India-based entertainment firm Tips Industries has published its quarterly financial results for calendar Q2 (the three months to end of March).
The headline figure from the company’s Q2 quarterly results (Tips’ fiscal Q1 2024) was that it generated revenues of 52.6 crore (526 million Rupees).
That revenue figure converts to approximately USD $6.4 million (at current exchange rates) and, and was up 54% YoY.
Commenting on that result, Kumar Taurani, Tips’ Chairman & Managing Director, said that it was the company’s “best-ever quarter performance”, pinning the results on “the efficacy of our strategic initiatives and the dedication of our team”.
Founded in 1990 by Kumar Taurani and Ramesh Taurani, Tips has released music for some of the biggest Bollywood blockbusters of the 1990s and 2000s. It is home to many popular Bollywood artists including Alka Yagnik, Udit Narayan, Kumar Sanu, and Sonu Nigam.
The company’s music catalog covers Bollywood films including Race, Taal, Pardes, Raja Hindustani, Dil Hai Tumhara, Genius, Entertainment, Phata Poster Nikla Hero, Ramaiya Vastaviaya, Prince, Khalnayak, Kismat Konnection, and many more.
Tips reports that its catalog now features 30,000 songs “across genres, languages and decades”.
The company says that it released 259 new songs in calendar Q2 (Tips’ fiscal Q1 2024) and that out of those 259 tracks, 56 were new film songs and 203 Non-Film songs.
Another major highlight from the company’s quarter was its YouTube subscriber growth and view count.
Tips’ YouTube subscriber base now stands at 85.5 million, and in calendar Q2, the company’s YouTube views reached 48.3 billion, up 132% YoY.
Tips, which trades publicly in India, also reported its financial results for its full fiscal year ending June 30 in the new filing.
According to the filing 186.8 crore (1.868 billion rupees) in the 12 months ending June 30.
That revenue haul for the company’s full fiscal year converts to approximately $22.7 million and represented 38% YoY growth versus the full fiscal year ending June 30, 2022 (see below).
Elsewhere in Tips’ Q2 results, the company reports that music streaming comprised 67% of its total revenues in its fiscal 2022 and that 48.3% of all streams were subscription-based.
Physical music, meanwhile accounted for 19.2% of the company’s revenues in its fiscal 2022.
Tips’ revenue growth in calendar Q2 and the 12 months preceding June 30, 2023, arrives amid strong revenue growth in the wider Indian music business.
Commenting on the Results, Kumar Taurani – Chairman & Managing Director said: “I am delighted to announce that we have achieved our best-ever quarter performance, with remarkable revenue growth of 54% year-on-year. These outstanding results reflect the efficacy of our strategic initiatives and the dedication of our team.
“During this quarter, we remained focused on our core objective of delivering captivating music to our diverse audience base. I am elated to announce that we released a total of 259 new songs during this period.
“Looking ahead, we are committed to sustaining this momentum and pursuing avenues for further expansion. Our focus remains on nurturing talent, creating compelling music content, and enhancing our market presence through strategic collaborations and partnerships.”
Kumar Taurani, Tips Music
He added: “Our consistent gains in market share and the continuous improvement in our rankings signify the effectiveness of our business approach, our ability to adapt to changing market dynamics, and most importantly, the loyalty and support of our valued customers
“Looking ahead, we are committed to sustaining this momentum and pursuing avenues for further expansion. Our focus remains on nurturing talent, creating compelling music content, and enhancing our market presence through strategic collaborations and partnerships.
“I want to extend my gratitude to our Investors who supported and believed in our vision. We are committed to creating sustainable growth and value for all our stakeholders.”Music Business Worldwide