Tips Music Limited (TIPSMUSIC) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q4 and FY '22 Earnings Conference Call of Tips Industries Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Faraz Ahmed from Orient Capital, Investor Relations Partner. Thank you, and over to you, sir.

Thank you, and welcome to the Q4 and FY '22 Earnings Call of Tips Industries Limited. Today, on this call, we have Mr. Kumar Taurani, Chairman and Managing Director; along with Mr. Girish Taurani, Executive Director; Mr. Sunil Chellani, CFO; and Mr. Avtarsingh Jeswani, Vice President, Accounts and Finance. The conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations as of today, and actual results may differ materially. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. A detailed safe harbor statement is given on Page 2 of the company's investor presentation, which has been uploaded on the stock exchange and company's website as well. With this, I hand over the call to Mr. Kumar Taurani for his opening remarks. Over to you, sir.

Thank you, Faraz. Good evening, friends and welcome to the Q4 and FY '22 earnings call of Tips Industries. It gives me immense pleasure to say that Tips Industries Limited has delivered a strong financial performance, and we continue to strive to perform better with each passing year. We remain focused on delivering great digital content to a wide range of audiences. This quarter, Tips Industries has released 73 new songs for FY '22. New releases stands at 276 songs. Our song, "Sabki Baratein Aayi" has witnessed great traction and received 100-plus million views, and we continue to harness our old repertoire and club it with new and upcoming talent under the Tips Music banner and aim to deliver many more tracks. Our YouTube channel has over 65.72 million subscribers, followers, and our views have crossed 59.6 billion for financial year '22. We are quite confident of increasing our music market share in the coming years on the basis of our repertoire, new releases and promoting new artists. I would like to highlight that all numbers for FY '22 pertain only to music business. Now let me hand over the call to Mr. Sunil Chellani, our CFO, to share the financial highlights of the quarter.

Thank you, sir. Good evening, everybody, and warm welcome to our Q4 and FY '22 earnings call. I would like to bring to everybody's attention that our Q4 and FY '22 results have been published are on a stand-alone basis and do not include financial of the Movie business. Another thing I would like to highlight our accounting policy of recognizing the content charges for a particular period. As a practice, we write-off full content cost that is 100% of content costs incurred in a particular year has been charged to P&L account and none of the expenses is capitalized and taken to our balance sheet. This policy has been followed since inception of the company. We continue to find it prudent. Let me take you through the financial highlights now. Our revenue from operations for Q4 FY '22 stood at INR 34.1 crores as compared to INR 27.6 crores for Q4 FY '21, a growth of 23%. Our music revenue for the year stood at INR 135 crores in FY '22 versus INR 90.5 crores in FY '21, a growth of 50%. EBITDA stood at INR 20.3 crores for Q4 FY '22, a growth of 7% as compared to the same quarter last year. For FY '22 our EBITDA was INR 86.2 crores in FY '22 versus INR 55.2 crores in FY '21, a growth of 56%. Our EBITDA margin for FY '22 was at 64% versus 61% in FY '21. Profit after tax stood at INR 15.9 crores for Q4 FY '22 which translates into PAT margin of 45% for the quarter. For FY '22 our PAT stood at 64.6% versus 43.5% in FY '21, an improvement of 49% over the previous year. With this I open the floor for discussion. Thank you everybody gentlemen.

[Operator Instructions] The first question is from the line of Sagar Jethwani from Phillip PMS.

Sir, my question is, when can we see a higher share of movie songs given that historically our top 15 songs by views on YouTube of Tips Industry, so have been all from the movies. So when can we see that? This is my first question. Second is between film songs, non-film songs and devotional songs, which are the most profitable category for us? And amongst these, if you can elaborate what are the yields payback period? And also, if you can comment on how are the dynamics of the new artists? I mean, it might be taking higher spends on the promotion and et cetera. So that would be very helpful. And third is on the effective tax rate of FY '23.

First question, what you said 15 songs, what I didn't understand that.

Yes. So I'll repeat my question. So first question was basically, when can we see a higher share of movie songs given that historically, our top 15 songs have been all from the movies, this is from the YouTube?

