UTV New Media – rather, UTV Interactive – the digital (non-gaming) arm of the UTV Group has reported a total revenue of Rs 23.92 crore for the year ended 31st March 2011, an increase of 88.6% over last year’s revenues of Rs 12.68 crore. The company has turned profitable and generated a net profit of Rs 4.41 crore, compared to a net loss of Rs 7.37 crore that it reported last year. Total expenditure of the unit also declined from Rs 19.04 crore in FY 2009-10 to Rs 18.45 crore in FY 2010-11. UTV New Media had set a target of reporting a marginal profit, and Rs. 30 crore in revenue. While the unit has been able to register profit, the revenue that it generated missed the company’s target. (Nikhil adds: it’s worth pointing out that UTV New Media’s reported profit is higher than that of Indiagames, even though the latter had higher revenues)
Lots of changes have taken place at UTV New Media/Interactive: the company, which focuses on websites and digital rights on mobile and other digital platforms, was also conducting UTV’s celebrity and video business until 1st January 2011, which is now being directly handled by the parent company, according to UTVs Annual Report. UTV New Media/Interactive has also given Techtree, CXO Today and ChannelTimes, the three properties it acquired when it bought IT Nation, to Trivone Digital Services, a digital content services company, under a management contract, under which Trivone takes care of the sales, and manages the sites under a revenue share arrangement.
The company has outlined a growth strategy to focus on technology partnerships, in addition to content creation.