Q1FY21: ZEEL's consolidated revenue down 34.7% to Rs 1,312 crore
Domestic subscription revenues grew by 6.2% YoY
Zee Entertainment Enterprises Ltd (ZEEL) reported a decline of 34.7% in consolidated revenue to Rs 1,312 crore, against the Rs 2001.8 crore in Q1 FY20.
As per the financial statement, EBITDA for the quarter stood at Rs 219.9 crore, a decline of 66.7%, against Rs 659.8 crore in the previous year quarter. Meanwhile, the company posted an increase in domestic subscription revenue by 6.2% for the quarter.
The company said, “Domestic subscription revenues grew by 6.2% YoY on a higher base (47% growth in base quarter), primarily led by ZEE5 subscription revenue. However, despite a sharp increase in viewership across mediums, monetization was really weak in Apr-May leading to 66% YoY decline in domestic advertising revenues."
The company stated in the financial results that no fresh episodes of existing shows were produced in the first two months, leading to a drop in programming cost. This reduction was partially offset by content shot at homes and purchase of licensed content for linear and digital businesses. Additionally, amortization cost of movies and digital shows continued.
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