This Indian Brand is ruling the Wine market of India? :Sula wines case study

Summary

Sula Vineyards, India's leading winemaker, has reported a significant Q3 revenue increase, capitalizing on the growing wine trend in India, particularly in Nashik, dubbed India's Napa Valley. With a 2600-acre vineyard, surpassing competitors, Sula boasts a 53% market share. The company's success stems from strategic government policies, innovative marketing like the Sula Fest, and a robust supply chain, creating a formidable barrier to entry for competitors and establishing Sula as the king of the Indian wine industry.

Takeaways

• 🍇 Sula Vineyards is India's largest winemaker, with a significant increase in third-quarter revenues, reflecting the growing trend of wine consumption in India.
• 🏆 Sula dominates the Indian wine market with a 53% market share, outperforming competitors like Fratelli Vines and Grover Zampa in terms of land acreage and inventory turnover.
• 📈 Sula's success is attributed to strategic business decisions, including efficient inventory management with an average inventory time of just 465 days compared to competitors' longer times.
• 📚 The company's founder, Rajeev Samant, recognized the potential of Nashik's climate for wine grape cultivation, similar to California's Napa Valley, leading to the establishment of Sula Vineyards.
• 🛠 The wine business is challenging due to the long cultivation period of wine grapes, which can take 4 to 6 years before the first bottle of wine can be sold.
• 🌱 Government policies, such as the Maharashtra Grape Processing Policy in 2001, played a crucial role in easing the entry of wineries into the market and boosting production in the state.
• 📉 Sula capitalized on the 2008 financial crisis by securing contracts with grape farmers left stranded by the closure of other wineries, thus securing a steady supply of quality grapes at low costs.
• 🎉 Sula Fest, a music and wine festival, was a strategic investment by Sula to appeal to the younger demographic of Indian wine drinkers and create a memorable brand experience.
• 🏰 Sula's vineyards have become a popular tourist destination, attracting a large number of visitors and providing a unique platform for wine tasting and marketing.
• 🚫 High import duties on foreign wines and the challenges of establishing a local supply chain in India create significant barriers to entry for international winemakers.
• 🛡️ Sula's success lies in building strong barriers to entry, understanding government policies, and focusing on experience-based marketing to create a lasting brand impression.

Q & A

What is the significance of Sula Vineyards' recent IPO filing and strong third-quarter performance?

Sula Vineyards' IPO filing and strong third-quarter performance indicate the company's robust financial health and growth potential, reflecting the increasing trendiness of wine consumption in India, especially wines produced in Nashik, which is often referred to as India's Napa Valley.

How does Sula Vineyards' land acreage compare to its competitors in the Indian wine industry?

Sula Vineyards has an impressive land acreage of 2,600 acres, which is more than the combined total of its next three competitors. For comparison, Fratelli Vines has 240 acres and Grover Zampa has 460 acres.

What is the average inventory time for Sula Vineyards compared to Fratelli and Grover, and what does this signify?

Sula Vineyards has an average inventory time of just 465 days, significantly lower than Fratelli's 595 days and Grover's 878 days. This suggests that Sula is able to sell its wine at a much faster pace than its competitors, despite producing five times more wine.

What is Sula Vineyards' market share in the Indian wine industry, and what factors have contributed to its dominance?

Sula Vineyards holds a market share of 53 percent in the Indian wine industry. Its dominance can be attributed to effective business strategies, efficient inventory management, and the ability to create a market for its products, as well as favorable government policies that have reduced barriers to entry and taxes for the wine industry.

What was the impact of the Maharashtra grape processing policy in 2001 on the wine industry in Maharashtra?

The Maharashtra grape processing policy in 2001 significantly reduced the excise duty on wine production, eased licensing and financing for wine companies, and established a single window clearing system for essential infrastructure. This led to a substantial increase in wine production in Maharashtra, reaching 20 million liters by 2008.

How did the 2008 financial crisis affect the Indian wine industry and Sula Vineyards in particular?

The 2008 financial crisis led to the collapse of one of the major wine companies in India, leaving many grape farmers in a difficult situation. Sula Vineyards capitalized on this by signing contracts with these farmers at affordable prices, securing a steady supply of high-quality grapes at a low cost.

What is the Sula Fest, and how does it contribute to Sula Vineyards' brand popularity and market positioning?

