Ladies and gentlemen, good day and welcome to Q3 FY25 earnings conference call of Tips Music Ltd. As a reminder, all participant lines will be in the listen-only mode, and 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, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Mamta Nair from Orient Capital. Thank you, and over to you, ma'am. Thank you. Good evening, ladies and gentlemen. I welcome you for the Q3 and nine-month FY25 earnings conference call for Tips Music Limited. To discuss this quarter's 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 the 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 risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to the management for their opening remarks, and then we will open the floor for Q&A. Thank you, and over to you, sir. Thank you. Good evening, everyone, and welcome to the Q3 and nine-month FY 2025 earnings call for Tips Music Limited. Thank you all for joining us today. The commitment and efforts of our team have been truly commendable, and their heart is evident in the positive results we have achieved. I am pleased to share that the board has declared a dividend of INR 3 per share. Secondly, during nine months FY 2025, we have done buyback of shares worth INR 46.61 crores and dividend payout of INR 89.50 crores, aggregating a total payout of INR 136.10 crores, which is in line with our commitment of rewarding our shareholders. With that, I would now like to hand over the call to our Chief Executive Officer, Mr. Hari Nair, who will provide more details and insight. Thank you, sir. Good evening, everyone. We are seeing a strong growth for our music across digital platforms. In the quarter, we announced partnerships with TikTok, giving users worldwide access to Tips Music content library. We also saw YouTube Shorts increasing the length of their short-format videos to 180 seconds, followed by Meta announcing the same strategy. So this actually opens up new opportunities for ad revenue and monetization for the platforms and for us. In the quarter, we are also observing a healthy surge in our content usage across Meta platforms, that is, Instagram and Facebook. I'll request Girish to share insights on the content and digital business. Thank you, everyone. Thank you, Hari. Good evening, everyone. I would like to talk about our content business. We've launched 116 songs in Q3 FY25. This includes 40 film songs and 76 non-film songs. Our YouTube subscriber base has now reached a remarkable 113 million. This quarter saw the release of popular songs like "Jatti Kasooti" by Gippy Grewal, "Afghani Afeem" by Tony Kakkar, and "Teyarian" from the movie "Shayar" by Satinder Sartaaj, all of which have been well received by our audience. Our song "Soni Soni" from the film "Ishq Vishk Rebound," released earlier this year, has crossed 100 million streams on Spotify. "Naina" from the film "Crew" continues to stream consistently across all platforms and has proved to be a superhit song. Thanks to Diljit, who is singing the song live in his concert, which has a major contribution. Last quarter release, "Dua Kijiye" song has been growing organically on YouTube. Our catalog songs like "Dil Meri Na Sune" from the film "Genius," "Hona Tha Pyar," and "Jeene Laga Hoon" from Ramaiya Vastavaiya saw more than a 70% spike in consumption on Spotify in this quarter. We have a very exciting lineup of releases planned for 2025, as highlighted in our investor presentation slide nine. I will now hand over the call to Sushant, who will present the financial highlights to everyone. Thank you all. Thank you, Girish. Welcome, everyone, to the Q3 FY25 earnings call. Let me take you to the financial highlights of the quarter gone by. Our revenue for the quarter was INR 77.67 crores, which is year-on-year growth of 20%. Operating EBITDA for the quarter stood at INR 25.57 crores, that is year-on-year growth of 28%. Operating EBITDA margins were at 71.6%, and PAT for the quarter stood at INR 44.23 crores, that is a growth of 28%. Content cost for the quarter was INR 14.55 crores. Now, the highlights of nine months FY25 are as follows. Our revenue for nine months FY25 was INR 232 crores, which was a growth of 30%, and PAT for nine months was INR 136 crores, which was a growth of 35%. With this, I conclude my opening remarks and open the floor for Q&A. Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while 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 Sandhya from Unicorn Asset Management. Please go ahead. Hi, sir. Sandhya Deo here. Sir, a couple of questions. First, on the amount received from TikTok, so INR 78 crores of revenue includes that amount? Sorry, we couldn't hear you. Yeah. Am I audible now? Yeah. Go on. Yeah. My first question would be on the INR 78 crores of revenue includes the one-time amount that you received from TikTok? No, no, no. There's no amount booked in the revenue for this quarter from TikTok. Okay. So it would be next quarter? It will be starting, yes, from next quarter, basically streaming. Okay. No, I was asking about the one-time amount that we have received from TikTok? It's the amount we have received, which we will be booking every quarter. Okay. So can you reflect on how much is the amount and what proportion? We don't give, actually, because of this competitive age. We can't reveal the amount, but we have, and this time, we have done a deal except India and China. It's a world deal. It's not a very major deal. It's a mid-size deal, you can say, for the international market, and we can't reveal the amount, but it's a decent deal, you can say. Sure, sure. And just wanted to highlight what's the reason that we didn't go with Warner? Just wanted to understand the pieces behind this, like going separately with TikTok. These are ways we could have gone with Warner as a cumulative effect. Mr. Hari is an ex-TikTok exec, so he said better we should be with them directly. We can expect a good deal because of relationship. So we did that with TikTok. Okay. I understand. So maybe it's strategically good for us in the long term. Yes. Yes, you can say that. Yeah. Great, great, great. And then the second question, you were highlighting in the TV interview recently that we are planning to get the expenses in terms of content costs spread over, say, three, four years. So any updates on that you want to highlight? No, we write off our content costs every quarter. Yeah, but you were saying in the interview that the company is doing some internal working and trying to see if we can... No, sir. No, sir. I think there's some confusion. I have never said that. We write off our entire, even just Husha Singh. We have released just one song last week, and we have written off entire money towards that in this quarter. Okay. Great. Thanks for the clarification. I was just getting back from the CNBC TV interview which you gave, I think, a month ago. It won't happen. It won't happen. It's the last 25-30 years we are following that practice and will continue for a long, long time. No plans. No plans of changing the content cost expenses? No, no. Absolutely no plans. No plans, no plans, no plans. Great, great, great. Thanks. That helps a lot because I think that was very important. Yeah, yeah, yeah. Thank you. The next question is from the line of Mr. Rao from Naredi Investments. Please go ahead. Hello. Yeah. Yeah. Sir, there is a reduction in net profit margin from 68.95% to 56.95% year to year and 59.74% quarter to quarter. So will you give commentary what is the reason to reduce the margin? See, as mentioned always, I say, "Please don't go yearly," as I say, "low." And yearly, as committed to 30%, we will do bottom line and 30% we do revenue. So this year, if you compare nine months together, so you won't see any difference. 30% we have achieved top line, and 35%, I think bottom line there. So I think we are on target. Right. Sir, the film industry could not be more blockbuster in quarter three, quarter two. So how do you see the impact on the music industry? Music industry, see, touch wood, TIPS has the edge if you see compared to other companies. Our repertoire, whatever we have done previously from 1988 till 2020 and 2022, 2022, everything is failing. So touch wood, our repertoire is doing well. Even our new releases last year we did, "Crew" and "Ishq Vishk," done well. So that also given us a lot of business. So we are not affected, and we are not heavily dependent also on that. So as explained earlier, we have two, three kinds of resources from where we get content, and touch wood, we are doing well. Sir, new song added in nine months are 338 versus 733. So can we presume the golden time of the music industry is not that great? No, no, no, no. I don't agree to that. Actually, if you see my last two, three calls, I'm always mentioning we are now moving towards more of a quality. So maybe our target is to make 100 songs. Next year, you will see further reduction in the songs. But our investment will be the same. Our cost will be the same, but we are focusing more on quality. So