Cognizant 20-20 Insights

Cognizant Consulting

Competing to Win in theMedia & Entertainment Industry
To outperform in tough times, media and entertainment companies mustrejuvenate their business, operating and technology models by jettisoning nonvalue-adding activities and reinforcing core strengths that provide sustainablegrowth, despite funding challenges.

Executive Summary
Now more than ever, the media and entertainment (M&E)
industry is under the spotlight. While the global pandemic
has given many parts of the sector a boost in terms of
consumer habits – increased screen time resulting inhigher demand for content – longer-term trends areworrisome. A deep-rooted structural shift has led to asteady decline in net margins – a 14% CAGR decline
over the last five years;1 the growth in digital services andthe presence of agile competitors suggests that thesechallenges are far from over.

August 2020

There are answers, however, for beleaguered CFOs and
COOs across the M&E sector who are tasked with bringing
their companies through these tough times. The central
tenet is that old-fashioned, straightforward cost-cutting
won’t work. Instead, a more strategic approach is needed.
This white paper lays out strategies M&E executives canadopt to turn the corner and build more sustainable,
profitable businesses in the long run. It promotes a shift in
focus away from tactical cost reduction to a more strategic,
targeted approach to impact both the top and bottom lines.

Cognizant 20-20 Insights

An industry primer
To better understand the range of possible solutions,
it makes sense to first see where the industry isheading.

overall size of the market has increased and is
expected to expand further over the next few
years. The subscription video on-demand (SVOD)
market alone is expected to have over 1.37 billion
3
users by 2024 (see Figure 2).

❙ Increased online viewership: Despite the2
aforementioned challenges (see Figure 1), theM&E industry: Net margin and EBITDA/sales
25.0%

22.2%

21.9%

20.0%
15.0%

21.4%

20.5%

18.1%

16.4%

14.4%

10.0%

10.9%

10.6%

9.5%

10.1%
7.6%

5.0%
0.0%

2014

2015

2016

2017

EBITDA/Sales

2018

2019

Net Margin

Figure 1
Source: http://people.stern.nyu.edu/adamodar/New_Home_Page/data.html.

Projected subscription video on demand market growth
SVOD Users (in millions)’24

1371.2’23

1341.1’221299.3’211245.8’201183.5

’19

1072

’18

1019

’17
800

972.4
900

1000

1100

1200

Figure 2
Source: Statista (Forecast adjusted for expected impact of COVID-19), July 2020.
2 / Competing to Win in the Media & Entertainment Industry

1300

1400

Cognizant 20-20 Insights

However, while positive, the increase demands
higher investment from M&E organizations intheir growth strategies and muscle-building
through creative projects (e.g., generating/acquiring more content).
❙ Increased competition: The slow but steadyevolution of 5G networks, as well as everimproving broadband penetration, is creatinga larger addressable market at a faster pacethan anything previously seen. This is causing
traditional media companies to accelerate a shift
in focus on new revenue streams and markets.
For OTT services, for example, competition is wellknown, and to say the market is overcrowded issomewhat stating the obvious: Netflix, Apple TV,
Disney, HBO Max, Peacock, etc. However, what isless well accepted is how this plays out in termsof where these organizations place their strategic
bets and what levers are available to them when
the competition is fierce and customer retention
remains a challenge.

❙ Stressed revenue growth: Finding the rightprice and maintaining a healthy customer baseis challenging. The switching cost for customers
is practically zero, which directly impacts revenue
and increases unpredictability, which can stallinvestment decisions to support growth. The daysof customers being locked into long-term cable TV
contracts are long gone. Consumer expectations
are growing all the time – for example, it is widely
accepted that customers want to access content
with limited or no ads, forcing executives to identify
new and creative ways to position ads without
disrupting the user experience. On the subscription
model side, the outlook doesn’t look great either –the growth rate of the average revenue per user for
the SVOD market is also expected to decline, withprice-sensitive Asian markets contributing to theuser base.

The road to profitable growth
As these pressures build, survival anxiety within theindustry grows. Companies increasingly need toplace targeted bets with minimal room for failure;but in most cases, there is a distraction, whichdraws attention and investment from true growthareas. This is often compounded by sourcesof engrained complexity – be it duplication ofoperational processes as a result of an acquired
business or strategic initiatives that cater tocertain markets rather than embodying a holistic
approach.
Getting these bets right, whether high-stakes
or low-stakes, will set the course for success or
failure. One strategy that is playing out especiallywidely is vertical integration: taking ownershipfrom acquisition/production through to distribution,
which brings a level of self-determination. However,The days of customers being locked
into long-term cable TV contracts arelong gone.
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the strategic lag reflects M&E companies’ devotion
to legacy operating models, which has caused value
leakage (through increased operating costs andhighly levered financial books) and stunted profitable
growth. M&E organizations need to move fast.
Strategies across the industry aren’t very different,
as customers are more demanding and have morechoice. It was never truer that the right action taken
today beats the perfect choice enacted six months
too late.

defined a competitive advantage model, whichenables clients to do exactly this.

There are options, however. Reducing operationalcosts in the right areas can have a disproportionate
return on the bottom line and can – based on our
experience – boost the enterprise value by as muchas 50%. The key is to optimize in the right places,
on noncore costs. Doing this will not only create
savings, but enable the company to invest in crucial
creative content.

❙ How to ensure the business is not distracted bynoncore activities.

Our work has uncovered four core steps that major
M&E companies need to take: reimagine the cost
structure, transform the core, organize for growthand compete to win. Doing these things will help
companies understand:❙ How to win in a fiercely competitive market.
❙ Which places to cut costs, and to what extent.

❙ How to refocus/invest these saving into areas ofgrowth.
Figure 3 lays out our perspective on howorganizations can win in these challenging times.

Based on our experience of advising some of
the largest M&E companies in the world, we have

A way forward

Ways to win+

Transform the core+=

Organize for growth

Simplification:
Reimagine the cost
structure:| Zero-based approach| Harmonize andconsolidate| Identify overlaps| Optimize asset structure| Reduce cost creep| Unlock “hidden” costs

Compete to win
Fuel Top Line:

Culture of improvement:| Adopting an agile| Revenue generating/market protecting
initiatives

mindset| Transparency with theFollow through on thedigital promise:

reinvestment dollar| Structured for growth| Integrated front, middle

and back office –“fused organization”

Source: Cognizant
Figure 3

4 / Competing to Win in the Media & Entertainment Industry| Accretive impact onenterprise valuationand free cash flow

Cognizant 20-20 Insights

Ways to win
Helping clients identify new ways to deliver value
to their customers by differentiating their services,
embracing digital to fuel their top line, building
customer intimacy and identifying successful
revenue models that pay in real terms.
Transform the core
Helping clients to transform their core business,
evolving the cost base to fuel business strategy,
leveraging emerging technologies, and reforming
processes and ways of working that enable future

digitally enabled capabilities whilst reducing
operational costs.
Organize for growth
Helping clients to organize themselves to win in themarket by driving efficiencies and positive margin
growth through coherently combining critical skills,organizational capabilities, culture and people thatenables their operating model to deliver strategic
and competitive advantage.