Yes. I think movies, movies really command the tremendous business and volume for us. Our 90s songs also do very, very well. Our many, many songs we have. We have 600, 700 A-quality A-grade songs, I think 800 songs. So they -- month-on-month basis, they really generate big volumes. So that is not a problem for us. It's already happening, I can say. As far as new movies are concerned, we are in the process of releasing -- we are acquiring new music for movie rights, even in other languages. So -- and it is going to release. Last movie, I think we released was Cooli #1 and this Bhoot police. I think they have generated -- the Cooli #1 was a big numbers that generated. As far as Bhoot police is concerned, it has generated a mid kind of numbers because it was -- it released on OTT because at that time, COVID was a problem. So it didn't done that well. But I feel the movie business, sometimes songs gets picked up in second or third year, even in fourth year. So I'm hopeful it will do good because music was good. So that is the answer for your first question. Number two is songs, film, non-film, emotional, new artists, what you said. See, my -- what we do is we try and our target is we should recover our investment in the first 3 years. So that we are working on that. But still, we -- from this year onwards, we will come to know what pattern is looking like. If you see last year, till last year, even in current year, we have released a reasonable size of songs. We have not invested huge money on content cost. We have invested. But again, it's limited because everything was sold out, you have to prebook films, music or artists, whatever you do. So we are gearing up towards that. From this year onwards, you will see many more music releases, film releases, South Indian this and that, you will see many things. So -- and overall, I feel 3 years is a good period to recover our money, and I'm quite hopeful it will be achieved. As far as new artists are concerned, see, new artists, sometimes you have to keep investing in them. We don't know which song of theirs will be hit. Sometimes it takes 2, 3 songs, even fourth song will be a hit of the artists, then earlier 3, which was a semi hits, it will again get viewed. And it will -- again, people will see again and again. So that's the music business actually. We keep on reworking on our repertoire. Recently, we have released this "Mangta hai kya" song from Rangeela film, we have recreated. Before that, we did "Sab ki Baratein Aayi" and we are doing very good numbers on that. Sab ki Baratein, I think 6 months back, we released and we have achieved 100 million yesterday. Yesterday was -- we have crossed 100 million views. So it's all good. I think this artist also happening. They are doing -- today also, I think yesterday, we released one new song, a non-film new song of Bandish, one new artist we have launched this "Hum Hi Hum The." And yesterday night, I've seen this number 13 lakh views. We have already seen that. So I think it give us a little more time, we will come back to you on this new artists and all that. But the broader line is you -- please have that thing that my vision is we should recover our all the costs 3 years. Maybe 1, 2 song or album 1, 2 album won't work, but maybe 2, 3 songs will work. And so overall, if you compare whatever we invest, we should recover. That's the idea. And the third point, what you said about tax, what you said?

Yes. I wanted to know about effective tax rate for [ FY '23 ]. Any guidance on that, if you can give?

Tax, we are in the lowest bracket, whatever is applicable to us. So we are in that bracket.

Yes. So actually, I've been looking at historically, the numbers are volatile. So that's the reason I was coming from there.

No. I think before last -- since last 2 years, we are consistent because of earlier, we have 2 business together. So sometimes we had losses in film. So that was coming to the music business, and it was eating all the profits of music and maybe -- then we have to go for that MAT. So then maybe that kind of a situation was there. But now it's all sorted. So last year also, there was no film business in that. So it's all covered all clean 22 plus some surcharges, et cetera. I think around 25% tax bracket we come in, we pay that.

Yes. Okay. Okay. And sir, one last question, if I may squeeze in here. On the film songs and non-film songs, so is there any per streaming cost that we are levying? Is there any kind of agreement with YouTube or suppose to any other player such like -- so suppose say film song will per streaming cost would be slightly higher or such type?

No, no. It won't happen like this. It's a common for all the music. Ultimately, viewer is viewing, you want to see new song or you want to see old song, what is the difference? So there is no difference between that. We have a different kind of models with each company. So accordingly -- but song-wise, the charges is the same, same price. If you pay on subscription or whatever you see, it's the same thing, no. You are not paying higher charges for new releases or anything. It's the same price.

[Operator Instructions] the next question is from the line of Swechha Jain from ANS Wealth.

I have a few questions. Sir, my first question was the revenue growth is 23% Y-o-Y. But in Q3, it was 43% Y-o-Y. So if you can give some guidance as to how do we see this revenue growth shaping up going ahead? What could be the growth rate that we can assume here? And what would be the main driver of this revenue growth in the music? Like which genre do you think is really to drive this growth in the music revenues?

