Please note that this conference is being recorded. I now hand the conference over to Mr. Nikunj Jain from Orient Capital. Thank you, and over to you, sir. Thank you, Aditya. Good evening, ladies and gentlemen. I welcome you to the Q3 and 9 months FY 2024 earnings conference call of Tips Industries Limited. To discuss this quarter's business performance, we have from the management Mr. Kumar Taurani, Chairman and Managing Director, Mr. Girish Taurani, Executive Director, Mr. Hari Nair, Chief Executive Officer, and Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainty. For more details, kindly refer to the investor presentation and other filings that can be found on company's website. Without further ado, I would like to hand over the call to the management for their opening comments, and then we can open the floor for Q&A. Thank you, and over to you. Thank you, Nikunj. Good evening, everyone, and welcome to the Q3 FY2024 earnings call of Tips Industries. You probably already know this, the promoters have sold around 6% stake in Tips Industries to grow our film production business. We had disclosed this to you all more than a year ago also. The board has declared an interim dividend of INR 3 per share as part of our ongoing effort to reward our shareholders. As you know, our team has been putting in serious efforts, and we are starting to see the results in our performance. As discussed last quarter, we are in the middle of reorienting our content investment to drive higher returns on content. By next year, the transition will be complete, and we will be able to share more details about our strategy in a couple of quarters. With this, I will hand over the call to Hari Nair, our CEO, to take you through the company performance and updates. Over to you, Hari. Thank you, sir. Good evening, everybody. We are seeing an impressive growth of our music across all our digital platforms. The company has reported a healthy revenue of INR 64.8 crores for Q3 FY 2024. All digital distribution partners are very happy with our repertoire performance on their respective platforms. They talk about the organic surge of our catalog. Last month, we hired a senior talent to initiate projects on non-digital business. As Kumar discussed, we are spending a lot of time thinking through our content acquisition, strategy, and investment. We will closely monitor the business and continue to update you. Now I will request Girish to share insights on the content and digital business. Thank you, everyone. Thank you, Hari. Good evening, everyone. Our YouTube subscribers collectively have reached 93 million across all our channels. This quarter, we recorded 47 billion YouTube views, reflecting a 52% growth compared to the previous quarter last year. The total number of new songs released this quarter is 165, of which 82 were film songs and 83 were non-film songs. Our key releases during the last quarter were High Hukku by King, songs from the film Merry Christmas, starring Katrina Kaif, Vijay Sethupathi, and songs from the film Hanuman, which is now picking up more so after the release of the film. With High Hukku, we also recreated one of our most popular dance tracks, Latka Dikha Diya, from the film Raja Hindustani, which we released before the end of the year to catch the party season. Now, I will be handing over the call to Sushant to take you through the financial performance in detail. Thank you, everybody. Thank you, Girish. Welcome, everyone, to the Q3 FY 2024 earnings call. Let me take you through the financial highlights of the quarter gone by. The company has reported a healthy quarter. Our revenue for the quarter was INR 64.8 crores, as compared to INR 51 crores in Q3 FY 2023. That is year-on-year growth of 27%. Operating EBITDA for the quarter stood at INR 43.4 crores versus INR 25.9 crores in Q3 FY 2023. That is an annual growth of 57%. Operating EBITDA margins were at 57% for this quarter. Our profit after tax for Q3 FY 2024 stood at INR 34.7 crores, versus INR 20.2 crores in Q3 FY 2023. That is a growth of 72%. PAT margin for the quarter was 53.5%. Content cost for the quarter was INR 14.7 crores versus INR 18.7 crores in Q3 FY 2023. Now, the highlights of nine months FY 2024 are as follows: Revenue for nine months FY 2024 was INR 178.3 crores versus INR 134.8 crores in nine months FY 2023, which was a growth of 32%. Tax for nine months was INR 101.4 crores versus rupees 58.2 crores previously, which was a growth of 74%. With this, I conclude my opening remarks and open the floor for Q&A discussion. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask 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 you asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of CA Garvit Goyal from Nvest Analytics. Please go ahead. Hi, everyone. Hi, am I audible? Yes, sir. Congrats for a good set of numbers. My question is on basically the expected number of songs that we are going to release in Q4 this year? Yeah, this year also we'll release 100+ songs. This quarter, it will be 100+ songs we release. In Q4? Yeah. I think in Q3 we have launched 165, right? Yeah. Yeah. Is it going to be down? Yeah, we are more focusing on the quality of the songs rather than the quantity. So I think 100-125, you can say, we release. Okay. How do you see these streaming apps going behind the paid walls? Do you expect any short-term headwinds to our revenues because of it? Actually, if you see, this, this is already behind the subscription or per stream model. We don't have any MG or streaming model. So I think, and plus, paid model, all, all, it's the JioSaavn, Wynk, and Spotify, three main apps, they are not 100% going on a paid wall yet. So it will take another 2-3 years. I don't think they will go... Even, even worldwide, if you see, nobody 100% directly converts it like this. So they will go, go slowly, slowly. They will keep both the models running, and they will grow subscription model, then only they will, little, but you can say, reduce, free wall. And if, if subscription grows, it's very good for the industry. And so like, I mean, one of our peers is facing headwinds because of this thing, and our revenues are growing. So that is why I was asking for the reason. Is there any kind of different negotiation happening between us and the peers, sorry, us and the customers? No, I didn't get that. Actually, I was saying, our revenues are not getting impacted because of these streaming apps going behind the paywall. But our peer is facing headwinds because of these things. So, I want to just understand the rationale for it. No, I don't feel that we will. I can't comment on what others are doing or what other peer is doing, but I can assure you that should we are safe and we are not facing any challenge right now. Can you tell me what percentage of revenue do we get from streaming as business? I think the digital business is around 75%-76%. 75%-76% of our revenue is coming from our customers like Spotify, Wynk? Spotify, YouTube, JioSaavn, all that. Okay. And, sir, in earlier calls, like, you mentioned about the strategies that we are looking for, to have the aspirational growth of 35%-40% so of revenue year-on-year going ahead. So is there any color you want to put on those strategies? Yeah, 30%, I think I feel 30% will happen year-on-year growth. What we have committed, I'm sticking, now also to that. It's achievable, and we will work hard to achieve that. Top line, 30%, and bottom line, 30%. For this year, do you want to revise the earnings guidance like we have performed phenomenal in the first nine months? On the contrary, I think, I feel, bottom line will be close to 40%, I feel. Okay, sir. Okay. Okay. That's, that's it from my side, sir. All the best for the future. Yeah. Thank you so much. Thank you. Our next line— Our next question is from the line of Ravi Naredi. No. Sagar Jethwani from PhillipCapital. Please go ahead, sir. Yeah, thanks for the opportunity. I'm audible? Yeah, yeah. Yeah. Okay, so I have three questions. So in a typical Q3, that is a festive quarter, by what percentage the song consumption goes up, as compared to the other normalized quarters? So this is my first question. Should I, should I go on with my questions or would you answer point by point? You asking songs consumption? Yeah. So, in a typical festive quarter, that is Q3 of any year, by what percentage the song consumption goes up as compared to the other normalized quarter? So for example, I'll just elaborate. So for example, there are 100 views or 100 number of streamings in a typical quarter. So in Q3, it would be 120 or 130 because of the festive season and all. So that, that's what my question is. Yeah, okay. So second question. Yeah. Second is that, so we had signed a deal with Sony International. So what's the progress on that? Has the revenue started to come? This is my second question. Third is, in Q4, are we expecting any kind of movie delay? We have a good pipeline of Ishq Vishk, Buckingham Murder, The Crew. So I'm asking this from the point of that, if is there any chance that music release would also get delayed? The content costs may get pushed over to Q1 in that case. So, yeah, this is... These are my three questions. Yeah, I, I'll reply your last question first. Yeah. I think