Tips Industries Ltd., one of India’s leading music companies, has reported another impressive quarter of revenue growth.
The Mumbai-based company, which holds a vast catalog of 31,000 songs across various Indian languages and genres, recorded revenue of ₹806 million (approximately USD $9.62 million) in its fiscal Q2, ending September 30. This marks a 32% year-on-year (YoY) increase in quarterly revenue.
For the first half of the 2025 fiscal year, Tips generated ₹1.545 billion (USD $18.44 million), reflecting a 36% growth compared to the same period last year.
Tips Music has also seen a significant rise in its YouTube audience, with a 21% increase in subscribers, bringing the total to 108 million during the quarter. CEO Hari Nair emphasized the company’s growing digital presence, saying, “Our YouTube channels’ expanding subscriber base demonstrates our increasing influence and engagement.”
In addition to its growth on platforms like YouTube, Tips has also strengthened its presence on audio streaming platforms such as Spotify and JioSaavn. The company has diversified with a new “Brands & Partnership” division, which has already begun generating revenue, including a recent collaboration with Motorola, which used the track Rangeela Re to promote its new range of colorful handsets.
Tips Industries posted an after-tax profit of ₹482 million ($5.75 million) for the quarter, representing a 21% YoY increase. Its after-tax profit margin was 59.7%, compared to 65.2% the previous year. Operating EBITDA for the quarter stood at ₹595 million ($7.10 million), with a robust EBITDA margin of 73.8%.
During this period, the company released 125 new tracks, including 39 film songs and 86 non-film songs. Kumar Taurani, Chairman and Managing Director of Tips, reiterated the company’s strategy, saying, “Our relentless focus is on acquiring high-quality music content.”
Taurani also announced the company’s second interim dividend for FY 2025, at ₹2 per share. So far this fiscal year, Tips has distributed ₹255.6 million ($3.05 million) in dividends, with a total shareholder payout of ₹977.4 million ($11.67 million) when factoring in share buybacks.
The company’s continued growth comes as the Indian music industry experiences a boom, both domestically and internationally. A report from EY India highlighted that music publishing revenues have surged 2.5 times in just three years, from ₹3.4 billion ($40.8 million) in 2019-2020 to ₹8.84 billion ($106.1 million) in 2022-2023.
Moreover, data from 2023 shows that India could soon surpass the United States as the largest music streaming market by volume, with over 1 trillion streams recorded in India last year, compared to 1.454 trillion in the US. India’s streaming market grew by more than 46% in 2023, compared to just 12.7% growth in the US.
Kumar Taurani noted that affordable data prices have been a key factor driving this surge in music consumption. Tips has also seen increasing demand for its content in international markets, including the US, Canada, the UK, the Gulf, and other countries, fueled by the rising global popularity of Indian music.
Looking ahead, Taurani remains optimistic about the future, forecasting rapid growth in India’s domestic music market. He expects the industry to expand by 15-20% annually, potentially reaching USD $1.5 billion or more in the next four to five years.