See, third quarter was because of -- I think maybe we had a bigger deals in that particular month, some big deal has come and we have taken -- we have convinced the party to pay us more money upfront instead of paying us quarter-to-quarter. So that will be impact of that, number one. And number two, I think basically, December is a seasonal month, season quarter. It's a closing of the year. Everybody is in a party mood. So revenue really increases in that particular quarter. So that is a difference. But what I have really -- always maintained, please value us on a year-to-year basis. It will be more helpful for us. So that will be a best criteria. And I'm quite hopeful whatever I have said earlier also, we will maintain that. Tips will maintain that. And number -- second question was regarding what kind of -- why we are growing like that. It's mainly because of -- actually content consumption has increased even on television channel or public shows, events and the major, major thing is Internet, absolutely, YouTube views and all that other apps, though I think because of that, we are growing. And I feel and I hope it will keep continuing for the next 15, 20 years. So let's see.

Right, right. So my second question is, sir, in Q3 call, I think you had mentioned that there was some decline in the YouTube viewership because probably people were holidaying. So how is this trend being in Q4? And also, if you could just help us understand that in Q4 and in FY '22, the revenue that we got from YouTube was primarily led by advertisement or it was primarily a subscription-based growth that you're seeing in your YouTube viewership?

See, I feel that Q3 was dipped a little bit. Then again, it picked up in general. I think that's a minor thing. It happens with all the apps, I see that [Foreign Language] next 3 months are very good. So these things small, small things, something happens. So people traveling, people maybe run market, has some incident or some political activity or something can happen. And so because of that, it can drop. And number other thing you said...

Is it basically subscription-driven growth in your YouTube viewership or it is an ad-driven growth?

I think ad driven -- ad-driven is a major chunk. 80%, 85% is ad-driven. Subscription is still not what we expect, but I think it will take another 2, 3 years, so it will grow. But till now it's advertising.

The next question is from the line of Garvit Goyal from Nvest Research.

Sir, my question is regarding the industry. Basically, is there any traction in the music consumption post-COVID as compared to during what it was during COVID-19 level?

See, during COVID, 1, 2 months -- actually, music consumption increased, but advertiser on the net, they have decreased. So because of that, we got hit because we get our revenues from the advertising share. So that was a problem. But after -- I think 2020, April-June quarter, we suffered big time. And then next quarter, we recovered something. And after that subsequent quarters, we recovered, and we are not looking back after second quarter of 2020. So now it's really good. No problem at all.

Okay. Okay. And sir, you are talking about to get increased market share in your presentation. So what is our existing market share?

Our existing market share, if I combine all the revenue streams, I think we should be around 6% to 7%.

Six to 7% of the overall. And sir, is there any revenue guidance, EBITDA margin guidance for the coming year?

Sorry, what you said?

Any revenue guidance, EBITDA margin guidance for the upcoming year?

Yes. As I always mentioned, we are targeting every year-on-year basis, 25% to 30% on top line, we should do and bottom line should be 15%, 20% up. And this year, we have a huge content acquisition budget also. So after doing that also, we will maintain our that, whatever I say.

So these acquisitions will be towards a particular regional area base or whatever will be the basis for this acquisition of music?

Acquisition, we are a music company, music label, you need, new repertoire, new music to increase your subscriber to increase your business to make your partners also recognize you, yes, we are a very active company in music business...

Actually, I was asking in the way like whether you are targeting the particular region like South, north...

Yes, we are -- actually from beginning, we are all India company. So our Hindi music sales all over India. And this year, last 6 months back, we only had -- we were not present in the South market, but we have entered even there also, we have acquired many films in that market as well, Tamil and Telugu. So we are now available everywhere. And wherever we get opportunity, yes, we can make money and this content is good for long term -- short term and long term, we just acquired it.

[Operator Instructions] The next question is from the line of Devanshu from Yes Securities.

A few questions. So just to clarify this. So if -- let's take an example, if we produce or acquire a song, let's say, which cost about INR 1 crore, for example, in the first week of March 2022, how will you write it off? Will it be written off in FY '22 or you will do it over the next 4 quarters?

No. Actually, we write off in the March itself.

In the month of March itself, right?

