Zee Entertainment Enterprises Ltd (ZEEL) reported a 6.8% growth in its total revenue for the year ending March 31, 2024, compared to the same period last fiscal.
The total revenue of the digital and broadcast company stood at Rs 8766.4 crore in fiscal year 2023-24, up from Rs 8167.6 crore in FY23.
According to the earnings release for the quarter and year ending March 31, 2024, ZEEL made a profit of Rs 13.4 crore in the fourth quarter. However, during the corresponding period last year, the company reported a loss of Rs 196 crore.
It reported a total income of Rs 2,185.29 crore in Q4 FY24, up from Rs 2,126.35 crore during the same period previous year.
ZEEL also saw a growth in its subscription revenue which it attributed to pick up in linear subscription post NTO 3.0 and ZEE5. The subscription revenue saw a 10% annual jump at Rs 3,666 crore in the year ending March 31, 2024, up from Rs 3,335 crore in the previous year.
In Q4 FY24, the company saw a 12 % Y-o-Y jump in subscription revenue at Rs 949 crore, up from 847 crore in the fourth quarter in fiscal year 2022-23.
The broadcaster's advertising revenue stood at Rs 1,110.2 crore versus Rs 1005.8 crore in Q4 FY23, reporting a 10% growth with the company saying there was an improvement in the advertising market.
“Domestic advertising revenue for the quarter grew by 10.6% YoY driven by the continued recovery in the macro advertising environment and spending pickup by FMCG clients,” it said.
The company also reported incurring Rs 5.66 crore as the cost of merger with Sony Pictures, which was later called off.
It also reported a restructuring cost of Rs 21.97 crore, as a part of employee termination.
In FY24, Zee’s ad revenue was marginally down to Rs 4057.66 crore from Rs 4057.89 crore. Revenue from its streaming platform Zee5 improved marginally in Q4 FY24 to Rs 237.2 crore from Rs 220 crore during the same period a year ago.
In FY24, its OTT platform's revenue increased to Rs 919.5 crore from Rs 741.1 crore in FY23.
The company said that linear TV landscape remained healthy during the year with its network market share increasing by 30 bps YoY. “Total TV viewership improved by 5% YoY,” it said, adding that the streaming platform had released 16 shows and movies in Q4 FY24.