that was, you see, the number is less. Last, sir, how is the streaming going on? Will you comment something about that? Streaming is happening very well. I think everything is booming. Even subscription is going ahead. We have also in our presentation, if you see one, it's Spotify. There is Spotify, the major member in the streaming business. So he's doing very well. He's shown the numbers. He's shown the industry how we can have a growth. Subscription, majority, everybody is expecting subscription should grow, and it's quite decently growing. Okay, okay. Sir, all the best. Thank you. Please. Thank you. Thank you. Participants are requested to restrict their question to per question. The next question is from the line of Garvit Goyal from Nvest Analytic Advisory, LLP. Please go ahead, sir. Hi. Am I audible? Yes. So Garvit Goyal comes for a decent set of numbers. Just one question on the medium-term outlook for TIPS. We are now a 300 crore top-line company on TTM basis. So how do you see going from here for the next two to three years? What kind of strategies do we have in our mind? And what kind of acquisitions, if any, are we looking for further expanding the footprint in the music streaming industry? I think business will be very good, and it will be exciting time for TIPS also, and as committed, I still feel 30%, 30% won't be a problem. We will grow 30% next year, and after that, also, I feel 30% is because there are a lot of many things that are happening. If you see this subscription is increasing, the Spotify numbers are increasing. Spotify has started making money, so that's a good sign. YouTube is increasing. They are increasing the length of the short videos where we used to get lump sum from them. Now they will start doing ads on that. Instagram, Facebook, and this Reels, sorry, Shorts, YouTube Shorts. So they will start doing advertising. So that can be a huge business like one more direct stream. It can contribute, which is now contributing only 2-5%. It can contribute 25% to the business. So I think that's a big thing. Plus, that public performance, I always mentioned, the public performance will really do well. And it's really doing well. So many events are happening. See, if you see Diljit shows or this yesterday, somebody sent me this Coldplay. Coldplay show was very big. And in that show, Jazzy B, my artist, is singing my song, Tips song, "Naag." There's an old song he was singing. I think these kinds of shows, we are going to make huge money. So I think that public performance, short videos, even the TikTok ban was happening in the U.S. Now maybe TikTok will have a partner in the U.S. The same thing will happen in India. So maybe we expect it in three to six months or 12 months where TikTok also can come into India. So this entire short content will be a huge number for the entire music business, and then public performance and subscription. These three will be big years. And maybe not immediately one or two years, but you will see in the next five years, एक साल ऐसा आएगा जिसमें suddenly you will see कि सीधा 50% इंडस्ट्री ऊपर हो गई. So that will happen. I strongly believe in this business. Sir, what is the reason? Like you mentioned, एक साल में ही 50% से ऊपर हो जाएगा. What is the reason? You must be having something in mind, right? Yeah, yeah, yeah. Yes, yes, yes. See, when television becomes digital, जब television पे जब subscription आया, Tata Sky, Airtel, Dish TV and Sun Direct, suddenly their business, they made 20,000, 30,000, 40,000 only from distribution business extra. So that can happen. Subscription or short content monetization or that public performance, proper venue. तो ये तीन-चार चीजें ऐसा बड़ा business ले आएंगे. I'm not saying कि हमारा 25,000 crore हो जाएगा. लेकिन अगर इंडस्ट्री का अगर आज top line 3,500 है, तो अगर 2,000 भी extra आ जाए, तो that is a बल्ले-बल्ले for us. And it can happen. Not a big deal नहीं बोला जाएगा. Thank you very much, sir. That's it from my side. All the best for the future. Yeah. Thank you. Thank you. Thank you. The next question is from the line of Harsha from Dalal & Broacha Stock Broking. Please go ahead, sir. Yeah. Thanks for the opportunity. A few questions from my side. So firstly, if you could kind of help us dissect the revenue growth that we did this time, which was around 20% on a YOY basis between digital and non-digital. In terms of percentage growth, that would be fine. You are talking about digital and non-digital? Yeah. It's the same. What we are observing, 75% is digital, 25% is non-digital. Okay. So