The Sula Fest is a wine festival that offers an exhilarating experience with music, camping, and a variety of Sula wines. It has become one of the largest wine festivals in Asia, attracting thousands of visitors and significantly boosting Sula's brand popularity and market positioning by providing a memorable experience for first-time wine drinkers.

How does Sula Vineyards' supply chain and distribution network contribute to its competitive advantage?

Sula Vineyards has an extensive supply chain that supplies wine to 8,000 hotels, restaurants, and caterers, and is signing up deals with more than 13,000 retailers worldwide. This vast distribution network ensures a strong presence in the market and makes it difficult for competitors, including international giants, to challenge Sula's position.

What are the barriers to entry for international wine companies looking to enter the Indian market, as exemplified by Sula Vineyards' success?

International wine companies face several barriers to entry in the Indian market, including a 150% import duty on foreign wines, difficulty in sourcing raw materials due to Sula's contracts with a majority of wine grape farmers, challenges in acquiring skilled workforce, and the established supply chain and brand recognition of Sula Vineyards.

What business lessons can be learned from the rise of Sula Vineyards as the king of the Indian wine industry?

Key business lessons from Sula's success include the importance of building powerful barriers to entry, leveraging government policies to build a formidable business, and focusing on experience-based marketing to create memorable customer experiences that go beyond traditional advertising.

Outlines

00:00

🍇 Rise of Sula Vineyards: India's Dominant Winemaker

Sula Vineyards, India's largest winemaker, has reported a significant increase in revenues, reflecting the growing trend of wine consumption in India, particularly in Nashik, dubbed India's Napa Valley. Founded by Rajeev Samant, who was inspired by the winemaking conditions in California, Sula has established a vast 1600-acre vineyard, surpassing its competitors in land acreage and production speed. Despite the challenges of the wine industry, including the lengthy cultivation period and complex production process, Sula has managed to become a market leader with a 53% share, largely due to its strategic business moves and understanding of the Indian market.

05:01

📉 Sula's Strategic Growth Amidst Economic Turmoil

The government policies of Maharashtra and Karnataka in 2001 significantly reduced the barriers for winemakers, leading to a boom in wine production. Sula capitalized on this by expanding its operations and securing long-term contracts with grape farmers, ensuring a steady supply of quality grapes at affordable prices. The 2008 financial crisis provided Sula with an opportunity to further solidify its market position by acquiring assets from struggling competitors and focusing on the millennial demographic, which constituted a significant portion of the Indian wine-drinking population. Sula's innovative approach to marketing and understanding of its audience set it apart from its competitors.

10:03

🎉 Sula Fest: A Unique Marketing Strategy for Brand Popularity

Sula Vineyards created Sula Fest, a festival that combines music, camping, and wine tasting, attracting thousands of visitors and becoming one of Asia's largest wine festivals. This event has been instrumental in establishing Sula as a popular brand among Indians, particularly the younger demographic. The festival not only provides a memorable experience but also serves as an effective marketing tool, allowing Sula to educate visitors about its wines and build a loyal customer base. This experiential marketing approach has given Sula a significant advantage over competitors who struggle with advertising restrictions in India.

15:05

🛡️ Sula's Barriers to Entry and Future Market Dominance

Sula has built formidable barriers to entry that protect its market dominance. These include the Sula Fest, which offers an unparalleled customer experience, long-term farmer contracts, and an extensive supply chain that serves thousands of hotels, restaurants, and retailers worldwide. Additionally, high import duties on foreign wines and the challenges of sourcing raw materials in India make it difficult for international competitors to enter the market. Sula's strategic investments in infrastructure and marketing have created a strong brand that is well-positioned to maintain its leadership in the Indian wine industry.

🚀 Business Lessons from Sula's Success Story

The rise of Sula Vineyards offers valuable business lessons. First, building strong barriers to entry is crucial for maintaining a competitive edge. Second, understanding and leveraging government policies can significantly impact business growth. Lastly, experiential marketing can create lasting impressions and brand loyalty, setting a company apart from competitors relying on traditional advertising. Sula's innovative strategies and adaptability have made it a powerhouse in the Indian wine industry, providing a blueprint for success in other sectors.

