Hi, Sushant sir. Very good morning. Hey, Jyoti. Hi, how are you? Good, sir. Thank you, sir, to giving us the opportunity. First time in the Bharat Connect. It's my pleasure. My pleasure. Thank you, sir. So sir, we'll wait, three, four minutes, and then we'll start. Yeah. Yeah. Sir, any presentation or anything, or it will be, everything? Because in usual- Q&A. We'll start with the Q&A only. Okay, sir. Thank you so much, sir. Yeah, so, yeah. Very good morning, everyone, and we have with us Tips Industries management, Sushant Dalmia. He's the CFO of the company. And, like, as... Sir, like, you just want to give us two minutes brief, and then we'll start the Q&A, like latest development, and meanwhile, we line up for the questions. Sure. Sure. So let's say, I'll, Jyoti, I'll give a brief introduction about the company, and, then probably we can line up the Q&A. That work? Yeah. And before, sir, you start, just wanted to request all the participants to raise hand to ask questions, because, after two minutes only, we'll be starting the Q&A part. Sure, works. Thanks. Yeah. Let's say in terms of the Tips Music, which is the new name of the company. Primarily, let's say the promoter started in 1988. The journey started in 1988 with let's say, Mr. Kumar Taurani and Ramesh Taurani starting as a distributor and then, let's say, acquiring rights of the music of music albums. So they started acquiring for regional songs, be it Marathi, Hindi, and then they ventured into the Bollywood music in the 1990s. So let's say from 1990, in early 1990s to, let's say, late 2000, we were one of the largest acquirer of new content. We have around 60%-65% market share of the new content. Similarly, in 1997, 1999, we also entered into film production business also. Somewhere in, let's say, 1999, 2000, the company came up with an IPO. The IPO got a good response, and let's say post that, in 2000 to 2003, the industry suffered, primarily due to piracy and MP3 coming into picture, and the overall revenue moving from, let's say, physical to digital. Let's say the radio also business started, where, let's say, the radio companies were not paying the music labels appropriately. So overall, let's say the music label as an industry suffered. In 2008, overall, let's say, the ringback tone started, which provided a lease of life to the music label companies. From there on, let's say, the journey again started. 2008 was one of the key years. Similarly, let's say, in 2013, 2014, primarily digital companies, OTT players started, YouTube started, Saavn started, and let's say, Wynk started the business. So that added a new revenue stream to the business. And, primarily in 2020, we de-merged our entities. Let's say we moved music to Tips Music now, and the film production got separated to Tips Films. From there on, let's say from a music perspective, the journey has been excellent. Let's say, from a revenue perspective, let's say we have grown by more than 30% CAGR. Our revenue primarily comes 75% from digital and 25% non-digital. Primarily in digital, YouTube is a major contributor. Let's say we get around 45%-50% of the revenue from YouTube, and balance 25% is OTT audio, which includes your Spotify, JioSaavn, Amazon, Apple, and other players, and the remaining non-digital piece, which is the balance 25%, we receive it from four segments, that is public performance, publishing, your brand, and television broadcasting, so this is a broad breakup of my revenue. On the content front, primarily, let's say, we spend around 25%-30% of my overall revenue on the content acquisition, new content acquisition, so we are the only company which writes it off the content at the time of release, and we are the only company which has, let's say, a good repertoire, when I say in terms of 31,000 library and a relevant library. Let's say all our library, it's a new repertoire for us and the customers per se. In terms of my other costs, let's say we are frugal in nature. We spend around, let's say, employee and other fixed costs would be roughly around 10% of my revenue. So my EBITDA margin ranges between that 65%-70%. And we are, we don't have any debt on our books, so primarily everything flows through the PAT, and let's say PAT margins is around 50%. And we are the only, among the few companies which gives out quarterly dividends and primarily, let's say, have a good payout ratio of more than, let's say, 70% now. And in terms of balance sheet also, it's a very clean balance sheet. Since content has been written off, at the time of release, we don't have any intangibles on the balance sheet. And, primarily, most of the, let's say, we have around INR 200 crores-INR 250 crores in terms of cash and investments on books. So this is primarily, let's say, the background of the company, and we'll be happy to take questions. Yeah, sure, sir. Thank you, sir, for the very insightful five minutes brief. And so now we'll start the Q&A part. So first we have Vansh. Vansh, if you can go ahead, please. Hello, am I audible? Yes. Hi, thank you for giving me the opportunity to ask a question. So actually, I was studying the company, and I was going through the content library. So, correct me if I'm wrong, but, I think 70%-80% of your library consists of songs from 1980- 2000. So, I just wanted to ask you that, going forward, how is your company planning to invest into songs, and how do we see the shift of the music library shifting towards a new age library compared to the older age songs? So what is the investments in song going forward from here? Let's say, Vansh, in terms of your question, that library is pre-1988 to 2000. That is not the case. Let's say, when I say we have a good market, or we acquired, let's say, good content from 1990- 2000, but post-2000 also, if you see, we've added good content. In terms of, let's say, volume may not be there. Let's say we have done, let's say between that two decades, we would have done thirty, thirty, forty songs per year. But let's say our strike rate or hit rate was amazing. Let's say, to give you an example, Atif Aslam was our exclusive artist between that period of 2012- 2018. We did good music in terms of our film production, let's say Race 1, 2,3, Ramaiya Vastavaiya, and other releases. Similarly, over the last three years, if