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<keyword id="21282723" type="General" weightage="100" keywordseo="satellite-communications" source="keywords">Satellite communications</keyword> is a "magic bullet" to cover dark unconnected areas, <keyword id="22764352" type="General" weightage="20" keywordseo="Bharti-Chairman" source="keywords">Bharti Chairman</keyword> <keyword id="20104229" type="General" weightage="20" keywordseo="Sunil-Mittal" source="keywords">Sunil Mittal</keyword> said on Monday, adding that players now have a great new opportunity to leverage satellite connectivity to cover <keyword id="20534956" type="General" weightage="20" keywordseo="remote-areas" source="keywords">remote areas</keyword> that have so far been left out. Speaking at the <keyword id="23624328" type="General" weightage="20" keywordseo="NDTV-World-Summit" source="keywords">NDTV World Summit</keyword>, Mittal said that nearly two billion people in the world are still not connected to the internet, and in the Indian context too there are areas -- large swathes of desert, forests, coastlines -- where neither mobile networks, not fibre is feasible. "For those areas you need satellite communications, and that, to my mind, offers now a great source of new opportunities for us, mobile operators, or <keyword id="20055601" type="General" weightage="20" keywordseo="telecom-operators" source="keywords">telecom operators</keyword>, to put that in a mix and start to cover areas which are still left behind," Mittal said. About five per cent of India's population sans <keyword id="19936241" type="General" weightage="20" keywordseo="internet-connectivity" source="keywords">internet connectivity</keyword> lives in 25 per cent of the area, he said, emphasising that satellite is the only solution for them. "India provides a very high quality signal to 95 per cent of its population, but there are still five per cent of people who do not get internet in the country, and they live in 25 per cent of the area of the country. So it's a very large area with a very small population, the only way to cover that is satellite," Mittal said. Mittal said that two ground stations in Mehsana (Gujarat) and in Pondicherry are in a state of preparedness and ready to start services. "The day government gives us the permission, there will not be a single square inch of this country which will not have a radio coverage. So you just need to raise your hand and be connected," he said. Mittal said he is of the view that satellite is truly a "magic bullet" to cover the dark areas, and noted that about 2 billion people in the world are still not connected to internet, including in advanced countries like the US. The telecom stalwart's comments assume significance as billionaire Elon Musk and Indian tycoons Mukesh Ambani and Mittal are locked in a standoff over satellite spectrum, and nuances of its allocation in India. While Ambani's <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="268" meta.entityid="Reliance Jio">Reliance Jio</keyword> has been vocal about the need to allocate such spectrum through an auction to give a level-playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal during India Mobile Congress held last week articulated the need for satellite companies harbouring any urban ambitions to buy spectrum as telecom companies do. Musk-led <keyword id="20034452" type="General" weightage="20" keywordseo="Starlink" source="keywords" meta.keywordsubtype="org" meta.entityname="Starlink" meta.hostid="268" meta.entityid="Starlink">Starlink</keyword> is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. This has found some backing in Telecom Minister Jyotiraditya Scindia, who said recently that such airwaves will be given out through administrative allocation at a cost, but not auctioned.

Satellite 'magic bullet' to connect the unconnected; offers opportunity to cover areas left out: Sunil Mittal