Gaining the competitive advantage

1

A way to win: Reimagine the cost
structure.
Rethinking costs is a crucial part ofgaining a competitive edge. Single-digit cost-cutting
drives are not enough. They don’t create value forthe organization, and won’t enable a business tocompete against agile, digital-native companies.
Executives need to look at transformational
cost optimization initiatives through zero-based
approaches. That will help build a true, clean costbase that provides a platform to reimagine how thebusiness operates and its supporting cost structures.
Removing redundancies and process inefficiencies
not only reduces cost but increases the speed ofdecision-making.
What organizations can do:❙ Rebuild costs from the ground up. A goodstarting point is to look at existing long-termplans and budgets, and rebuild them from thefoundation. This is a detailed exercise that involves
different budget owners reviewing each budget
line. It forces budget owners to question every
budget line item and whether it drives businessvalue. The process can be arduous, as it involves apainstaking review of all cost elements and often
requires a leap of faith from the business. If donewell, this granular, clean view of the cost base canbe incredibly powerful (see Quick Take, page 6).
❙ Reduce cost creep. This need is inevitablefor even the most financially disciplinedorganizations. But making careful costmanagement a regular activity can put the brakes
on profligate spending, by constantly challenging
executives to identify areas that can provide
disproportionate returns.
❙ Make technology a game-changer. Artificial
intelligence (AI) is helping our clients in a
multitude of ways – for example, by helping
budget book owners to identify true costs andcreating budget models based on data-driven
algorithmic findings. The huge volume of data at
most companies can make tracking costs difficult;in some cases, cost-per-sale is underestimatedby a third. A common financial data repository
can answer these challenges, and provide a solid
foundation for further AI activity like automatedclassification of transactional data to the right costcenter. Taking this a step further, private equity
firms are now leveraging AI tools to generate
investment/cost models that reduce their modelbuilding time by over 90%. For more on AI’s
potential business impact, read “Five Ways Media
Companies Can Generate Value from AI.”

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Quick Take
Leading Media Company
Delivers Multimillion-Dollar Cost
Synergies
Challenge: As a result of a multibillion-dollar merger, our client – a global media company –was required to deliver multimillion-dollar cost synergies across six operating companies.
The client was struggling to identify areas that could provide disproportionate savings tomeet aggressive targets.
Solution: We were appointed as the sole advisory partner for this strategic initiative acrossthe UK, U.S. and Asia. We performed detailed assessments of the company’s cost structure
and processes across all business functions and international operating companies.
We provided insights about the combined cost base, highlighted areas for targetedintervention – based in internal and external benchmarks, defined cost categories andownership structure, and helped build a combined cost structure from the ground up.
We provided financial synergy models that offered the executives detailed scenario
modelling and synergy realization opportunity tracking.
Benefits:❙ $100 million of actionable cost-out initiatives and a detailed execution value roadmap
including in-year returns based on a zero-based approach to core business functions.
❙ Over 10% of these savings were incremental saves that were identified as part of ourdetailed ground-up approach.
❙ Unified financial modeling/reporting through standardized budget books andconsolidated P&L across multiple entities and territories.
❙ Rapid and seamless decision-making across multiple territories with simplified
governance structure.
❙ Restructured their operating model with investments channeled to growth areas.

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A consequence of being a serial acquirer is anincreasingly disjointed model, across businessdivisions, territories and operations.