then should we assume that both have grown equally in terms of percentage? Yes. You can assume that. Yeah. Okay. Secondly, on TikTok, so the deal that we have done, so basically, if you could kind of give some color in terms of the potential, the markets that you are banking on, and also what type of deal is it? Is it a lump sum base, streaming base, or how is it? If you could give some color. We have got some advance from them, and it will be earning per usage or per creation. Okay. Basically, it's not a major deal. It's only for overseas. For these kinds of services, India is a very huge market. TikTok is not available in India. We have done this deal with them for overseas markets. Correct. Yeah. Yeah. So basically, I mean, this deal that you did, which markets? I mean, while doing that deal, which markets were you banking on? So that was my question. I think for Indian music, USA, Canada, Gulf, and U.K., and Australia, New Zealand. Now, actually, Pakistan also is a good market for us. Bangladesh. Okay. Our MENA region will be also contributing. Okay. Got it. Sir, any kind of internal, say, workings or calculation that you have done, say, in the next three to five years, how much could TikTok contribute versus the current deal? I think let's not talk only of TikTok. TikTok is in India. Then TikTok, Facebook, Reels, and YouTube Shorts can be a 100-crore business for TIPS for the next three to five years. Got it. And last question from my side. So on the short video platform that we were talking about, so any sort of indicative timeline that you could kind of give as to when can we see the monetization happening? Monetization happening now also. Monetization is not happening. But now we are having all music companies or labels have lump sum deals with them. Now they have extended the length of that short video. They have extended the length to three minutes. And that three minutes, if you are listening to three minutes, then easily they can fix an ad of 15 seconds or 30 seconds that they can put an ad. And then when that ads will start, then our business will improve and really become a big business. And if the customer doesn't want to see ads, then they have to subscribe. Then subscription money, this or that. From both sides, we can make money. So that will happen soon. Correct. So I'm aware of that. But basically, because last time on the call, it was mentioned that YouTube had started a pilot project. So what I was trying to understand is that is that pilot project meaning contributing anything to our revenue as of yet? Not yet. Not yet. It will take another three, four quarters, you can say. Correct. So that was my question. Yeah. Got it. Yeah. Yeah. Yeah. Thank you. That's it from my side. Thank you. The next question is from the line of Saket Mehrotra from Tusk Investments. Please go ahead, sir. Hi, sir. Just want to understand how confident are we on achieving our 30% PAT guidance for the year, and how are we placed for that in the current scenario? 30% we have already achieved for nine months, Sakeet. And we will close 30% more up. And even bottom line also 30%, 30%, yeah, 30, between 30%-35% PAT be ajaayega. Okay, sir. So this is I'm talking 2024 versus 2025 full year. So that you are saying you are in place to go in that 30%-35% scenario? Yeah. Yeah. Yeah. Great. Sir, my second question is, अभी हमारी ये जो कलेक्शन सोसाइटी से जो royalties आते हैं, how are we placed on that? What I mean, are we seeing any growth happen there? What I understand is these guys are now going deeper into establishments and all of these wedding places and restaurants. So just if you could tell us something about what's happening there. We are doing everywhere. We are doing very, very well. As I'm actually, if you see, TIPS is the only member of one such organization, IPRS, the society here. And then there is another company called Novex, which we have member at. But Novex is an individual entrepreneur. And he handles our sound recording, public performance. So he's also doing very well. And we are getting money from that. And international, instead of society, we have appointed Sony Music Publishing, जिसको हमने पहले एक deal किया था, छोटा deal किया था. Now they are talking to us for a bigger deal. We are discussing with them something. And we will announce this soon as it happens. You're saying internationally also there's something like Novex, जो आप Sony के साथ engage कर रहे हो? Yeah. Okay. So sir, I mean, generally, is there any seasonality on the collection of these