Ladies and gentlemen, good day and welcome to Saregama India Limited Q2 FY 2022 earnings conference call hosted by ICICI Securities. As a reminder all participants line will be on listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhupendra Tiwary from ICICI Securities. Thank you, and over to you, Mr. Tiwary. Thank you, Neera. On behalf of ICICI Securities, we welcome you to Q2 FY 2022 results conference call of Saregama India. From the management, we have Mr. Vikram Mehra, who's managing director, Mr. B.L. Chandak, who's executive director, and Mr. Pankaj Kedia, who's vice president, investor relations. I'll just hand over the call to Vikram for the opening comment. Over to you, Vikram. Thank you. Good afternoon, everyone. Last 18 months, the COVID time has had two big implications on Saregama's business. First one was a positive one. Because of the lockdown, more and more middle-age and older people were locked in their homes, stuck with their children and grandchildren. They used this time to get comfortable with the digital technology. I personally know many families where 50 and 60 and 70-year-old people, for the first time, operated a bank account digitally. Similarly, downloaded a Gaana or JioSaavn or a Spotify or a Hungama for the first time, or started consuming content on Netflix or Amazon. This is a crowd that used to be scared of technology, now started adopting that technology. This is great news because the key fact about this is that this is an irreversible change. Once people get used to digital technology, they will continue using that technology to consume content long after COVID is gone. We've got a very big new customer base courtesy of COVID. India has leapfrogged four to five years easily in terms of its digital adoption because of this forced home lockdowns. Second impact of COVID on us was a negative one. Because of COVID over the last few months, retail networks were shut. Shoots of films and televisions went for a toss because we could not go ahead, and there were large times, weeks and months, that no shoots were possible. Thankfully, this is a reversible change. The impact of lockdown has started going away and life is coming back to normalcy, all our shoots are back in full swing. The retail network, as I talk to you, are getting back to normalcy. In most places, the retail networks are open, and people, hopefully from this Diwali onwards, will also start feeling comfortable walking into the retail outlets. COVID has been a difficult time, but, like with every dark cloud, there's always a silver lining. In the end, as we people come out of COVID and we're done with the negative impact, for us in the long run, the big positive impact is going to stay, which is a larger digital consuming audience, which means a larger potential market for IP-owning company like Saregama. After a solid FY 2021 performance, we have started this year also with a bang. Our first six months have been pretty solid. Our revenue from operations during the half year touched INR 250 crore, which is around 35% growth over the last year. Understandable because last year, the denominator was a COVID-based denominator. The even better news for me is that the PBT of ours on a half-year basis grew up to INR 82 crore, which is a 36% growth over the last year. I talk about specifically quarter two, our revenue from operations grew by 34%, while our PBT has grown by 19%. This 34% growth that I'm talking about, yes, obviously, it's backed to a very great extent by great solid performance across all the four verticals of the company. To some extent, it also gets a benefit of a lower denominator. Last year, quarter two, retail network was still shut, Carvaan was taking a hit, the films and TV shoots started sometime in early August, mid-August. We had one month of Q2 that was lost. All that has helped us. The base was smaller, this year the performance has been even better. We ended up showing a 34% growth in our quarter two. Our operating income before content charge, interest and depreciation for the quarter was INR 53 crore. This grew by 38% compared to last year, and this gives me a lot of comfort because this shows right now the basic potential of the growth that we can expect in this IP economy. The biggest profitability driver for us for the last many years has been music licensing, and this quarter was no different. I've always been giving projections of over 20% growth in music licensing year after year, and this quarter lived up to that number. Over the last two quarters, as some normalcy has started coming back into the market, we people have been releasing multiple songs across all languages. Our biggest focus obviously remains Hindi. After the big success of our song, "Paani Paani," which was a Badshah song in quarter one, which incidentally is the biggest song of the calendar year 2021, by YouTube views, by OTT streams, by user-generated content, it is the number one song of the year. After delivering that song in quarter one, one would have thought quarter two will be difficult to match up to it. No, we bettered in quarter two. A combination of Akshay Kumar's "Bell Bottom" movie got released in theaters in quarter two. The music of that has done very well for us. It has done great numbers both on YouTube as well as on OTT platforms. This quarter also saw us launching many other original numbers. Songs like "Do Ghoont" or "Dil Kisi Se," these are songs that have been doing very well, and have been showing us great potential, even within a month and a half of the launch. You can see that impact on our numbers. We also released multiple songs across Bhojpuri, Tamil, Telugu, and Gujarati in this quarter. We are maintaining a leadership position in Gujarati and Bhojpuri. Bhojpuri, we are number two. This quarter also marked our entry in Haryanvi language, with the first song launch there. Overall, we launched 74 songs with a big focus on the regional language side. We have been maintaining this over the last four to six quarters, that as we people go ahead, we will be investing heavy in new content to get into the market leadership position. Our strategy of new content will be not only limited to Hindi and Punjabi, but will also have a very big play on the other regional languages of India. This quarter, because of the large number of songs that we released, the total content charge that we have taken for the quarter is INR 11.3 crore, which actually is INR 9 crore higher than a corresponding charge we had taken in the same quarter last year. You are seeing an increase in our PBT in spite of a bigger content charge that we've taken in this quarter, which for me is a very encouraging sign. That means while we are investing, we are building on that investment and improving our profitability on the back of that investment. By the way, this INR 11.3 crore includes both the content charge, the new content that we have taken, charge of that, and the marketing costs connected to that content. Our focus on cash management continues. Even after we take care of all the fact that the dividend payout, content advances have been given, marketing spends have been there to push the new content, we still end the quarter with a cash balance of INR 152 crore. For us, the monetization's biggest pillar has been the licensing business, which is growing steadily as the digital consumption in our country goes up. Now with these middle-age and older people also jumping onto the digital bandwagon, we see our licensing business growing faster than that of the industry. Because industry earlier was managed only by the younger audience, which was listening to new songs. We not only have a huge play in the new music, but because we are the clear leaders of the catalog retro music and older people are jumping into the bandwagon of digital, we believe our share is going to go up substantially in the music business. The highlight of this quarter for us was the use by Apple of a super popular song, "Dum Maro Dum," in their latest iPhone 13 ad. It's a global ad in which they ended up using this 50-year-old song called "Dum Maro Dum." That's where we bow down to the genius of R. D. Burman. It's a reflection of the power of the catalog that Saregama owns. Lots of other brands, Colgate, Asian Paints, Vedanta, ended up using our music. Once again, platforms like Netflix and ZEE5 ended up licensing our music for many of their original shows. That story is sustainable. The increase in the licensing revenue is coming partially on the back of the industry growth. Industry is growing at 11%-12% steadily. The remaining jump, and we are saying we are growing at more than 20%, is primarily now started coming on the back of the new content investments that we are making. Coming to Carvaan. After literally a washout in the earlier part, which is FY 2021. Q1 was also a washout because networks were all shut during the month of April and May, and we could just manage 45,000 units sale in Q1. Q2 was far better. As lockdown shifted, retail opened up and e-commerce opened up practically in every part of the country. Net result, we ended up selling 103,000 units of Carvaan. This is when marketing hasn't started on Carvaan yet. This is natural customer pull through which we people are selling Carvaan this moment. While we are happy about it, we maintain our stand, this is the sixth quarterly call, I think, in which I'm repeating this, that till the time COVID issue is not fully resolved, till the time we are 100% sure that customers are going to have no hesitation walking into the retail outlets without any restriction being imposed on them about showing COVID certificate, vaccination certificates, till the time life does not come back to full normalcy, we will continue with our policy of controlling our costs on Carvaan, both on the marketing side as well as the manpower side. We are bullish on the product. We want to develop this product into a platform with recurring subscription and advertising revenue. There is work happening internally on taking the product to the next level. No investments are going to be made in terms of marketing and manpower till the time everything goes back to normalcy in India. At the end of the year, I assure you guys, we will have at least a break-even, if not a very marginal profit. Break-even is something right now we will ensure that Carvaan gets. We released a hugely filmed in this quarter, Amol Palekar starrer, "200 Halla Ho." The movie got great positive feedback both from the audiences and critics. The movie was released on ZEE5. It once again just solidified our image of a company that comes out with content very frequently and wins accolades. This quarter, we also announced our first digital web series called "Invisible Woman," starring