2

Transform the core: Simplification.
Today, global media companies are
acquiring and re-integrating into evenlarger entities (e.g., Viacom/CBS, Comcast/Sky and
AT&T/Time Warner) and are competing against
equally formidable competition. Established players
are treading similar strategies to new born-digital
entrants with deep pockets and big plans. Yet,chances are good that despite world-class talent,valuable intellectual property, a growing base ofsubscribers/viewers and increasing market/territory
presence, some of these organizations will fallbehind. A consequence of being a serial acquirer isan increasingly disjointed model, across businessdivisions, territories and operations.
What organizations can do:❙ Establish a clear shared strategy and businessmodel. Most organizations don’t deliver on theirtransformation promises because they fail toarticulate their strategic objectives. Defining andcommunicating your strategy to both internaland external stakeholders holds executives
accountable, prevents them from moving the goal
post and creates tangible metrics to measureperformance. Even high-performing business
functions can become mediocre if the strategy
communication is lacking – and this underperformance can spread rapidly.
❙ Build one aligned operating model.
Organizations need one operating model andone culture; in other words, pulling the oars in
different directions won’t get your company where
it needs to go. This may be especially true for
the M&E industry, where many organizations aretrying to build a differentiated direct to consumer(D2C) business model through rapid M&As andtransformations, and hard-earned value could be
easily lost if the operating model is not aligned.
❙ Harmonize and consolidate core operations.
Loosely confederated companies have different
ways of working globally; there are often huge
returns if they are consolidated. Distilling
operations is an approach that is often overlooked,
and sometimes seen as too messy due to changes
in workflows, technology consolidation and people.
The media supply chain is a great example of afunction that has been traditionally overlookedor addressed only tactically. With the shift in corebusiness models (such as D2C), executives are
increasingly relooking at their supply chain as asource of opportunity for transformational cost
restructuring. The upstream supply chain processcomponents – such as rights management,
content ingestion, quality and compliance, andcontent operations – are processes that are usuallycommon irrespective of the local/regional content
demands, but in many cases they are not managed
globally. By taking a strategic view, the returns canbe eye-catching.
❙ Evaluate the existing asset base. Asset-heavy
activities such as play-out and distribution canbecome purely commercial decisions. They
are insourced or outsourced depending on thecurrent value of the existing asset base or theorganization’s ability to negotiate with providers.
These capabilities are heavily commoditized
in today’s market, with a multitude of vendors
providing reliable services. This enables
companies to be more strategic about thesedecisions, by optimizing the asset base either
through sweating existing assets or taking the callto release assets from those booked, providing
write-off opportunities.

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Quick Take
Strategic Cost Optimization at a
Large UK Broadcaster
Challenge: Our client, one of the world’s most trusted global news providers, wasundergoing a period of rapid transformation. Changes in how people consume content aswell as overall market pressures created a need for the client to be operationally lean andefficient.
Solution: We worked with the client to identify business strategy aligned operating
design principles and to reimagine options for the future operating model. We tested ourhypotheses against our M&E industry insights and by running a current-state diagnostic of
the client’s organization. Doing this enabled us to narrow down the best-fit operating model.
We further identified minimal viable operating capabilities to ensure early value realization
and build internal stakeholder confidence.
Benefits:
Working with the client, we:❙ Developed a reimagined target operating model and an actionable 12-month roadmap.
❙ Designed a multimillion-dollar cost optimization initiative, identifying significant costrestructuring opportunities across asset management and scheduling processes as well
as by creating a centralized capability center around these areas.
❙ Developed flexible resourcing models to unlock business value and provide a highly
effective operating model to drive margin improvement.

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Cognizant 20-20 Insights

3

Transform the core: Follow through on
the digital promise.
While the M&E industry was among thefirst to digitize, more than 95% of companies in theindustry do not consider themselves to be digitalleaders, according to our research. The focus needs
to shift from customer-facing processes to the restof the organization, to create a streamlined businessthat is up to 2.5 times more likely to deliver doubledigit growth.
There are many day-to-day tasks that rely on humaninterventions that could be automated. Consider thecontract review process for assessing rights – whichtoday in most companies is managed manually,
often through high-cost resources such as lawyers
and paralegals to interpret rights positions andprovisions, enter data from contracts into rights
systems and provide insights into rights availability.
AI and machine learning tools like our evolutionary
AI framework known as LEAF can automate suchprocesses to a remarkable degree of accuracy. This
brings opportunities for efficiency gains, but often
unlocks value by providing insights from data often
locked out from organizations.

What organizations can do:❙ Define the digital journey. Start off small byidentifying day-to-day activities (such as duplicate
content identification and brand/celebrity
recognition) that can be automated simply. This
offers the ability to reduce costs fast with minimalrisk while building stakeholder confidence.
The step can be followed by more ambitious
and complex opportunities to apply AI – suchas advanced natural language processing – forautomated subtitling or automated asset deduplication.
❙ Apply data to drive transformation. One of thereasons digital disruptors continue to pull ahead
is their use of data analytics to make decisions –whether this means investment decisions on
which content rights to acquire, or personalized
experiences for users. Traditional media
companies need to consolidate and monetize
their data, using it to make the right decisions.

