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<body class="body" align="center" style="width: 100%; min-width: 100%; -webkit-text-size-adjust: 100%; -ms-text-size-adjust: 100%; background-color: #BFBFBF; margin: 0px; padding: 0px;" bgcolor="#BFBFBF">
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<div class="text-container galileo-ap-content-editor"><div><div style="text-align: center;" align="center"><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Conversations with Asia’s leading movers, shakers, thinkers, and provocateurs</span></div></div></div>
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<div style="text-align: center;" align="center"><span style="font-size: 16px; font-weight: normal; font-family: Calibri, Helvetica, Arial, sans-serif;">In conversation with</span></div>
<div style="text-align: center;" align="center"><span style="font-size: 20px; font-family: Calibri, Helvetica, Arial, sans-serif;">Vivek Cuoto</span></div>
<div style="text-align: center;" align="center"><span style="font-weight: normal; font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Asia Media Madness</span></div>
<div style="text-align: center;" align="center"><br></div>
<div style="text-align: center;" align="center">
<span style="font-size: 16px; font-weight: normal; font-family: Calibri, Helvetica, Arial, sans-serif;">Click </span><a href="http://www.insideasiapodcast.com/media-madness/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; color: rgb(207, 143, 18); font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;"> to listen to the full </span><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Inside Asia</span><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;"> episode</span>
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<span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">What are you doing with your spare time while in Covid-19 crises lockdown? Throughout Asia, it appears that more people are streaming video than ever before. According to </span><a href="https://www.linkedin.com/in/vivek-couto-b897a72/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">Vivek Cuoto</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, Executive Director and Co-Founder of </span><a href="http://www.media-partners-asia.com/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">Media Partners Asia</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, total minutes spent viewing online video in Southeast Asia jumped 60% in the first quarter of the year. Most of that new viewership occurred via smartphones, which suggests that video streaming is a private affair. Gone are the days when families circled up around the TV set to watch their favorite drama or gameshow. </span>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">While programming choice is great for consumers, it poses some big challenges video content providers who need to offset the high cost of production with commensurate subscription fees. The more fragmented and discerning the viewing audience, the more varied programming needs to be. Netflix, the world’s largest provider of streaming services, for instance, has been burning through cash by the billions in recent years. It spends lavishly to both produce and license content, earmarking US$17 billion for content acquisition costs in 2020 alone.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif;">The Topsy-Turvy World of Media Economics</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">With so much demand and so many traditional pay-TV and online streaming options available, you would think the media sector is set to flourish. Yet, even before the Covid-19 crises, media moghuls were feeling the pinch. Pay-TV operators are the hardest hit. These are the companies that offer multi-channel services and charge you monthly for it. For them, sunk costs is the issue. Building and maintaining fiber optics networks, satellite links, and customer care and billing services is a capital-intensive undertaking. </span></div>
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<span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">While they were spending, along came the disrupters, those so-called over-the-top, or OTT providers that charge a low monthly fee for all the streaming video you can consume. You know the ones I’m talking about: global players like </span><a href="https://www.netflix.com/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">Netflix</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, or regional providers like </span><a href="https://www.iflix.com/us/en/browse" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">iflix</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">. Add to these any number of local or genre-specific alternatives, and the market grows flush in quick and cheap subscription choices.</span>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Like so many sectors, media entertainment has been laid bare by Web-based digital offerings that win on price and convenience. How the industry is struggling to adjust is the subject of this week’s episode. </span></div>
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<span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">To understand the media business is to first dissect it. There is that part of every business that we see, and then that other part that remains hidden. Radio waves, satellite dishes and fiber optics are a means to an end. Without these digital gateways, video on demand would remain a pipe dream. In the media game, there are many players. Like the Hollywood rollers – those big movie makers including Warner Brothers, Sony Pictures, Disney, and Dreamworks. They have the money and talent to make the imagination soar. Then there are the serial producers; companies like Netflix, Hulu and HBO that create long-form, multi-episodic dramas like </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Game of Thrones</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;"> and </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Breaking Bad - </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">the kind of entertainment that gave new meaning to the term “binging.” </span>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">If watching’s not your thing, how about browsing, gaming, flirting, and zooming – all bandwidth dependent forms of entertainment ready to eat away at whatever leisure time we have left.