Suniel Shetty and Esha Gupta. The series is under production, and we will be announcing its release date pretty soon. On the South television side, our serial, "Roja," continues to be the number one Tamil serial in terms of TRPs. This has been a great story for us to have a program of ours in number one position and that also for this long. We also recently marked another big milestone for our South television. Our serial, "Chandralekha" crossed 2,000 episodes. This is the first Tamil serial in the history of Tamil television content which has achieved this milestone of 2,000 episodes. Once again, shows that we people are strength in content creation and content presentation. Overall, it has been a very, very good quarter for us. We believe the revenue and profitability that we're talking about right now will continue growing for us in the days ahead. That will be all, guys. Thank you. We'll be happy to take questions now. Thank you very much. We now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Aditya Nahar from Alpna Enterprises. Please go ahead. Yeah. Hi, Vikram. Hope you can hear me? I can hear you now. Okay. Hey, Vikram. Just two broad questions. If you could just comment on the cover songs by Spotify Singles and how the economics would work, because exactly a year back, you had pretty clearly said that most likely platform companies won't be investing in their own content. I think Spotify has come out with a Raataan Lambiyan cover. Just wanted your thoughts on that. That was my first question. The second question is, could you give a breakup in terms of cost for your TV series, which is "Invisible Woman"? You were very clear that our budgets for movies at least would be below a certain threshold. If you can just talk about these two in detail. Thanks. Sure. Let me attack the second one first. We maintain our position out here that in TV and series part, if we are producing on our own, which we are increasingly not doing, we pre-license a film or a series and then produce it. That's the situation with "Invisible Woman" also. The movie already has been licensed to a platform. I mean, the series has already been licensed to a platform. Net-net basis right now, it will be a profitable thing for us from the word go. I hope that gives you some comfort. Got it. On the first one on Spotify, it will be wrong on my part to comment because it's not a song which belongs to us, but my understanding is that the IP of that still remains there with the music label. Okay, because I was given a tour that covers nowadays legally are a gray area. No, they are not. Covers completely belong, whomever has told you, has misinformed. Covers can be done only with the permission of the publishing rights owner. By publishing rights, I mean rights of the lyrics and rights of the composition. Understood. I recommend you don't tell anybody to create covers of Saregama song because we will pull it down. No, no. Thank you so much, and as always, I always learn something talking to you. I'll get back in the queue, Vikram. Thank you. Thank you. Thank you. The next question is from the line of Saket Mehrotra from Tusk Investments. Please go ahead. A small question on the strategy side with respect to Carvaan. Every video that I see on your YouTube channel, it starts with a plug on Saregama Carvaan, and yet I don't see there's any click to action to buy that product. Is there any gap there, or are we wanting the products to be sold through retail? In a five -second spot, it is always very difficult to push multiple messages. The only message that we people, because we cannot use more than five seconds there, according to our understanding with YouTube. Remember, this is not an ad served by YouTube. This is a part which is prefixed in our videos, and we are allowed only five seconds. Coming to the other part, yes, at times we do want to keep it open and not call everybody to saregama.com because it unnecessarily upsets the other distribution channels that we have. All said and done, please do remember, Carvaan is still a brick-and-mortar sales product. Yeah If you're going to be seeing a lot of the promotions that we people carry out at times on social media, at times we give retail networks name, at times we give our partner e-commerce platform names, and sometimes we use saregama.com. Okay. No, I ask this question because recently I saw you had this collaboration with another channel on YouTube, and there was a link there in the description. Just wanted to have that clarified, because anyway, we are sort of promoting that product quite hard on our own channel, and just thought if there's a disconnect there. No. All I can tell you right now, I can have this conversation with you offline, but it's a thought-out part, keeping in mind the restrictions that we people have on that platform. I will explain to you more detail offline, please. Okay. Vikram, would you like to throw some light on the recently announced fundraise? What would that be used for, and what's the whole rationale behind it? We will talk about it. We are still debating and discussing it internally, and at the appropriate time, we will come back and talk to you. Okay. Thanks. Thank you. The next question is from the line of Ankush Agrawal from Artefacts Capital. Please go ahead. Hi, Vikram. Thank you for taking the question. Vikram, can you give some qualitative- Ankush, sorry to