I look at from FY 2021- FY 2024, we have invested around more than INR 150 crores in acquiring new content, be it regional, let's say PS-1, PS-2, or let's say the new content, which we acquired six months back in terms of the Crew Music or let's say, Ishq Vishk Rebound music. So let's say, what we are saying is, we would invest around 25%-30% of our revenue into new content. New content is important, and you would see, let's say, good-quality music coming from our label. Fair enough, sir. Thank you for answering that. And another question that I had was that, approximately, what is the cost that you invest in a song going forward? And approximately, if you can give a number, how many songs are you planning to acquire in the next two to three years, like year by year, if you have some idea of a number? Primarily, let's say, in our business, Vansh, let's say it's a total quantum, which is important, but we say, let's say 25%-30%. Let's say next year, we would be doing around that. Let's say this year, we would be doing around that, INR 65 crores- INR 70 crores in acquiring new content, and let's say in terms of volume, volume of songs, let's say number of songs are not so important because it can vary. Let's say, for example, if I'm doing a regional content or a devotional content, the volume would be huge. It would be 500,000 songs, but the cost associated would be much lower. Let's say per song could be, cost me a couple of thousand or a couple of lakhs. But if I look at a movie album, let's say music album for a movie, so let's say there the cost could range in a couple of crores for me. So what we say, key, we will invest 25%-35% of revenue in content. If you see over the past few years, we have, let's say in terms of volume, we have, let's say around 900, 700 songs every year. But let's say going ahead, we would do around, let's say 300, 200-300 songs. And, primarily it would be more on the, let's say, quality content, I would say. Because we are done in terms of investing in regional and devotional and let's say, our more focus would be on, let's say, more of independent artists or let's say, film music, be it Bollywood or regional. Thank you so much for answering my question. That's all from my side. Thank you, Vansh. We have next question from Samyak Shah. Please go ahead, sir. Yes. Am I audible? Yes, you are. Yeah. So I've heard from some of the other industry players that digital platforms have cut their streaming rates. So basically, music labels are getting lower per stream pay from digital OTT platforms. So does this hold true for our case? And we have seen any kind of change in revenue earned per stream on digital platforms or, let's say, YouTube? Primarily, Samyar, if you are aware, let's say we have, for our OTT audio, we have done our deal with Warner. To give you an example, more brief about Warner, let's say, earlier, let's say in FY 2021, we had our first deal with Warner, where let's say, they were acting as a distributor for us, and we had given them our Hindi catalog and couple of international OTT, like Spotify, Apple and Amazon. That was, around, three and a half years back, and, that was a minimum guarantee deal for us. Let's say we renewed that deal in March 2024. Now, we had given them all our OTT audio platforms, be it international, be it national. National includes all your Saavn and other apps. Let's say in terms of we have also given them Hindi plus regional catalog, and we also give them Meta platform and a couple of YouTube regional channels. So in a way, let's say we have now done a four-year deal, and it's an MG deal spread over a four-year period. So let's say we are not directly now impacted because of this rate cuts. It's primarily, let's say, whatever Warner would earn from that pie. So to some extent, we are protected because, let's say our deal is also an MG-driven deal spread over four years. And let's say this MG adjustment would be done at the end of four year. So to answer your question, we are protected to some extent under this MG deal. Secondly, let's say what we have seen is now, most of the platforms, let's say a couple of platforms shut down. Let's say last year, Resso had shut down. This year, let's say Wynk has, Wynk has announced that it will, shut down its app. So let's say these platforms, will, some of the platforms will go out of the business, let's say, but major platforms like YouTube, Spotify, Meta, Saavn would be there. And the entire thing is people moving from free to subscription, where, let's say the, streaming rate would be better than the free ones. And to give you an example, let's say in terms of, free, we would earn around INR 0.10, but let's say in case of a paid subscription streaming, we earn around INR 0.15-INR 0.20. So that is better for us. And thirdly, let's say if you have heard the industry, let's say now, let's say most of the platforms are increasing the paid subscription rate also. Let's say YouTube had increased the paid subscription rate last month. So let's say they have increased on an average between that 18%-20% for individual plans and for family plan for more than 50%. So that all would help the industry per se. Okay, thanks. And, have you started to see monetization from Meta, Instagram and Shorts, like YouTube Shorts? So let's say, to answer your question, from a company perspective, let's say we were not there on Meta platform last year. This year, through the Warner deal, we are present on the Meta platform, and let's say the monetization has started for us from let's say this year, or let's say more specifically from let's say Q2 onwards, it has started. And to answer your question in terms of Shorts or Reels monetization, so let's say that is currently not let's say revenue linked, and let's say the industry is not getting a fair share. It's more of a fixed fee. And let's say, but we are hopeful that, let's say, next 18-24 months, let's say, it would get revenue linked. Okay, thanks. And my last question is, like, which are the upcoming movies in both Bollywood and regional in coming quarters for which music rights are with us? So let's say this quarter we have released The Buckingham Murders, and let's wait for our earnings call, where we will announce a couple of movies. Okay, sure. Thank you. Yeah. So