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">The Burden of Delivery</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Every Beauty needs a Beast, and that’s the pay-TV operator, telco, or network provider. They build and maintain the infrastructure so you can be entertained. Until recently, they’re also the ones that made you pay for it. Pirating your content has always been an option, but in the realm of legal, new streaming video services are putting the old pay-TV model into an early grave. All those sunk costs are a weight around the neck of traditional operators who thought they could profit by holding the keys to the kingdom. Unfortunately for them, this fairytale may not have a storybook ending.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">We consumers just want video – lots of it and on demand. Broadband allows for that. It lowers the barriers of entry for any organization that can generate enough content that people want to watch. There’s a downside, however. Like Walmart, it did wonders for bringing low-cost goods to consumers around the world, but it also drove out smaller local players, like the local butcher, baker and candlestick maker.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">We risk a similar fate with global media. Vest in a few global media giants and they build storylines that serve the greatest common denominator. They set the entertainment agenda and bring you along with them. Netflix appears to be addressing this. They invest in productions from around the world, which can be later subtitled and made available to subscribers anywhere. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Maybe that’s enough. But what happens to the thousands of smaller production companies around the world that have neither the funding or distribution reach to ever succeed? Vivek mentions one idea that’s making the rounds. What about a tax on the global streaming giants? In return for accessing viewers in-market, they pay a percentage of subscription proceeds to support local content development? Sounds a bit problematic, doesn’t it. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">For every gift offered up by new technology, something always gets sacrificed. The Facebook conundrum is case-in-point. With half a billion people using the service, it’s the category killer in social media. So much power in the hands of one company is cause for concern. What happens if the video streaming services follow suit, building such scale that they subsume all independent production houses and leave us – the viewer – beholden to their standards of future video entertainment?</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">While the China media sector – like all things China – has a plan of its own, with its market size and money to match, much of Asia may find itself held hostage to a form of cultural entertainment imperialism. Keeping alive a local film industry is as important as preserving culinary traditions. The Koreans have shown what great film and entertainment looks like. Great stories are great stories and Korean films and TV series travel, finding grateful views everywhere in Asia. More of this is needed. So I say to Asian viewers: Have your Netflix but stay local too.</span></div>
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<span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">If you want to know more, listen to </span><a href="http://www.insideasiapodcast.com/media-madness/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">this most recent </a><a href="http://www.insideasiapodcast.com/media-madness/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic; font-weight: normal; text-decoration: underline;">Inside Asia</a><a href="http://www.insideasiapodcast.com/media-madness/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;"> episode</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, and may you have a binge-worthy week. If you’re not a regular listener, please subscribe to </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Inside Asia</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;"> wherever you download and listen to podcasts. There are over 130 episodes to choose from. We cover everything from geopolitics to emerging trends. If you’re doing business in Asia, listen to what Inside Asia’s guests have to say. You won’t find a better business-focused podcast </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">in</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;"> Asia </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">on</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;"> Asia. </span>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Founder & Host</span></div>
<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic; font-weight: bold;">Inside Asia</span></div>
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<span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Research</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: Online Streaming Video Minutes in Southeast Asia Skyrocket After Covid-19 Impact,” </span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Media Partners Asia</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, April 20, 2020</span>
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<a href="https://www.media-partners-asia.com/" rel="noopener noreferrer" target="_blank" style="color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://www.media-partners-asia.com</a><span style="color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif;"> </span>
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<span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Article</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: “Neflix is Turing Into a Profit Machine,” </span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Motley Fool</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, April 23, 2020</span>
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<div><a href="https://www.fool.com/investing/2020/04/23/netflix-is-turning-into-a-profit-machine.aspx" rel="noopener noreferrer" target="_blank" style="color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://www.fool.com/investing/2020/04/23/netflix-is-turning-into-a-profit-machine.aspx</a></div>
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<span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Article</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: “Netflix will Spend Over $17 Billion on Content in 2020,” </span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Fortune Magazine</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, January 17, 2020.</span>