Keywords

💡Sula Vineyards

Sula Vineyards is India's largest winemaker, highlighted in the script as a company that has not only produced wine but also created a market for its product. It is central to the video's theme as it exemplifies the success story of a domestic business in the Indian wine industry, with a significant market share of 53 percent.

💡IPO

An Initial Public Offering (IPO) refers to the first sale of stock by a company to the public. In the script, it is mentioned that Sula Vineyards has recently filed for an IPO, indicating a significant milestone in the company's growth and its intention to raise capital by offering shares to the public.

💡Revenues

Revenues represent the total income generated from the sales of goods or services. The script reports a 'jump in their overall revenues,' showcasing the financial growth of Sula Vineyards, which is a key indicator of the company's performance and success in the market.

💡Nashik

Nashik is a city in Maharashtra, India, known for its favorable climate and soil conditions for grape cultivation, often referred to as India's own Napa Valley. In the script, Nashik is the location where Sula Vineyards has its vineyards, emphasizing the importance of geographical factors in the winemaking process.

💡Acreage

Acreage refers to the total area of land owned or used for a particular purpose. The script mentions that Sula has an acreage of 2,600 acres, which is more than its next three competitors combined, indicating the scale of its operations and its dominance in the Indian wine industry.

💡Inventory Time

Inventory time is the average period that inventory is held before it is sold. The script contrasts Sula's average inventory time of 465 days with competitors' longer times, demonstrating Sula's efficiency in moving its products to the market.

💡Government Policy

Government policy refers to the decisions and actions made by the government that affect the economy and business environment. The script discusses how the Maharashtra grape processing policy and Karnataka wine policy benefited the wine industry, including Sula, by reducing taxes and easing licensing, which is crucial for understanding the growth of the Indian wine industry.

💡Sula Fest

Sula Fest is a music and wine festival organized by Sula Vineyards, aimed at attracting a younger demographic and creating a memorable experience for wine enthusiasts. The script highlights Sula Fest as a strategic move by Sula to engage with its audience and promote its brand, which is a key aspect of the company's marketing strategy.

💡Millennials

Millennials are the demographic cohort following Generation X and preceding Generation Z, typically those born between the early 1980s and the mid-1990s to early 2000s. The script notes that over 50 percent of Indian wine drinkers are Millennials, which is significant for understanding the target market for Sula's products and its marketing approach.

💡Supply Chain

A supply chain refers to the network of organizations, people, activities, information, and resources involved in producing and delivering a product or service. The script mentions Sula's extensive supply chain, which includes supplying wine to thousands of hotels, restaurants, and caterers, and signing deals with retailers worldwide, illustrating the company's reach and operational efficiency.

💡Barriers to Entry

Barriers to entry are obstacles that make it difficult for new competitors to enter a market. The script discusses how Sula has built significant barriers to entry, such as Sula Fest, its supply chain, and long-term farmer contracts, which protect its market position and are a key lesson for understanding business strategy.

Highlights

India's largest winemaker, Sula Vineyards, reported a strong third-quarter revenue increase.

Wine drinking is becoming trendy in India, especially wine produced in Nashik, known as India's Napa Valley.

Sula Vineyards has an extensive land acreage of 2,600 acres, more than its next three competitors combined.

Sula has an average inventory time of just 465 days, significantly faster than competitors like Fratelli and Grover Zampa.

Sula holds a market share of 53% in the Indian wine industry, making it the dominant player.

Rajiv Samant, the founder of Sula, recognized the potential of Nashik's climate for wine grape cultivation, similar to California's Napa Valley.

The process of establishing a wine grape farm is laborious and can take up to six years before the first bottle is sold.

Government policies in Maharashtra and Karnataka significantly reduced barriers for winemakers, boosting production.

Sula capitalized on the 2008 financial crisis by signing contracts with farmers left stranded by the collapse of other wineries.

Sula identified a younger demographic of wine drinkers in India and tailored its marketing strategies accordingly.

Sula Fest, a music and wine festival, was created to attract and engage the younger audience, becoming one of Asia's largest wine festivals.

Sula's resort and vineyard tourism has made it the most visited vineyard in India, with over 368,000 visitors in FY20.

Sula's supply chain is extensive, supplying to 8,000 hotels, restaurants, and caterers, and signing deals with over 13,000 retailers worldwide.

High import duties on foreign wines and favorable government policies have protected and advantaged domestic wineries like Sula.