That quarter March '22 -- quarter maybe we write off.

Got it. Got it. So would it be possible for you to share the content acquisition production cost separately going forward?

I don't think we can do that because see, that's a confidential. We can't tell our competition what we are doing, how much we are investing. So I can't give. But you can -- if you see my numbers properly, you can -- I think you can guess it. Yes, you can guess.

Okay. Okay. Sure. And there's been a new CEO who joined Jio Saavn from Amazon -- sorry, from Amazon, right, yes. So do we share a good rapport with him? And are we in talks again for reviving that deal?

See, we share a good rapport with everybody. See, we are all doing the same business. I'm a seller they are a buyer. So we don't have any kind of fight, but sometimes they don't value us properly. So we just say, [Foreign Language] then we will again come back on your platform. And those things -- that discussions and talks always we keep on happening. It's not [Foreign Language] even today also, we are talking to all people. So that's not a problem, and you will see the many changes you will see.

Okay. Okay, sure. And what's the revenue of this public performance fees in FY '22, if you can share that number?

Public performance was good. Whatever that -- we have a private party called [ Novex ], and they really do very well, and they are best in business, I feel. So I can't actually tell you the exact number, but it's good. Whatever -- in last COVID year, we have to give them some discount because of the bad market, all shows stopped, everything was got canceled and all that problem that happened. Even '21, we had a second wave or third wave, we had a little problem, but we have not given any discount. He fulfilled all his commitment and even just continuing whatever committed before COVID, we had to deal with him. So everything is online and properly happening.

So if I may ask, as compared to pre-COVID levels, where are we at right now?

You can say 60% more.

The next question is from the line of Akshay Sam from SAM Capital.

Sir, what is the kind of pipeline you have in films, music, say, over the next 1 year? What -- how many releases can we look forward in the music segment? [Foreign Language] How many films can we look forward to in the music segment?

[Foreign Language] Balaji Telefilms [Foreign Language], Kartik of Freddy. [Foreign Language] what we target is 3 to 4 films we should release year-on-year basis. So that we'll achieve in Hindi. And Telugu, we have already started releasing Telugu, Tamil. I think in Telugu, we will release around 7, 8 films a year. Tamil we will release 3, 4 films. Punjabi, we are releasing 4 -- 5, 6 films. So we are -- even I think yesterday, other language also Gujarati, we are releasing films. So we are doing all the languages now. So if I put all the languages put together, I think it will be around 25 to 30 films a year we release.

In all languages?

In all languages.

Also this new competition, a lot of these directors -- for example, Jacky Bhagnani, they have tied up with Warner, there is own label. Ajay Devgan has come up with his own label. So how are you seeing the competition eating up where a lot of these directors are launching their own labels [Foreign Language]?

I feel [Foreign Language], but ultimately you can't survive only on new releases. [Foreign Language] recovery is not fast because of old -- you need the old repertoire, plus these partners, whether it is YouTube or Saavn or Spotify or Apple or Resso, [Foreign Language] partners and they value you, Zee TV. They value you because of your old content. So new releases really only to survive on that is very tough, number one. Number two -- or see, how much I can have business? It's my target [Foreign Language] I have to invest this much money. I can't eat or drink entire water. So whatever my capacity is, I think I will get more than that, not a problem for me.

Sir, my second question is you've given data on your YouTube year-on-year, the growth, right? I think 39% there is the quarter. So can you give similar data for DSPs? I mean on average, say, Spotify or [Foreign Language] DSPs, Amazon Music, Apple Music. What is the kind of growth we are seeing in the number of streams? If that data is available to us, that will be helpful, sir. Do you have any data, can you give us that?

We'll look into it. We'll look into it, and we'll see I'll see [Foreign Language] I'll see that.

The next question is from the line of Saket Mehrotra from Tusk Investment.

I had a question. For this quarter, I can see there's a jump in the other expenses. So this is something [Foreign Language] annual report may you disclose annually in terms of [Foreign Language]. So you disclosed this in the annual report content cost [Foreign Language] advertisement cost [Foreign Language] and I think that is disclosed annually. Is that possible for us to disclose on a quarterly basis? Or do you want to continue with that?

I think that's better if we continue with the annual report, that's best actually.

