Ladies and gentlemen, good day and welcome to the Q2 FY 2026 earnings conference call of Tips Music Limited. 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. Ayushi Gupta from MUFG Limited. Thank you and over to you. Thank you. Good evening, ladies and gentlemen. I welcome you to the Q2 and H1 FY 2026 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. Over to you, sir. Good evening, everyone, and welcome to the Q2 and H1 Financial Year 2026 earnings call of Tips Music Limited. Thank you all for taking the time to join us today. Before we begin, I would like to extend my warm wishes to everyone for a joyous and prosperous Diwali in advance. Despite the challenging industry environment, the company's revenue grew by 15% in the first half year of the financial year 2026. Over the longer term, we expect strong business momentum supported by sustained paid subscriber growth, beginning of ad revenue sharing from short-form content platforms, and robust expansion in the public performance segment. We will pursue a disciplined and selective content acquisition strategy, ensuring each investment meets our payback and return threshold. I am also pleased to share that the Board of Directors has declared a second interim dividend to be sold per share for the financial year 2026. With that, I would now like to hand over the call to our CEO, Mr. Hari Nair, who will provide more insights. Thank you, sir. Good evening, everyone, and happy Diwali to all. This quarter has seen a revenue growth of 11%. We continue to see growth in content usage and monetization across platforms. We also expect a strong traction in the second half of the financial year 2026. I'll request Girish to share insights on the content business across platforms. Thank you, everyone. Thank you, Hari. Good evening, everyone. Talking about our content business, we released 133 songs in Q2 FY 2026, including 76 film songs and 57 non-film songs. During the quarter, the song "Why Undi" from the film "Merai," which is a Telugu film, crossed over 69 million views and is among the top five music videos on YouTube. Another release, "Raaj Karega Malik" from the film "Malik," crossed 25 million views on YouTube. Additionally, our YouTube subscriber base has continued to grow impressively and now stands at 134 million collectively. Our catalog performance on Meta is very heartening. The song "Tere Aane Se" from the movie "Run" did 1.5 billion views, while songs "Saajan Saajan" from the film "Dil Ka Rishta" and the song "Kahin Aag Lage Lag Jaavye" from the movie "Taal" did 850 million and 700 million views, respectively. I will now hand over the call to Sushant, who will present the financial highlights to everyone. