Tips Music Limited ($TIPSMUSIC)

Ladies and gentlemen, good day, and welcome to Q4 FY '26 Earnings Conference Call of Tips Music Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Ayushi Gupta from MUFG Intime Private Limited. Thank you, and over to you, Ms. Gupta.

Thank you. Good evening, ladies and gentlemen. I welcome you to the Q4 and FY '26 Earnings Conference Call of Tips Music Limited. To discuss this quarter's performance, we have from the management, Mr. Kumar Taurani, Chairman and Managing Director; Mr. Girish Taurani, Executive Director; and Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to the management for their opening remarks, and then we can open the floor for Q&A. Thank you, and over to you, sir.

Thank you, and good evening, everyone. Welcome to the Q4 and FY '26 earnings call of Tips Music Limited. I would like to thank you all for joining us today. I am pleased to share that our strong growth was driven by both digital and nondigital segments. In FY '26, we distributed a total dividend of INR 166 crores to our shareholders. It is a source of joy for me. Looking ahead, we will continue to focus on building high-quality music content, strengthening our market position and driving sustainable long-term growth. With that, I would like to hand over to Girish for his comments.

Thank you, and good evening, everyone. In Q4 FY '26, we witnessed an encouragement engagement across platforms, supported by a healthy mix of new releases and continued strength in our catalogue. We released 66 new songs in the quarter, including 47 film songs and 19 non-film songs while continuing to prioritize quality over quantity in our strategy. On YouTube, the song Tu Jaane Hai Kahan by Lucky Ali crossed 10 million views, while the song Tehzeeb and Jamuna Kinaare recorded 2.4 million views each. Our YouTube subscriber base has grown to 153 million. On Instagram of catalogue, song Deewana Mujhe Kar Gaya from the movie Khuda Gawah generated 3 billion views, while the song Daiya Daiya Daiya Re from the movie Dil Ka Rishta recorded 1.5 billion views. I will now hand over the call to Sushant to take you through the financial performance in detail. Thank you, everybody.

Thanks, Girish. Welcome to Q4 FY '26 earnings call. I'm pleased to present the financial highlights for the quarter, which reflects the company's strong performance. The company recorded quarterly revenue of INR 103.9 crores, delivering a Y-o-Y growth of 32%. Operating EBITDA for the quarter stood at INR 76.9 crores, reflecting a Y-o-Y growth of 106%. Additionally, PAT for Q4 FY '26 came in at INR 59 crores, making a 93% Y-o-Y increase. Please note that during the quarter, the employee cost increased by 78% Y-o-Y on account of provisions made for annual increments. For FY '26, the revenue came in at INR 375.5 crores, marking a 21% growth, while PAT amounted to INR 216.6 crores, showing a Y-o-Y increase of 30%. With this, I conclude my opening remarks and open the floor for Q&A.

[Operator Instructions] The first question is from the line of Kavish Parekh from 360 ONE Capital.

Congratulations on a great set of numbers. My first question is on your growth. Stellar showed this quarter, 32% growth. What explains this performance? And what are your thoughts going into F '27? What kind of growth do you envisage? And what would be the key drivers for the same?

See, I think this quarter, as usual, I always maintained our repertoire -- 90s repertoire is really doing exceptionally well. So that is the main advantage we have. And that on a continued basis is doing well. For next year's performance, we expect it's too early, but our target is to achieve same numbers like 20% on top line growth and 20% bottom line growth. That is our target, and we will try and achieve that.

Any one-off revenues or something to call out for this quarter? Because I understand that repertoire is growing at -- my assumption was it was growing at somewhere around 16% to 18% odd, but 32% is far beyond that. So any one-offs that you may want to call out?

I don't think so. Sushant [Foreign Language]

No, nothing Kavish, nothing one-off over you.

Understood. Understood. Understood. Second, on your views. So while I do understand that the decline in total views was on account of YouTube Shorts, what explains this continued decline in short views? And while I understand that it does not contribute to revenues or profits yet in a sizable manner, the whole idea behind sustaining high views is that it provides you with some negotiating power with YouTube. I think the deal for YouTube Shorts is slated for renewal in a quarter or so. Do you envisage any impact on the same on account of this decline in views?

Sushant?

Kavish, we don't see any material impact of this declining views. And as we have said earlier, it happens in, let's say, 1 quarter or half year, one of the shorts goes viral and the views, let's say, increase multiple. But underlying, let's say, whatever views currently also there on a healthy run rate for us. So we don't see, let's say, any impact of this decline on view on our, let's say, YouTube Shorts renewal view.

So are you suggesting or implying that the period when you were at your peak number, say, somewhere around 56 or 57-odd million, that was on account of a few reels that may have gone viral. And then this current rate is more of a normalized rate for you. Is that the way to read into it?

Yes, yes, that would be the right assumption.

And I think the -- pertaining to the deal renewal in June '26, what kind of a jump would you anticipate in this deal value? I believe Mr. Hari Nair was instrumental in negotiating partnerships with Warner and YouTube Shorts. Now with him stepping down, what is the plan to take this forward? And have you also managed to find a replacement for the position?

Not yet, Kavish. We are estimating how we handle this, and we will start negotiating with them by this month end or next month beginning.

Sure. But understood. Okay. And lastly, could you lay down the content release or content slate that is planned for FY '27? What are the key movies expected both in Hindi and regional? And where would content spend range as a percent of top line for FY '27?

Sushant, [Foreign Language].

Kavish, you can refer to Slide 8, which we have put on our investor presentation in terms of the key play.

All right. I think there were a few movies, maybe 3 or 4 odd movies, but anything more than that?

We are open to acquiring anything, but you know that the market is very competitive. So we are very cautious what kind of a project and how we are recovering our money in stipulated time. So that is our criteria so we will keep on acquiring.

Understood. So as a percent of top line, we could range somewhere between 20% to 25%. Is that the idea to work with...

Yes. Yes.

Alright.

We have next question from Abhishek Sharma from JM Financial.

Firstly, congratulations on a good set of numbers. My first question is on the revenue mix. Digital revenue for FY '26 is around 70%, whereas it was in the range of 71% to 75% in the last 3 quarters. So there seems to be a slight dip in this quarter. Just wanted to understand what led to this decline. Also, could you briefly explain what is included in the non-digital revenue and what drove the segment this quarter?

Sushant?

On the revenue piece, the 70% is for the whole year. We had said at the start of the year, let's say, a couple of platforms had slowed down. So there were a couple of headwinds on the digital growth. On the nondigital piece, let's say, particularly, let's say, brand publishing and public performance have done well for us for the full year.

Okay. Understood. My second question is on employee benefit expenses. We see a noticeable increase in the cost during the quarter, even though the number of employees has gone down. I understand this increase is due to the provisioning of this annual hike, as you mentioned earlier. Just wanted to understand if this is the new run rate going forward?

No, no. This won't be the new run rate. Let's say, this is -- let's say every, let's say, Q4, we make a provision for increment. So this quarter, let's say, this is the performance provisions is on the higher side. But otherwise, let's say, if you see the overall count of employees have reduced from 105 to 98. And let's say, we would be at, let's say, the earlier Q3 or Q2 run rate only in terms of the employee cost.

Next question from the line of Akshay Kolekar from Dalal & Broacha.

So my first question is on -- basically, the YouTube view has been declined, like 7.8% in FY '26, yet your revenue has grown by 21%. So can you quantify the revenue per view trend has been year-on-year increasing? Or is it because of the short consumed screen time more so that without proportion to monetize yet? So the reason I'm asking this question is because I just wanted to understand whether YouTube is paying more per stream due to subscription mix shift?

Sushant, do you want to reply this?

On the decline on YouTube views, we have category mentioned that it's primarily on account of YouTube shorts, which have -- the views of which have declined. On the long videos, the growth has been there as per our expectations, and that has been, let's say, driving our revenue.

Okay. Understood. So my second question is on the content cost basically. The content cost as a percentage of revenue is currently like 15.8% compared to 23% last year. So why there is a sudden fall in content cost because you have mentioned that 18% of revenue will be the content cost.

Can you please repeat this?

The question is basically the content cost as a percentage of revenue is currently 15.8%. When compared to last year, it is 23%. So why there is a fall in the year-on-year? And the target you are mentioning is around, I guess, 18% of revenue like earlier call.

See, there is a movie called Hai Jawani Toh Ishq Hona Hai, which was actually was supposed to release in February, March, technical and music was supposed to release in January, that got postponed to June. So that was a hit we have. Otherwise, we could have reached our target. And this happens in our business. Sometimes content goes here and there.

Okay. And one more last question. Could you just give the bifurcation of revenue like how much is from YouTube and how much is from Warner nondigital revenue? So it...

We cannot give you that details.

Can you quantify how much revenue comes from Warner basically?

Sorry, we can't give you that. It's a competition world. We can't reveal that. Sorry about that.

Next question from Rohit Singh from Nvest Analytics Advisory LLP.

Congrats on the good set of numbers. I have one question regarding the outlook for the FY '27. In last concall, you upgraded the PAT guidance to 25% and delivered 30% with a strong momentum. Can we expect to achieve 30% top line and 30% bottom line growth for FY '27?

See, our target actually mentally, you ask me, yes, I want to achieve that. But for comfort of the people like you, our investors, I don't want to overpromise. So let's keep at present 20%, 20%, let 1, 2 quarters pass, and then we will again tell you where we are moving this year.

Next question from the line of Ravi Naredi from Naredi Investment Private Limited.

Just want to ask content cost lowest in March quarter since last few years. So we are preparing for new release movies in Hai Jawani Toh Ishq Hona Hai or Main Vaapas Aaunga releasing in quarter 1 financial year '27?

Yes, music is released. And I think [indiscernible] both movies are releasing also in first quarter, 22nd May and 12 June. And we will have both movies will be account for this quarter, first quarter.

Okay. And how much music cost of all about 2 movies? Can you tell the amount?

We can't give you exact number but total number stands. Total number you will see in the first quarter.

Yes, sir. How much paid subscription revenue percentage in our overall top line?

Yes. Sushant, please clarify.

Paid subscription would be in the range of, let's say, 10% to 15% of the digital revenue.

15% of digital revenue. And from Shorts, how much revenue we earned in financial year '26?

From YouTube Shorts, it won't be material, Ravi ji. From YouTube shorts, it won't be material. Not so material.

And what is the distribution of digital revenue and other revenue in our total figure?

Ravi ji, we have given in the presentation around, let's say, 70% now comes from digital and 30% is from non-digital. We have diversified our revenue base now, let's say, publishing, public performance, brands are all contributing to the revenue.

And Taurani ji and Ramesh ji, can you tell in next 5 years, how much stream this revenue will be there that will be paid subscription revenue?

Subscription industry estimates minimum, I think 7 crore, 8 crore people will be doing subscription.

In 5 years?

Yes.

Next question is from the line of Vishal Mehta from Oaklane Capital.

Sir, I just wanted to clarify. So in case of Hai Jawani Toh Ishq Hona Hai, if the music release happens in quarter 1, then the content cost for that is also accounted for in Q1 itself, right?

Yes.

Okay. And sir, one more thing. Would it be possible to share what is the percentage contribution of paid subscribers to our overall revenues?

Sushant, do we have that?

Vishal, on an overall basis, let's say, 10% to 15% of the digital business.

10% to 15% of the digital business. And what would this number be for last year, approximately?

Last year, let's say, it would be, let's say, around that 10% to 12%. It has inched higher for us. Subscription business is growing at around, let's say, 30% to 40% CAGR. So it has inched higher for us this year.

Okay. Got it. And also just one question. There was this news article today about Warner Chappell Music setting up a publishing arm in India. How does something like that impact us? Would it be a benefit for us? Would it be a competitor for us? I mean, could you just explain to us what is the impact of this?

Sushant?

It would be positive, Vishal. The setting up a business in India is a huge positive for us. We won't be able to divulge more details, but let's say it's a good positive.

Next question is from the line of [indiscernible] from Unicorn Asset.

Sir, I am audible.

Yes, you are audible.

First of all, great, sir. And secondly, I would really like to say to the management that I think you should clarify on the content cost part that, okay, we had some lags and or shifts in the movies release. And therefore, Q1 is where we'll see most of the content cost being eventually expensed. So there might be some confusion with the market participants that, okay, Q1, if we show higher content cost in terms of percentage, so we should always look yearly content cost rather than just looking quarter-on-quarter, and that should be the message. And secondly, could you give some sense around like we are seeing very good buzz around recent music that we published. And I think the revenues will compensate for all the content costs and much more than that. But how much should we expect from the right -- not specifically 2 movies, but as a whole, we shall remain within the target for the year, right? That should be the expectation.

Yes, that is true. The current, let's say, whatever songs we have released for the upcoming 2 movies, they are doing great for us. Fingers crossed, I think it should do well, and it would help us to achieve our targets.

Yes. Great. And just lastly, so anything that we have already expensed advance paid through Tips Films? This is just a question for compliance because, of course, it's a related party kind of thing. We don't want any compliance issues, of course, we trust the management. But have we expensed any advance in the balance sheet and some sort or created any liabilities for ourselves this quarter or this year? Or it will -- everything will be paid next year to Tips Films by the Tips Music.

So I won't be able to share the exact details, but let's say, it would be driven by the contractual terms between Tips Films and Tips Music, and it would be at arm's length and as per the industry practices.

Yes, balance sheet purpose because, of course, FY '26 doesn't show any revenue from the upcoming movies. And therefore, if balance sheet has any stuff, we can look forward. And okay, we can understand that, okay, there must be some exceptional items that would be followed by the next year's expenses.

So let's say, whenever, let's say, the songs get released, we'll expense it off primarily in first quarter.

Have you made any provisions in the balance sheet already?

No, no, no, not. In terms of the cost, no.

Nothing [indiscernible].

We follow a very clear policy. Once the song is released of any movie album, we would expense it on that date, the entire album cost.

In the P&L, right?

Nothing goes through the balance sheet even if it is with the Tips Films, even if it is a partner.

Next question is from the line of Swaraj Mehta from Perpetual Capital Advisors.

Congratulations on a good set of numbers. My question was for music streaming companies. Can telecom bundling with a company like Spotify with the packages, the Jio packages or VI packages like Netflix is bundled, does that change or bring proportional growth for us? And is there a change in realization when we get it bundled through a recharge pack or versus buying directly?

Primarily, let's say, in terms of bundled, we don't prefer any bundled services, honestly, in that the payout would be lesser. Primarily pure play music platforms like Spotify is much more appreciated rather than, let's say, any bundling services with the telecom players.

Next question is from the line of Akshay Jogani from Xponent Tribe.

Sir, you explained earlier in the call that your library worked and as a result, the growth was higher. But sir, over the last few quarters, the growth rates have been much different from this quarter, right? And while I understand the business is not linear, given that is a consumer-led business, there is Y-o-Y numbers tend to not be dramatically off. Could you -- is this growth partly because year-end adjustments with Warner or something like that? What changed this dramatic shift on growth rate? And what part of it was adjustment led versus just linear behavior. And I know the CFO, sir, did say that there is nothing one-off, but I'm not able to get hold of why the number was significantly higher versus compared to the last few quarters that have been around the [indiscernible] ?

Akshay, there was no one-off. I again, there was no one-off. There was no adjustments. These are all recurring revenue, which has flown to us.

Sure, sure. Sir, if I may, just to better understand this, our Warner arrangements would be in some form usage based, right? So if for a given period, you have expected a certain number of streams, where at what point -- does it at every month end or every quarter end, you do some math on so many number of streams consumed into so much revenue? Or is it on an annual basis?

We get, let's say, detailed, let's say, operational data in terms of number of streams from [indiscernible]. So let's say, our revenue recognitions are based on that.

Sure, sure. And we do not have -- sorry, sorry, you were saying something?

No, no. Please continue.

So this looks like a step change in the consumer behavior. And is that something essentially, are you seeing some sudden change because you must have also -- when we -- in the last call, you obviously didn't expect this or even if you did, you didn't call it out, right, which means that something came out of -- which was not expected. If you could point us out to that.

No, no. Last quarter, we told you, yes, we are achieving 20% top line. And on the contrary, I told you, I'm doing -- bottom line will be 25% plus. I told this to you.

[Foreign Language]

[Foreign Language]

[Foreign Language] This quarter is very good and now while [indiscernible] I'm trying to understand the underlying better.

Please understand our repertoire is doing really good. If you see on Instagram our many, many songs are trending. [Foreign Language] The trending, if its come to YouTube and Spotify [Foreign Language].

Yes. Yes. Absolutely. No sir, that is great. I'm glad to hear that it is not that the business repertoire is working really well.

One old song [indiscernible] [Foreign Language] and it's doing very, very good on other platforms as well. So these things keep happening with the repertoire companies. [Foreign Language] repertoire as I mentioned always, my repertoire is very fresh, still fresh and it has a potential [Foreign Language] and we are also recreate many of our songs. So that's majorly it's from our catalogue.

The next question is from the line of [indiscernible].

[indiscernible] for a great set of numbers, Mr. [indiscernible] I have a question on the industry. The industry as per the reports [indiscernible] at 10% in 2025. But if you break down that growth, the digital licensing growth is only 2%. And as per that report, the YouTube growth is actually negative 8%. And even though the subscription has been picking up, while the growth is coming up more from the other licensing and other income. So if you can explain us how the industry growth is shaping up in YouTube particularly and other parts would be grateful, thanks.

In terms of that industry, we can't comment much. But for us, let's say, YouTube has grown as per our expectation. And we continue to see that growth going ahead, let's say, primarily in terms of the digital ad spend also growing and the subscription also picking up.

Okay. But have you seen a slower growth in YouTube particularly compared to Spotify or others?

No, no.

The next question is from the line of Rajit Aggarwal from Nilgiri Advisors.

Just a question on the strategy going forward. One is you have your own repertoire. So have you ever considered acquiring another label, some local regional label to increase your song data?

We have acquired one Gujarat Kutchi Channel, Kutchi Music, Gujarati Music and where we got 4,000 songs. So we acquired that. We are open to that. And whenever we feel the price is right and we can do that, we will do that.

Acquisition was done sir?

Sorry?

When was this acquisition done on the Gujarati label or Gujarati [indiscernible]?

Last quarter, we did see any -- when we did this...

Second quarter is somewhere in July, August.

Okay. And any other transaction which you would be considering actively considering now?

So we -- let's say, there is, let's say, a lot of opportunities come on the table, but let's say, we are skeptical in terms of the valuations and what is there to offer. So anything which fits in our budget, we would definitely go for.

Okay. Okay. And one quick clarification on the 2 movies that are coming up that are going to be released soon. The one movie has a lot of songs, one has just one song, right? Or did I get that wrong?

The songs would get released. Let's say, now only one song has released. Let's say, as we come closer to the movie release date, there are a couple of songs more, which will get released.

Okay. And the cost will be -- will appear in Q1 then?

Yes, yes.

The next question is from the line of [indiscernible].

Can you hear me? Thank you for the fantastic results. I've been a shareholder for you for the last several years, almost more than 3 years. I'm seeing a very clear consistency around your content cost. It has remained around INR 60 crores, INR 70 crores for last 3, 4 years. Now, this year in FY '27, you will have this David Dhavan films and also the Imtiaz Ali, A.R. Rahman project. Do you think this content cost may climb up back to the INR 70 crores, INR 71 crores that we had in FY '25? Can we see that as an expected number? Or do you think this will be still in the INR 60 crore range that we had this year?

I feel that our budget is more than that. I think we want to spend around INR 80 crores, INR 90 crores this year. So -- and we are trying for that. And hopefully, we'll achieve that.

Okay. So with that INR 80 crores, INR 90 crores, you expect the profit growth to be over the 20% level that you're mentioning?

Yes, we maintain that, yes, absolutely, yes.

The next question is from the line of [indiscernible] Maheshwari from [indiscernible] .

