Tips Music, a prominent player in the music industry, has recently disclosed its Financial Results for the Quarter ending June 30, 2023, delivering significant numbers in revenue growth. During Q1 FY24, the company achieved a revenue of ₹52.6 Cr, representing a substantial 54% year-on-year growth.
However, it’s important to take note of the significant rise in the content cost for the quarter, which reached ₹12.2 Cr, indicating a noteworthy 61% increase compared to the corresponding period in the previous year.
Throughout Q1 FY24, Tips Music released a total of 259 new songs, comprising 56 film songs and 203 Non-Film songs. Additionally, Tips Music’s YouTube channel witnessed substantial growth during this period, with 85.5 Mn subscribers and 48.3 Bn YouTube views in Q1 FY24. This signifies a staggering 132% year-on-year increase in their online presence.
To acknowledge and reward their shareholders’ support, the Board of Directors approved an interim dividend of ₹1.00 per share as part of Tips Music’s ongoing efforts to value its investors.
Commenting on the results, Kumar Taurani, Chairman & Managing Director, expressed his delight, stating, “I am pleased to announce that we have achieved our best ever quarter performance, with a remarkable revenue growth of 54% year-on-year. These outstanding results reflect the effectiveness of our strategic initiatives and the dedication of our team.”
He emphasized the company’s focus on delivering captivating music to their diverse audience base and revealed the release of 259 new songs during the quarter. Taurani credited the continuous improvement in market share and rankings to their business approach’s effectiveness, adaptability to market dynamics, and most importantly, the loyalty and support of their valued customers.