Okay. Okay. Second thing, any clarity on how -- or if you could help us with the road map on how this films business is going to get listed? When can we see the abridged accounts. So this year, [Foreign Language] in this business, we are only seeing the pure-play music, as you mentioned. But any time lines if we can get an estimate, when will the listing happen, when will we see the numbers?

I think agency involved in this demerger process, they have given me by 10th or 15th of July, mid-July, everything will be sorted out whenever our other company will get listed, provided all the last moment [Foreign Language] follow-ups with the government authorities or whatever the spending that's happening on a regular basis. And now function we have -- already function has been separated. The 2 companies has been formed, everything is organized. Only -- I think last is listing that also will happen by mid-July. And then we will declare the last year result of that company as well.

Okay. Final question, it's more of a request. Last year also, we had put this request. If you could give us a sense of the share of songs maybe by decades or time periods in your annual report, it will be super helpful. So [Foreign Language] accommodate [Foreign Language] help there.

Okay. We'll do that. We'll try [Foreign Language] possibility, I'll recheck with my team and I'll see.

The next question is from the line of Abhilasha Satale from Monarch Networth Capital.

Sir, I have a question on the growth rate you mentioned, the top line growth will be in the range of 25% to 30% and EBITDA growth or the profit growth will be in the range of 15% to 20%, for which you're expecting the content cost investment to increase this year. So this is for the year FY '23. So as you are saying the payback period remains the same in the range of 3 years, is it feasible to estimate that FY '24, the margins will improve from the current base of FY '23 because every year, you will not have the similar kind of content cost or that as a percentage of sales might go down as the top line increases. So basically, I'm just trying to gauge your sustainable margin barring this FY '23 scenario wherein the content cost will be higher?

See, what I feel -- I mentioned this earlier also, what I feel is next 3, 4 years, you can -- this 25% to 30%, whatever I'm saying, it is really possible. And I think we will maintain this. Also in this, I'm increasing my revenue cost. I'm also increasing my content cost budget. So after doing that, still, I think I can maintain this. And within -- and I feel in next 4 years, 1 year will come where you will see a big jump of the subscription will suddenly go up or these small apps, small content apps that Facebook or this Instagram and that ShareChat, Moj, that TakaTak, all those apps, they will also start advertising model, and they will also pay us a huge monies. So I'm very optimistic on these 2 fronts, our 1 year will be such a big year, suddenly, you will see maybe 60% hike or something. And after that, on that also, say, in case I increase -- my top line will increase by 60%, then year-on-year, again, I will maintain 30%. I'm not saying again, I will drop. So next 3, 4 years, I'm not seeing any drop, 25% to 30% [Foreign Language] so I think we will have more business. So [Foreign Language] please understand now everybody in every hand, we have a music player, video player. So in your boring times, you see trains are full of people, buses are full of people and everybody has ear plugs in their ears. And what they are doing, they are listening music, they are listening content, whether they are listening music or news or dialogues of the film or whatever, but they are consuming content. And I think we are the biggest beneficiary music business in this content game. So I feel -- I'm quite hopeful we will maintain that. My experience and my last 3, 4 years, what I have seen or maybe 15, 20 years, what I have seen, I think it's possible and it will happen.

I appreciate that. Obviously, thanks for the explanation. I mean just one thing, because globally, if you see the content cost is increasing. If you see actually, I mean, some of the results which have come, the payback periods are stretched globally. So what is making us so confident that the payback period for our content cost will not increase from 3 years. So 3 years is are very good, but then do we see with the increasing content cost, that's also increasing?

See, we have a very strong old repertoire. So I'm really -- and it's really increasing day by day. And plus they -- those markets you're comparing, they already exploited their content to the peak. And we are starting -- we have started 2, 3 years back when Jio has entered in this business, they reduced the prices of this data. So I think now people have started consuming. So I feel we have a huge thing. We can't actually compare, but we have to be careful. I'm not denying what you are saying. We have to be careful, which we are. We have seen both the things in life. We have seen the profitabilities. We have seen the losses. So we understand and we really is very choosy and very selective when we acquire content. So that's our -- maybe you can say expertise, but -- and we will -- we are a very focused company. We are not [Foreign Language] we don't do that. So let's see.

The next question is from the line of Aman Vij from Astute Investment Management.