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<div><a href="https://fortune.com/2020/01/16/netflix-spending-content-2020-17-billion/" rel="noopener noreferrer" target="_blank" style="color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://fortune.com/2020/01/16/netflix-spending-content-2020-17-billion/</a></div>
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<span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">White Paper</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: “The Economics Driving the Streaming Industry,” </span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Berkley Economic Review</span><span style="color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, October 19, 2019.</span>
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<div><a href="https://econreview.berkeley.edu/the-economics-driving-the-streaming-industry/" rel="noopener noreferrer" target="_blank" style="color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://econreview.berkeley.edu/the-economics-driving-the-streaming-industry/</a></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">David Goldstein:</span></div>
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<span style="font-size: 12px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">|</span><a href="http://www.insideasiapodcast.com/richard-vevers-chasing-coral/" rel="noopener noreferrer" target="_blank" style="font-size: 12px; color: rgb(54, 54, 54); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;"> </a><span style="font-size: 12px; font-family: Calibri, Helvetica, Arial, sans-serif;">November 14, 2017</span><span style="font-size: 12px; font-family: Calibri, Helvetica, Arial, sans-serif; color: rgb(102, 102, 102);"> | </span>
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<div class="text-container galileo-ap-content-editor"><div><div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">This episode tells the story of yet another major disruption in the making. This time it’s the telecommunications and media sectors and it’s the result of a complicated confluence of events—a sort of perfect storm. Here’s the rundown. There are three moving parts. It’s tricky. First there are the telecommunications companies, or telcos. Long dependent on charging for voice calls to generate revenue, they are in the process of shifting their business models to bill instead for high-speed data. No longer is the price of a phone call determined by the distance the voice travels or the length of the call. In a world where consumers have been moving to no or low-cost voice over IP, or VOIP services, telcos are changing up their game. Second, there’s the mobile phone operators. At one time, they made a killing on SMS or text messaging. Now, they’re losing revenue hand over fist to a new generation of messaging services such as WhatsApp or WeChat. These smartphone apps allow for dynamic communications, group chats, even free voice communications. Third, there’s the pay TV operators. For decades, they’ve paid big licensing fees for Hollywood content and make a profit by offering entertainment “bundles” to customers at standard monthly subscription rates. Today, subscribers in Asia and elsewhere are cutting cables and cancelling subscriptions, opting instead lower-cost on-demand over-the-top or streaming video on demand services like Netflix, Hulu, iflix or HBONow. All three have one big thing in common and that’s massive underlying infrastructure and network costs. From the fiber optic cables that run the length of the ocean bed carrying voice and data internationally, to the constellation of satellites that relay signals, to the set-top boxes that sit in every cable-TV household, total investment for telco, mobile and pay-TV companies extends well into the trillions of dollars. To help navigate through all of this I spoke with David Goldstein, a long time player in the Asia market.</span></div></div></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif;">David Shin:</span></div>
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<div><span style="font-size: 12px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">| May 15, 2017 |</span></div>
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<div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">This episode I’m in Tokyo with long-time Asia media executive, David Shin, President and Representative Director for Fox International Japan. </span></div>
<div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">Here’s the background you need. Call it Inside Asia’s “Guide to Asia Media.”</span></div>
<div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">First, a few fun facts: over 800 million homes in Asia currently subscribe to cable or pay-tv services of some kind. That’s a lot. It’s all the more impressive if you consider that just twenty-five years ago, multi-channel pay-tv didn’t even exist here. Back then Asian viewers were on a restricted daily diet of B-class melodramas and government propaganda. That all began to change in the early1990s, when Richard Li – the son of a Hong Kong tycoon – launched Star TV. It was a rough start and anything but conventional. Li assembled a ragtag team of former media executives, entrepreneurs and deal-makers who put their heads together and came up with a plan that sounded like a Hollywood screenplay than an actual business deal. We all thought StarTV a laughable idea, but damn if it didn’t work. Li’s media enterprise set in motion a tsunami of TV entertainment for a starved Asian audience that today generates nearly US$40 billion in annual revenue. Which is not to say that it’s been easy. Not everyone liked the idea of people in Asia glued to “American Idle” and episodes of the “X Files.” For some governments in the region (China in particular), it was a cultural affront and in some case, in violation of censorship laws. For others, it was an opportunity to build new cable-TV companies to redistribute programming courtesy of the big Hollywood brands.Whatever the feeling, it’s fair to say that in Asia it all started with Star TV. Over time, US films and TV programs began to lose their appeal. The Hollywood crowd will deny it, but in Asia, a local fare of homegrown programming is quietly displaced American-style TV. All of this leaves global media brands wondering where future Asia growth will come from. That was where I started in my conversation with David Shin.</span></div>