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Cognizant 20-20 Insights

Quick Take
Large Media Conglomerate
Leverages AI to Drive Process
Optimization
Challenge: Our client is a leading UK-based media company that has grown inorganicallythrough acquisitions with little focus on operational efficiency. With new private equity
owners and increased market competition, the client is looking to identify strategic
initiatives to create a lean, future-ready organization.
Solution: We helped establish an AI factory for the client, which aided in automating key
cost-heavy operational processes across their core revenue-generating activities and topline growth initiatives. We helped define a repeatable framework that provides a repeatablemodel to focus decision-making and viability of candidate processes and operations toensure value is delivered at scale with the best possible ROI.
Working with the client, we:❙ Assessed and qualified over 20 business scenarios to enhance operational process
efficiency.
❙ Delivered multiple MVPs to generate wider business and to prove the concept.
Benefits:❙ Over 60% reduction in time to deliver content across the media supply chain by fasterprocessing of large content volumes.
❙ 70% reduction in processing time for the identification of advertisement duplicates.

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4

Organizing for growth: Building aculture of improvement.
A mindset of continuous improvement
has to come from the top. To achieve this, executives
need to be invested in the idea of cultural change.
They must identify the next level of management thatwill be instrumental in effecting such change, andthey need to use the right metrics and investment
model to track progress. To keep everyone on
board with the changes, they have to show results
quickly and provide clarity on how they will support
investment in other areas.
What organizations can do:❙ Adopt an agile mindset. Any large strategictransformation can easily turn into a longlaborious initiative where people lose interest
quickly. To avoid this, organizations need an agile
approach to iteratively deliver and communicate
value. This also requires the governance structure
to be simplified to aid fast decision-making. Thiscan be achieved by empowering people to makedecisions, by having the right level of executive
sponsorship that creates pathways to cut throughthe organizational clutter.

❙ Be transparent and communicate. Cost-cutting
can pull down employee morale. M&E decisionmakers need to build the right communication
strategy to showcase how savings are being
reinvested to fuel the organization’s creative
pursuits and growth agenda. One way of doing
this is by defining how to communicate thecompany’s vision and how the savings now canhelp achieve those objectives. While it may beintuitive for decision-makers as to how thesefunds are utilized, it needs to percolate across theorganization.
❙ Structure the organization for growth. It is
crucial to build the right organizational structure
to achieve growth. A comprehensive assessmentof skills within the organization will help identify
whether the right person is doing the rightjob, and which areas require additional people
investment. The objective of such an assessment
should be forward-looking, aligned to theinvestment strategy.

A mindset of continuous improvement
has to come from the top. To achieve this,executives need to be invested in the idea ofcultural change.

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Quick Take
Making Operations Leaner at
the Monitoring Division of a
Large Broadcaster
Challenge: Our client is the monitoring division of a public broadcaster which operates
globally to observe, understand and explain open source media throughout the world.
They provide accessible and relevant information and insights for the broadcaster andcommercial clients worldwide, to help them make better, more informed decisions.
Rapidly changing customer expectations from both inside the public organization itself andexternal commercial and noncommercial clients, meant a massive change was required if
our client was to remain relevant and competitive.
Solution: We proposed an “enterprise agile approach” to iteratively disrupt, define andimplement the future operating model, enabling both immediate business impact and theability to continually adapt. We used a diverge-converge approach, which allows for an agile,
rapid-decision-making approach to key design decisions. Following that, we narrowed down
to the best-fit operating model, by iteratively applying organizational execution constraints
and alignment to business strategy.
Benefits:❙ Unlocked cost savings: This came from focusing on consolidating international locations
and managerial responsibilities, eliminating unnecessary duplication of capabilities
while making more effective use of freelance journalists and reusing existing skills andtechnology.
❙ Increased commercial revenue: Our client’s contribution to the parent broadcaster’s live
news has increased and the commercialization of output has been strengthened througha new, intuitive user portal which saw a 150% increase of active signed-in users.
❙ Embedded change: Introducing the agile and transparent ways of working transformed
the way journalists, editorial teams and our client as a whole think of its users and putting
their needs first.