the next question we have from Chinmay. Sir, if you can unmute yourself and go ahead. Thank you so much, sir, for your explaining about the company and how things are moving at the industry level. So just wanted to understand on the number of song releases. So right now you are planning to release significantly lower number of songs, and yet it would be comprising of like 25%-30% of revenue. ... so, like, what's the logic behind it? Like, are we not taking more concentrated risk? Because then we have to make sure that these songs are one of the best, among the best ones, and they're going to generate, like, significant kind of revenue. So just wanted to understand from that thought process. Chinmay, I'll answer the question in two parts. Let's say in between that, 2001- 2020, let's say two decades, we were focused in. Let's say we were releasing 30, 40 songs, and let's say we were more focused on quality. Let's say we have very good strike rate at that period between that two decades. Now, coming to FY 2021- FY 2024, where we wanted to spread ourselves across various channels of YouTube in terms of regional channels, devotional channels, and everything. So there we went, and let's say acquired more of regional and devotional songs where you can see a higher volume. So let's say 700, 900, 1,000 songs we released every year. Now, what we feel is, let's say we have now more than 31,000 songs, and it is catered across various languages and across all the channels. So let's say that bucket we have ticked off. Now, our focus would be more in terms of when I say, the volume would go down, 200, 300, but let's say the quality would be high. In terms of team would be able to focus on more quality, we'll be engaging with more, let's say, independent artists or let's say bigger artists, and the focus would be to get a higher strike rate among this, lower volume. So let's say it doesn't impact my growth rate per se, because from an amount perspective, I'm investing 25%-30% of my revenue into the content. But I'll be working more closely with bigger artists. I would say more or let's say you would see more regional movie albums, movie songs coming, regional or Bollywood, more that would come now, instead of spreading ourselves into devotional and other smaller regional songs. Okay, sir. And so my next question is, what kind of growth rate can we expect from Tips Music for next three, five years? So Chinmay, let's say this year we have given a guidance of 30% growth rate from a revenue perspective and let's say from a PAT perspective. Going ahead, also, let's say for next three to four years the industry per se is expected to grow around that 15%-20% CAGR. And we per se would definitely outperform the industry growth rate. Okay. Thank you so much, sir. Thank you, sir. Next question we have from Pritesh Sir. Pritesh Sir, if you can unmute yourself and go ahead. Sir, thank you for taking my question, and congratulations for your stupendous performance year after year. My question is twofold. Sir, one, you mentioned about the depreciation or, whenever you acquire some property, you said that you immediately amortize the content cost. Is it the same year you amortize, the year in which you have acquired the property? So, Pritesh, thanks. In terms of your question, the content cost, yes. Let's say we have been following this policy from inception. Whatever content we acquire, we immediately write it off in the P&L at the time of release, and we'll continue to follow this policy. Okay. And whatever songs or whatever you acquire, do you have to pay some sort of a royalty payment after acquisition cost? Do you also have to pay some sort of a royalty payment year after year, or that is not the case? So in our case, let's say we primarily acquire, Pritesh, on an outright basis. So if you look through our P&L, so then you won't find any royalty payments going to any production houses or any of the authors or artists. We don't have that in our case. All of our contents are on outright basis. But do you think that, going forward, that might change and- No, no. Or, are there more industry practices in this? Let's say the industry is more moving towards an outright basis, so we think it will continue. Okay, sir. Wish you all the best. Thank you very much. Thanks. Thanks a lot, Pritesh. Thank you, sir. Next question we have from Dinesh sir. Hello, sir. Can you please help. You know, first of all, thank you for this elaborate presentation and understanding of the company. Sir, my question is, what kind of a total content cost we are expecting for this year and next year? Because we are already six months, you know, in this financial year, right? Dinesh, in terms of the total content cost, it would be in that range of around INR 65 crores- INR 70 crores for this year. For next year, again, let's say it would be between that ballpark, 25%-30% of my revenue for next year. Yeah. Thanks for that. Like, see, I want to understand how the cost per, you know, song or per artist does it vary? Or, like, do you see there is a drastic change based on the song and then the content cost varies for every song, and then the revenue also potential varies? Like, how do you come up with, "Okay, how much I have to pay for this particular song?" What's your, you know, thought process behind that? Let's say, Dinesh, we have a team, let's say, the content acquisition team. We have a good team size of around 10 people, having a vast experience. Let's say they deal with the artist or let's say, the production houses, and secondly, we also have a database, a content management software, which we have built in-house, where, let's say, we see how, let's say, the artist has been performing in the past, which songs have been performing, and based on that we take a decision whether we want to, let's say, go and acquire the rights of the songs of particular artists, if it's an independent artist or, let's say, for any of the production houses. Based on our experience, our relationship, and, let's say, the tech, the decision has been taken. Yes, the cost varies. So let's say, a category A or, let's say, a category A movie would, the music of that movie would cost anywhere between around, nowadays, more than upwards of INR 30 crores. A category B would be around that