two films will be released, two films. Crew will release, and if, if both films music will release in this quarter. Plus, plus we will, Sony International deal, it's not yet we are receiving any income. We have received some money. We have kept that as advance, but I think from next quarter you, we will see. I think they are reporting, reporting in six months, every six months. So you will see every half year, you will see some numbers going forward. And, regarding number, question number one, songs consumption, Hari, you can take, you take this question, songs consumption compared to quarter two or quarter three? Yeah, sure. So for consumption, normally it goes up by 20%-30%, but there can be platform to platform variance on that. So that. Does that answer your question? Yeah. Okay. So I got that. So, on the third question, again, the sub-question to it is that we can assume safely that the content cost would be around INR 45 crore-INR 50 crore in Q4, because our releases are on time, and hence, the film release would eat up some lot of content cost. So INR 45 crore or INR 50 crore is a safe assumption? Only for quarter four, you are talking? Q4, Q4. No, no, not that much. Our, as I said earlier, our top- Yeah Our investment, our content cost is linked with top line. So I feel it won't go. On the contrary, we are spending less money this year. Because of second quarter, we expected to release one film, but it was... We have not acquired anything. We have not had opportunity. Yeah. We will spending less money this year in totality, maybe 25, between 25 and 27%, ultimately. It will be much less what you are expecting. It's not like that. So the content cost for full year, this FY 2024, would be around INR 65 crore? Are you revising down? I'm not sure. Let's wait for another two months are there. Maybe we'll acquire one more film. I'm trying to acquire one film. I have a budget. I can acquire that. I'm trying. Okay, okay, sure. Thank, thank you so much, sir. Yeah, all the best. Thank you. Our next question is from the line of Ravi Naredi, from Naredi Investment. Please go ahead. Taurani, sir, and your management, Mr. Nair and Dalmia, you really posted excellent results. Never market, thing for these three numbers. Sir, as you said in quarter two phone call, almost 4-5 movies will release in quarter three and quarter four. Quarter three already went. So then content cost will be, INR 40-50 crore. Is it so? Just you have replied, "No, it is not like that." Okay. And, sir, how much revenue we generated from Spotify in first 3 quarters in this year? Actually, I can't tell you individually how I, how much I have, we have received money from Spotify. But I can, I... As I mentioned earlier, we do, digital business is 75% of our total pie. So I think I can't reveal more than that. Please, you know. No, no, no, no. Nothing, nothing. We do not want anything more. Yeah. Sir, you have sold a few percentage of Tips Industries to fund the Tips Films. Can you sell some more share in future, or it will be sufficient? At present, it is sufficient, but maybe little bit of something we will do, as we need a big support of money for our film business. So, and film business, if films, because we also get a music company will also get a, Tips Industries will get a content from them as a arm's-length business we do with them. So that needed money is needed for film business. So at present, I can't say anything about that. So let's wait and see. Okay. Sir, if Merry Christmas not perform up to mark, how it impact Tips Industries and Tips Films? No, we have already, Tips Films will talk in our Tips Films call. Okay. As far as Tips Industries is concerned, we have just acquired the music only, and our music is doing well. It is trending on YouTube, Spotify, and I feel the next six months, it will really do well, and we will be on a plus side in long term. Okay, okay. And last, sir, you already grew 74% in nine months in the bottom line. So will you change our growth target for full financial year 2024 and financial year 2025? 