Media company Shemaroo Entertainment gained Rs. 65 crores from its digital media segment in the third quarter of the financial year 2024 (Q3FY24). This marked an 8% year-on-year increase in revenue from this segment. Shemaroo's digital offerings include its streaming service ShemarooMe, and the content it publishes on Facebook and YouTube. As of this quarter, Shemaroo has a cumulative subscriber base of 200 million, with over 100 million views per day across YouTube and Facebook. Additionally, its streaming service, ShemarooMe, has been downloaded more than 10 million times. While the digital segment has shown year-on-year growth, its revenues have increased by only Rs. 2 crore compared to the previous quarter. Hiren Gada, the company's Chief Executive Officer, attributed this modest increase in digital revenue to the major contribution from YouTube and Facebook, platforms that have experienced stagnation in terms of monetization and revenue. He also noted that viewership across Shemaroo's digital segment is still adjusting to post-COVID conditions. Gada added, 'Based on what we've observed from various Over-The-Top (OTT) platforms regarding their viewership numbers, there's been a downward trend. However, this should be seen as the new normal, distinct from the pre-COVID era. I believe we will eventually see a resurgence in consumption growth.'" Operational losses resulting from lower advertising: Shemaroo Entertainment is currently facing a net loss of Rs. 30 crores for this quarter, a significant downturn from the net profit of Rs. 5 crore reported in the previous quarter. Hiren Gada, the company's CEO, attributed this loss to…