In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

After years of navigating regulatory challenges, <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s <keyword id="20034982" type="General" weightage="20" keywordseo="satellite-internet" source="keywords">satellite internet</keyword> project, <keyword id="20034452" type="General" weightage="100" keywordseo="Starlink" source="keywords" meta.keywordsubtype="org" meta.entityname="Starlink" meta.hostid="261" meta.entityid="Starlink">Starlink</keyword>, is on the verge of officially entering the Indian market. A recent decision by the Indian government to allocate satellite spectrum through administrative means, rather than auctioning it, has paved the way for Starlink to expand its global reach into one of the largest untapped markets for satellite-based <keyword id="21433895" type="General" weightage="20" keywordseo="broadband-services" source="keywords">broadband services</keyword>. <h2>What does the decision mean?</h2>Recently, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s Department of Telecommunications (DoT) decided to administratively allocate spectrum for satellite communication services. This move rebuffed demands from local <keyword id="22223051" type="General" weightage="20" keywordseo="telecom-giants" source="keywords">telecom giants</keyword> like <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> and Bharti Airtel, which lobbied for an auction-based approach, arguing it would create a level playing field. Instead, the government followed the global norm of administrative allocation, which Musk has publicly supported as the standard for satellite communications worldwide. This administrative route means Starlink and other satellite internet providers, such as <keyword id="20561894" type="General" weightage="20" keywordseo="OneWeb" source="keywords" meta.keywordsubtype="org" meta.entityname="OneWeb" meta.hostid="261" meta.entityid="OneWeb">OneWeb</keyword> and <keyword id="20045803" type="General" weightage="20" keywordseo="Jio-Satellite-Communications" source="keywords">Jio Satellite Communications</keyword>, can now gain access to satellite spectrum without competing in costly auctions. The pricing of the spectrum will still be regulated by the Telecom Regulatory Authority of India (TRAI), ensuring fairness. <h2>Starlink’s history in India</h2>Starlink has long been eyeing the Indian market due to the country’s large rural population, many of whom lack reliable internet connectivity. Initially, Starlink began offering pre-orders for its satellite-based internet services in 2021. However, the company ran into regulatory hurdles and was forced to refund customers after the Indian government instructed it to comply with local laws before accepting bookings. Since then, Starlink has been working behind the scenes to secure the necessary approvals. <div type="Article" hostid="261" msid="114243497" title="India set to lead global 6G revolution: Telecom Minister Jyotiraditya Scindia" mstype="2" mssubtype="0"></div>This recent shift in policy could finally allow Starlink to enter the market officially, a significant victory after nearly three years of attempts. <h2>Musk’s comments</h2>Elon Musk has been vocal about his support for administrative <keyword id="20926400" type="General" weightage="20" keywordseo="spectrum-allocation" source="keywords">spectrum allocation</keyword>, calling any move to auction satellite spectrum "unprecedented." He believes that auctioning spectrum reserved for satellite communications, as was lobbied for by Mukesh Ambani’s Reliance, could limit the ability of satellite providers like Starlink to offer affordable services. The introduction of Starlink into India’s internet landscape is expected to revolutionise connectivity in rural and underserved areas. Starlink’s low-Earth orbit (LEO) satellites promise high-speed broadband services in regions where laying fiber or other traditional infrastructure is either impractical or too costly. This could significantly reduce the digital divide, offering millions of Indians access to reliable internet for the first time. <div type="Article" hostid="261" msid="114250683" title="We&amp;#39;re about to enter the Digital Dark Ages" mstype="2" mssubtype="0"></div>While the decision to allocate spectrum administratively is a win for Starlink, it faces competition from local satellite players like Jio Satellite Communications and Airtel-backed OneWeb, which have already received regulatory clearances. The pricing model set by TRAI will be crucial in determining how competitively Starlink can operate in India. Moreover, the company will need to navigate India's complex regulatory landscape, which includes securing further clearances from various government bodies. Overall, the stage is set for a transformative shift in India's internet connectivity landscape, with Starlink poised to play a central role in bringing high-speed internet to even the most remote corners of the country.

India sets stage for Elon Musk’s Starlink internet services to finally enter India with latest spectrum decision

<ul class="summary-list"><li>It feels like everyone is talking about <a target="_blank" class="" href="https://www.businessinsider.com/top-artificial-intelligence-customer-experience-business-applications-2024-5">how to use AI in their businesses</a>.</li><li>Telecommunications giants are one class of enterprises betting big on AI.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/sc/most-innovative-telecoms-and-technology-firms-uk-2022-3">Telecommunications giants</a> are one class of enterprises betting big on AI.Executives from Nvidia and Verizon discussed how the industry is leveraging AI in a keynote session Tuesday at the mobile communications trade show <a target="_blank" rel="" class="" href="https://www.businessinsider.com/mwc-las-vegas-2024-5g-ai-mobile-communications-conference-2024-10">Mobile World Congress Las Vegas.</a>The execs were bullish on the technology and talked about its potential impacts."There has never been a better or exciting time to be in the telecommunications industry," said Ronnie Vasishta, senior vice president of telecom at Nvidia. "AI will revolutionize telecommunications, and telecommunications will revolutionize AI."Vasishta listed <a target="_blank" class="" href="https://www.businessinsider.com/leaders-discuss-ai-technology-transform-company-workflows-unlock-employee-potential-2024-10">some applications for AI</a> at telecommunications firms, including customer care, network operations management, and digital assistants.A handful of telecommunications companies are also looking to <a target="_blank" href="https://affiliate.insider.com?h=e08e674f54b1972e842e4f1d5b89788ecb5fd6d15978b70ee8cc179d9db0009f&amp;postID=67093629434c477c232a7875&amp;postSlug=how-ai-changing-business-telecommunications-giants-mwc-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nvidia.com%2Fen-us%2Findustries%2Ftelecommunications%2Fai-factories%2F">capitalize</a> on an opportunity with AI by turning data centers into "AI factories," which provide computing infrastructure for AI models. Verizon's facility, for example, takes in more than 70 billion data points daily from its ecosystem, from more than 30,000 different data sources, said Shankar Arumugavelu, executive vice president and president of Verizon Global Services."The telco industry because of the amount of data, because of the network, the role the network plays, has a specific advantage to be able to take advantage of these generative AI capabilities," Nvidia's Vasishta said.Verizon is using AI to "plan, build, and run our network; deliver differentiated customer and employee experiences; optimize internal processes; drive operational efficiencies," said Arumugavelu.One way it's implementing the tech is by using AI computer vision, which allows computers to analyze and identify subjects in photos and videos, for geospatial intelligent cell site planning."When you figure out where to densify our network and do it effectively and efficiently, AI also helps us achieve energy optimization and facilitate predictive maintenance," he said.Verizon is also building a fully automated supply chain digital twin, which helps with monitoring inventory levels, Arumugavelu said, and using AI in workforce planning."Based on predictive market demand, we can proactively address staffing levels within our distribution channels," he said. "This includes management of our stores, call centers, and also identifying where to start technicians in the field."Perhaps the most consumer-facing implementation of AI is the oft-maligned digital <a target="_blank" class="" href="https://www.businessinsider.com/ai-customer-service-morgan-stanley-interns-2024-8">customer service agent</a>."With AI implemented across each step before a customer even places a call, we can determine where they are likely to contact us, predict what they may need, and specify the next best action or offer for them," Arumugavelu said.If a customer needs advanced support, the system draws on "AI-enabled intelligent agent pairing" to go through more than 300 data points per call and direct the customer to the representative best positioned to help resolve their issue, he said.Arumugavelu said the company's data indicates the AI tools are working: 28,000 Verizon representatives are using them, and the company has seen an answerability rate increase to 95%, with an answer accuracy rate of 96%."The question mark over where does AI help or does AI help us in our telecom industry is kind of past us now," said Nvidia's Vasishta. "Now it's a case of how do I leverage AI?"

How AI is changing business at telecom giants, according to Nvidia and Verizon execs

Union Minister of Communications Jyotiraditya Scindia on Monday stated that <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> technology is expected to inject around $450 billion into the <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> by 2040. The minister highlighted this during his address at the Global Standards Symposium at Bharat Mandapam in New Delhi, one of the world's largest telecom events. He said, "In India alone, for example, 5G is anticipated to inject an astounding 450 billion dollars into the economy by 2040." The minister emphasized that 5G is not just about faster internet or low latency, but is laying the groundwork for <keyword id="20006420" type="General" weightage="20" keywordseo="smart-cities" source="keywords">smart cities</keyword>, advanced infrastructure, and autonomous innovations. Scindia further noted that 5G has already been rolled out across all 36 states and Union Territories, covering 98 per cent of districts and 80 per cent of the population in just 22 months. He said this achievement showcases not only India's technological prowess but also the transformative power of standardized innovation. He added "We are unlocking new Reims of possibility in health care, education and agriculture and Manufacturer" The minister stressed the importance of international collaboration in unlocking the full potential of technologies like 5G, <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI), and the Internet of Things (IoT). He stated that the global standards are key to ensuring that these technologies work harmoniously across borders. "The import of dialogue cannot be overstated. The wonders of 5G the brilliance of artificial intelligence and the interconnected marvels of the Internet of Things. Things are transforming industries, societies and manufacturing processes and economies on a global scale," he said. Scindia also pointed out the need for robust governance in emerging technologies like AI and IoT, emphasizing the importance of ethical considerations and regulatory frameworks to address concerns around privacy, bias, and transparency. He called for a comprehensive policy framework to ensure that future innovations, such as the upcoming 6G technology, benefit everyone equitably and do not deepen existing digital divides. "We are today poised at the edge of a new technological era, the dawn of the 6th generation of mobile network 6G and this is a gateway to the future where communication will become boundless where innovation will know no limits and by humanity, interconnectedness becomes the corner stone of our shared global destiny" he said. Scindia also urged the global community to work together in setting standards and nurturing partnerships that will define the future technological landscape, ensuring technology serves as a force for good. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/hyundai-ipo-review-everything-you-need-to-know-about-indias-biggest-ipo/articleshow/114203740.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-ipo-review-everything-you-need-to-know-about-indias-biggest-ipo/articleshow/114203740.cms" target="_blank">Hyundai IPO review – Everything you need to know about India’s biggest IPO</a><a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms" target="_blank">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-leads-the-first-phase-of-festive-sales-with-a-20-market-share/articleshow/114070723.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-leads-the-first-phase-of-festive-sales-with-a-20-market-share/articleshow/114070723.cms" target="_blank">Samsung leads the first phase of festive sales with a 20% market share</a>