INR 20 crores. Similarly, if you have a category independent artist, it would be a couple of crores, but a new upcoming artist would be a couple of lakhs. So let's say there's a huge variation in the cost, for music. Okay, so are you setting the revenue expectations at the acquisition of the content? Or Mm ... does it, like, say, based on how the response is of the audience and the public, does it vary, like? So I want to understand the financials at the, you know, creation of the content itself. So let's say, Dinesh, what we look at, let's say from a payback period, we normally say that to the investors, whenever we acquire content, we look at a payback period of five years. Within five years, we need to recover the cost, whatever we have incurred to acquire that content. So that is what we say to the investors. But internally, we target that we should recover cost within that two to three years. Okay. Has like, say, as of what percentage of your portfolio you think the, the cost has not been recovered in the last, say, like, two years or three years? Say, like, you produce hundred songs and, say, 10% or 20% do not recover that cost within your expected payback period. Has that happened? So let's say, Dinesh, the music business is, let's say, it happens. Sometimes the song doesn't work, or sometimes the song works exceptionally well. So let's say from a portfolio perspective, if I have acquired 100 songs, what we have seen, we are able to recover the money within that five years. For all songs, you're saying? From a portfolio, let's say some songs, there could be some failure rate. I'm not able to disclose what could be the failure rate, but let's say primarily from a portfolio perspective, it's similar, let's say, to an investment. Let's say you have a portfolio of ten songs, some would work well- Yeah ... some may not work well. Understand that. So it has a portfolio approach. Okay, fair enough. Thank you. And so my last- Yeah ... question is, I want to understand, say, like, predominantly, most of your revenue is generated by one platform, right? How do you see that changing over the next, say, three years or four years? Or will it remain in the same, you know, zone? So, let's say, one, let's say, so platform, let's say, if you're talking YouTube, so let's say- Yeah ... YouTube will continue to be a predominant platform. But we also need to understand that, we are the IP owners. Let's say, the content, are with us. So let's say, platform may come and go, but let's say at the end of the day, the IP is with the company, and let's say that is a perpetual IP, when I say a six years IP. So let's say as an industry, we have seen many changes from cassettes, CDs, radio, ringback tone, now to digital. So let's say we have survived and we have grown in that period. Sure. At the end of the day, the IP would be with us, which is with the company. From your question in terms of YouTube, in the foreseeable future, it would be a dominant player. Okay. I got it. Thank you very much. Thanks for answering my questions and all the very best. Yeah, yeah. Thank you, Dinesh, sir. Our next question we have from Aditya, sir. Aditya, sir, unmute yourself and go ahead, please. Hi, sir. Yeah, hi, Aditya. Good morning, sir. Sir, can you please explain, sorry, I might be repeating this question, how is your deal with Warner structured? Okay. So let me reiterate. See, we entered into Warner deal, the first deal was entered in FY 2021. It was around three and a half years. It was a minimum guaranteed deal. So primarily, let's say, that deal, Warner would act as a distributor for us, across, let's say, international platforms, be it, Spotify, or let's say any other international DSPs like Apple, Amazon. And we had given them Hindi content, a Hindi library of around 12,000-13,000 songs to them. So let's say during that three and a half period, we have received a minimum guarantee also upfront, and there were overflows also in that contract. So let's say it was a win-win for both the parties, both the players, for us also, and for Warner also. So now coming to March 2024, this calendar year, we revised the agreement, and we enhanced the scope of the agreement. When I say enhanced the scope of the agreement, we have also given them Indian DSPs like JioSaavn, Gaana, Hungama. We have also given them regional catalog, and let's say we've also given them a couple of additional platforms in form of Meta and a couple of regional channels of YouTube, which are not a meaningful contributor for us as of now. So this is the new structure. This contract is for four years now, and let's say it's also minimum guarantee, where the advances would come at the start of the year. Let's say, first tranche I received at the time of signing of the contract, and every year at the start of the year, I'll receive one tranche. So let's say all the money, cash flow, comes in advance to me. In terms of revenue booking, I book the revenue basis the actual streaming, what happens. So let's say every quarter, whatever revenue you will see in my P&L is basis the actual streaming, what has happened under this agreement. And towards the end of the fourth year, or during that fourth year, if I'm able to recover the minimum guarantee, I'll start booking the overflows. Or if I'm not able to recover the minimum guarantee, so whatever the difference is there between the actual streaming during the course of this agreement and the MG, I'll book it, let's say, during the last quarter of the fourth year. So this is how the deal is structured. The rationale of doing this deal is what? I partner with a global, number three player. My content gets available on all the platforms, across the globe, wherever Warner is present. Third, I get better negotiating power since I'm partnering with Warner, so whatever rates they get, I automatically gets that rate. And fourth, they also, let's say, promote my songs. So this is the whole structure and rationale for the deal. Okay. So as of now, Warner is doing distribution in the Indian international market and the Indian market as well, right? Yes. Yes, yes, definitely. Okay, got it. Got it. That was, that was helpful. So I'll get back in the queue. Thanks, sir. Thanks. Bye. Next question we have from Deep, so Deep, sir, if you can