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ZEEL declares Q2FY23 results: Q2FY23 revenue grew by 2.5% YoY; gained TV viewership in linear; healthy momentum in ZEE5

Nov 14, 2022
The Board of Directors of Zee Entertainment Enterprises Limited (ZEE) (BSE Code: 505537, NSE Code: ZEEL.EQ, Reuters Code: ZEE.NS, Bloomberg Code: Z IN) in its meeting, has taken on record and approved the Unaudited financial results for the quarter ended September 30, 2022.

Highlights:

16.4% Q2 FY23 all India TV network share QoQ up 30 bps

Q2 FY23 revenue Rs. 20,284 mn

14.7% EBITDA margin, Q2 FY23 EBITDA of Rs. 2,973 mn

+28% ZEE5 YoY revenue growth; Q2 FY23 revenue Rs. 1,671 mn

112.4 mn ZEE5 Global MAUs in Q2FY23, YoY up 19 mn

198 minutes Avg watch time/month in Q2 FY23; YoY up 12 min


Business Performance:

Domestic Linear: Network Share Higher 30 bps on Back of Hindi & South Cluster
  • Total TV viewership higher on back of higher TSV 
  • Continue to invest in Zee TV, Zee Marathi, Zee Tamil & Movies to further grow market share 
  • Further, Strengthen market position in Bangla, Odiya, Telugu & Kannada Market 
ZEE5: Revenue Up 28% YoY; Highest Ever DAUs Reflecting Stickiness 
  • MAUs at 112 Mn+ and DAU at 11 Mn+
  • 66+ shows and movies (incl. 6 originals) released during the quarter ➢ Average Watch time at 198 mins QOQ
  • Q2 Revenues stood at Rs.1,671 Mn (YoY 28% growth); EBITDA* at Rs. (2,769 Mn)
Business Continue to Show Strong Usage, Engagement and Growth 
ZEE5 is Now the Highest Rated OTT App - Significant Improvement in Rating & User Experience Since April 2022

Zee Studio: 4 Hindi and 6 Regional Movies Released During the Quarter

Zee Music Company (ZMC) 2nd Largest Music Label with ~89 Mn Subscribers on YouTube
  • Strong track record of acquiring new Hindi movies 
  • Zee Music Company witnessed 65% YoY growth on video views & 11 mn subscribers' addition since Q2FY22 on back of new age catalogue
Financial Performance:
YoY EBITDA Down 28% Impacted by Slower Growth in Revenue and Elevated Investment in Content, Marketing and Technology

Challenging Macro Economic Environment Continues to Impact Operating Performance

Advertising Revenues: Domestic Ad revenues came at Rs. 9,610 Mn, YoY lower by 7.7%, QoQ up by 4%. Ad Revenue YoY growth impacted due to FTA withdrawal (Zee Anmol) and challenging macro economic environment

Subscription Revenues: Subscription revenue YoY up 4.2%, QoQ up 6.5%; Q2 FY23 subscription revenues were aided by catchup revenue from previous quarter in linear business and underlying organic growth in ZEE5 and Music

Other Sales and Services Revenue: Other sales and services revenue YoY up 92% aided by theatrical revenues and others syndication deals

Operating Cost: Programming and Technology cost increased YoY due to higher theatrical releases, investment in Zee5 and higher programming hours in linear business

A&P and Other Expenses: Increase in marketing cost on a YoY basis is on account of new content launches and higher theatrical releases

EBITDA: EBITDA for the quarter came at Rs. 2,973 Mn; ➢ Q2 FY23 Margin at 14.7%

International Revenue Break-up: Q2 FY23 Advertising revenue : Rs. 518 Mn, Subscription revenue : Rs. 1,060 Mn, Other Sales & Services : Rs. 195 Mn

Report By: Corporate Communications
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