Media conglomerate ZEEL has seen a recovery in advertising with its domestic advertising revenue growing by 7.5% in Q3 FY21. On a QoQ basis, the domestic advertising revenue for the quarter grew by 43.6% reflecting the rebound in consumer demand and spending.
The domestic subscription revenue grew by 9.3% on a like-to-like basis driven by both television and ZEE5. The reported subscription revenue growth of 18% includes revenue from the music business which has been reclassified as subscription revenue in this fiscal.
During the quarter ended 31st December, the company reported ad revenue of Rs 1302 crore compared to Rs 1230.8 crore in the same quarter of the previous fiscal. The company's subscription revenue stood at Rs 841.9 crore compared to Rs 713.7 crore a year ago.
Consolidated revenue grew by 33.2% to Rs 2729.3 crore thanks to a content syndication deal of Rs 551.2 crore. Excluding the content syndication deal, the consolidated revenue grew 6.3%. The syndicated content had an inventory value of Rs. 473 crore which was amortised during the quarter.
The company's international business reported advertising revenue of Rs. 57.7 crore, Subscription revenue of Rs. 109.1 crore, and Other Sales & Services revenue of Rs. 569.5 crore.
Underlying EBITDA (excluding content syndication revenue and cost) stood at Rs. 637.5 crore. EBITDA margin stood 29.3%. EBITDA grew 26.5% to Rs 715.7 crore compared to Rs 565.8 crore. Net profit was up 14.4% to Rs 399.9 crore compared to Rs 349.4 crore.
Expenditure rose 35.8% to Rs 2013.6 crore compared to Rs 1482.9 crore a year ago. Operating expenses jumped to Rs 1414.2 crore as against Rs 847.6 crore in Q3 FY20. Advertising & promotional expenses dropped to Rs 179.8 crore compared to Rs 190.8 crore. Other expenses fell to Rs 212.4 crore from Rs 237 crore.
ZEEL had an all India viewership share of 18.2% in Q3. The company said that its network share declined due to FTA channels losing share and decline in the overall Hindi movie genre. However, ZEE’s multi-lingual movie portfolio now garners a quarter of total viewership across all movie channels in India.
During the quarter, the company had launched two new channels Zee Zest and Zee Vajwa taking the network channel count to 47. In the last 14 months, the company has launched six new channels.
The company's video streaming platform ZEE5 recorded Q3 revenue of Rs. 117.8 crore while the EBITDA loss stood at Rs. 175.7 crore. ZEE5 global MAUs and DAUs stood at 65.9 million and 5.4 mn respectively in December 2020. The platform recorded 133 minutes average watch time per viewer per month in December 2020
ZEE5 launched 18 original shows and 2 original movies released during the quarter. It also released seven movies across languages on the ‘Pay Per View’ model.
The company's motion picture arm Zee Studios released five movies during the quarter including four theatrical releases. Zee Studios released Suraj Pe Mangal Bhari in theatres, which was the first Hindi movie to be released in theatres during the unlock phase. It plans to release four new films in Q4 which includes two Hindi and two regional movies.
Zee Music notched 50%+ YoY growth in YouTube video views, showing strong consumer affinity for the ZMC music library. It also added 5 million subscribers on YouTube. With 68.3 million subscribers, it is the second most subscribed Indian music channel on YouTube.
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