My first question is on the -- what is the song addition we are planning for FY '23? So we did like 100 songs 2 years back, then 200. Last year, we almost did 300 songs. So any number for FY '23? And can we also target like 500 songs actually -- new songs launched in the next 1, 2 years? And if you can also talk about content cost, what was it for FY '22 content acquisition cost and the target for FY '23?

Our target is next year, we will release around 400 songs, that's the target. And I can't actually tell you the content price, whatever we are listing. So sorry about that because our competition is very aggressive now. So let it be that way. And -- but 400 songs we are releasing next year -- current year.

Okay, sir. And how many will be like acquired versus we redoing our own songs, if you can talk about it?

50-50 or maybe 60-40 I think. We acquired 40%, make 60%.

Sure, sir. The second question before I come back in the queue is on the number of partners that we have currently. If you can talk about, sir, the INR 135 crores top line, how many partners are contributing to this number as well as, say, top 5 partners for this contribution. And finally, you were talking about this one of the growth drivers, which is this many of these partners are not even doing ad revenue. So sir, [Foreign Language] partners like TakaTak or other players. So are they giving us a fixed guarantee as of now? Or are we not charging them anything? And what is percentage of such partners, if you can talk about the same?

See, I can't give you partners' wise detail. I can tell you, 75% we get from Internet, digital business and balance 25% from all other revenues. And as far as you said -- what other thing you said?

Yes, [Foreign Language] there are many players like TakaTak and others who are not even doing video ad. So are they paying us a minimum guarantee or...

No, yes, understood. Yes, yes. So as I told you, 75% is digital, 25% rest, plus there is a various different, different models. Somebody shares ad revenue with us. Somebody pays us lump sum. So -- and somebody pays per stream. So there are a mix kind of models we have, we operate. And...

And total partners number, if you can give currently?

Total partners as of now, I think total mass partners must be around 35, 40 approximately.

The next question is from the line of Pratik Jain from Solidarity Investment Managers.

So I have 2 questions. My first question is, what is the steady-state EBIT margin you believe going forward? And the second question is, apart from the streaming platforms, what are the other revenue drivers which will contribute to this 25% to 30% Y-o-Y growth in this music business?

As mentioned earlier, you can presume 15% to 20% EBITDA will be up year-on-year basis. And as far as growth you have said, it will be same. Digital is also growing. television is also growing. Even public performance, that is also growing. So it will be same in that ratio 72:25.

Yes. But on a steady-state basis, do you believe that we will be able to maintain this 60% to 65% margin going forward, FY '23, '24?

That 60% to 65% margin -- just a minute. Not really -- that will be reduced a bit, that will be reduced a bit.

Okay. And the reason for that?

Content cost will be more.

But eventually, our revenue will shoot up going forward, right? So it should match on a steady-state basis?

Top line will shoot up -- top line will shoot up absolutely. And bottom line, we have to -- bottom line also shoot up in totality, but that percentage -- bottom line percentage, 60%, I think this year's EBITDA, what you're saying is 86, 87 versus 135. I think that will be a little here and there, 5%, 10% here and there.

The next question is from the line of Basavraj Shetty , an individual investor.

My question is, in the investor presentation, there is a mention of JioSaavn, whereas we don't have the presence in JioSaavn. Does it mean that the deal is done and it's soon going to start?

See, they are my partners. The -- we keep on talking. And it's up to both of us, we should agree on the terms. So we keep on discussing. We can't say when it can happen, but it can happen today also, tomorrow also after 1 month or after 3 months also. So it's not anything fixed, but we -- I can tell you, assure you, all of you, we keep on talking to these people. And it will happen. Ultimately, they have to take our content, and we have to also give it to them. So it's not a tough thing.

Okay. My second question is also like on the cost -- other income -- sorry, other expenses. Some people asked that question already. There is a jump of INR 5 crores as per the comparison with the last year. Is it because of the content cost because we don't see any new content in last 2, 3 months. Is it the advance payment for next year's content or something like that?

No, no. This is already a content cost -- content cost, actually, I think so it will be content because we release in so many languages. Maybe you are only following Hindi. We release content in so many languages. So we have 20 now earlier last year, I think we had only 7, 8 channels on YouTube. Now we have at around 20 channels on YouTube. So we are left, right and center, we are releasing music. So it should be that. But annual report, you will anyway see that.

The next question is from the line of Devesh from DS Investments.