5G to inject $450 billion into Indian economy by 2040: Telecom Minister Scindia

The impact of mobile phone service tariff hike was evident in July with <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword>, Bharti <keyword id="19896909" type="General" weightage="20" keywordseo="Airtel" source="keywords">Airtel</keyword>, <keyword id="19899016" type="General" weightage="20" keywordseo="Vodafone-Idea" source="keywords" meta.keywordsubtype="org" meta.entityname="Vodafone Idea" meta.hostid="261" meta.entityid="Vodafone Idea">Vodafone Idea</keyword> reporting loss of customer base, which resulted in an overall decline in <keyword id="20781077" type="General" weightage="20" keywordseo="telecom-subscribers" source="keywords">telecom subscribers</keyword> in the country. Reliance <keyword id="19906886" type="General" weightage="100" keywordseo="Jio" source="keywords">Jio</keyword>, Bharti Airtel and Vodafone Idea increased their mobile service plan rates in the range of 10-27 % in the first week of July. Airtel and Vodafone Idea have more than doubled their entry-level mobile rates in the last 2-3 years to Rs 199 that comes with 28 days validity. State-run <keyword id="19970536" type="General" weightage="20" keywordseo="BSNL" source="keywords" meta.keywordsubtype="org" meta.entityname="BSNL" meta.hostid="261" meta.entityid="BSNL">BSNL</keyword> was the only player that added new subscribers and led the market in terms of new net customer addition, according to a monthly subscribers report released by the Telecom Regulatory Authority of India on Friday. According to the report, BSNL added over 2.94 million mobile subscribers in July. Bharti Airtel lost 1.69 million mobile subscribers which was highest among its peers. Vodafone Idea and Reliance Jio lost 1.41 million and 758,000 mobile subscribers, respectively. Overall, the telecom subscriber base in the country declined marginally to 1,205.17 million in July from 1,205.64 million in June. North East, Maharashtra, Rajasthan, Mumbai, Kolkata, Tamil Nadu, Punjab, Bihar, West Bengal, UP East, Haryana, Andhra Pradesh telecom circles recorded decline in mobile customer base post the hike in mobile services rates. The wireline or the fixed line connections segment increased by about 1% to 35.56 million in July from 35.11 million in June. Reliance Jio led the fixed-line segment with addition of over 480,000 new subscribers. It was followed by Bharti Airtel which added over 136,000 new subscribers, VMIPL 12,413, Vi 11,375, Tata Teleservices 3,971 and Quadrant added 12 new fixed line customers. BSNL was the biggest loser in the segment. The state-run firm lost 134,000 fixed line customers and its sister concern lost 56,454 customers. The broadband customer base in the country increased to 946.19 million at the end of July from 940.75 million in June. Top five players accounted for 98.42% of total broadband connection in the country. Reliance Jio led the chart with 488.63 million <keyword id="23252277" type="General" weightage="20" keywordseo="broadband-customers" source="keywords">broadband customers</keyword>, Airtel with 284.03 million, Vodafone Idea with 126.72 million, BSNL with 29.61 million and Atria Convergence with 2.26 million. Bharti Airtel led the machine-to-machine cellular mobile connections with 28.46 million subscribers accounting for 53.02 % market share.It was followed by <keyword id="21892784" type="General" weightage="20" keywordseo="vodafone-idea-limited" source="keywords">Vodafone Idea Limited</keyword>, Reliance Jio Infocomm Limited and BSNL with market share of 27.71 %, 13.68 % and 5.58 % share respectively.

Jio, Airtel, Vi record customer loss post tariff hike, BSNL becomes only gainer in July

