Delay in local retail revival leads to ad revenues decline Ad revenues have improved sequentially in unlock phases aided by festive boost. However, the decline was due to weakness in local retail sectors like jewellery, garments and other key retail clients while FMCG remains the biggest contributor. Currently, retail advertisers contribute only 10-12% of ad mix vs. 30% earlier and rebound in ad spend across all segments will be important. No fresh movie premiers also partly contributed to lower ad revenue. Ad minutes/hour was 12 during Q3 vs. pre-Covid levels of 16 (has...