Quick question on our digital platforms. Just qualitative, I wanted to understand that how is the realization shaping up? I mean, let's say, in Q3, we had 15.1 million view and Q4, we had more on that. If you were to take realization per stream, how do you see that shaping up over the quarters or years? Any qualitative commentary?

See, actually, this -- you're talking about YouTube I feel. But YouTube is not related to views or earnings. The earnings is separate than views. So there's a no match between them. If you see the YouTube channels and maybe you are not seeing the ad and maybe that song or that particular content, nobody has budgeted for that. So ad won't come, but you are still seeing that. So we won't get any money on that. So it's 2 different things, different mathematics. Whatever our songs, our content earns money of that, we get a share from them.

Right. So maybe let me put it this way, that whatever share we are earning from YouTube last quarter versus this quarter, I mean, just wanted to get a pattern in terms of is it increasing in terms of what we are looking at in proportion to the views? Or is it completely -- there's no correlation?

Actually, it's a no correlation. As I had mentioned earlier, it's a no correlation. And I think -- but I think I feel the December quarter will be more, as I explained earlier, it's a seasonal month and many people do a party at home, they also play a lot of music, consume a lot of music. So I feel that there's a no relation between them.

Okay. Okay. Got it. And just going back to, I think previous participant also asked about the other expenses part. We sort of released about 75 songs this quarter. Is it fair to say that if I were to take last quarter other expense and compare to this quarter and see the trend at 75 per quarter this year. Next year, we are planning 100 per quarter. So the proportionate increase in the other expenses would be aligned to that?

No. It won't -- it's -- please understand the content cost same as earlier, somebody mentioned, if you are leasing a content on, say, INR 1 crore you are investing on March 2 or 5 and when you will write-off. So we will write-off in the same month. Maybe we have not earned that much. And maybe going forward, say, a film like big film I'm releasing and that film may be costing me INR 10 crores, INR 8 crores, those big contents are coming this year. So maybe that quarter, maybe top line is INR 50 crores or INR 40 crores. And suddenly, one big film is coming off INR 10 crores content and we are writing off. So maybe that profit will dip for that particular quarter. That we will -- time to time, you will also understand and we will keep telling you. But ultimately, whatever the budget we have fixed for the content acquisition is fixed. We will not go beyond that. We will make our budgets according to what we feel in this kind of a business we expect, and this should be our new releases investment. This is our office expenses, all that put together, and we budget that way. So that quarter-on-quarter is actually -- will be a little problem. But year-on-year basis will be the right thing for companies like us, content companies.

The next question is from the line of Ankush Agrawal from Surge Capital.

[Foreign Language] 25%, 30% growth in top line [Foreign Language] additional general expense [Foreign Language] entire INR 35 crores [Foreign Language] content cost [Foreign Language] we would have spent broadly around INR 35 crores, INR 40 crores. So that means [Foreign Language] still we would be able to maintain our margins -- the profitability. [Foreign Language] 15% to20% growth [Foreign Language] compared to 25% to 30% growth in top line [Foreign Language] content cost easily INR 100 crores [Foreign Language] content cost [Foreign Language]?

I can't comment on the figure but [Foreign Language]...

[Foreign Language] thought process [Foreign Language] in content [Foreign Language]?

[Foreign Language] open eyes [Foreign Language] I told you [Foreign Language] why not, I will strive for it. [Foreign Language].

The next question is from the line of Pankaj, an individual investor.

So my question is again around other expenses only. So I wanted to understand, is it only content cost? Or is there something else also apart from content cost in the other expenses?

See, in our expenses that earlier investor also told us, our major is content cost plus that some advertising marketing cost, but that's it. These are the 2 major costs we have [Foreign Language] all are very nominal reasonable. So that's this.

Okay. Is it possible to split those 2?

I can't do that because of this competition market, and there is a huge competition happening only in content is if we acquire the content, after that, it's an exclusive product. There's no competition. But only the big competition is acquiring the content. So can't reveal that.

The next question is from the line of Pratik Shah from Better Investing Solutions.

My question is that in last quarter -- in December quarter, we had released 86 songs. And in this particular quarter, we have released 73 new songs. So can you please elaborate reason behind the lesser number of songs released in this particular quarter?