unmute yourself and go ahead. Yes, sir. It's Deep from Nine Days Equity, sir. Good morning. Good morning, Deep. Sir, so my question is: the guidance which you have given in for FY 2025 of releasing 300 new songs, just wanted to know, how much songs we have released in the first half of FY 2025? And, sir, can you also bifurcate the mix of the revenue which comes from live streaming and from the paid subscription? Like, how much percent of the revenue we generate from the paid subscription and from how much by live streaming? And there's a 30% growth guidance which you have given in FY 2025. I just wanted to know that what will be the major growth drivers for this growth? Sure. So let's say, Deep, let's say from the first quarter presentation, I think around that 100 songs we have released. So in first quarter, I don't have the exact number on it, but let's say, you can go through my previous presentation, it would be roughly around that 100 songs. And we'll update about the second quarter numbers in our, during our results in terms of number of songs. In terms of your second question, the paid subscription, and I, I understand live streaming is more towards a free subscription. So primarily, let's say, from an industry perspective, let's say around 10%-15% of the revenue comes from paid subscription, and the balance, let's say 85%, is from free as of now. But it varies from platform to platform. Some platforms may be around that 10%-15%, and some may have would be near that 15%. So let's say the industry per se is slowly and gradually moving towards that paid subscription. So that is the second part. Third part, in terms of the 30% growth, so primarily, if you see the overall growth, one, there are a couple of pillars to this growth. One is, let's say, digital advertising growing. Let's say if you see, most of the brands are now moving from print and television to digital space. And when any of the brand wants to do digital advertising, primarily the channels or the platforms are YouTube, Meta, that are the options. So let's say whenever they do advertisements on YouTube, Meta, and let's say then YouTube, Meta pushes that advertising on our videos, so we get a revenue share. So that is one pillar where digital, let's say, advertising is growing at around that 25% CAGR. And, we being the content owners or the IP owners, are benefiting from that. Second piece is, let's say, subscription increasing, the paid subscription increasing, where we see an important, I would say, streaming rate. Helping, the streaming rate is higher for us. So let's say in case of free subscription, where we own INR 0.10 for an OTT audio platforms, in a paid subscription, we own around INR 0.15-INR 0.20. So let's say that is helping the industry. Third piece is, let's say, overall, let's say, we are seeing good traction in the public performance market. Let's say this is more driven by compliances and changing of mindset that music is not for free. So primarily, whenever, let's say, any hotels, restaurants, anyone plays music, at a public place, they have to take a license. So let's say we have distributors in the industry, from which they can take a license. So let's say that pillar is, or that segment is growing meaningfully for us. And fourth, I would say overall, let's say, penetration increasing. Let's say, smartphone users in India would be around 750 million, but if you see YouTube users, it's still currently around 450 million, and OTT audio users is around 200 million. So that volume growth, we are benefiting from. So these are, let's say, the four pillars from which, let's say, predominantly the industry and the company is benefiting from. Understood, sir, so my next question is, since 75% of our revenue comes from digital platform, just wanted to know, are we generating the similar margins in both the segments, like digital and non-digital? Are the margins similar or are they different? And are we seeing any mix change in mix in next two to three years in between these segments? So let's say from a margin perspective, Deep, margin, segment-wise, is not so relevant for us, because primarily, let's say whatever we own, we invest 25%- 30% into content, and that is primarily the cost for me, and remaining is fixed cost. So let's say from a digital, non-digital perspective, margins would remain basically, or let's say overall basis, would remain the same for me. Secondly, in terms of, let's say, the contribution, let's say 75/ 25, probably, let's say, it would continue in a similar range, or 1% or 2% year in that. But let's say we keep that digital and non-digital, range continuing in a similar fashion. Understood, sir. So, in the front of continuing- Sorry to interrupt you, Deep sir, we have more participant for the questions, so- Yeah, yeah, I will come back in the queue. Thank you. Thank you so much. Mayur, sir, your line is unmuted, if you can go ahead. Hi, thank you for the opportunity. I just wanted to understand a little bit more on the Warner deal. So you are saying you don't have any direct connect with the YouTube, and you would just leave it on Warner to do it for your- on your basis for India as well as global? So let's say, we would be, in terms of the overall deals with Warner or in terms of overall negotiation, we'll support the Warner team in terms of overall negotiations. But let's say the final negotiations would be done by Warner with the platform companies. So all the platform companies tie up with, which from where you receive revenue, is basically done by Warner and not by you directly, all the platform companies? So your main work is just to ensure that you, you know, invest in content, you produce new content, and Warner distributes it all over the globe, including India. Yeah, that's true. So my focus would be primarily more towards getting good content. But let's say we also work closely with Warner towards let's say promoting the songs. The marketing team works very closely and we also our analytics team review the reports which we get on a daily basis from Warner. So let's say there's a close engagement with the Warner team also. What is the advantage of you giving it to Warner? You are losing out on margin side. Is it just because their global scale is... I understand for global you could give