Radio City registers 11% growth in Q3 FY24 revenue
The radio channel’s revenue touched Rs 60.4 crore for the quarter ended December 31, 2023
Music Broadcast Ltd, the registered name under which Radio City operates, recently announced its financial results for the quarter ended December 31, 2023 (Q3 FY24), as well as for nine months collectively.
For Q3 FY24 and nine-month period of FY24 revenues grew by 11 percent, to Rs 60.4 crore and 13 percent to Rs 165.9 crore respectively. EBITDA during the same period grew by five percent (Rs 15.3 crore) and 25 percent (Rs 40.10 crore) respectively.
Ashit Kukian – CEO of Music Broadcast said, “Digital business has the potential to open new revenue streams, enhance operational efficiencies and enhance customer experiences in the long run. For the quarter our digital business has experienced a substantial 27 percent growth compared to the previous year, demonstrating our agility in meeting, shifting preferences and audience demands.”
The advertising sector has experienced notable advancements. Notably, the jewellery industry saw substantial growth of 44 percent year-on-year, an increase in the advertising spending. The pharmaceutical market grew by 15 percent and the auto industry exhibited an impressive 26 percent growth compared to the previous year.
The finance industry witnessed growth of nine percent, the government public service ad sector showed commendable growth at 22 percent and real estate advertising increased by 17 percent year-on-year.
“This sector specific insight empowers us to adjust our strategies and customise our services to meet the evolving needs of our clients,” added Kukian.
In the third quarter Radiocity successfully retained the market share at 19 percent in their ad check markets.
Among new clients 33 percent selected Radio City as their advertising platform of choice, further establishing a position as a preferred choice in the advertising landscape, shared Kukian.
“We take great pride in our commitment to diversify revenue streams with 31 percent of our revenue stemming from various sources such as properties, proactive pictures, digital ventures, sponsorships and special events,”
Radio City continues to attract a significant share of both existing and new clients with 40 percent of clients on the radio platform choosing them for their advertising needs.