interrupt you. Your voice is not coming clear. Is it better now? Yes. Thank you. Yeah. Vikram, personally if you can give some qualitative understanding in terms of the growth rates between different drivers of music revenues like streaming, YouTube, social media apps, and traditional. What kind of growth are you seeing relative to each other between these areas? Broadly, we don't get into specific verticals. The way we are looking at our own revenues, we are growing in overall music licensing business at over 20%, and we expect growth to be between 22%-25% in short to medium-term basis. It's primarily coming out of digital platforms only, whether it's digital streaming or it's platforms like YouTube or short format video sharing apps like Instagram Reels and Triller and Moj of the world, or a licensing being given across to Netflix and Hotstar, Amazon and Voot for use on their original content. Digital is what is propelling the growth in a very big fashion. The other media that we had right now, the other biggest television channel, which is growing at a slower rate than the digital part. Third was public performance, which has completely taken a beating over the last 18 months. Okay. Right. Between the digital side, I assume streaming would be the highest revenue contributor, followed by YouTube and then the social media apps. Is that the right understanding? Yes. Broadly, yes. Right. Secondly, just a bookkeeping question. In case of our deals with revenue share and some minimum guarantee, in that case, how do we book our revenues? Do we book only the minimum guarantee every quarter and then at the end of the year, we see if there's an overflow and then we book the revenue share? Actually, completely goes deal by deal, but in principle, you are right. We book only the minimum guarantee part, and we recognize the overflows as and when the overflows come across to our system. In some cases, the overflows are calculated at the end of the deal. Somewhere, overflows are calculated in the middle of the deal. It goes deal by deal. Right. The streaming revenue, like the same that we get first, that doesn't get booked, right, over the time. It only gets done at the time of overflow. Actually, I just couldn't understand your question. Can you go through it? Right. For example. Yeah, right. In a deal, say, for we have a minimum guarantee. We get first in revenue. Say a share of subscription revenue, share of advertising revenue. What we do, if it's a minimum guarantee deal, we people start invoicing it a period in advance. Right. These are all in advance billing that happens, and the money comes to us in advance. Then the consumption happens right now for the period, whichever way the period is defined. All overflows which are connected to that period, they come to us at a specific frequency, which may be equal to the period or which may be longer, it may be three or four periods combined together, and the overflows are finally, then are disbursed across to us. That's the time we recognize overflows. Okay. A part of overflow would be the advertisement revenue share, per stream share and all that, right? Yes, please. The revenue is calculated for a free customer. It's a combination of a flat rate per stream plus share of advertising revenue. For a paid customer, it's a share of the subscription revenue. These are the ways in which revenue gets calculated, and on top of this right now, in our deals, there's a minimum guarantee. Exactly. Broadly, we just book the minimum current gap, right? Like over time, and then at the time of whatever the overflow time that is there. Last quarter, you said it's primarily in the Q3. Right. For most deals. That is when a larger part of revenue would be recognized. Yeah. What we are seeing right now, this time some of the money came in Q1 also. I'm saying deal by deal, there's a different situation that's happening. In some of the deals, what happens, in principle what you said is correct. Suppose we people after the third quarter itself are in an overflow situation. Okay. For quarter four, we are not booking at MG level, we are booking the actuals then, because we have already crossed the MG levels. Okay. Completely, every deal is different, and every time the deal is going through a renewal right now. Yes the terms change. Right. Got it. Mostly at that time, once you get above the MG, you start booking the overflow even though you're not getting accrual, but still you're recognizing it. Yes, sir. I hope you have understood now. Yeah, I understood. Got it. That was very helpful. Thank you. Yeah. Thanks. Thank you. Participants, you may press star and one to ask a question. The next question is on the line of Jaideep Merchant from Janak Merchant Securities. Please go ahead. Hey, Jaideep. Good afternoon, sir. Thank you for taking the call. Sir, I have two questions, the first being related to your fundraise. We are a little just nervous with the size of the fundraise. I know you told the previous speaker that you will come to the market later to answer any questions. The size of the fundraise is quite large. As shareholders, we believe that as a management, you will do the right thing as far as the capital allocation is concerned. I would just like you to reassure us of that. That's my first question. Let me reassure you that. All I can add is that we people are bullish on the overall music