25, 25? This year, you are talking about. Both, both. For financial year 2024 and 2025. Top line, top line. Top Top line, as mentioned, the 30% we will achieve. And, bottom line, this year, we will achieve more than 30%. I feel we will touch around 40%. So this year is done, and next year, we will work very hard to achieve that 30-30%, what I always say. So that's the projection you can say. But, sir, you are telling 40% in financial year 2024. We have already crossed 74% in 9 months, so it will be very less figure. No, no, [seven], but last quarter, if I come, if you put together all the figures, then I think around 40%, 42% will be there. Okay. Okay, thank you. Thank you. All the best. Thank you. Our next question is from the line of Pallavi Deshpande from Sameeksha Capital. Please go ahead. Hi, sir. How many films have acquired? You're not audible. How many films would we have acquired this year? Next year? Next year, we are targeting to acquire at least 10 to 15 films. Okay, and this year only three to Ma'am, your audio is not clear. Ma'am, your audio is not audible properly. Yes, sir. Okay. Is this better? Yes, yes, yes. Yeah. Usually we acquire 3-4 films a year. Is that right? 3-4 films in Hindi. If you combine all the languages- Oh, okay. We acquire 10, 13, 15, around 12, 15 films. Hello? Our next question is from the line of Dhananjai Bagrodia from ASK. Please go ahead. Hi, sir. Congratulations on the good set of numbers. This question might be actually more broad-based. We just wanted to understand now with, let's say, how we've seen that sometimes there's a distribution channel, eventually the players start squeezing them to gain their own profitability. Is that something which we could see on, A, the movie side, where, like what's happened to INOX PVR, where they eventually got loss of bargaining power, loss of... They've had that issues. Is that something which we could face also in the near future? Like, obviously, the next few years we have good numbers, but eventually if, like, a Spotify or a YouTube get bigger and bigger, is that a risk which we could see on the horizon? On the contrary, I don't feel that could happen to us. On the contrary, they need us, because our content is exclusive content. They cannot get my content from some other player, so they need all the companies to be with them. So that is never happened to this. Theater businesses, they are in a distribution business, so they are at risk. So in my case, then you can say to that Spotify is actually INOX PVR. So we content, content, content companies are very, very safe. Okay. But then is there a risk that some players might decide to get into content themselves? Which is, I'll tell you why. Let's say now, today, Netflix also decided eventually to get into their own content versus vis-a-vis just taking content from, producers of movies themselves. Is that something which could also- No, that will affect film business, not. Even the film business won't affect. I will tell you, if you ask me this question in my film call, I will tell you that. But, music business has no issue because music business depends on the repertoire catalog. If your new release is good, then also 85% business comes from old music, catalog music. So from where they will get catalog? Very impossible. They will shut down in 15 days. Okay, okay. So, so then, how would you see this, let's say, five years ahead? What would be your vision for the company in terms of, say, as five years ahead becomes, catalog will get bigger and bigger, and we should get more bargaining power? Would that means we could take more money from YouTube and Spotify? Does our bargaining power increase? See, I think music industry in India has actually started growing last 2-3 years. I think today now our industry is around INR 2,800 crore odd, plus or minus a little bit INR 50-600 crore here and there. I instantly think in 3-5 years, this industry has potential to grow INR 10,000-12,000 crore. Okay. Okay, so then that, that's it. And so then, what is our plans? How much are we willing to do CapEx for the next three to five years? How are we looking? Because eventually, are we thinking of a system where we want to keep doing the same business, or are we thinking of expanding our total addressable market by adding more lines of business? How are we thinking along those lines? No, actually, Dhananjai, we really love our business, so we are very focused on our business, and we are not changing any new business, or we are not starting anything new. We are very focused, we are doing well, and we want to continue to grow with all of you, and very, very focused. Okay, okay. So then, would it be fair to assume that our cash flows will keep improving because our investment, as the catalog increases, doesn't require more and more investment going ahead? Absolutely. Okay. So then, sir, what do you want to—what should we—what would our plans be to do with the incremental cash flow? Because we have solid cash flow. Looking at the current numbers, what would we look to do with that? We will reward our shareholders. We, you know, we do buyback, we do give a lot of dividends. We keep on giving you that. You see the presentation, you will... All