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The Global Industry Classification Standard (GICS®)

The Global Industry Classification Standard (GICS®)

Introducing Communication Services Sector in 2018

The last several years have seen rapid evolution in the way people communicate, access entertainment content and other information. This evolution is a result of the integration between telecommunications, media, and internet companies. Companies have moved further in this direction by consolidating through mergers and acquisitions and many now offer bundled services such as cable, internet services, and telephone services. Some of these companies also create interactive entertainment content and aggregate information that is delivered through multiple platforms such as cable and internet, as well as accessed on cellular phones.

Summary of changes

  • Telecommunication Services Sector renamed to Communication Services Sector
    • The Telecommunication Services Sector is renamed to Communication Services to include companies that facilitate communication and offer related content through various media. It includes:
    • Media companies moved from Consumer Discretionary to Communication Services
    • Internet services companies moved from Information Technology to Communication Services
  • Information Technology Sector
    • The Internet Software & Services Industry and Sub-Industry is discontinued
    • A new Sub-Industry is created under the IT Services Industry called Internet Services & Infrastructure
    • The Application Software Sub-Industry is updated to include cloud-based software companies
  • Consumer Discretionary Sector
    • The Media Industry Group is moved out of Consumer Discretionary and into the Communication Services Sector, and renamed Media & Entertainment
    • E-commerce companies are moved from Information Technology to Consumer Discretionary

These changes were implemented after the close of business (ET) on Friday, September 28, 2018 in GICS Direct and in the MSCI Equity Indexes in one step as part of the November 2018 Semi-Annual Index Review.

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