The Indian Media and Entertainment (M&E) industry is on a growth surge and is expected to cross US$ 200 bn by 2015. It reached 11.92 billion mark in 2007 and is the fastest growing in the Asia-Pacific region by having a Compound Annual Growth Rate (CAGR) of 18.5%. Indian print media companies are working in red oceans. To capitalize on the growth opportunities, they have to change their business model to enable innovation and create value for the market, while simultaneously reducing or eliminating features or services that are less valued by the current or future market.

Michael Porter gave the idea that successful businesses are either low-cost providers or niche players. Many researchers have said that the best strategy is to find value that crosses conventional market segmentation and offer it at lower cost. Prof. Charles W L Hill from Michigan State University proposed that differentiation can be a means for firms to achieve low cost. He suggested that a combination of differentiation and low cost may be necessary for firms to achieve a sustainable competitive advantage.

Prof. W Chan Kim and Prof. Renée Mauborgne proposed that blue ocean strategy is `Value Innovation': A blue ocean is created when a company achieves value innovation that creates value simultaneously for both the buyer and the company. The innovation (in product, service, or delivery) must raise and create value for the market, while simultaneously reducing or eliminating features or services that are less valued by the current or future market. This article focuses on print media industry, its transformation over the years and the relevance of Blue ocean stratgies in this arena.

Indian Print Media Industry, Blue Ocean, Indian Media and Entertainment, M&E, Compound Annual Growth Rate, CAGR, Market segmentation, Value Innovation, Chambers of Commerce and Industry FICCI, Price water house Coopers, PWC, Newspaper publishing business, Financial news.