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Q1-10: UTV Gaming Revenues Down 19% YoY, Losses Up

logo-utvUTV Software, a BSE listed company in which Disney owns a significant stake, has reported a decline in the contribution of gaming to its revenues: while last quarter, the Gaming division contributed 22% to UTVs overall revenues, for the quarter ending June 30th 2009, Gaming contributed only 14 percent.


Details: Financials | Release | Call (None)

UTV reported an EBITDA loss of Rs 96.4 million for its gaming segment, up from a loss of Rs. 33.03 million reported in Q1 last year, and lower revenues at Rs. 117.16 million, from Q1-09. The investment in gaming continues with Rs. 3976.84 million invested in the gaming business in Q1-10, up 89.4 percent year on year. Revenues were down, according to the company, because no game was released this quarter. There’s nothing on Indiagames’ contribution to gaming revenues, but the gestation period for mobile games should be comparatively less than for console and MMOGs.

UTV expects Indiagames to record growth during the year. The company expects Ignition to see continued growthand for True Games to launch of its online games and platform in Q4 of this year


Their Console Games company, Ignition, has two games releasing in the US and EU – King of Fighters XII and Muramasa – The Demon Blade in the coming quarter. UTV says that Warrior Epic, an online game released by True Games is still in beta mode.

New Media

UTV New Media recently hired a new CEO – Manish Agarwal, with TN Prabhu stepping down. During the quarter, the New Media division reported revenues of Rs. 27.88 million, up marginally – 6.87% year on year, on a rather low base, while EBITDA losses mounted, increasing from Rs. 6.38 million Q1-09 to Rs. 21.08 million in Q1-10.


We’re rather bearish on the New Media front for FY-10: UTV has licensed out its own music content for mobile to T-Series, which means Hungama will distribute it on the mobile. It will take time for relaunched Bindass.com to register significant revenues, though they appear to have quite a few brands on board. Wonder if UTVi will become the cash-cow that Moneycontrol.com is believed to be? 2009-10 should be a year for UTV New Media to invest in the Internet business and take a cross-media approach. So far, the “Web Mobile Internet” hasn’ quite come together.

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