Sula's business strategy includes building strong barriers to entry, such as Sula Fest, supply chain dominance, and long-term farmer contracts.

Understanding and leveraging government policies has been key to Sula's growth and success in the Indian wine industry.

Sula's focus on experience-based marketing, such as Sula Fest, provides a more powerful connection with consumers than traditional advertising.

Transcripts

India's largest winemaker Sula Vineyards

file is IPO Dr HP recently

has reported a strong third quarter

update so 13 jump in their overall

revenues here on Earth drinking wine is

now trendy in India especially wine

produced in what could be called India's

own Napa Valley nashik

Sula wine India's largest wine maker

isn't just producing wine but also

creating a market for its product we

have a fantastic journey ahead our Sula

is the leader in that India is changing

so fast wine has terrific prospects here

[Music]

hi everybody solar wines is one of the

most incredible companies in the Indian

business ecosystem and they've

established such an insane dominance in

the wine industry of India that while

Fratelli Vines as a total land acreage

of 240 acres Grover zampa has 460 Acres

but Sula alone has an acreage of 2 600

acres which is more than its next three

competitors combined and what's even

more mind-blowing is that in spite of

having five to ten times more

cultivation while Fratelli had an

average inventory time of 595 days

Grover stood at 878 days whereas Sula

had an average inventory time of just

465 days which means in spite of Sula

producing five times more wine it was

able to push its products at a way

faster Pace than its competitors and

Sula has been such a dominating player

in India that even the biggest

winemakers in the world have not been

successful in India as a result Sula

today stands as the king in the Indian

wine industry with a market share of 53

percent

so in this episode of the underrated

Indian business Maharaja series let's

try to understand how did solar wines go

from being a humble startup to becoming

the king of the Indian wine market what

were the business strategies that held

them get so far ahead of their

competition and most importantly as

students of business what are the

lessons and study materials to help you

understand Sula and the Indian wine

industry

foreign

[Music]