In early August, Goldman Sachs rolled out a fresh look.The Wall Street bank updated its website to reflect a new color palette, replacing its iconic blue-and-white color scheme with more neutrals, blacks, and whites. It also <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-new-logo-and-website-before-and-after-2024-7">unveiled a new logo</a> with a softer, rounder typeface and — in perhaps the biggest change — connected the G in Goldman with the S in Sachs.The redesign was subtle. Outside Wall Street, it barely registered. Inside the halls of Goldman Sachs, however, some people were perplexed.In 2020, Goldman made a show of disconnecting the G and S in its logo to modernize its look. Why, bank insiders were asking, had the firm just spent millions of dollars over several years to revert back to a logo it had ceremoniously ditched just four years earlier?<div type="image" title="Side-by-side images of Goldman's logo" height="1080" width="1920" msid="115309583" hostid="261" sizebytes="18594"></div>The rebranding effort has spotlighted the executive who spearheaded it: Fiona Carter, the chief marketing officer. Since Carter joined Goldman in 2020 from AT&amp;T as the bank's first CMO, her team's work and its spending have become a topic of conversation inside the 150-year-old bank.Carter expanded the marketing team to more than 100 employees at its peak, up from about 15 to 25, and upped spending on glitzy sponsorships, according to current and former Goldman employees.Despite going public in 1999, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">Goldman is still run as a partnership</a>, which can lead senior leaders to feel empowered — in some cases duty-bound — to seek to influence the company's spending and strategic direction. Several high-ranking officials told Business Insider that they questioned the cost and efficacy of the bank's marketing efforts under Carter.BI spoke with 18 current and former Goldman employees, including some supporters, about Carter and her team's role at the bank. Some of these people were granted anonymity since they were not authorized to discuss company matters.Carter did not respond to a request for comment. However, she addressed the skepticism she's faced in an interview with Forbes earlier this year, saying that some of her Goldman colleagues have been reluctant to embrace marketing.The complaints echo earlier tumult around CEO David Solomon's <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8">ill-fated push into consumer banking</a>, which led to criticisms, including from <a target="_blank" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">powerful partners</a>, that the bank was spending at the expense of core businesses like investment banking and trading. Speculation over Solomon's own future died down in 2023 after it became clear that shareholders — and the board — backed him.In recent months, talk has swirled inside the firm that Carter's team could be thinned through head-count reductions.Top Goldman officials denied any plans to cut Carter's department and said she had upgraded Goldman's marketing capabilities. What's more, they say, the division she has built is vital to growing the company's asset-management and private-wealth businesses, which have become an increasingly important source of revenue in light of the consumer-banking retreat.Goldman's assets under supervision have increased more than 50% since Carter joined the firm in 2020, rising from about $2 trillion to over $3 trillion at the end of the third quarter. And despite the consumer-banking setback, Goldman's stock is up more than 160% since Solomon took over in 2018, compared to a gain of 104% in the S&amp;P 500 index."It sounds like a few people have a quaint understanding of marketing at Goldman Sachs," a Goldman spokesman, Tony Fratto, said. "Our head count and spending are a small fraction of our peers. It's not remotely close. The culture of Goldman Sachs is to be lean, effective, and commercial, and marketing meets that test."Goldman never had a chief marketing officer before Carter. Talk to any longtime Goldman dealmaker, and nine out of 10 will speak with pride about how Goldman grew to be a powerhouse investment bank by virtue of its service to clients — not splashy sports sponsorships.In 2020, however, Solomon aspired to <a target="_blank" class="" href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">make Goldman a household name</a>. To do that, he and his deputy, the chief operating officer and president John Waldron, planned to upgrade Goldman's marketing game significantly.The men discussed building a marketing operation worthy of a tech giant like Google or Apple, multiple people familiar with their vision said. They turned to the consulting giant McKinsey, which recommended Goldman increase its marketing budget and hire a chief marketing officer, these people said.As AT&amp;T's chief brand officer, Carter handled sports sponsorships, advertising, and diversity messaging in a division headed by the telecom giant's global marketing officer, Lori Lee.With her refined British accent and commanding presence, Carter evoked a level of glamour that some said reflected Solomon's own leadership style, though he pulled back on his celebrity DJing in 2023 amid a backlash. She was praised in on-camera interviews and in the press for initiatives to advance women's equity in advertising. She was photographed at AT&amp;T-sponsored events with Hollywood stars like Robert De Niro and Katie Holmes.Carter joined the firm in September 2020 as a member of the bank's vaunted partnership. Her team was housed in Goldman's executive office, a group of public-facing units that support Goldman's C-suite, including media relations, investor relations, and marketing.In a break from tradition, she did not report to the head of that division, John Rogers. She reported instead to his boss, Waldron, the COO. The shake-up of the traditional hierarchy didn't sit well with Rogers, said executives who spoke to him about the new reporting line."He didn't like it," said a former executive in the department who worked with Rogers. "He lost something, and that had never happened in any significant way."Fratto said that Rogers "was the one who recommended that marketing report to John Waldron. He supported that structure and still does."