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Cognizant 20-20 Insights

Winning in tough times
In order to achieve profitable growth, companies
need to focus on improving ROI, particularly
focusing on the top line levers. For example, focusing
on content investment, rights and intellectual
property, similar to how other sectors have a laser
focus on working capital, can bring both efficiency
and eye-catching top line returns. This can be done
through simple interventions, targeted cost andeffort cutting in low growth, nonstrategic areas,
which can help redirect this released capital andeffort toward targeted, high-return growth areas.
Here are the five key steps:❙ Align supply with demand. Ensure that yourorganization’s investments reflect the market. This
starts with having tools that transcend backwardlooking analysis.
❙ Take a forensic view. Are your organization’scontent rights being exploited to their fullest
potential? Reduce or stop investment in nonvalue-generating areas. Once you’ve got it right,
doubling down on winning formulas can provide
disproportionate returns.

❙ Focus on information. Aim for better-informed
investing by adopting a balanced, strategic view ofinvestment that goes beyond financials.
❙ Align effort with returns. Don’t leave moneyon the table with underperformance of existingrights. Focus hard effort into the deals that havea high return and provide the right processes for
simple investments to take care of themselves.
❙ Be a leader in portfolio or performance
management. Focus on long-range planning.
To make investments truly work for yourorganization, combine forward-looking analysis,
backward-looking critique and interventions
during a deal, e.g., content acquisition,
syndication, etc. Too many companies only lookback; for successful portfolio management, theyneed to look forward, as well as keeping a criticaleye on emerging deals.

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Cognizant 20-20 Insights

Quick Take
Large U.S. Studio Brings
Predictability in Its Revenue
Forecast
Challenge: Our client was struggling to come up with a long-range plan for upcoming title
releases and develop an accurate forecast to predict revenue.
Solution: We conducted a program to assess and model methods to improve the accuracyof sales and support long-range planning and investments. We created an exploratory data
analysis process to study the impact on different title and investment levels, as well as genre,
Motion Picture Association ratings, online review scores, meter scores and user ratings, etc.
We applied advanced statistical algorithms such as Random Forest and XGBoost techniques
to model possible scenarios.
Benefits:❙ Using predictive modelling with a 90% accuracy rate for high-end titles sales and ROI
provided significant dollar improvement in revenue predictability.
❙ Value add for the theatrical team was in assessing the consumer interest for theupcoming release by providing opening sales forecasts on a daily basis starting from two
weeks before release – thus improving the revenue forecast.

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Cognizant 20-20 Insights

M&E executives need to reinvest cost savings wisely, with laser focus,
and target areas that provide high probability of disproportionate
return and, importantly, that will make the organization stand out ina congested market.
Looking ahead
Global media companies are on the verge of a newcompetitive phase that is resulting from a long-term
struggle between vast media and entertainment
players and their ability to vertically integrate theircontent production/ownership, and to profitably andpredictably monetize their intellectual property. At
stake is victory in the battle for the living room andbeyond. It’s been talked about for many years, but
now the bets are being made.
While the cost optimization initiatives outlined above
help drive efficiencies and fund transformation
programs, strategic investment in growth areas is
the ultimate goal and will draw the line between
the winners and the losers. M&E executives needto reinvest cost savings wisely, with laser focus,
and target areas that provide high probability ofdisproportionate return and, importantly, that will
make the organization stand out in a congested
market.
If previous downturns and market shifts have taught
us anything, it is that organizations that are able topivot quickly to the new order invariably succeed in
the long term.