this is when Raji someone was working

with Oracle in California and back home

his father owned a small 20-acre farm in

nashik in Maharashtra and if you know

California has some of the biggest

wineries in the world and it is

literally the fourth largest winemaker

in the world that generates a revenue of

114 billion dollars every single year

and California alone produces 81 percent

of the wine made in the United States of

America

now the reason why California are so so

perfect for wineries is that it has the

best suited climate for Grapevine

production which are warm days cold

nights healthy rainfall and nutrient

rich soil and more importantly a free

draining soil this makes it an ideal

combination for allowing wine grapes to

ripen slowly and evenly and guess what

by looking at the climatic condition of

California Rajiv realized that just like

Napa Valley even the dindori hills in

nashik had the exact same attributes

warm days cool nights healthy rainfall a

nutrient-rich soil and a free draining

soil so after working at his friend's

Winery for three months Rajiv returned

to India planted his first wine grapes

in 1995 and started his quest to make

the best wine in their had ever seen

now most people will be like yeah bro so

what he was a rich dude from California

had lands in nashik so he grew grapes

made wine and started selling them so

what exactly is a big deal in this

well even I thought so but when I looked

deeper into how difficult the wine

business is it blew my mind

did you know that if you decide to grow

wine grape in your farm today it will

take you at least four to six years just

to push out your first bottle of wine

into the market why because preparing a

wine gray Farm is an extremely tiresome

process first of all the soil should be

tested to determine the pH level and

nutrient contents and if it has the

right level of pH and the essential

nutrients like nitrogen phosphorus and

potassium you can go ahead with the

cultivation but if it doesn't then the

land needs to be amended with

fertilizers to achieve the perfect

condition for wine grapes and then if

the land has not been previously used

for grape cultivation it needs to be

tilled and graded to create the proper

drainage and slow for the wine grapes

and this process again takes several

weeks to a few months and it's only

after this tedious procedure that the

wine grape can be planted after that it

will take another two to three years for

the wine grapes to start producing fruit

and then after three to five years they

can be harvested for wine making this is

the start of the wine making process

after that there is the process of

fermentation blending aging stabilizing

filtration and then finally the wine is

bottled labeled and sold in the market

this is the reason why even though Sula

planted its first wine grapes in 1995

the first bottle of wine was actually

sold in 2000. now the question over here

is this was the case with all the wine

makers right then how on Earth did Sula

become a market leader in wines and get

an edge over other competitors

well the first thing that helped Sula

grow was the government policy of

Maharashtra in 2001 which was something

called the Maharashtra grape processing

policy in simple words before 2001 it

was extremely difficult for you to get

approvals to start a wine company and

even if you started one you had to get

your approvals for the plot electricity

Supply and other infrastructure needed

for a winery secondly the excess Duty on

old wine Industries was at 100 of the

production expenditure which means even

if it costs you 1 000 Rupees to make a

bottle of wine the excise duty on it

will be another 1000 rupees so this

clearly made it extremely difficult for

the winemakers to enter the Indian

markets but after this policy came out

the excise duty on old wine Industries

was reduced from 100 to just fifty

percent of the production expenditure

and for new wine Industries it was

reduced to just 25 percent of the

production expenditure on top of that a

single window clearing system was

established for essential licenses plot

electricity Supply telephones Etc on top

of that the government also made

finances easier for the wine companies

so you see licensing was made easier

financing was made easier and the

barrier to entry due to taxes was

reduced this is what caused a huge

increase in the annual production of

wine in the entire state of Maharashtra

whereby wine production shot up to 20

million liters by 2008. secondly by

looking at the massive growth of

Maharashtra even Karnataka came up with

its Karnataka wine policy and just like

Maharashtra Karnataka reduced the time

period it takes for licensing to under

30 days and this gave its local wineries

a boost on top of that they also

increased the excise dution wine made

outside Karnataka from just 10 Rupees a

liter to 300 rupees a liter and cherry

on the cake even the Indian government

made excise duty on import wines to be

150 so even foreign wines could not

enter India so clearly the market was

made conducive not just for Sula but for

all wine makers in India so the question

over here is this government policy

benefit was for all wineries in India

right then what did Sula do special

because of which today it stands as a

market leader with a 52 market share

well until 2008 Sula was just another

winemaker and this is when one of the

worst episodes of world economy happened

2008 was a tumultuous year for the

economy the housing market collapsed

created One financial crisis after

another and it often seems as if the

news could only get worse the American

Financial system is rocked to its

foundation as top Wall Street

institutions topple under a mountain of

debt one of the most profound events in

generations with huge consequences for

the American economy it led to an age of

populism a deep distrust of Wall Street

and a near meltdown of the global

economy

Generations has

had a massive 60 market share in India

but the problem was that they made some

extremely risky bets because of which

they include unsustainable losses in

2008. eventually the Bombay high court

ordered the company to liquidate its

assets

now when this giant company shut down

the farmers who supplied wine glaze were

completely left high and dry why because

if you remember growing wine grapes

takes three to five years just to reach

the productivity levels so the farmers

that grow these grips sign a contract of

10 to 12 years with the wine companies

so that there's a win-win situation the

wineries have a steady supply of grapes

and the farmers can have a steady source

of income secondly they could not shift

to another crop immediately because it

would take another one to two years for

them to clear their gray fields and then

start another Plantation and thirdly

once they clear their great Fields after

one year if there's another buyer in the

market it will take them another four

years just to get back in the market so

the farmers were practically stuck in a

Deadlock

but guess what this is where Sula came

as a savior for these farmers and they

quickly signed contracts at affordable

prices such that Sula could get high

quality grapes at low cost and the

farmers get a steady flow of income the

second thing that Sula did is even more

fascinating Sula found out that the

Indian wine audience is actually far

different from the foreign wine audience

they noticed that while Global wine

drinkers were over the age of 45 in

India wine drinkers were relatively

young in fact later a study stated that

globally 65 percent of the wine drinkers

are over the age of 45 whereas in 2018

the wine intelligence report found out

over 50 percent of the Indian wine

drinkers are actually Millennials as in

people between the age group of 23 to 37

so clearly Sula realized that they have

to do something special that hooks the

Millennials and not the Genex as in our

parents generation

so you know what during the 2008 crisis

while everybody was trying to save every

penny they could Sula made a huge

investment into something called the

Sula Fest and this is what it looks like

[Applause]