these things mentioned, I think 60% something, plus, plus we have given this year as also. Okay. No, we're really, really impressed with how you have really rewarded shareholders. Yeah. So, yeah, thank you for that. Perfect, sir. Thank you. Ladies and gentlemen, a reminder to all participants, you may press star and one to ask questions. Our next question is from the line of Dinesh Kulkarni, an individual investor. Please go ahead, sir. Hello, sir. Can you hear me? Yeah. First of all, very congratulations, sir, to on a good set of numbers. I have a question on the content cost here. Do we see these kind of numbers going forward? Like, would they remain around 30%? Because this is very much low, on the lower end for those nine months, but can we see around 30% as a revenue for the next 3-4 years? Are we expecting that? Yeah, I feel it's achievable, and we are targeting to achieve that. Okay. So because if I see the financials, right, in the other expenses, I believe this, this is part of other expenses, right? If I'm not mistaken. Because that, that's the largest cost on- Content, yeah. Yes. Yeah, Content Cost. So my request is, if possible, and it's a suggestion, if you could just bifurcate that in the expenses, that would really help us, because what else is, you know, driving the... Say, like if it is INR 14-INR 15 across this quarter, then what else is the remaining cost? You know, that question is still, yeah. If you see, if you see investor presentation, I think you will get that figures in that. Plus, I think in the annual report, what we publish, we give all that. Okay, that's great. Really great. Thanks for that. And just one more last question from me. Do we expect this kind of margins really, you know, EBITDA margins, to stay around 70%, or do we expect any probable, you know, incremental increase going forward, especially in the coming years? I can assure you year-on-year, year-on-year, you can keep in mind 30% is our target, and we will achieve that. Buyback. Okay, back. Okay. Yeah. Sounds good. Okay. Thank you, sir. Thanks for answering questions. All the best. Thank you. Our next question is CA Garvit Goyal from Nvest Analytics. Please go ahead, sir. Hi, thanks for the opportunity again. Are we looking for any inorganic opportunity to further improve on our music library? Which opportunity? Inorganic opportunities to acquire an entity. We are open to that, but I don't feel there is any substantial or a big label is already there. But if there is something, if we have opportunity, we'll do that. We'll grab it. That's good. And what are the new strategies on which Mr. Hari is currently working on in order to further improve on the growth trajectory? Give us 1-2 quarters. Mr. Hari is really still new, 3-4 months. Give him some little more time. Okay, sir. Okay, thank you. Thank you. Yeah. Our next question is from the line of Samyak Shah from Sameeksha Capital. Please go ahead. Yeah, hello. Congratulations on good set of numbers. Thank you. Am I audible? Yeah. So eight other songs of Merry Christmas, like except title track, have been released in this quarter, fourth quarter. So shall we be writing off the same in this quarter? Yeah, we 100% written off this quarter. Okay, so in fourth quarter, no? Yeah. No, third quarter. But all other songs have been released this quarter, if I'm not wrong. We follow that practice. Even one song or one promo we release, we write off 100%. So we follow that practice. I think you all know that. So we have already written off that cost. Okay. Okay. And are we planning to build any partnership with new OTT platforms? Partnership with OTT platforms? For music, so we have already partnership. We have Spotify, we are on Spotify, Apple, JioSaavn, we are already there. Okay. Can you provide us with segmental breakdown as are present into, like, YouTube, OTTs, public performance, TV events, and publishing? I can, I can give you two figures. One is digital, one is non-digital. Digital is 75-76%, and non-digital, which is live performances, TV, sync rights, all those, is 24-25%. Okay. That's helpful. Thank you. Thank you. Next question. Thank you. Next question is from the line of Surbhi from Bellwether Capital. Please go ahead. Yeah. Hi, thank you for the opportunity. So, my first question is that, sequentially, there's a decline in our YouTube views. While you have mentioned in the presentation that because of YouTube Shorts, but if you can throw some light on, on the fact, to have some insight on why, there's a drop in the viewership, that will be very helpful. Yeah. Hari, can you respond to this? I think, you know, for the