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Zee Media’s Q2 subscription income plunges 40% due to Zee News’ FTA move
MUMBAI: Zee Media Corporation Ltd (ZMCL) witnessed a 39.9% decline in subscription income due to its flagship channel Zee News turning free to air (FTA). Zee News had launched on Doordarshan’s free direct-to-home (DTH) platform Freedish after going FTA.
Subscription income for the fiscal second quarter ended 30 September fell to Rs 16.37 crore (Rs 163.7 million) compared to Rs 27.24 crore a year ago.
Ad revenue grew 8.3% to Rs 98.24 crore while other sales and services jumped 26.7% to Rs 11.55 crore.
Total revenue saw a marginal decline to Rs 126.16 crore from Rs 127.04 crore.
Led by a decline in employee and other costs, the total expenses decreased 9.7% to Rs 108.16 crore. Employee cost fell 19.8% to Rs 30.45 crore while other expenses went down by 8.8% to Rs 43.83 crore.
In the television business, fiscal second quarter EBITDA almost doubled to Rs 20.75 crore from Rs 10.56 crore in the earlier year.
Total revenue remained flat at Rs 100.7 crore as against Rs 100.3 crore. Expenses declined from Rs 89.74 crore to Rs 79.82 crore.
The company’s TV business comprises 10 news channels including three national and seven regional channels reaching an estimated 281.7 million viewers.
In the print business, EBITDA loss narrowed to Rs 2.75 crore from Rs 3.29 crore.
Revenue from the print business, which comprises DNA newspaper, declined to Rs 25.59 crore from Rs 26.74 crore. Expenses fell to Rs 28.34 crore from Rs 30 crore.
ZMCL launched the Delhi edition of DNA on 11 October. It also acquired 49% stake in Today Merchandise Pvt Ltd and Today Retail Network Pvt Ltd.
On Thursday, the board of directors of ZMCL gave in-principle approval for the launch of a home shopping channel.