market scenario. Is that digitization growing at this rapid pace. Consumption of content going up so substantially, we just want to have a more aggressive play going in on the music side. We will come to you guys with more details at the appropriate time. No, just we wanted a reassurance that it's a music. A music, B music, we are sitting on the side and just we don't understand your business as well as you do. We just hope that the money goes into related, just what Saregama does. I hope we are not diversifying into any other kinds of video games entertainment or sports entertainment, or any of the other entertainment fields. Meaning the larger entertainment basket. We give you that comfort. Great, sir. Second question, sir, is, if you can help share with us the average selling price of Carvaan in the first half, if you have it with you, and whether it was breakeven in the first half? I will be able to see. Our specific prices we don't share, so I can't get into that space with you. What I'm assuring you is that by the end of the year, Carvaan will be in a breakeven situation. Great, sir. Thank you very much, and all the best. Thank you. Thank you. The next question is from the line of Pritesh Chheda from Lucky Investments. Please go ahead. Sir, I just have one question. In the deals which get renewed on the music OTT side, what is the usual escalations or the increase in pie that you see with a pool of OTTs? Sir, our usual part does not apply because industry usual is 11% while we are growing at greater than 20%. That's primarily coming because we are the only player whose market share is changing so rapidly, which is putting pressure on us also to ensure that our deals renewals happen at a higher rate than what typical industry renewals are happening. Are you with me? Yeah. I'm listening. Indirectly, I've given you the answer right now. We are growing our music business right now by over 20%, and majority of our music business deals are either minimum guarantee deals or fixed-fee deals. That gives you an idea. For those guys, the content cost increase is at 11%, right? The music industry is growing at 11%, which means somewhere the other guys who are there in the market may be growing their revenues around that percentage. If the industry average is 11% and we are upwards of 20%. Yeah We are all primarily dealing right now, at least the big boys are dealing in a fixed fee and a minimum guarantee model. That gives you an idea of rate at which our revenues from each of the platforms are growing. In our case, and for the industry, or let's say for our case, is music OTTs a bigger chunk of the licensing revenues? Is there any skewness? Amongst all the areas of revenue which you mentioned, which were music OTTs or YouTubes or short film apps or advertising or exhibition business, is it fairly spread or there's any skewness on any side of the business? In terms of the growth rate or in terms of contribution to our revenues? In terms of contribution to revenues. Contribution, music streaming is the biggest, not just for us, globally, for every music label. Okay. Music streaming is the single largest contributor to our revenues. Only difference is, in India, the revenues from music streaming apps are coming more out of free users, while everywhere else, people are migrating from free to paid. Okay. Music labels earn a share of that paid subscription revenue. If you ask me, the good story is yet to unravel in India. Okay. Just a follow-up here. When you mentioned that industry is growing 11% and we are growing faster than the industry, I am just trying to correlate with the music OTT content cost. Music OTT guys, for them, the content cost must be growing at 11%, right? Yeah. If we say that the average of the music industry growth, 11%, should be the rate at which one part of the music industry, which is music streaming cost structure should be there, you can make that kind of a jump. Okay. Directionally, you may be okay, but it can't be accurate. I can't say right now that you've got the number accurate here. Okay. Lastly, for us, the margin that we report on the music side of the business, where we are mentioning that the Carvaan side of the business will be break even. Yeah. Right. These margins that we see, let's say on the licensing side, bulk of the margin obviously is coming from the licensing side. What, in your opinion, are the risks, if any, to those margins? Bad choices of content, if I may go back and say. We try to mitigate it by taking the individual gut call out of a content selection. All our content selection is done based on predictive models that have been built using millions of data points that come across to us on a daily basis about how every song released in India by every label over the last three years performs in each of the platforms, which gives us a little better idea that which artist is performing how well in the market, allows us to pick our content with little more quantitative feel to it and not just a gut call, to minimize the risk of poor content selection. Okay. Content selection is the only risk which you run on your margin. Yeah, because poor content selection means that you will not get the returns that you expect. Okay. Lastly, sir, what is our market share now in the incremental content purchase and what is our market share at the existing. I'll not be able to share that detail. Market