societies, or does it come throughout the year? How has that evolved? नहीं, वो जैसे-जैसे पैसे आते रहते हैं, they send us reports and money. Okay. So it comes throughout the year. ऐसा कोई हमारा कोई quarter phase? No. No. No. No. Throughout the year. ठीक. Thank you, sir. All the best. Thank you. Thank you. Thank you. The next question is from the line of Abhav from YES Securities. Please go ahead, sir. Good evening, sir. Congratulations on a very good set of numbers. Sir, my first question was on our revenue top-line growth guidance. So as we have already given to Warner, 25% of our revenue comes from basically other streaming platforms. And we are only getting minimum guarantees from Warner for the next three years. So not having any growth on that particular part of our segment, do you think will that affect our entire revenue growth, or do you think YouTube and our non-digital revenue should suffice for achieving that 30%? No. No. But we are growing on every platform. But we are only getting minimum guarantee, right, from Warner? We have got Minimum Guarantee, but we have not booked that Minimum Guarantee in our accounts. We have shown as an advance, and whatever number they are actually selling, whatever business is happening, we are just booking that. Okay. Understood, so growth is happening on the Warner? Actually, on actual numbers. Whatever business is happening, that is happening. Whatever maybe there is an overflow or maybe it's an over energy they have paid, that will be happening after four years in the last quarter, not now. Okay. Understood. And sir, my second question was on the content acquisition cost. So our content acquisition cost has been steady in around 17%-18% of our sales. So I think earlier you had guided that cost will be around less than 30% of revenue. Is there any reason that we are slightly conservative in investing brand new content? Not getting good content on a right price. Okay. So we just watching. But next year onwards, you will see we are consuming around 25%-27%. We will invest in content. It will happen. We already have so many. If you see the slide, I think nine or something. So you will understand next year we have sufficient content, and we will achieve our target of spending monies. Understood. Okay, sir. That's it from my side. Thank you so much. Yeah. Thank you. Thank you. The next question is from the line of Ms. Jyoti Singh from Arihant Capital Markets Limited. Please go ahead. Yeah. Thank you for the opportunity. Sir, my question is from the earlier participant only. One of our competitors is going aggressive on the content side. So what kind of impact we are seeing? And second question on the monetization side, like you mentioned on the industry side also in the PPT. So just wanted to understand your thought and also revenue-wise, how much we are able to monetize on the Meta side. Meta, we have given to Meta, Facebook, we have given to Warner, and they are really doing a good job. We are very happy about that. As far as content competition is concerned, we are not in that game. The market is really very competitive. I don't want to be in that race. We are focusing on our own relationships and whatever good content we are focusing if we get good content. At that fair price, I'm not saying reasonable price or extremely high price. We are concentrating on that. We don't want a major content. Our target, as explained earlier also in the last, if you see, seven, eight, 10 quarters, I always maintained 25%-30% we will invest in content. From next year onwards, we will achieve that. And also, as told you earlier, we have our own company, film company at arm's length. We are buying content from them also. Plus, we do our own recreations, our repertoire, our music, whatever we have. It's a new kind of retro that is doing well. So we are doing many songs as recreation. They are selling very well. So we are really actually placed very well. And we are achieving our target. So we can't be desperate or go for that. Bidding war is happening already within two, three companies. We are focusing on our business, and we are happy about that. Thank you, sir. Sir, just one more question. So whatever content we are acquiring, so how much percentage it is new and how much percentage it is from the existing or you can say remix side? And another is on the event side, like earlier you mentioned, the event like Coldplay and Diljit doing very well. So if you can give us your thoughts, what's your planning on that side? See, actually, that is a