Actually, see, songs -- where we make a song, there's many things we have to make. video, we have to make, we have to make design. We have to just play on every platform. So there's a huge, huge follow-up. So sometimes that number will vary. It's not really a big thing. Big thing is how much revenue we are earning from the -- from our content, whether it is old or new on a yearly basis, I feel you should see as a yearly basis. And I'm confident we will maintain whatever I said. So that's nothing -- it's not very important. Sometimes we have -- as I told you earlier also, we really give a lot of time for quality content. So sometimes we don't like the songs. So we reject -- actually, we can release 3 songs per day also, 500 songs per quarter. But that will be a very -- a library won't last. Bad catalog it will be. So we really give a lot of -- invest a lot of time on the quality of the songs.

Okay. Sir, my next question is, can you -- from the next quarter onwards, can you please you please share all [Foreign Language] can you show this that number also from the next quarter onwards?

We'll see that. We'll internally discuss this point, and we'll see what we can do best. The next question is from the line of Akshay J from Xponent.

I have a question on the numbers. So if I look at my FY '21 presentation -- your presentation, the music revenue is INR 90.5 crores and EBITDA is INR 73 crores. If I look at current presentation, the music revenue is INR 90.5 crores, but EBITDA is INR 55.2 crores. So where are we missing the INR 17 crores, INR 16 crores such number? And is the margin, which was about 50% is now showing 61%?

Chellani, you take this?

You means quarter-on-quarter or we are talking about FY '21. That's a consolidated figure.

No, no, Sir, music segment, I'm seeing the music segment of FY '21. So if I see FY '21 in music, then that number I'm talking about.

Please repeat your question once again.

So if I see the FY '21 presentation, there was a page where you broke out music and films separately, right? Revenue, EBITDA and EBITDA margin. Is that -- do you recollect the page?

Yes, Means you are going for segments.

Yes, exactly. In that, INR 90.5 crores was the revenue and EBITDA was INR 73 crores, right? Now I'm seeing the presentation we released today, segmental performance music yearly. It's just revenue of INR 90.5 crores, EBITDA of [ INR 55.2 crores ]?

There was certain -- in that there were certain common expenses, corporate expenses. If you segregate the corporate expenses, so we will reach the same figures.

Okay. So sir, how can you -- so if they are segregated then so now you changed the view on that cost being linked to film versus music now, is it? Because if you reported EBITDA of a segment, then when you cut the business into half in the 2 different segments, the EBITDA cannot change, right?

See, if you want to compare to apples-to-apples then what figures we have given in today's presentation, you will get a precise one.

Maybe this is content advertising and other costs he is talking.

There are certain mixed expenses, which are corporate expenses. If you exclude the corporate expenses then whatever figures you are seeing in today's are fine-tuned expenses, so they are comparable.

So what I'm trying to understand [Foreign Language]?

[Foreign Language] saying that corporate expenses that are exclusively for the music.

[Foreign Language]?

[Foreign Language] we have 2 segments [Foreign Language] music.

Maybe we will -- please understand we are doing such a huge business. We had a bigger team. We have rented a bigger office. And so our corporate expenses are increased. So that's what you're seeing is that one only.

Sir, that's understandable. It is just that what we used to see as a 70%, 80% EBITDA is now showing a 60% EBITDA. So we are trying to understand -- or rather I am trying to understand that has the nature of the business changed or suddenly our cost expanded that was not -- that we had not understood in the past?

EBITDA cannot -- EBITDA cannot be mentioned on a year-to-year basis because -- what is on the basis of content...

Chellani, a second, see, please understand biggest difference is due to content cost. That's it. And you will -- that will keep on happening throughout the year. So the biggest is that one only, nothing else.

The next question is from the line of Vasant Bhavsar from [ Investor Securities ].

[Foreign Language]?

[Foreign Language].

[Foreign Language]?

[Foreign Language] agency which is doing this they have promised us [Foreign Language].

Ladies and gentlemen, in the interest of time, that was the last question. I now hand the conference over to Mr. Kumar Taurani for closing comments. Over to you, sir.

Thank you, everyone, for joining us. I hope we have been able to answer all your queries. In case you require any further details, you may please contact us on fararahmed@orientcapital, our Investor Relationship partner. Thank you so much. Thank you, friends. Thank you.

Thank you. Ladies and gentlemen, on behalf of Tips Industries Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.