Zee Ent clocks Q1 net loss of ₹53 crore
Zee Entertainment Enterprises Ltd posted a net loss of ₹53 crore in the first quarter of FY24 compared to a profit of ₹107 crore a year ago. Consolidated revenue increased 7.6% year-on-year from ₹1,843 crore to ₹1,983 crore.
Domestic ad revenues came in at ₹901.8 crore, declining 6.4% sequentially, and by 2.6% from a year ago. The company attributed the soft start of Q1 to a subdued advertising spending environment, influenced by the Indian Premier League in the initial two months of the quarter.
However, signs of a recovery emerged towards the end of the quarter, driven by increased advertising expenditures led by the FMCG sector. Subscription revenues were up 18% from a year ago, driven by subscriber growth for ZEE5 the company’s video streaming service post NTO 3.0 tariff order, it added.
Total TV viewership has also improved from a year ago with the network’s weekly viewership estimated at 28.5 billion impressions in Q1 against 27.4 billion a year ago. It has also strengthened market share in Bangla, Odia, Telugu and Kannada regions, and added new channels: Zee Punjabi, Biskope, Chitramandir, Keralam, Thira and Picchar, Zee said in a statement.
With 32 shows and movies, including five originals, ZEE5 saw its revenue soar 21% year-on-year. In May, the platform unveiled a slate of 111 subscription-driven titles which would to be released over 12 months.
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