it to Warner, but for being in India, knowing the industry so well, why would you give this distribution to Warner in India? Wouldn't you want more money if you do it directly with the YouTube or the platforms? So, Mayur, let's say we have a relationship with the platforms also, that is always there. But, given that, Warner, let's say global strength, so let's say what happens is, our catalog gets available on all the platforms globally with Warner. Let's say if I had gone individually, I would have to reach to various platforms. And, see, globally, there are, let's say it's not 10 or 20 platforms, there are 100 of platforms which are there globally. So let's say it sometimes becomes difficult to reach to them directly in various countries. So with Warner, I get that reach at one go. Second, let's say this contract is a minimum guarantee contract, let's say, where the upside is not capped and the downside is protected for me. If, let's say, going ahead, let's say if the streaming increases at a faster pace, I get my revenue share. But suppose if the streaming goes down or some platforms goes down, so I'm not getting impacted. Third, let's say they also promote my songs equally well. So let's say on various platforms, they also spend certain amount in terms of marketing. Fourth, let's say I get the money upfront. Let's say if you talk about, let's say, commissions given to them, but let's say they also pay me upfront money, and let's say in that money, I can invest in content, or I can, let's say, continue to earn interest on that. So on an overall basis, net-net, I have a lot of benefit from the team. Sure, I completely agree what you're saying, but my only question is: why India, with them? Globally, they have a much wider focus. They know all the platforms, et cetera, hundreds of them. But in India, there is an X number of platforms, right? Which Tips being Tips, you know probably every one of them. So we know, but, let's say from an overall, let's say we wanted to expand the deal with them. We wanted to see, let's say we got benefited from our earlier deal when we did for global platforms. We think we'll get benefit from them in Indian platforms. And in case of Indian platforms, there were a couple of platforms we were not there, let's say Gaana, Hungama. And let's say, honestly, Mayur, we got benefited in our last deal, and we think we'll continue to get that advantage with partnering with Warner now, in the India business also, Indian DSPs also. Okay. Just before we end, my last question is, you gave us a breakdown, 75% is digital revenue, and what was the balance 25%, and how do you break up the 75%? Sorry, you mentioned it, but I missed it. So let's say digital revenue is 75%. So let's say YouTube contributes 45%-50% of the total revenue, and the balance 25% comes from OTT audio, be it Spotify, Amazon, Apple, or Saavn, and other players. Now, coming to the non-digital piece, that is 25%, there are four segments in it. One is public performance, second is TV broadcasting, third is your publishing business, and the fourth is the brand and sync partnership. So let's say these four segments come under the non-digital piece. Okay, and you mentioned this category A is INR 30 crore, category B is INR 20 crore, so this is what the music rights purchase cost? Yes, music rights purchase cost. So if Tips would buy a category A movie music rights, it would have to end up paying some INR 25 crores-INR 30 crores, and basically, your investments are only INR 65 crores-INR 70 crores for the year. That's true. That's true, Mayur. So let's say if you see, we don't go in an aggressive bidding of category A movies. We primarily have category B, but, let's say next year, let's say the budgets would increase for us, and if we want, we can participate if we see a value for money in that. Okay, thank you very much. Thanks. Thanks, Mayur. Thank you, sir, and also requesting all the participants to please limit two question per participant. Next question we have from Mihir. Mihir, sir, go ahead. Yeah. Hello, sir. Hey, hi, Mihir. Thank you. Sir, you are not audible. Can you speak little louder? Yeah, yeah. Can you hear me now? Still very low, one. Yeah, yeah. Yeah, Mihir, sir. Yeah, sir. Could you give us the decade-wise revenue for the company? Like, how much is the company earning from songs released in the 1980s-2000s, and how much it's earning from the modern songs released? So let's say, Mihir, we don't provide that breakup. But let's say, from a FY 2024 perspective, let's say, I can say that whatever we invested, let's say in content, in last three years from FY 2022, FY 2023 to FY 2024, so that would have contributed between 10%-15% of my revenue of FY 2024. And the balance, let's say 85%, would be prior to, music, FY, prior to FY 2021. So let's say all the new content which I've acquired in last three years contribute between 10%-15%, and, 85% would come from content prior to that three years. Okay. Thank you, sir. One more question. Now that the company is focusing more on quality over quantity, and, like, it's only aiming to release 300 songs per year- Mm ... how, what will its strategy be to enter this competitive space and to, like, acquire big artists when other labels like T-Series, Saregama or Sony are there? Like, what would be its strategy? Mihir, we have been in the industry for last four decades, so we have relationship across the production houses or across all the independent artists also. Let's say if my content budget is INR 100 per se, so let's say what I'll get it, let's say 30%-35% I'll get it from my second unit, that is, the films. 