share on the industry side, historic? No. All you can find out right now, you know our licensing revenue. You can check out IMI, which is the apex body of the music industry. They publish the size of the music industry. That's one data point. You have our revenues from music licensing. Okay. That will give you a good idea about our market share. Okay. Thank you very much, and all the best, sir. Thank you. Thank you. The next question is from the line of Suraj Fatehchandani from Compound Everyday Capital. Please go ahead. Hi, sir. How are you? Very good, Suraj. Sir, I just had one bookkeeping question. When I see this content charge, which I can see in the investor presentation, how do I locate this thing in the statement of P&L? I cannot see a different line item for this thing. When you say the content charge, it's now spread between three different places in our P&L. Okay. Which is part of depreciation and amortization expense. Okay advertising and sales promotion and royalty expense. Perfect. Understood. Right now, whenever the people are releasing a song, there's a content cost and there's marketing cost. Marketing cost is getting all booked under advertising and sales promotion. The content cost is getting divided between depreciation, amortization expense. Royalty. Perfect. Thank you a lot, sir. Thank you. Thank you. The next question is from the line of Rahul Ramakrishnan from Vista Investment Groups. Please go ahead. Yeah, hello. Can you hear me? Yes, Rahul. Yeah. Vikram, first of all, just amazing work over the last five years. Totally in awe of what you've done over there. I just have one question. As we continue to gain market share, it's natural that we do face resistance from the incumbents, right? How do you see that affecting our content cost over the next three, four years? Wish I had a crystal ball in my hand. The good part about the music industry is, size of the larger company, more number of songs it releases, which gives us an edge in having lower cost of marketing and higher reliance per song when negotiating. The fight for the premium content is limited only to. There may be hundreds of small companies, but becomes difficult for them to pick up a big budget Bollywood film. They don't have ability to monetize that content as effectively as large companies label. The relative competitive intensity in our industry, it is there, but it's not that intense. There are only three, four of us playing out there in the Hindi space. Three labels playing out in Only. Saregama is only national label playing in a Gujarati or a Bhojpuri space or a Bengali space. It looks from outside as the entry barriers are very low, actually. Vikram sir, can you hear us? Hello? Can you hear me? Hello. Yeah. I got that. Thank you so much for your answer. Sure. Thank you. The next question is from the line of Kashyap Javeri from Emkay Investment Managers. Please go ahead. Hello, sir. Am I audible? Yes, please. Two questions from my side, sir. One, in terms of Yoodlee, I understand that our target was to reach three-digit revenues in three years. Can you now? We're losing you. We can't hear you. Hello. Yeah. Clearer. Yeah. My question is on Yoodlee. The first question is that, we were expecting to reach three-digit revenues in three years, but looking at the quarterly run rate, I understand it can't be probably a quarterly business because content creation might not be same across. Could this target be preponed for us now? I'll still maintain that direction. I'm not going to change. Okay. Sure. Second question is on, again musical content side. Increasingly what we are seeing is that, a lot of singles are being produced by the artists themselves. Like for example, the recent Tony Kakkar song was done by a company, which is something that I haven't heard of actually, to be very frank. Even we did this one music with B Praak, if you look at the first song that they released, "Filhall" was by some music company, which was sort of unknown type. Are you seeing increasing trends that, the popular artists are going on their own, creating their own content, releasing on YouTube or some of the streaming apps? Again, I'll continue from where I left in the last answer. It looks from outside very tempting for any individual today to go out there and launch a song. Please understand the mathematics. A typical artist on their own, if they're releasing a song, will be able to release 3, 4, 5, 6, 10, 12 songs in a year. No A category artist releases 12 songs in an year. Assuming this guy has gone crazy, it will take him five years to have a catalog of 60 songs. With a catalog of 60 songs, if you're going to go to a leading OTT streaming platform. or a short format show app, it's a little difficult to get a deal. What happens is the model that many of these individual artists follow is a bit different. They don't make too much of money right now from music. They go out there and use music as a marketing tool for themselves because then they get invited in various shows and they make money through shows. Some of these individual artists that you're talking about, it may look right now that the song is getting released under their own YouTube channel. Without taking names, specifically of the guys you're talking about right now, chances are very high that they have gone out there and given the monetization rights of their own content to one of