rupee in the black and make them as fit as his ‘trim physique’.
Perhaps the biggest news this week has been Microsoft’s acquisition of Nokia’s handset business in a $7.2 billion deal. As per the deal, Nokia shall grant Microsoft a 10-year non-exclusive license to its patents. Industry experts see this development as giving a fresh boost to the global mobile ecosystem.
This wasn’t the only acquisition announced during the week. Interestingly named To The New, which has business units Ignitee Digital, IntelliGrape Software, Tangerine Digital, and Techsailor, has acquired social media analytics company ThoughtBuzz. The acquisition will allow To The New to integrate social media analytics into its digital services portfolio, thus expanding its digital ecosystem to marketing, content, technology and analytics.
This apart, Indigo Consulting, the digital agency from Leo Burnett, and Bridgeline Digital have announced a partnership enabling Indigo to offer digital marketing services on Bridgeline Digital’s iAPPS Web Engagement Management platform.
Meanwhile, the PR industry in India saw the entry of another global PR firm this week. GolinHarris has formed a 50:50 joint venture with LinOpinion to foray into the country. From being a mere media relations function, PR today has evolved and gained the confidence of clients to be made part of their strategic marketing plans. With real-time communication increasingly gaining precedence, given the growth of social media, PR firms are adapting to working in a more transparent set-up.
No doubt these developments gave a general sense of optimism. However, the road to recovery is long and some players are expected to fall by the way. For the media industry, especially print media, the situation looks grim as rising newsprint cost and falling subscriptions continue to put margins under pressure.
Mid-week there were news reports about ABP mulling over selling its fortnightly business magazine Businessworld and hoping to clinch a deal by the end of this year. The reports also stated that in case the media group failed to find a buyer, then the magazine might be shut down.