Mumbai-headquartered Tips Music, formerly Tips Industries, has reported a surge in revenue in its latest fiscal quarter, as well as growth in its YouTube subscriber base.
The company’s leadership team also commented on its freshly-inked direct deal with TikTok to bring Tips’ music catalog to the platform’s users worldwide (excluding China and India).
For the third quarter of its fiscal 2025 (calendar Q4, ending December 31, 2024), Tips reported revenue of INR ₹777 million, equal to USD $9.2 million at the average exchange rate for the quarter. That marks a 20% jump from the same period a year earlier.
Operating EBITDA came in at INR ₹556 million ($6.6 million), up 28% YoY, giving the company an operating EBITDA margin of 71.6%, up from 67% in the year-earlier quarter.
After-tax profit amounted to INR ₹442 million ($5.2 million), up 27% YoY, for a profit margin of 44.2%, compared to 34.7% a year earlier.
As is customary for Tips, the company didn’t offer full-year guidance for its fiscal 2025, which ends March 31, 2025.

Tips also reported 113 million YouTube subscribers, up from 108 million in the previous quarter. YouTube views hit 171.6 billion, up 17% YoY.
In an investor release on Wednesday (January 22), Tips Chairman and Managing Director Kumar Taurani announced an interim dividend of INR ₹3 ($0.035) per share.
The company has announced interim dividends in each quarter of the current fiscal year, and total payouts to shareholders, including share buybacks, have reached INR ₹1.36 billion ($15.75 million) since the fiscal year began in April 2024.
Taurani said the payments are “in line with our commitment to enhance shareholder value.”
Tips CEO Hari Nair also commented on the company’s direct licensing deal with TikTok, announced in November. The deal will “giv[e] users worldwide access to Tips Music’s diverse library, featuring Bollywood classics and regional hits,” said Nair.
He added the company is seeing “strong growth for our music across digital platforms.”
MBW understands that Tips’ previous deal with TikTok went through Merlin, the digital rights agency representing independent music companies.
The blanket licensing deal between TikTok and Merlin officially expired on October 31, after TikTok scrapped re-licensing discussions with the org, blaming “operational challenges with Merlin in the past where music that is not quality controlled for copyright is delivered”.
In a recent HITS interview, Ole Obermann, Global Head of Music Business Development for TikTok, confirmed that the company has since signed “several hundred” direct deals and that some of those agreements are with “big aggregators” that have “hundreds or even thousands of labels coming through them”.
Tips Music boasts a catalog of some 30,000 songs. During the quarter, the company released 116 new songs, of which 40 were film songs and 76 were non-film songs.
“This quarter saw the release of popular songs like Jutti Kasuri by Gippy Grewal, Afghani Afeem Hai by Tony Kakkar, and Tiyariyan from [the] movie Hoshiar Singh by Satinder Sartaaj, all of which were well-received by our audience,” Tips Executive Director Girish Taurani said.
“We have a very exciting lineup of releases planned for 2025.”
“We have a very exciting lineup of releases planned for 2025.”
Girish Taurani, Tips Music
In 2023, India saw just over 1 trillion total on-demand music streams, including audio and video, compared to 1.454 trillion streams in the US. However, streams in India grew by more than 46% that year, compared to a growth rate of around 12.7% in the US.
Indian music has also experienced significant growth outside India. Global consumption of Indian music on Spotify grew by 2,000% in five years, the streaming service reported last year, with 85% growth clocked in 2023 alone.
Domestically, “the surge in content consumption, facilitated by more affordable data, has been a key driver in the rapid expansion of the streaming audience,” Kumar Taurani told MBW in an interview last year.
“With projections indicating a 15-20% annual growth rate, we are anticipating an industry boom that could potentially elevate the market size to approximately USD $1.5 billion-plus, within the next four to five years.”Music Business Worldwide