It is always a pleasure and privilege to share with you the performance and prospectsof your Company.
The Indian Media and Entertainment industry has been undergoing a digitaltransformation for a few years now. This transformation while disrupting many traditionalmodels has also opened up new vistas and opportunities. A key trend that has emergedstrong last year has been the rising acceptance and growing popularity of OTT platformslike Amazon Prime Netflix and others. With increasing proliferation of smart devices andfalling data rates content consumption on-the-go on smart devices is emerging as a newgrowth horizon.
The impact of digitisation is also strongly evident in the music segment where salesof music through digital channels account for nearly 65 per cent of the total sales in thecountry. Music videos now have the highest viewership on channels like YouTube.
As far as the performance of your Company is concerned this year was an year ofbusiness-as-usual. On the music business front our revenue was Rs. 42.59 Crores comparedto Rs. 31.95 Crores in the previous year. Our rich and diversified collection of over25000 songs across all genres and major languages makes it one of the most evergreencollection in the industry appealing to wide spectrum of audiences across agesethnicities and regions. The fact that over 90 per cent of our music library is digitisedmeans that it is available for streaming and download on industry leading digital musicplatforms and market-places like iTunes and Google Play as well as top Indian streamingplatforms like Saavn and Gaana.
On the film business front we launched the third series of our Race franchise duringthe year in association with Salman Khan Ventures Private Limited. This joint venture filmdoes not entail any investment from the Company. The Company will get free music rights aswell as share of profit. The film has top stars like Salman Khan Anil Kapoor Bobby DeolJacqueline Fernandez Daisy Shah and others. Race3 is slotted for a pan-India release onEid 15 June 2018.
Based on the above the Company's performance during the year was In Tune and In Syncand as per expectations.
The Total Revenue for the year was Rs. 4992.85 lakhs compared to Rs. 6642.26 lakhs inthe previous year. Net Profit for the year was Rs. 312.87 lakhs compared to Rs. 299.02lakhs last year. The Board of Directors have recommended a dividend of Rs. 1/- per share(10%) subject to the approval of shareholders.
The Company continues to be amongst the forerunners in leveraging its presence on thedigital platforms using the social media. The Company's FB page has over 5.8 millionfollowers. What is more exciting is the fact that we have over 9 million subscribers onYouTube quite a significant achievement. We are all set to increase our presence onYouTube to 1 crore subscribers in the next few months. I would request all ourstakeholders to support our digital presence by following us on YouTube as well as FB. Iassure you the content you will find there is both entertaining and engrossing.
I am quite positive about the next year when we will see the release of Race3. Inaddition we are also looking at securing more music rights at a lower cost that willenrich our music library.
I thank all our stakeholders for their continued support and trust and assure you wewill continue with endeavour to produce films with wholesome family entertainment andcapitalise on our significant digital assets in the form of our music library to unlockmore value for all the stakeholders.
Chairman and Managing Director