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<div class="text-container galileo-ap-content-editor"><div><div>If podcasting isn't your thing, or you're just too busy to take 30 minutes to listen, check out my articles <a href="https://www.linkedin.com/in/steve-stine-6124084/detail/recent-activity/posts/" rel="noopener noreferrer" target="_blank" data-segment-action="add" data-segment-id="7527c640-69b8-11e8-ad61-d4ae529a8575" style="color: #597274; font-weight: normal; font-style: normal; text-decoration: underline;">here</a> on Linked-in where I set out to summarize each week’s conversation. We touch on a wide range of topics from healthcare to finance, politics to cleantech. I hope you’ll join us.</div></div></div>
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<span class="article-heading-text" style="font-size: 18px; font-weight: bold; color: #000000;">Steve Stine | LinkedIn</span><br>
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<span>Check out professional insights posted by Steve Stine, Senior Regional Leadership Advisor and INSIDE ASIA radio talk show host</span><br>
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<a style="text-decoration: underline; color: #597274; font-weight: normal; font-style: normal;"></a><a href="https://www.linkedin.com/in/steve-stine-6124084/detail/recent-activity/posts/" style="color: #597274; font-weight: normal; font-style: normal; text-decoration: underline;"><span>Read more</span></a><br>
<a style="color: inherit; text-decoration: none; font-weight: normal; font-style: normal;">www.linkedin.com</a><br>
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<table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0">
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<tr>
<td class="editor-text center-text three-column-text" align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: center; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;">
<div></div>
<div class="text-container galileo-ap-content-editor"><div><div><span style="color: rgb(255, 255, 255);">Follow on Social Media</span></div></div></div>
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</div>
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</tbody>
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<table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;">
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<div class="gl-contains-social-button">
<table class="editor-social" width="100%" cellpadding="0" cellspacing="0" border="0" style="width: 100%; min-width: 100%;">
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<td class=" social-container social-container" align="center" style="padding: 0px 20px 10px;">
<div class="galileo-ap-content-editor">
<a href="https://www.facebook.com/insideasiapodcast" style="display: inline-block; text-decoration: none;">
<img alt="Facebook" width="32" border="0" src="https://imgssl.constantcontact.com/galileo/images/templates/Galileo-SocialMedia/facebook-visit-gray-circle.png" style="display: inline-block; margin: 0; padding: 0;"> ‌
</a>
<a href="https://twitter.com/asiapodcast" style="display: inline-block; text-decoration: none;">
<img alt="Twitter" width="32" border="0" src="https://imgssl.constantcontact.com/galileo/images/templates/Galileo-SocialMedia/twitter-visit-gray-circle.png" style="display: inline-block; margin: 0; padding: 0;"> ‌
</a>
<a href="https://www.linkedin.com/in/steve-stine-6124084/" style="display: inline-block; text-decoration: none;">
<img alt="LinkedIn" width="32" border="0" src="https://imgssl.constantcontact.com/galileo/images/templates/Galileo-SocialMedia/linkedin-visit-gray-circle.png" style="display: inline-block; margin: 0; padding: 0;"> ‌
</a>
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<table class="editor-spacer" width="100%" cellpadding="0" cellspacing="0" border="0">
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<table cellpadding="0" cellspacing="0" border="0" width="100%">
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<div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div>
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<div class="footer-max-main-width" align="center" style="margin-left: auto; margin-right: auto; max-width: 100%;">
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<span class="footer-column">Inside Asia<span class="footer-mobile-hidden"> | </span></span><span class="footer-column">CBD<span class="footer-mobile-hidden">, </span></span><span class="footer-column"></span><span class="footer-column"></span><span class="footer-column">Singapore, 098510 Singapore</span><span class="footer-column"></span>
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<a href="#" style="color: #5d5d5d">Unsubscribe {recipient's email}</a>
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<a href="#" style="color: #5d5d5d">Update Profile</a> |
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<a href="http://www.constantcontact.com/index.jsp?cc=nge&rmc=VF19_3GE" style="color: #5d5d5d; text-decoration: none">
<img alt="Trusted Email from Constant Contact - Try it FREE today." width="160" border="0" hspace="0" vspace="0" src="https://static.ctctcdn.com/letters/images/CTCTFooter/Logo_Blue_Orange.png">
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</table><div align="center" style="background-color: #F3F3F3;"><table width="100%" cellpadding="0" cellspacing="0" border="0" style="background-color: #f3f3f3"><tr><td align="center" valign="top" style="padding: 0px 0px 0px 0px;"><div align="center" style="max-width: 600px; margin-left: auto; margin-right: auto;"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px; width: auto !important; margin-left: auto; margin-right: auto;"><tr><td align="left" valign="top" style="color: #5b5b5b; font-size: 11px; line-height: 1.3; font-family: Arial, Helvetica, sans-serif; padding: 20px 20px 20px 20px;"><div style="color: #FF0000; font-size: 11px; line-height: 1.3; font-family: Arial, Helvetica, sans-serif;"><span style="font-size: 13px; font-weight: bold;">THIS IS A TEST EMAIL ONLY.</span><br />This email was sent by the author for the sole purpose of testing a draft message. If you believe you have received the message in error, please contact the author by replying to this message. Constant Contact takes reports of abuse very seriously. If you wish to report abuse, please forward this message to <a href="mailto:abuse@constantcontact.com">abuse@constantcontact.com</a>.<br /></div></td></tr></table></div></td></tr></table></div></body>
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