30%-35% I want it from outside market, which I can get it easily. And the balance 20%-25%, let's say we will recreate internally in form of new songs from independent artists, or let's say recreating our older songs from the library. We don't see a challenge per se in getting the content. Only, let's say, it has to be at proper... Let's say, when I'm getting it from outside market, it should be value for money. We are very careful in terms of acquiring content, and let's say we don't have a gap in our library. Our library is a new territory, so we are not under any pressure to build a library, so we will be very conservative in terms of getting good content at a right price. We don't want to burn our money. Got it, sir. Thank you. And one last question: what about the threat from independent music labels now? Which independent music labels, Mihir? Like, like, even like music labels are, like, you see some of the artists starting their own music labels now. Okay. So- So let's say, Mihir, honestly, there are, let's say, if you go north to, let's say, Punjab or anywhere, let's say every house is a music label now, every artist has become a label. But let's say in this business, label means anyone having a good library. It is not that with that 10 songs, 50 songs, you will be able to survive. Let's say, you can start it, but, let's say, in terms of revenue generation or dealing with the platforms, it will be very difficult if you don't have a library. So only companies which have a good library can survive the business. Otherwise, let's say there are many small companies or individuals who enter the business. But let's say you seeing the higher margins or higher ROIs, but they need to understand this is because, primarily because of catalog and not primarily from new songs. So let's say, many players enter the industry. Similarly, many players exit the industries also. Got it, sir. Thank you, sir. Thank you, Mihir, sir. We have time constraint, so we have to end this call by 11:55 A.M. So we can take, sir, a few more questions. So, Nishant, sir, you can go ahead with your questions. Hello. Yes, sir, you are- Yeah, Nishant. Hi, sir. So two questions from my side. One is, when you acquire the music from your Tips Films second entity, Mm ... is it priced in a way much more better than what you pay, let's say, premium when you acquire from any other film production house, or you value it, like, similarly? Because that, there the cost would be known, you know, in a better way. So, Nishant, let's say we have set up a proper process in place in terms of pricing. We have an independent valuer, we have auditors, we have board approvals. And let's say it is at arm's length. To answer your question, it would be at a similar price of what is there in the market because both companies are independent. But having said that, what advantage we get is we get a proper control over the music. Because what happens when we sometimes buy from the production houses, though we are involved in the music-making journey, but let's say there is no 100% control over the quality of music. So let's say when the music is produced by a sister company, so let's say we have a proper control. The pricing would be similar to the market. Got it. It would be backed by a value or valuation certificate and requisite approvals. Got it, sir. And second question, sir, it's actually a very basic question, but, is this IP or the, you know, the patent which you have, is it like a lifetime kind of a thing, or there is some kind of expiry where, you know, the things can, you know, probably change for you as a company? So let's say for a master recording, the IP is for sixty years. And, let's say if we continue to, let's say, recreate that songs. Let's say, let's say we recreated many songs. So let's say the life, the fresh life would start for a recreated song, it would be treated as a new song, and sixty years would begin from the time of recreation. So let's say when we say to investors, it's more like a perpetual IP for us. Got it, sir. Got it. Fine, sir. Thank you. Thank you, sir. Next question we have from Bhargav. Sir, you can go ahead. Yeah, good afternoon, sir. Thank you for the opportunity. Yeah, hi, Bhargav. Hi. Sir, is it possible to share what is the market share of Warner in India? Because you've got that tie-up to them. So let's say, Bhargav, market share of Warner would be currently minuscule, because let's say, they have also entered India, I think, around three years, four years back, and they are also, let's say, building up their base. But, to answer your question, let's say it would be minuscule currently. Is it fair to say that we are the only music label company who have tied up with them, for the India business, or the other competitors also have done similar? Let's say in terms of the larger labels, larger companies, we are the only one which have a tie with Warner. For revenue from YouTube, does it go to Warner and then it comes to us, or how does it work in terms of revenue operation? So let's say in case of YouTube, we have only given, let's say, around, five regional channels, smaller regional channels, to them. So let's say revenue per se, let's say, we both have access to the dashboards and, let's say, then, let's say, we record the revenue basis the statement what they share with us. But let's say YouTube primarily, let's say predominantly YouTube is, with us, but, very smaller channels we have given to Warner to test whether they are able to have a better realization than us, whether they are able to realize it better. Okay, so the Hindi library is not with Warner, right? No, no, no. That was what I was trying to understand. No. For the- Hindi library, is it? Oh. Yes, Hindi is with us. Okay. Only the international Hindi library is with Warner? No, it's the regional languages is with Warner. Let's say couple of South languages, and let's say one or two North languages, let's say Punjabi, would be with Warner. It's regional languages which we have given to Warner, across geography, India, non-India. Is it fair to say that INR 80 crores cash would have come in from Warner, given that you mentioned it comes, the start of the year? So, let's say it's there in our balance sheet, Bhargav. You will be able to get it. And the flow-through comes every year or it comes at the end of the agreement? So let's say advance, Bhargav, we receive, let's say, every... Let's say, first tranche we have received at the time of signing of the agreement, and let's say every 12 months we'll receive that tranches in advance from them. And lastly, sir, possible to highlight what has been the YoY growth in the paid subscription on an average across platforms? This year. So, let's say, on a, Mm-hmm. I can say, let's say from an industry perspective, paid subscription is roughly growing at a 50% CAGR, from an industry perspective. Why is it, right, 50%? Yeah, CAGR. Right. Thank you. Thanks. Thank you, Bhargav. Thank