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Zee Entertainment ad revenues grow by 2.9% in Q2FY18

Zee Entertainment Enterprises Ltd, which operates entertainment channels such as Zee TV and Zee Cinema reported consolidated revenue of Rs 1582.1 crore for the quarter ended June 30, 2017 (Q1 FY18).  This represents a dip of 6.7% from Rs 1695.4 crore in the same quarter last year. In the previous quarter, total revenues stood at Rs 1540.3 crore.

The media conglomerate’s Profit After Tax (PAT) went up by 148% YoY at Rs 591.2 crore during the quarter, which also includes gain from the sale of its sports business (Zee sold Ten Sports to Sony).

The company posted Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of Rs 491.2 crore, registering a marginal growth of growth of 0.4% from Rs 489.2 crore in the same quarter last year. EBITDA margin stood at 31% for the Q2FY18.

Financial highlights- Q2FY18

  • Advertising revenue: Rs 986.7 crore, a YoY growth of 2.9% from Rs 959.2 crore in the same quarter last year. Zee said that advertisers were negatively impacted during transition to GST which led to a temporary pull-back on their ad spends.
  • Domestic ad revenue: Rs 902.8 crore, up 5.8%
  • International ad revenue: Rs 52.1 crore, declined by 19.9%. The company said that it was impacted due to currency appreciation and continuation of some region-specific issues.
  • Subscription revenue: Rs 501.4 crore, down 14% from Rs 583.3 crore in the same quarter last year. ZEEL said in a statement that content deals with distributors are taking slightly longer due to litigations regarding the TRAI tariff regulation.
  • Domestic subscription revenues:  Rs 404.3 crore, up by 7.2%
  • International subscription revenues Rs 97.1 crore, down 16.1%. ZEEL said that the subscription revenues were down on account of sale of its sports business.

Digital Platforms

Zee did not mention any numbers on its digital platform DittoTV. But, regarding its video-on-demand platform Ozee, ZEEL said that it registered an average of 115 million video views per month during the quarter. In Q1FY18, Ozee recorded average of over 65 million video views during the quarter. Zee said that the performance of its digital platforms provides a sound launch-pad for the new digital platform Z5.

Other Businesses highlights

  • Punit Goenka, Managing Director & CEO, ZEEL confirmed in its earnings release that the company will launch its new digital product ‘Z5’, in the second half of this financial year.
  • In August this year, Zee decided to merge its digital media and entertainment business undertakings of Zee Digital Convergence Ltd, including the Ditto TV and Ozee businesses, with the parent company ZEEL. In addition to this, it merged the online media business of India Webportal Private Ltd (which ran India.com and its affiliated websites) with ZEEL as well.
  • During Q2 of FY 2017-18, the transaction for Sale of Sports Broadcasting business of the Company to Sony Pictures Networks India was consummated.
  • ZEEL also acquired 9X Media Private Limited and INX Music Private Limited for an all-cash deal worth Rs 160 crore.

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