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Eros International’s total revenues decreases 39.74% to $60.5M in Q3 FY16

ErosNow

Eros International has reported digital & ancillary revenues of $22.2 million for the quarter ended December 31, 2015, registering an increase of 4.23% from $21.3 million in the same quarter last year.  The segment accounted for 36.7% of Eros International’s quarterly revenues but accounted for 21.2% of total revenues in the same quarter last year.

Total revenues stood at $60.5 million in the quarter, down 39.74% from $100.4 million in the same quarter last year.

Eros’s digital businesses include its video on demand service Eros Now, its YouTube channel, and more significantly, it’s distribution via cable based VoD services called “Bollywood Hits On Demand” with Cox, Rogers, Cablevision and Time Warner, apart from services in the UK and Middle East.

Theatrical revenues: Theatrical revenues decreased to $25.8 million for the quarter, from $42.8 million revenues in the same quarter last year. However, note that these revenues are significantly dependent on number of film releases in a quarter.

The company had released one high budget movie, four medium budget movies and 10 low budget movies during the quarter as against three high budget films, one medium budget film and nine low budget films.

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The segment accounted for 42.7% of Eros International’s quarterly revenues, up marginally from 42.6% contribution in the same quarter last year.

Television syndication revenues: The television syndication revenues were at $12.5 million for the quarter, down from $36.3 million in the same quarter last year. The segment accounted for 20.6% of the Eros International’s quarterly revenues, as compared to 36.2% contribution in the same quarter last year.

Regional segmentation of revenues

India: Revenues by customer location in India increased 13% to $34 million for the quarter, from $30.1 million in the same quarter last year.

North America: Revenue by customer location in North America increased to $4.1 million for the quarter, from $0.9 million in the same quarter last year due to change in film mix in both the periods.

Europe: Revenue by customer location in Europe decreased 58.3% to $6.3 million compared to $15.1 million in the same period last year.

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Rest Of The World: Revenue from the rest of the world decreased 70.3% to $16.1 million for the quarter, from $54.3 million revenues in the same quarter last year.

Financials

The overall revenues decreased 39.74% to $60.5 million for the quarter, from $100.4 million revenues in the same quarter last year. The net profit also decreased 108% to $12.3 million for the quarter, from $30 million in the same quarter last year.

Other developments

– Eros said that it appointed Skadden, Arps, Slate, Meagher & Flom LLP and affiliates, a New York law firm, to assist it in undertaking an internal review regarding allegations of overstating its theatrical revenues and and revenues from its digital business. More on that here, here and here. “The internal review is at an advanced stage and we are satisfied with its progress. We expect to conclude our review in March and to make a further statement at the time,” the company said.

– The company said that it has begun monetizing its digital platform Eros Now. From December 2015, Eros launched its new two-tier premium pricing in India of Rs 50 ($0.77) and Rs 100 ($1.54) per month. “The Company continues to progress in converting its registered users to paying subscribers, currently at under 1% of its user base, and expects to reach 1 million paying subscribers by the end of Fiscal Year 2017,” it added.

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– The company signed integration deals with Airtel and Idea Cellular for Eros Now. The company is exploring other deals with telecom operators.

– UK based audio content streaming provider Audioboom (previously known as Audioboo) signed an agreement with Eros Now to launch its service in India.

– Eros Now has rights to over 4,750 films across Hindi and regional languages from Eros’s internal library as well as third party aggregated content. Eros Now also aggregates music from 13 Indian music labels and offers over 200,000 music tracks.

– Eros also announced that it is producing four new original shows in 2016. The shows are Flip (April 2016), Lost (July 2016), Smoke (September 2016) and Legacy (November 2016).

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