Congratulations for a good set of numbers. So first of all, actually, sir, I was one of your interviews where you mentioned about the public performance segment that can grow tremendously in the next 5 or 10 years. And you mentioned INR 10,000 crores to INR 20,000 crores. So can you please shed some light on that? What's your view on that? Like do you think the growth is coming on that part?

Yes, Sushant.

From the public performance, yes, [indiscernible] There is an exponential growth you can [indiscernible] in this segment. Currently, let's say, the industry size is roughly around INR 500 crores. We expect at least to grow in at least INR 3,000 crores after purely based on compliance and also, let's say, public performance licenses are now available online, let's say there is a website where you can go and take the public perform license. So that's been easily created by the players in the market. So let's say, we are very excited about the public performance market growing at more than 50% CAGR.

Okay. So do you believe that in 5 or 10 years, this could reach to INR 10,000 crores, INR 20,000 crores as mentioned by [indiscernible]?

No, no. Actually, I told you it can happen. But that depends upon the government support, people are taking our contract. We have around in India, we have 100,000 restaurants. Only 1,000 restaurants take our license. So we have to really reach that figure, and it is possible. It's possible. In 10 years' time, we can achieve that much. In U.K., U.K. do GBP 1 billion business every year. So you can imagine.

So do you believe the government would be pushing on that part and is supporting on that part also? Currently talking about?

Yes, we are talking to government and on the instance of government told us keep do that online, all that those systems. So we are putting that all in the place. And we expect very positive about this business. You must have seen artists performing INR 8,000, INR 10,000 per show ticket, maybe going up to even INR 1 lakh. So it's really a great business. And it's now people are ready to pay money and go for such a big, huge shows.

Sure. And also, sir, in last past few con calls, you mentioned that there would be a year wherein jump could be there of around 40% or maybe 50%. So do you think like we are adding that space right now?

50% plus...

As in your previous call, you mentioned that there might come a year where you might go as 40%-50% tariffs. So, do you believe that...

Yes. Yes, I'm waiting for that year. I think it will come. Let the subscription growth, it will come.

Okay. Okay. Okay. And last question, sir, I was reading your annual report where the revenue segment in the notes to account, you also having 75% of revenues from international markets and 25% domestic. So could you please explain that part?

I don't think...

Yes, that is primarily, let's say, the receipt that is, let's say, foreign currency denominated. So annual report, let's say, the breakup is primarily, let's say, in terms of the receipt of foreign currency which we received. So primarily it is due to, let's say, YouTube owner. We receive it in international currency. Sometimes, [indiscernible] 75% happens in India.

Okay. Got it. So this is revenue [indiscernible].

Yes, [indiscernible] happens over there.

The next question is from the line of Mr. [indiscernible].

So my first question is you have indicated 20% growth target for FY '27. So should this be interpreted as a conservative target?

At present, you take this as conservative or bullish whatever you want to do, you do that. We will tell you exactly in next 1, 2 quarters.

Okay, sir. And sir, my second question is, given that the strong cash generation and shareholder returns in terms of dividends and buybacks, what constraints or consideration are limiting incremental investment in content acquisition or growth opportunities at this stage?

We are really looking for more content we should acquire and we can convince people like you, we can have maybe less tax. But actually, we are not getting content. I have to match the quality and the price of the content. So if I pay say tomorrow INR 40 crores to a film producer and acquire 6, 7 songs of this film and suddenly, it is doing business of only INR 2 crores, INR 3 crores, and there's no future in that content, INR 38 crores, INR 37 crores going directly in the [indiscernible] so with our experience in that business, we don't want to do that. It's better we should all take dividend and we should have money to place somewhere else. So that is our main worry, and we are very cautious and careful about that.

The next question is from the line of [Yashovardhan Sinha] [indiscernible].

Congratulations on a great set of numbers. My only concern was similar to what you said earlier Taurani sir, where ideally you would also be like to spend more on content but the market is currently overvalued. I wanted to understand how do you strategize what content to buy? How do you know when something is overvalued or undervalued? Because from the way I saw it, if we're not spending more on content today, we were also sacrificing on future growth, right? Because like you said earlier, one of your old song suddenly went viral [indiscernible] growth quarter. So I wanted to understand your thinking around this [indiscernible] a bit better.