the big labels. The names that you look at, I can tell you offline, they are being managed by somebody else. Okay. When we look at content creation within the same business, would we also be tempted to do this kind of business, or we would just create on our own and do it on our own? Right now, our focus is more on IP ownership and then monetization. Right. Are we completely closed to the idea that IP must stay with an individual artist, and then we do a long-term monetization on that? See, in this market, you have to be open to all possibilities. Okay. Currently, we don't see the need for us to go there. The phenomena you're talking about is limited only and only to one language, which is Punjabi. Right. This phenomena is not happening anywhere else. Okay. Let's see in Punjabi also, how long can this phenomena continue? For whatever reason, suppose the entire market changes, are we going to adapt? Yes, we have to adapt. Okay. In music, would you be able to disclose your market share in, let's say, Gujarati and Bhojpuri this first half? See, again, now it all depends right now. I'll have to put hundreds of riders there. How would you define market share? Okay. The easiest way to define market share is that the content that got released in the first half. what is the amount of views that that content generated on, say, YouTube? Out of those views, how many are paid views or how many organic views? All those questions are going to come in. Okay. I don't want to make an absolute number statement in front of you, but our internal data says that in terms of new content, we are number one in Gujarati, and we are number two in Bhojpuri. Okay. Got it, sir. Thank you so much. Thank you. The next question is from the line of Ravi Naredi from Naredi Investments. Please go ahead. Hello, Vikram Ji. How are you doing? Very good. Okay. Sri Vikram Ji, again, you make a century as you are making in last few innings. Really fantastic results. My question is, how much music right and filmmaking expenses done in quarter two, our margin came down? Sorry, sir. Repeat the question, I didn't get it. How much music right and filmmaking expenses we have incurred in quarter two? INR 11.3 crore is the charge that we have taken for new content in quarter two. This number last year in quarter two was INR 2.4 crore. Okay. That is the reason. Second, how much is the licensing revenue we earn in this six-month period? Financial year 2021, you had given INR 2,839 million. We will declare that at the end of the financial year. At the end of financial year. Okay. Sir, I'm giving the comfort is that it's growing at a rate of 20% +. 20% as we are growing in last two years. Sir, YouTube viewer increases quarter by quarter. What is the main reason behind this? New content, sir. Yeah. YouTube viewers. All new content. The views are going up because we are releasing more and more new content. Okay. The same driver for us. Okay. All the best, sir, and carry on this century again in next quarter. Yes, sir. Thank you. Welcome. Thank you very much. Ladies and gentlemen, that will be the last question for today. I will now hand the conference over to the management for closing comments. Thank you, everyone, for your patient listening. Saregama as a company is at a right place at the right time. Digitization is taking over the world. COVID has further accelerated this digital transition. We, as an IP-owning company, IP of music, IP of long format movies, IP of short format digital series and TV series, are in a very sweet position to take advantage of this digital transition. We maintain a bullish stand on music licensing. We should be growing between 22%-25% over the next three to five years. We'll continue investing very heavy on new music content, both on the film side and the non-film side. We'll continue differentiating ourselves vis-a-vis every other music label in terms of our focus on various regional languages of India and not limit ourselves only to Hindi. With theaters opening up now, we expect more films to start getting released from the quarter four of the year. Some will come in Q3, majority may start coming from Q4. The big movies that we people have acquired, like Sanjay Leela Bhansali's next three projects are with us. Shankar-directed next movie of Ranveer Singh, produced by Pen Studios, sitting with us, and many such large budget movies. They all will start coming out. We continue our cautious approach on Carvaan. We'll wait and watch to see which way the market moves, and only when the retail networks are fully open are we going to start once again focusing on the product. On the film side, our stated strategy remains as it is. On Hindi side, we will make films and series only on a pre-licensed basis. Even on the regional side, series will be made only on a pre-licensed basis, so that our exposure is not there. We will take some amount of risk only on regional languages films, which we will first make and then license out. There also, our endeavor will continue that 70% cost of the film should get pre-sold and pre-recovered through TV and cable and satellite deals. Overall, we expect this year to be pretty decent, both from the top line and the bottom line perspective. Thank you, ladies and gentlemen. Hope to talk to each of you guys right now after the end of the quarter three. Thank you. Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.