The money: Saregam, which is a music label, production house, and sells music-players called Carvaan, reported a reduction in consolidated income by 16.4% YoY, to Rs 132 crore in Q3FY20. Its net profit fell 23% YoY to Rs 13.4 crore. Profits of the company's music segment — which accounts for 90% of its revenue — reduced by 24.4% this quarter from the corresponding quarter of FY19. Revenue from the music segment fell 19%, and remained largely flat for both the films and publications segment. While the Films/TV segment earned a net profit of Rs 5.31 crore last quarter (Q2FY20), net profit fell to Rs 96 lakhs this quarter. This is double the net profit of Rs 27 lakhs in Q3FY19, which indicates that Q3 isn't particularly great for Saregama. Carvaan sales drop: Sales of the company's flagship product Carvaan dropped to 198,000 units in Q3FY20, from 297,000 units in Q3FY19. Festivals sales were lower than expected as there were lower footfalls in consumer durables and telecom outlets, the company said. Almost half (49%) of the revenue from Carvaan came from mid to small towns, compared to just 36% in Q1FY19. The company also added podcasts to Carvaan 2.0 to broaden its appeal to younger people. The company also lists a variation for Karaoke, live housie, Art of Living variations for the Carvaan line, and also plan to add earphones. Gross margin of Carvaan was 25% for Q3FY20. OTT streams: Saregama licenses music to 8 Indian OTT platforms, and 45 global OTT…
- Here are 6 ways the Indian government is collecting your facial data March 30, 2023
- India’s telecom regulator Directs Telcos to Report Major Network Outages March 30, 2023
- No report available on economic cost of internet shutdowns in India: Telecom Dept in Parliament March 30, 2023
- MediaNama Daily: Fraud vs Fintech March 30, 2023
- RTI: The curious case of ‘no data on insured vehicles’ with India’s Insurance Regulatory Authority March 29, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...