<div type="image" title="Actor Robert De Niro with Fiona Carter on the red carpet" height="3896" width="4979" msid="115309581" hostid="261" sizebytes="1225586"></div>Carter quickly set out to reorganize and grow Goldman's marketing operation.She assumed control of the 15 to 20 marketing executives who had been reporting to Goldman's global head of communications, Jake Siewert. This marketing team, which was housed in the executive office, focused on companywide initiatives like arranging social-media posts, managing the website, and Goldman's weekly podcast.Goldman also had marketers stationed within the firm's individual business lines who were responsible for division-specific products and services. Prior to Carter, these business-line marketers operated their own fiefs, reporting up to the heads of their units. One byproduct of this was a lack of cohesiveness in branding materials, including web pages for specific business lines that looked different from the rest of the website, a former senior marketing executive recalled. Carter set out to eliminate these issues and streamline Goldman's look and messaging.Carter hired aggressively, and Goldman's marketing operation soon swelled. People who worked in the executive office at that time said an oft-repeated mantra was that marketing was building an "army" — so much so that employees of the media-relations team had to be shifted to a different area of the 29th floor of Goldman's New York City office tower to make room."They're like: 'Our budget is never-ending. We just added another team. We added another 20 people in a night,'" one former executive-office staffer said. "It was crazy."One hire that riled some Goldman insiders was that of Maria dal Pan, a communications industry veteran who was tapped in part to write speeches and talking points for the CMO. Goldman insiders told BI it was unusual for executives other than the CEO to have such a staffer.Fratto told BI that "everyone who heads a function has that kind of support available to them," but the executives who spoke with BI said speechwriting was typically handled by subordinates on an ad hoc basis. Dal Pan, who left Goldman in 2023 after little more than a year, declined to comment.Carter erected new teams, including an internal ad-buying team. She ramped up the use of outside agencies to focus on branded content and website development and championed sports sponsorships such as the one it announced in 2022 with the carmaker McLaren's Formula 1 racing team.Carter used clichés that puzzled some colleagues, according to a former senior-level marketing executive. This person recalled Carter saying, for example, that marketing would be "the rocket fuel" that would vault the Goldman brand "to the stars."In meetings, she often name-dropped Waldron when discussing her game plan, two senior executives said. The goal, these people added, was to send the incontrovertible message that her vision had been blessed straight from the top.Goldman also came close to rolling out a dramatic logo and brand upgrade in 2022, according to two people familiar with the effort. The redesign, known internally as "Project Richmond," would have added orange to Goldman's brand colors, one of these people said.The project was scrapped as performance slumped amid a tenuous dealmaking environment that was <a target="_blank" href="https://www.businessinsider.com/who-got-laid-off-at-goldman-employees-speak-out-2023-1">followed by layoffs</a>.<div type="image" title="A man in a suit speaks" height="4530" width="6730" msid="115309573" hostid="261" sizebytes="3210186"></div>Since Goldman's consumer-banking retreat in 2022, the marketing team housed within the executive office has shrunk to about 85 staffers, according to multiple people with knowledge of the division.Carter, meanwhile, has shifted focus to the marketing needs of the asset-and-wealth-management division, which manages money for wealthy people, pension funds, and other large investors.Matt Gibson, Goldman's global head of client business for asset and wealth management, told BI that marketing had become so important to his division that it planned to double the number of marketers it employs over the next two years."I would like to significantly grow our marketing resources over the next few years, and that's because I think it's so valuable," he told BI. "We all live with scarce resources, so I can't do all of that overnight. But if you were to ask me what my top three longer-term priorities are to help grow the business, this would be one of them."Waldron pointed to Goldman's sponsorship of McLaren's F1 racing team as an example of the CMO's vision benefiting the bank.Waldron told BI that he was initially skeptical of the sponsorship, which Carter spearheaded and which has led to the bank's logo being emblazoned on the team's vehicles at competitions. It has proved successful among clients, he said, because Carter structured it so they could get up close and personal with McLaren's technology versus sitting in the stands watching cars zoom around a track."What she's been able to put together with her team is something that's much more personal," he said.Waldron called her "one of the best marketing executives out there" and said the bank heard this sentiment from clients as well. "She has upgraded our capabilities monumentally," he added. "Our events and branding are materially better under her leadership. We made the right decision by bringing her into the firm, and we are lucky to have her."<div type="image" title="A crowd gathers at a Formula 1 race" height="5504" width="8256" msid="115309567" hostid="261" sizebytes="833856"></div>In recent weeks, Goldman's marketing team has suffered more departures.Jason Hill, the chief operating officer of the global marketing division who became one of Carter's most important lieutenants, left Goldman in October after snagging a CMO job at the law firm White &amp; Case. Goldman plans to replace him, a person familiar with the matter said.The bank's New York City office, meanwhile, recently lost roughly half a dozen members of its social-media team, multiple people said.There's been no shortage of internal speculation that the marketing team could be pared down further.Some people traced the chatter back to comments made by Russell Horwitz, Goldman's chief of staff and head of the executive office. In meetings, Horwitz has said the executive office operates better when head count is leaner, which some people took to refer to the marketing team because of its size.Horwitz told BI there was currently "no plan to reduce marketing" in the executive office. He added: "Generally speaking, we're in the right place." Horwitz said his comments about head count were not about any specific team.In the interview with <a target="_blank" href="https://www.forbes.com/sites/sethmatlins/2024/04/15/the-2024-forbes-entrepreneurial-cmo-50/">Forbes</a> earlier this year, Carter said her job involved convincing an "often skeptical audience" of the merits of marketing. "The race goes to those who persevere," she said, adding that her Goldman colleagues were "beginning to acknowledge marketing can be a revenue generator."Emmalyse Brownstein contributed reporting.Are you a Goldman Sachs or Wall Street insider? Get in touch with this reporter. Reed Alexander can be reached via email at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a> or via the encrypted messaging app Signal at 561-247-5758.

