The media space has always been explosive over the past years but this year, in my opinion, has been the second most significant year in the history of media (since the launch of cable TV in the early nineties).

DTH, though having being launched in 2005/06 really became "noisy" and aggressive this year.

CAS, though with more than just teething troubles, was finally implemented this year.

Lastly, one also saw launches or impending launches of channels in the general entertainment space and other important categories and therefore creating more networks other than the 3-4 networks that rule currently. Overall, with the launch of channels, change in the viewership habits and DTH & CAS taking off, the industry has been extremely dynamic.

Of course, the audience still continues to have limited time now that with a crazy set of choices. Moving forward, this will automatically mean that launching a platform or a channel will be the easiest part of the story. Competing well and sustaining the respective businesses will be the biggest challenge in the coming years. I, for one don't believe that all new entrants are here for the long term so it will be interesting to see how this space pans out in the next five years and what consolidation of businesses take place.

With regards to HBO, the channel has been growing year on year and is more than a channel …it is a brand that epitomizes quality Hollywood entertainment. We will continue to offer the best in Hollywood entertainment. However, we too, will need to be mindful of the changing viewing "formats" if you like and the plethora of choices that viewers now have and that will form an important part of our game plan for the next few years.