Building and extending the digital foundation is
critical for delivering much-needed agility in both
good times and bad. This is easier said than done,
as it requires a fundamental shift across existing
technology by evolving the legacy technology stack
to a more platform-based approach, and simplifying
and digitizing processes to deliver business value.
However, these two advances will matter little if M&E
companies don’t build an organizational culture that
focuses on value/outcomes delivered rather than afunctionality or capabilities enabled. Moreover, theymust reject the notion of one-time transformations.
Strategic acquisitions and partnerships have been
the rage for many executives seeking to fast-track
growth. This approach will continue to redefine
the industry. Given the COVID-19 crisis, theseapproaches have temporarily taken a back seat, but
rest assured that there are many lucrative M&A andpartnership targets available at potential discounts
which, if properly executed, can foster speedy
recovery for troubled M&E organizations. Companies
with dry powder should consider such tactics to
exploit current market conditions.

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Endnotes
1

Data sets from Aswath Damodaran, Professor of Finance at the Stern School of Business at New York
University; http://people.stern.nyu.edu/adamodar/New_Home_Page/data.html.

2

Ibid.

3

Statista Database; https://www.statista.com/outlook/206/100/video-streaming--svod-/worldwide#marketusers.

About the authors
Ian Lube
Europe Head of Consulting, CMT, Cognizant
Ian Lube leads Cognizant’s CMT Consulting Practice in Europe. He has over 15 years of experience in board
level advisory to FTSE 100 and Fortune 500 companies across strategic cost restructuring, deal advisory,
carve-outs and post-merger integration. Ian has advised some of the world’s largest media, entertainment,
technology and sports companies, helping clients respond to digital disruption, deliver value through M&A,
build growth strategy and organize to meet new opportunities. Ian can be reached at Ian.Lube@cognizant.
com | www.linkedin.com/in/ianlube/.

Siddharth Pai
Engagement Manager, Communications Media and Technology (CMT) Consulting Practice, Cognizant
Siddharth Pai is an engagement manager in Cognizant’s CMT Consulting Practice. He is a seasoned
management consultant with experience in working with clients across the globe. Siddharth specializes intotal cost optimization, pre- and post-deal advisory, and complex program transformation. He has an MBA
in strategy and finance from the Indian School of Business. Siddharth can be reached at Siddharth.Pai@
cognizant.com | www.linkedin.com/in/siddharthpai/.

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About Cognizant Communications, Media & Technology
Cognizant Communications, Media & Technology (CMT) business unit helps clients transform into people-centric enterprises – enabling businesses to create
new business models that deliver more personal and relevant customer experiences. We combine human insights with advanced technology to translate
customer needs into differentiated content, products and services that power our clients’ future. Cognizant applies domain expertise and digital know-how
to help CMT companies optimize performance for today and accelerate digital transformation for tomorrow. Our technology innovations, proven solutions
product and software engineering expertise, creative interactive prowess and global delivery excellence enable businesses scale to meet the needs of themarket. Learn more at https://www.cognizant.com/cmt-solutions.

About Cognizant Media & Entertainment Consulting Practice
Cognizant’s Media & Entertainment Consulting Practice is a multi-award winning consultancy which combines deep domain expertise with advanced thinking
across strategy, management consulting and technology to help global 2000 companies worldwide transform and accelerate their digital journeys. We pride
ourselves in supporting our clients with their most complex business and technology issues, helping them meet opportunities from digital, organize themselves
for growth and to lead in today’s dynamic digital age - while planning for whatever tomorrow brings. Learn more at www.cognizant.com/consulting.

About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology
models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses.
Headquartered in the U.S., Cognizant is ranked 194 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn
how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.

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Toll Free: +1 888 937 3277

1 Kingdom Street
Paddington Central
London W2 6BD England
Phone: +44 (0) 20 7297 7600
Fax: +44 (0) 20 7121 0102

#5/535 Old Mahabalipuram Road
Okkiyam Pettai, Thoraipakkam
Chennai, 600 096 India
Phone: +91 (0) 44 4209 6000
Fax: +91 (0) 44 4209 6060

1 Changi Business Park Crescent,
Plaza 8@CBP # 07-04/05/06,
Tower A, Singapore 486025
Phone: + 65 6812 4051
Fax: + 65 6324 4051

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