Inside the Goldman Sachs marketing push that has some execs perplexed

<ul><li><keyword id="19896911" type="General" weightage="100" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> and <keyword id="19896909" type="General" weightage="20" keywordseo="Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Airtel" meta.hostid="261" meta.entityid="Airtel">Airtel</keyword> have reported an increase in subscribers in June 2024.</li><li><keyword id="20116054" type="General" weightage="20" keywordseo="Vi" source="keywords" meta.keywordsubtype="org" meta.entityname="Vi" meta.hostid="261" meta.entityid="Vi">Vi</keyword> has once again reported a decline in subscribers, along with state-owned BSNL.</li><li>The overall <keyword id="20376437" type="General" weightage="20" keywordseo="subscriber-base" source="keywords">subscriber base</keyword> in India has recorded an increase.</li></ul>India's leading <keyword id="20055601" type="General" weightage="20" keywordseo="telecom-operators" source="keywords">telecom operators</keyword>, Reliance Jio and Airtel have recorded an increase in their subscribers in May 2024, while Vi has once again recorded a decline in its user base. The overall net additions to the Indian telecom user base in June 2024 were 1.57 million, down from 2 million recorded in May 2024. This takes the total subscriber base from 1.169 billion in May 2024 to 1.171 billion in June 2024. The effect of the recent price hike by the telecom operators should be visible in July's report as the price hike was announced towards the end of June and came into effect from July. <div type="Article" hostid="261" msid="111331794" title="Reliance Jio and Airtel price hike – new plans and how you can save money" mstype="2" mssubtype="0"></div> <h2>Reliance Jio adds nearly 2 million new subscribers</h2>Mukesh Ambani-led Reliance Jio added 1.91 million subscribers in June 2024, continuing to dominate the telecom segment. With this, Jio's subscriber base has increased from 474.62 million in May 2024 to 476.53 million in June 2024. Out of the 476.53 million subscribers, the company’s <keyword id="22859675" type="General" weightage="20" keywordseo="active-subscriber-base" source="keywords">active subscriber base</keyword> stood at 440.94 million, which is 92.53%. <h2>Airtel adds 1.25 million subscribers</h2>Sunil Mittal-led Bharti Airtel has once again added 1.25 million subscribers, just like May 2024. With this, the company's subscriber base has increased from 387.77 million in May 2024 to 389.02 million in June 2024. Airtel continues to enjoy a high active subscriber base. The company's active subscribers stand at 384.83 million users out of its 389.02 million users, which is 98.92% of its total user base. <h2>Vi continues to bleed subscribers</h2>Vi, which is yet to launch 5G services in the country has once again reported a decline in subscribers. The company lost nearly a million users in June 2024 with a decline of 860,889 users. The company’s subscriber base decreased from 218.16 million in May 2024 to 217.30 million users in June 2024. Out of the 217.30 million users, the company’s active user base stands at 188.26 million users, which is 86.64%. <h2>State-run BSNL loses subscribers</h2>State-run telco Bharat Sanchar Nigam Limited (BSNL) reported a loss of 0.75 million subscribers in June 2024. With this, the telco's user base has decreased from 86.33 million in May 2024 to 85.58 million in June 2024. <h2><keyword id="22859674" type="General" weightage="20" keywordseo="MNP-requests" source="keywords">MNP requests</keyword> continue to grow</h2>Mobile number portability (MNP), which allows users to shift from one telecom operator to another, recorded 11.84 million requests during May 2024. With this, the total number of MNP requests received since the introduction of this in November 2010 has reached 997.44 million. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">Indian smartphone market records 7.2% growth in the first half of 2024, Vivo leads the market in Q2</a>

Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million

<ul class="summary-list"><li>Leaders recommend preparing for an IPO well in advance and tailoring the process to a company's needs.</li><li>The discussion was part of BI's event "The Road to IPO," in collaboration with Fidelity and held on September 19.</li></ul>An <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-ipo">initial public offering</a> is a significant moment in any company's journey. It can mark a promising business model and boost its long-term growth.Reddit recently made its successful <a target="_blank" class="" href="https://www.businessinsider.com/reddits-ipo-set-to-take-front-page-of-internet-public-2024-3">debut</a> on the public market, pricing its shares at the top of the expected valuation range. But Jesse Rose, Reddit's head of investor relations, told Business Insider that the company took some unconventional approaches to the launch, and the IPO process was long in the making.Business Insider's virtual event "<a target="_blank" href="https://www.businessinsider.com/events/the-road-to-ipo">The Road to IPO</a>," in collaboration with Fidelity, brought together a panel to discuss the key preparations, concerns, and decision-making strategies for business leaders looking to go public. Leaders from Reddit, Goldman Sachs, Brunswick Group, Latham &amp; Watkins, and Fidelity Private Shares joined us as panelists. Akin Oyedele, BI's investing deputy editor, moderated the conversation.Despite the whirlwind of issues that founders might be thinking about when launching an IPO, "readiness is the only thing to be focusing on because you can't control the markets, but you can control how you prepare for them," Elizabeth Reed, Goldman Sachs' global head of equity syndicate, said.Conducting mock earnings calls, for example, is something companies can do to prepare for a public-market transition. "The importance of mock earnings calls is probably underappreciated, and what they do is they help you get into a public-company rhythm," said Rose."Two years of sort of a pause, or a wait, was one of the best things that actually happened to Reddit," he said. "It gave us a chance to really think to practice being a public company without actually being one."Leaders also discussed the right time for launching an IPO. "One thing that people are often surprised by is how far in advance they really should be thinking about and preparing for IPO," said Kristen Craft, Fidelity Private Shares' vice president and business partner manager. "Generally speaking, we love to work with folks who are 24 or even 36 months pre-IPO."Ash Spiegelberg, a partner and the technology, media, and telecoms global lead at Brunswick Group, added that part of preparing for an IPO is understanding how stakeholders — such as investors, customers, employees, and government regulators — are involved in the process. Companies should be aware of "how multistakeholder these transactions have become," he said.Panelists emphasized the importance of aligning stakeholders with the company's objectives in going public. "While IPOs are fairly consistent, IPO to IPO, you can tailor your IPO to fit your company culture, your business needs," Rick Kline, Latham &amp; Watkins' Bay Area partner and chair of the technology-industry group, told BI.For example, Rose said that Reddit recognized it was a platform built on community, which prompted it to use company-specific features like "ask me anything" posts and subreddits to communicate with its audience about the IPO process. Diverging from typical IPO practices, Rose said, Reddit provided its eligible users with similar access to information on the launch as its management team and allowed them to buy shares at the IPO price.Before and after going public, Rose said, the company has valued transparency with its employees. "We make it so that the folks see how their contributions are impacting the earnings process," he said.Spiegelberg said that while the specific timing for an IPO is variable with every company, going public should be a stage that businesses look toward: "Getting into the public markets and getting on with it can just often be the best way to build a great company."

What made Reddit's IPO successful? Business leaders share key strategies for launching into the public market.

The <keyword id="18750022" type="General" weightage="20" keywordseo="Global-telecom-equipment-market" source="Orion">global telecom equipment market</keyword> held steady in the first half of 2023 (1H23), growing only 2 per cent, a new report has shown. According to the market research firm Dell'Oro Group, the worldwide telecom equipment revenues, excluding North America, increased by 7 per cent in the first half, supporting the thesis that the telecom equipment market remains robust outside of the US. Stable performance in EMEA, CALA, and China, combined with robust growth in the Asia Pacific region outside of China. "These results mostly align with expectations on an aggregate level, although performance by region and technology varied. After five years of expansion, during which the North American region advanced by around 50 per cent, the pendulum swung toward the negative in the first half. The decline in North America was anticipated, but the pace of the contraction was slightly faster than expected," said Research Analyst <keyword id="5506607" type="General" weightage="80" keywordseo="stefan-pongratz" source="Orion">Stefan Pongratz</keyword>. According to the report, wireline outperformed wireless. The analysis indicated that the collective results for the wireline-focused programmes increased by around 7 per cent in the first six months. Moreover, vendor dynamics remained mostly stable between 2022 and the first half of 2023, with a few exceptions. Telecom firm Ciena surpassed <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword>, and the gap between <keyword id="6354716" type="General" weightage="80" keywordseo="nokia" source="Orion">Nokia</keyword> and <keyword id="6356812" type="General" weightage="80" keywordseo="ericsson" source="Orion">Ericsson</keyword> widened, reflecting, to some extent, the technology mix between wireless and wireline. Despite ongoing efforts by the US government to limit <keyword id="6357456" type="General" weightage="80" keywordseo="huawei" source="Orion">Huawei</keyword>'s addressable market and access to cutting-edge silicon, the report said that Huawei continues to lead the global telecom equipment market. "This is partly because Huawei remains the #1 supplier in five out of the six telecom segments we track, and the vendor continues to dominate the market outside of North America, accounting for 35 per cent to 40 per cent of 1H23 revenues," Pongratz said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/nokia-g42-5g-vs-redmi-12-5g-comaprion-of-mobiles-affordable-5g-smartphones-under-15000/slidelist/103602599.cms">Nokia G42 5G vs Redmi 12 5G – battle of the affordable 5G smartphones under ₹15,000</a> <a href="https://www.businessinsider.in/sports/webstories/the-odi-master-virat-kohli-quickest-to-13000-runs-most-100s-against-a-team-and-more/slidelist/103597266.cms">The ODI master: Virat Kohli quickest to 13,000 runs, most 100s against a team and more</a> <a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4r-four-cylinder-motorcycle-launched-in-india-at-rs-8-49-lakh/slidelist/103580841.cms">Kawasaki Ninja ZX-4R four-cylinder motorcycle launched in India</a>

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