matter of fact, the YouTube views and the earnings per view are steadily increasing for us. It's only calibration for the YouTube Shorts right now. And I think, for the YouTube Shorts, we have a kind of fixed deal, so revenue-wise, it's not impacting us, while view-wise, it can always go up and down. Does that answer your question? Yeah, to some extent, yes. Surbhi- At what stage of? Yeah, I also want to add, so please understand, for, for, Shorts, that's a new, new thing for even YouTube. So they, they are also experimenting many things with many things. Sometimes they, they try to push, food stuff, news stuff, so there's many things. So they are also trying to do something here or there. But as Hari Nair mentioned, we are safe on our revenues because it's a, a, lump sum outright deal. Right. So that's that. And yeah, and just to follow up on that, and at what stage of negotiation or discussion are we to move to a very kind of a model there, because that will definitely change the game, for us, right? Yeah, Hari, go on. Yeah. So, you know, on this, you know, actually, it is very evolving. So YouTube Shorts, they are very new. If you compare that with TikTok and Instagram, YouTube is fairly new. So I think it will take some time for them to also settle in, as they are trying to see. But I think overall it will grow because Reels and YouTube Shorts are the only short video platforms that are actually growing, and they're trying out very new things. So I think it's a positive thing for the music industry that way. Got it. Got it. And second, just to clarify, Kumar, you said about 40% PAT growth. In nine months, we have achieved 30% PAT. So 40% comes to an INR 8 crore number last year. Actually, your audio is not. Audio is bad, I think. Hello? Am I audible now? Yeah, now it's better. Yeah. Yeah. No, so you just mentioned that we are targeting a 40% PAT growth over last year. In nine months only, we have reached around INR 110 crore, which is a 32% growth, and 40% comes to a number of INR 108 crore. Just wanted a clarification that very number that you was. Maybe I... It's depending upon content. If we are acquiring one more film, so our content will be more and we will be because we write off 100% same quarter. So at present, I want to say 40%, but if it's happening more, so I can't tell that. So let's wait and watch. So approximately, what would be the best case assessment of cost? For nine months it is around INR 30 crore, and you've guided the same number of INR 70 crore. Ma'am, your audio is not clear. Sorry to interrupt, but your audio is not clear. I'll get back in the queue question or I'll take it offline. Okay. Thank you. Our next question is from the line of Mythili Balakrishnan from Alchemy Capital Management. Please go ahead. Congratulations on a very good set of numbers, sir. Thank you. Wanted to ask a couple of questions. One is, what is the competition like for new content? While, you know, we have sort of been a little lower than expected in terms of content cost. Is it quality of good quality content at the right price, or is it something else that we need to keep in mind? Yeah, it's. Yes, you are absolutely right. Content acquisition is very tough. And, as mentioned in my earlier quarters, all the time, I mentioned, content deserves, particular content deserves INR 5 crores. People are offering INR 15 crores, INR 18 crores. So we are not following that path, and we are not bidding anyway. What we have a relationship in place, so we, we are exploring those kind of opportunities, and we are getting. And we are not a heavy, we don't want heavy content. We don't-- We are not here to invest all the monies, whatever we are making in content. So we have our own content also, which we are recreating, remixing, we are doing that. Plus, there is our own, you can say, films, our another company, they are producing films, and their target is 4-5 films a year, going up to 10-12 films a year. So that content also we will acquire at arm's length. So I think we will have our places fixed, how we will get our content from different, different places. So we, we don't want to build that, and we will follow that 30% on top line of revenue, content acquisition will be in that much range. So I, I won't, I, I don't think I will have any problem with that. So we'll manage. Got it. This year it will probably be a little lower in terms of the Content Cost per se. Yeah, yeah, yeah, yeah. This year, but next year we will be more aggressive on acquiring content also and creating content also. Got it. Also wanted to check with you, in fourth Q, in terms of releases, we have, Ishq Vishk