India-headquartered music and entertainment company Tips has published its financial results for the quarter and full fiscal year ending March 31, 2024.
According to the company’s filing, published on Monday (April 29), revenues at Tips reached 63.3 crore (633 million rupees) in calendar Q1 (the company’s fiscal Q4).
That revenue figure converts to approximately USD $7.6 million (at the average exchange rate for the quarter) and, and was up 22% YoY.
The company’s EBITDA for calendar Q1 was 30.2 crore (302 million rupees), which was up 14% YoY and converts to USD $3.63 million.
The company’s revenues for its full fiscal year (FY 2024) stood at 241.6 crore (2.416 billion rupees).
That revenue haul for the company’s full fiscal year converts to approximately $29.09 million and represented 29% YoY growth (see below).
Elsewhere in the filing, Tips revealed that it released 179 new songs in Calendar Q1, 123 of which were new film songs and 56 Non-Film songs.
The company’s key releases during Q1 included Choli ke Peeche, Naina and Ghagra from Crew were amongst Top 10 Trending songs across major platforms.
The company also notes that its song Dil Laga Liya from the film Dil Hai Tumhara crossed 1 billion views on YouTube.
Tips’ YouTube subscribers now stand at 97 million. In calendar Q1, the company’s YouTube views reached 47.8 billion – up 42% YoY.
TIPS was founded in 1988 by brothers Kumar Taurani and Ramesh Taurani.
Chairman & Managing Director Kumar Taurani told MBW in an exclusive World Leaders interview earlier this month that Tips is among the “top three priority Indian origin music labels”.
The company produces content in multiple languages, including Hindi, Punjabi, Telugu, Tamil, Marathi, Gujarati, Bhojpuri, and other languages, straddling all genres of popular Indian music.
Looking at the future of India’s music business, Taurani told us that the firm’s forecast for “2024 and beyond” is “rooted in a strong belief in the continued growth and expansion of the Indian music industry.”
He added: “With projections indicating a 15-20% annual growth rate, we are anticipating an industry boom that could potentially elevate the market size to approximately USD $1.5 billion-plus, within the next four to five years.”
Commenting on the company’s latest set of results on Monday (April 29), Mr. Kumar Taurani, said: “I am pleased to announce that the year 2023-24 marked substantial growth for us, with revenues soaring by 29% YoY to Rs. 242 cr.
“Profits witnessed a remarkable surge, jumping by 66% YoY to Rs. 127 cr, a testament to our strategic initiatives and operational efficiency. In Q4FY24, we released 179 new songs, comprising 123 Film and 56 Non-Film songs, underscoring our commitment to diverse and engaging content.
“Notably, Choli ke Peeche, Naina, and Ghagra from Crew emerged as Top 10 Trending songs across major platforms, reflecting our ability to resonate with audiences. Our song Dil Laga Liya from the film Dil Hai Tumhara surpassed 1 billion views on YouTube, a significant achievement that underscores the enduring popularity of our catalog music.
“Our focus remains steadfast on selectively acquiring quality music rights, reflecting our commitment to delivering exceptional content experiences. Looking ahead to FY25, we anticipate a potential increase in content investment, contingent upon factors such as the availability of quality music and the release calendar of films.”
The company’s latest results follow stats published by Luminate in January, which showed that India saw the biggest YoY increase in total annual on-demand music streams of any nation last year.
If annual streaming volume growth in the US slows in 2024, as many expect it will – but India manages to sustain its 2023 YoY streaming growth margin this year – India could become the world’s largest music streaming territory by volume in 2024.
Elsewhere at Tips, the company signed a distribution deal with Warner Music in 2020, which saw Warner distribute Tips’ repertoire through Warner Music India locally and through ADA internationally.
In 2023, Tips signed a global publishing agreement with Sony Music Publishing.
Also last year, the company tapped Sony Music India and ByteDance veteran Hari Nair to be its CEO.Music Business Worldwide