Coldplay show. And whenever any artist is performing my song or any other company's song, so those companies will get advantage and they get money remuneration. So that's a good advantage for us. And our songs, if you see whatever big shows are happening, our songs being played, even this is an international show. But it's still our TIPS song being picked up. So you can say, as I mentioned earlier, we are at the right place and right catalog, you can say. So that's what is happening very well. And what was your other question? Can you repeat that? Sir, we are planning how much ratio on the acquisition side, song acquisition side, new and old? Yeah. Okay. You are saying how much business happening from new and old. I think maybe you are saying that. So you can say, as mentioned earlier, our target is whatever investments we do, we write off in the same quarter, but we should recover that money in the next four, five years, we should recover that money. And I think we are achieving whatever we have not done any heavy investment so far. Next year onwards, we are doing a lot of investment. And whatever this two years, 60-70, 50-60 crores we have spent, this is actually including content and marketing cost. Our content cost, actually, if you see for three years, it's hardly anything, 100-125 crores. But we see we are recovering. We will recover in four, five years' time. Thank you, sir. Thank you. The next question is from the line of Arvind from IGE India. Please go ahead. Hi everyone. As you said, the YouTube Shorts will be getting paid on a per-user basis. So how do you expect it to materialize in comparison to long-format video, which is existing there? Same thing will happen. No, YouTube will see. Now YouTube has given us a guarantee floor, which minimum money you will get this much money. And if they start doing ads from those contents, same split will happen, 55% for us, 45% for them. From that 45%, they will give 10%-12% to the publishing rights. And balance 33%-35% they will retain. The same split will happen. And I think that split number will be very huge. Now, I think majority of advertisers, they want to come on short content, play ads. Everybody wants to do ads on short content because its consumption is too big, too huge. I think that will be a big advantage. Okay. How much proportion of the total YouTube play could be on a short format right now? Abhi to both, I think hardly, if I think all services put together, hardly 7-8% hoga. Got it. And we are expecting it to get back to 25%-30% kind of level? Yes. It can be. Yeah. Understood. Got it. Thank you. Thank you. The next question is from the line of Naitik from NB Alpha Fund. Please go ahead. Hi sir. Congrats on a good set of numbers. So my first question is, did we see full quarter of Warner Deal's revenue booking this quarter? Because there were some delays, I believe, in uploads on Meta. So we can assume this quarter we saw full quarter of revenue for Warner Deal? Sushant, can you reply to this? Yeah. So look at the content got ingested. Look at Meta and everything got ingested. And the content was live. We weren't able to share the breakdown of the Warner revenue, but the traction was good in all the platforms operated under the Warner umbrella. No, sir. My question is, did we see full quarter of revenue recognition or not? I don't need the number. I understand you can't share the number. I just wanted to get a sense if we did see full quarter of revenue from that content that got ingested. No, the full quarter. Full quarter revenue. Okay. Okay. Got it. My second question is, sir, what percentage of our revenue currently would be from paid subscribers in the digital revenue? Sushant, honey, it will be a very small number right now, but it is growing steadily. If you compare year-on-year growth on subscription, it is growing about 40% every year. So Spotify is doing a great job on that. But yeah, it has to be a big number. It has to become a big number for all of us in the industry. All right. Of course, sir. That's it from my side. Thank you. Thanks. Thank you. The next question is from the line of Ankush Agarwal from Surge Capital. Please go ahead. Yeah. Hi sir. Thank you for taking my question. Sir Taurani ji, we almost FY25 is coming up, and till now we have spent about 40 crores on the content, right? Earlier, our target was to spend about 70-80 crores, which now seems to be not possible. So in broad sense, can you say what the content cost will be for FY25 total? Kitta hooga, Sushant? Ankush, it