Rebound and, Crew, right? Yes. Buckingham would get pushed out to the next quarter? Yeah, yeah. There was also a Marathi movie, right, which we were expecting? Yeah. Sridevi Prasanna. Yeah, it's releasing on second, yeah. That will also happen in fourth Q? Yes, yes, yes. Okay. So, it's only Buckingham Murder, which is getting pushed out into one Q. Correct. Got it. Also wanted to check with you that any progress on the discussions which were there going on with Meta in terms of the Reels and other stuff? Fingers crossed, you will hear good news soon. Just wait for some more time. Got it. Lastly, on the international revenue, have there been any more deals or anything else that needs to be sort of- As of now, as of now, nothing is there, but I said we always had discussions. Discussions keep happening. That's a regular practice of our business. So I'd say fingers crossed. Just wait and watch. Thank you, sir. That's all from my side. Thank you. ...Thank you. Our next question is from the line of Pallavi Deshpande from Sameeksha Capital. Please go ahead. Yes, sir. Am I clear now? Yeah. Yeah. So I wanted to understand, how many Hindi movies content have we acquired this year? I think it's, our target is four a year. Yeah, for this year, I think we have released Merry Christmas, and this one, Ishq will come, and Crew will come. Right. That's the release schedule. I wanted to know the acquisition schedule. They will release maybe after some, next year. Next year, next year, we already have one, Buckingham Murder, as mentioned earlier, maybe on the call. There is one movie. Tips Films is already producing 2- 3 movies. 2M ovies, they are in discussion, so we will see. Also, we are talking to 1 or 2 producers, and we will acquire that soon. You will hear that news very soon. Right, sir. And sir, how much in advance is the music right acquired? Like, if a film is launched today, it will take two years to o ne year to produce maybe, but when is the music right? You can say 9 months, 8, 8 months to 10, 12, 10, 11 months, you can say. 8 to 10, 10. Sir, in our music content cost of INR 31 crore, how much would be division, fair division between the music we create and music content and how much on the movie side? Would it be 50/50? No, no. You can say 40% of the—30%-40% of content we will acquire from that Tips Films, and 30, 30, 35% content we will acquire from outside, acquire, and 25% we will create of our own. Right. So this percentage has been same this year also? I feel so. Right, sir. Right, sir. sir. And sir, lastly, in terms of, this, you know, the between these channels, you mentioned that, you know, about, Wynk and JioSaavn and this, how much, Like, I, I understand they're all moving to subscription, but out of these, is Spotify leading in the race to move to paid subscriptions? Yeah, they are trying. Spotify is very aggressive in trying that. Would it be fair to say we're getting more from these rather than YouTube now? I mean, No, no, YouTube is 45%-50% of our total business, top line. Right. So YouTube, YouTube is still, you can say- As we move towards the subscription model, can this happen that, you know, these other players will be a larger share as we go ahead? Because they are more aggressive on the paid model. Yeah. Yes, Spotify is the biggest player, second biggest player in the world. Right. I feel they will be i n India also, that will happen. It's happening actually. Right. It's happening. Already, they are number two. They are number 2, right. Yeah. Right. Okay, sir. Thank you so much, sir. Thank you, Sameeksha. Thank you. Thank you. Our next question is from the line of Akshay Pawar, an individual investor. Please go ahead, sir. Hello. Congratulations for the good set of numbers. Thank you. My question is, in case of buyback, is there any chance, like, promoter will increase their stake by not tendering stocks? Like, we had lower promoter stakes buyback. Using buyback, we increase it up to 75%. So is that a chance again? Actually, nothing has decided yet. We'll take, at appropriate time, we'll take appropriate call. Okay. Thank you. Thank you. In the interest of time, that will be the last question. I would now like to hand the conference over to Mr. Nikunj Jain from Orient Capital for closing comments. ...management for taking the time out of this conference call today. And, also, thanks to all the participants. If you have any queries, please feel free to contact us. We are Orient Capital, investor relations advisors to Tips Industries Limited. Thank you so much. On behalf of Tips Industries Limited, that concludes this conference. Thank you for joining us.