Okay. Okay. Let me take your only question as an answer. You said other companies are buying. If they are growing with that content, just see that. They are not growing. It's a myth. So I think we have to be very, very cautious and what our strategy. Now if you see, everybody is actually following that. They are acquiring film companies and they want to keep constantly quality content to come to them. But it's very tough, I think. And more or less -- and plus we want only 1 or 2 outside producers film. We don't want more content. So actually, we are the best placed in the music business today. So trust me, what we are doing is actually others are following us. But -- and our policy is the best policy we are having.

Understood. Understood. Just one last follow-up to that. An earlier participant mentioned that [indiscernible] is also going to be setting up a publishing practice in India. And CFO sir mentioned that he will somehow be benefiting from that. If possible, could you maybe provide some color around that? And second to that, are we expecting the market to cool down for content?

Not immediately, but ultimately, it will -- 100% it will cool down, number one. Number two, as far as publishing, publishing is concerned, we are already -- we are doing business with Sony Publishing, and they are really, really doing great job for us. We are really very happy with them.

Once again, congratulations on a great set of numbers this quarter.

The next question is from the line of Rohan Advant from Prad Capital.

Sir, I wanted to know in our Q4 quarterly revenue of INR 104 crores, what were the digital contribution and the non-digital contribution because in the PPT, you given only for the full acquire, so I wanted to know for Q4.

The same is applicable, 70-30, do that.

Okay. [Foreign Language].

[Foreign Language]. Ultimately, if you see, as a consumer [Foreign Language]. So I think, that's not a really worrisome. Sometimes, [Foreign Language]. So that is nothing going to harm. [Foreign Language] we are not worried or we are not even think of that.

[Foreign Language].

[Foreign Language] We're doing well on publishing public performance, brand size [Foreign Language] we are getting good revenues.

Okay. And this is sustainable. [Foreign Language].

[Foreign Language]. You have to analyze use throughout the year-wise. [Foreign Language] compared to first 2 quarters. And, again, depending upon [Foreign Language] What is our business. Our business is music. [Foreign Language] will be the number one company. [Foreign Language] our catalogue will be best performing now.

Understood. Understood.

The next question is from the line of Makarand Bhosekar from Proinvest Nirmiti.

My questions have been answered.

We have a follow-up question from Ravi Naredi from Naredi Investment Private Limited.

Sir, Taurani, Sir. Just I think since last few months to ask you, can we think like [indiscernible] one hour music show song of Tips Industries, which one is a 1 to 15 numbers in this week and if it gives good advertisement to our songs and library.

Actually, [Foreign Language].

The next question is from the line of Yashowardhan Agarwal from IIFL Capital Asset Management Limited.

Congratulations with [indiscernible] few questions from my side. [indiscernible] possible to give us volume growth and value growth in terms of how much growth would have come from [indiscernible].

Yes, we don't share that data in terms of breakup of volume and value growth.

Okay. So, [indiscernible] in a presentation it will be mentioned that [indiscernible] and historically whenever we discussed our growth lever, majority of them are leading to be [indiscernible] industry is getting better. So I hope that [indiscernible] why is the industry growing at 8% [indiscernible] that will get into still [indiscernible] with your thoughts on it that why [indiscernible] between industry group and our group.

So, Yash, let's say at the end of the day, it all depends on the catalogue. And what we have said earlier also, let's say, we have one of the best catalogue in the industry.

Okay. So still any kind of number that you would like to give on the volume growth that the majority of the growth is coming, is it from the streaming growth? Would that be a fair assumption?

So primarily, it would be more towards the streaming growth, that is right, but I wouldn't be able to divulge more details on that.

Ladies and gentlemen, due to time constraints, this was the last question. I would now like to hand the conference over to Ms. Ayushi Gupta for closing comments.

I like to thank the management for taking the time out for this conference call today and also thank all the participants. If you have any queries, please feel free to contact us. We are [indiscernible] Intime Private Limited, Investor Relations Advisers for Tips Music Limited. Thank you so much.

Thank you. On behalf of Tips Music Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Thank you.