could be in that range of INR 55-60 crores for the full year, depending on the releases. But let's say that could be the ballpark. Right. So Taurani ji, you just. Sushant ji, overall, हम लोग ले रहे हैं शायद. हम लोग. है अभी चल रहा है. So I think this will happen. Yeah. Okay. Got it. So Taurani ji, almost those eight years honge, जिसमें अपना content cost almost INR 50-60 crores के आसपास है, right? Yeah. So even though short term में this is boosting up P&L, but long run में आपको लगता नहीं है कहीं ना कहीं problematic हो जाएगा, because if you look about it, TIPS का current strength is because 1980s, 1990s में हमने जो content, blanket content acquired किया था, उसका हमको आज benefit मिल रहा है. But आज से 20, 30 साल बाद अगर हम देखें, तो अभी जो हमारा content acquisition strategy है, कहीं ना कहीं वो हमारे लिए उल्टा भी पड़ सकता है. So आपका thought चाहिए था कि यहां से कैसे aage, क्योंकि those eight years हो गए, जिसमें हमने content में कुछ खास invest नहीं किया है. See, let me tell you, हम ये सोचते हैं, हमारी सोच ये है कि हमारे catalog में अभी भी इतना दम है कि हमने उसको exploit किया ही नहीं है. So still we are really pushing our content कि हमारा जो एक दो और major platforms हैं, उसपे still we easily feel कि हमारा वहां पर बहुत-बहुत business बढ़ सकता है existing repertoire का. Okay. Apart from that, if you see that presentation, as mentioned earlier also, कि हमारा next year onwards, we will bang on target, spending जो पैसा हमको खर्च करना है, we are going to spend that money, and we have a huge good quality content. Just wait for next year, you will understand. We wanted that cycle बनाने में हमें time लगा. And if you know, a few months back, we done a block deal because of that only, कि another company should make more films and give us content. So that will also happen. So we will get quality content at arm's length, absolutely transparent, everything. Auditors and board members, everybody has, according to policy, whatever we have made, we are following that. So not a problem. Content next year, you will see it. We are having huge content. Plus, that should our catalog is very strong. It will also show a lot of upside. Okay. Second question, Taurani ji, ये था कि this quarter we have grown revenues about 20%. Last two quarters, obviously, Wynk Deal का one-off, Wynk settlement का one-off impact था. But अगर मैं वो one-off impact बता दूं, तो हम about 23%-24% growth की है in nine months. तो जो organic 30% growth का target था, वो कहीं ना कहीं shortfall लगा है. So despite the fact कि ये साल हमने बहुत सारे major deals किए, like Warner के deal के through, we have come to a lot of platforms, TikTok, we have done, Meta we have gone live. So next year से, मतलब how do you see कि growth 30% को sustain करेगा? Okay. So now, एक तो ये जो 12% आपने कहा, अगर ये समझो एक मिनट के लिए मान लो, Wynk से आप जब पैसा आएगा, तब हमें लेना पड़ेगा accounts. अगर समझो दो साल पहले अगर ये deal close हो गई होती, तो on the contrary, दो साल का हमें और फायदा होता Wynk से. Actually देखा जाए, तो we have lost that business. So actually हमारे numbers without even Wynk या Airtel जो पहले था इतने सालों से, छह साल से हमने उसे deal नहीं किया, we must have lost 70-80 crores. But because of this very aggressive stand Wynk, Airtel has taken, we have no option, they have given no option to go in the court. I think वैसे शायद पकड़ना नहीं चाहिए, but even then also, we are really pushing hard कि हम जो इस साल का जो 30% है, we should do more than ये जो 12% है, उसको हम अलग रख के भी हम उतना achieve करें. And that should हो रहा है, कुछ अच्छे और भी हैं, काम हो रहे हैं. And हमारा content, जैसे मैंने पहले बताया, our repertoire is really doing well. So we are not getting stressed about that. And as far as next year is concerned, we have such a good follow-up of releases and so many things are happening, so we are still confident कि next year भी हम 30, 30% achieve कर लेंगे. Got it. Got it. Thank you, Sushant. Thank you. Thank you. The next question is from the line of BP Rajesh from Banyan Capital Advisors. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just two questions. One, in terms of what we are seeing is that Bollywood is re-releasing movies back from 1990s or early 2000s. So are you seeing any uptick on your music library because of that? Yeah. I think, can you repeat this, please? See, Bollywood is releasing older movies. In the last few months, we have seen them going back to 90s. Yeah. Yeah. Yeah. Understood. Yeah. Yeah. No, no, no. There's no huge impact. Maybe minor, very minor. No big impact of that. Okay. And in terms of your catalog, have you seen any shift in terms of the songs that are being played? Are they from a certain period and that period is shifting over, let's say, last year's same quarter, or is that period still staying strong in terms of the consumption by the subscribers? No. I think consistently they are performing. My songs are performing well. And on the contrary, they are growing. So no complaints about that. No change. Sir, my question is, in terms of the period for which you, let's say, if INR 100 of revenue is coming, 50, 60 is coming from, let's say, early 2000 music. So are you still seeing that content generating same type of revenue, or is it starting to move towards, let's say, 2010 type of music? No, it's the same type. No, no. Same type of business. See, music business won't change quarter on quarter basis. Music business change after every seven, eight, 10 years. So we are actually used to see we are a very young company for the when YouTube or this Spotify, when that has come, only 10, 12 years old, the services. So for them, on the contrary, Spotify has not reached interiors. When they go inside of India, then you will see suddenly it will be a very huge surge in Tips content. So we still feel we are very we still have many, many capability to grow our repertoires. Okay. And typically, where are you getting your maximum revenue from? Is it a 10-year-old content, 20-year-old content? What is the aging of your content where you're getting the revenue from? From 1988 till 2020, whatever we have done, we are making good content. And after 2020, I treat that as new content. So our catalog is really doing well. And as other businesses, 80-20, our business is also 20% songs give us 80% revenue or maybe 85% revenue. Right. So that 20% song, which period do they belong to? That's what I'm trying to understand. I'm telling you, 1988 to 2020. Okay. But आप उसको आगे bifurcate करके नहीं देखते कि कौन से period में ज्यादा आ रहा है, किसमें कम आ रहा है? Within that 1988 to 2020? नहीं, वो भी करने वाले हैं। वो analysis team हमने बनाई है अगले तीन-चार quarter में, हम वो भी कर लेंगे. Okay. Got it. And then last question on the shorts वाला point that you made. So अगर उसमें advertisement add होंगे, in that situation, let's say you are making INR 100 today from whatever the guys are paying to Warner and that is coming to you. So how much bump can you see? When you talk about going from 7%, 8% to 25%, but on INR 100, there will be some leakage also, right? Because people will not be consuming in other places. Or do you think that will be all additional revenue? I don't know. Maybe 5%-10%, maybe a leakage. It still will get a big number. वो INR 100 कितना हो जाएगा आपके हिसाब से? आप ये समझो ना कि जो भी हम business कर रहे हैं। अगर मेरी estimate आज है, अगर मैं आज 7-8% कमाता हूं। एक मिनट के लिए मान लीजिए 300 crore का business है। अगर मैं 20-22 crore कमाता हूं, 100 नहीं कमाऊंगा। अगर मेरी estimate 100, 80 कमाऊंगा, 90 कमाऊंगा, उतना होगा ही होगा। Consumer बढ़ रहा है, consumption बढ़ेगा ना? आप अगर आज, अगर आप खुद देखिए, अगर आप Instagram use करते हैं, अगर आपने गलती से एक video देख लिया, तो कम से कम आप end करेंगे, 25-30 videos आप देख लोगे। तो चलो, long video होगा, तो 25-30 नहीं देखोगे, 10-12 तो देख लोगे। आप YouTube पे बड़ा content 10-12 कहां देखते हो? आप एक दो गाना देख के बंद कर देते हो। Okay. Got it. Got it. Thank you and all the best. Appreciate it. Yeah. Yes. Thank you. The next question is from the line of Abhishek from AB Capital. Please go ahead. Hello. Am I audible, sir? Yeah. I'm just wanting to ask, any particular reason as to why growth was a bit tepid this quarter that used to generally grow at around 30%? So any reason, any particular reason? नहीं, what you actually, I have not heard. Can you please repeat? Any particular reason as to why growth was a bit tepid this quarter? As told you earlier, please don't judge us on a quarter-quarter basis. If you see overall, if you see three quarters' results, so we are bang on 30%, whatever we have said, we have achieved. And even bottom line, I think 30% we have committed is 35%. So I think that's 2-3% here and there. One quarter is bigger, second quarter is not so big. होता है सब business में. Okay. And you are confident next year also you will achieve 30% top line and bottom line? Yeah. Very confident. Yes. Okay. Thank you. Thank you very much. That was the last question due to time constraint. That was the last question for the day. On behalf of Tips Music Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you. Thank you. Thank you.