you, sir. Next question we have from Bijal sir, if you can go ahead. Bijal sir, your line is unmuted, if you can go ahead. Yeah, hi. Am I audible? Yeah. Hi, Bijal. Yes. Yes, you're audible. My question is: you talked about the MG, which you have with Warner, and then you said that you are recording on the basis of number of streams which are happening. So your MG is for the entire period, or is it year-wise breakdown to the MG? Bijal, let's say our deal is with Warner Music, and the MG is for the entire period, four years. So whatever shortfall is there or excesses there would get accounted at the end of the fourth year. And during the tenure, let's say first year, second year, third year of the contract, we will be accounting basis the actual streaming. And whatever the actual streaming, let's say, if they have given me INR 100 as an advance for four years, and my cumulative streaming for, let's say, four years happen, or the cumulative revenue for four years is INR 110 comes, so let's say INR 10, I'll get that from Warner. They will deduct their commission of 15%, and they will pay me 85%. Overall, let's say, at the end of the fourth year, any shortfall or the overflow would start coming. During the tenure, it would be primarily basis the actual streaming. Okay, so shortfall, I mean, if, let's assume that, if you are recording revenue less than MG, then it- Yes ... will come only in fourth year. Okay. Now, let's assume other way around, that- Mm ... if you start doing so well that in year two only MG is crossed, still you will account for it in fourth year or- No, no, no, no. ... then it changes? Then it changes. Suppose, let's say if I, if the streaming goes very well and I recover the entire MG, from the second year onwards, the day when my MG is fully recovered, the overflows kicks in. Okay, and second question: what would be your share in category A, B movie in terms of number of, I mean, percentage you acquire? So, primarily. What target you work with or something like that? So there is no target as such, Bijal. Let's say- Mm ... we always want to acquire wherever there is value for money. We don't chase in terms of aggressive chasing of content. Wherever we see value for money, we go. So let's say, for example, we acquired a Crew album music, let's say, last year. So that did exceptionally well for us. Similarly, Ishq Vishk Rebound from T-Series Films, so music also did exceptionally well for us. So we would be more conscious in terms of the price, what we're going to pay. It's not category, category. We can also go for that category A, but if we see value for money, we should get our- But, uh- Let's say, the payback period of five years. But I understand that category A and B, there would be some market share of what you have acquired last year. I'm not saying in the future. If you can give us that market share, that of category A and B movie, 30% you acquired, 20% you acquired, whatever number last year? So last year, let's say, primarily, let's say, Crew was one which we acquired, which was a major one for us. Won't be able to give a proper market share, but in terms of the name, let's say, Crew would be the one which we acquired last year in terms of a major one. And let's say, this year, we have music which got released was Ishq Vishk Rebound. So let's say, and pipeline is strong, we'll, let's say, to doing a Q2 call will give you more light in terms of the content pipeline. Okay. Thank you. Thanks. Thank you. Sir, sir, we'll be taking one more question so that we get close. Yeah, Dinesh, sir, you can go ahead. You're next, sir. Thank you for giving me another opportunity, sir. My question was very simple and straightforward, sir. Here, see, we see a lot of, you know, importance given to the Hindi and Bhojpuri language, which is almost 70%, right? And relatively less on... But India, you know, is a multilingual country. And I just want to know, like, how do you think the other regional languages will give, contribute towards not just revenue, but growth for the company and, you know? Is the industry changing, or is it still will be more focused on Hindi language? So to answer your last question first, let's say, the industry is changing. Let's say, music, both, let's say, Punjabi or the Southern, let's say, Tamil, Telugu, all doing well. Similarly, let's say, we have a good presence in the, Punjabi music. Similarly, we had acquired rights, in Tamil, Telugu market, let's say, PS-1, PS-2, we had acquired. So let's say, we are spread across most of the languages, or I would say, all languages, in India. And let's say, we continue to acquire content wherever we see a good value for money or, let's say, a good payback period for us. Okay, sir. Got it, for that. Thanks. You know, just wanted to know, like, see, we know there are quite a few budding artists, you know, singers coming up. I can talk about Marathi and Maharashtra here. Yes. Yes. They, like, in the last four, five years, I've seen them doing their own shows, and, you know, that it's good to see that. What is, you know, how do you think, how are we as a Tips Industries, as a, you know, Tips Music, how are we helping them to grow bigger and, you know, be a part of, with the Tips family for a longer time? Is there any thought process behind that? So, Dinesh, we deal with various independent artists, and let's say, what we bring to the table for an independent artist is our experience, what we have, our relationship across various platforms. We also spend money on various, let's say, marketing activities, which we do for the independent artists. Because in India, let's say, or across the globe, there are millions of songs which get released, every day. But let's say, you have to have, that, visibility across platforms. You have to spend on marketing to get that reach or to get the eyeballs from the consumer. So as a label, we are among the very few who does that, and we do, let's say, have a very good partnership with most of the independent artists. Yeah. Yeah, thank you, sir. So due to time constraint, we have to end this call here. And I'd like to thank you to giving us the opportunity, and thank you all the participants who joined this call. So thank you so much, sir. Pleasure, pleasure, Jyoti. Have a good day. Bye. Sure. Bye.