[Music]

long story short Sula Fest is a festival

that is meant to give you an

exhilarating experience of soothing

music camping Under A Sky Full of Stars

breathtaking sunrises foot massages and

most importantly the most Exquisite

variety of solar wines and you will be

stunned to know that Sula Fest has been

a massive hit with the football of 10

000 people in 2020 and today it is one

of the largest wine festivals in Asia

and sulaminias today is not just a

destination but a resort that has become

such a tourist Sensation that Sula is

the most visited Vineyard in the country

with 3.68 lakh people visiting in just

fy20 itself and this incredible strategy

ladies and gentlemen gave Sula three

major superpowers number one Sula became

an extremely popular brand among the

millions of India and when many people

visited these Vineyards as it turns out

most of them were doing wine tasting for

the first time so Sula not just became

an important memory for them but was

also able to educate them about all the

different types of wine they had and the

different qualities of wine so this way

they could help the first time wine

tasters find the best suited choice for

them and cherry on the cake if they came

out with a new wine they could easily

Market it to the tourists and last and

most importantly as we all know alcohol

advertising is completely prohibited in

India

so while all sula's competitors struggle

to reach their customers Sula was not

just able to reach them but was also

able to impress them with its incredible

collection of wines and this is what

gave Sula and still gives Sula a very

very big Edge over its competitors

now the last question over here is Sula

obviously might be a leader in India

right but what if an international giant

like treasury vines or diagio enters the

Indian markets in fact they will be able

to produce more varieties of wine and

they'll be able to achieve better

economies of scale than solar right then

what did Sula do special that it is not

being challenged by the international

players at all well this is where the

biggest barrier to entry in the wine

industry of India comes in and if you

understand them you will realize that

Sula is literally the jaikan shikri of

the Indian wine industry

to tell you about it firstly the Indian

government leverages of 150 import Duty

on foreign wine so even if a European

company tries to sell wine at 10 euros

which is 900 rupees when a 150 input

duty is applied it would cost 250 rupees

only because of the duty

add this up with the cost of

transportation and Retail commissions

and you will see that while the same

quality of wine from Sula comes at 800

rupees just because it's a foreign

company it will end up costing 2 500

Rupees at the least so obviously the

foreign wine companies will find it

extremely difficult to penetrate the

Indian wine market and also guys when

you gift expensive foreign wines to

somebody thinking that it will actually

taste better I got to tell you that more

often than not it's expensive not

because it's better but because of the

taxes and by the way only Australian and

UK wines can enter India with less Duty

because of India's Free Trade Agreement

secondly if these foreign companies try

to set up a company in India the biggest

problem they'll face is the sourcing of

raw materials because 60 to 70 percent

of the wine grape Farmers belong to Sula

alone and thirdly even the catch hold of

the land it is very difficult for them

to find a quality Workforce so the

number of skilled wine makers in India

is very very limited and last and most

importantly Sula has built such a vast

and extensive supply chain that as of

2021 they supplied wine to 8 000 hotels

restaurants and Caterers and are signing

up deals with more than 13 000 retailers

all across the world

this is how Sula has sealed its position

as the indisputable King of the Indian

wine industry and this ladies and

gentlemen brings us to the last part of

the episode and that are the business

lessons that we need to learn from the

rise of the wine king of India lesson

number one no matter how good your

business is you must always and always

focus on building a powerful barrier to

entry in this case Sula has built some

extraordinary barriers with Zula Fest

its supply chain and 12 year farmer

contracts so tomorrow even if a

billionaire wants to start a wine

business he cannot build Sula Fest he

cannot catalyze the winemaking process

Beyond Rios and more importantly he

cannot acquire the contracted Farmers

similarly even foreign companies are

stuck with the excise duty barrier so

this makes Sula an extraordinary

business lesson number two understanding

government policies can help you build a

formidable business in this case Mr

samanth kept on expanding Sula wines

with every favorable government policy

because of which today he's literally

the wine king of India and lastly always

remember experience based marketing is

far more powerful will then

impression-based marketing While most

alcohol brands have used surrogate

marketing Sula has gone miles ahead and

has established the Sula Fest to give

their customers and first time wine

drinkers the most memorable and the most

ecstatic experience of wine so the Sula

experience makes it far more powerful

than just a fancy ad as a result sula's

perception will always be ahead of other

brands if this isn't an epitome of

greatness I don't know what is that's

all from my side for today guys if you

learned something I will please make

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studies please subscribe to our Channel

thank you so much for watching I will

see you in the next one bye bye

[Music]