TIPS Industries Limited (Tips Music), one of India’s leading music labels dedicated to creating and monetizing music, recently unveiled its Financial Results for the quarter ending September 30, 2023. Here are the key highlights:
- Impressive Revenue Growth: Tips Music reported its highest-ever quarterly revenue, totaling ₹60.9 Cr, marking a substantial 23% year-on-year growth. The revenue for the first half of the fiscal year 2024 (H1 FY24) reached ₹113.5 Cr, showing a remarkable 35% year-on-year increase.
- Reduced Content Costs: The content cost for the quarter came in at ₹4.7 Cr, in stark contrast to the ₹17.2 Cr recorded in Q2 FY23, showcasing a significant cost reduction.
- Song Releases: In Q2 FY24, the company released a total of 130 new songs. Out of these, 62 were new film songs, while 68 were non-film songs, demonstrating a diverse musical catalog.
- YouTube Milestones: Tips Music’s YouTube channel made substantial progress, with its subscriber count reaching an impressive 89.7 million. In Q2 FY24, the YouTube views surged to 50.9 billion, marking an impressive 86% year-on-year growth.
- Shareholder Rewards: The Board of Directors sanctioned an interim dividend of ₹2.00 per share for Q2 FY24. This brings the total interim dividend for H1 FY24 to ₹3.00 per share, reflecting the company’s commitment to rewarding its shareholders.
- New CEO Appointment: Mr. Hari Nair has assumed the role of the company’s Chief Executive Officer. With a rich professional background spanning 25 years, including two decades in the music industry, Mr. Nair brings a wealth of expertise to the organization. His appointment reinforces the company’s leadership team and positions them for further success in the dynamic music industry.
Commenting on the results, Mr. Kumar Taurani – Chairman & Managing Director said, “I am pleased to announce that Tips has achieved the highest ever quarterly revenue of Rs. 61 crore, representing a growth of 23% year-on-year. This achievement is a testament to the hard work and dedication of our entire team.
During this period, we released a total of 130 new songs of which, 62 were captivating new film songs and 68 were non-film songs. This diverse range of music showcases our ability to cater to a wide spectrum of tastes and preferences, solidifying our position as one of the leading music labels in the industry.
In the digital realm, our YouTube channel subscriber numbers have reached 89.7 mn while our YouTube views for Q2FY24 reached 50.9 bn up 86% y-o-y. This reflects the popularity of our repertoire.
I want to share another positive development with you. Mr. Hari Nair has recently joined us as our CEO. He has over 25 years of diverse experience in media and technology. Mr. Nair brings a wealth of knowledge and expertise to our organization. His extensive background in the music industry, spanning two decades, further strengthens our leadership team. I am confident that under his guidance, we will continue to innovate and thrive in this dynamic industry.
I want to express my gratitude to all our stakeholders who have supported and believed in our vision. We remain committed to delivering exceptional music experiences and exploring new avenues for growth.”