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Network18’s digital news properties see revenue growth, but BookMyShow continues to struggle

Network18's digital news properties, which includes websites like moneycontrol.com and News18.com, saw a 38% year-over-year growth in terms of revenue, as the company said it saw a sharp growth in advertising in the quarter ending September 30, 2020. The company's on-demand digital content platform Voot saw an improvement in monthly active users, however, its ticketing platform BookMyShow continued to feel the brunt of theatre closures because of the COVID-19 pandemic. The group's streaming platform Voot witnessed a "significant improvement" in monthly active users (MAU) with the resumption of fresh content during the pandemic, the company said without specifying the exact number. The average user spent around 52 minutes on the OTT service every day. Voot, it said, "enjoys the most loyal audience amongst broadcaster-OTTs." It faces competition from rival broadcasters like Zee, and Sony who offer similar services, along with platforms like Netflix and Amazon Prime Video. Ticketing platform BookMyShow continues to face pressure due to the shuttering of cinema halls and event venues due to the pandemic. The company is optimising costs "across the board" to mitigate the impacts. However, Network18 told investors recent government directives to reopen cinema halls are "major positive". The conglomerate told investors in its earnings release for Q2 2020-21 that the pandemic has changed consumer habits in favour of media consumption in general, and it believes its TV and digital properties will grow in tandem. Company reports ₹68 crore net profit in quarter: Network18 posted a net profit of ₹68 crore for the quarter ended…

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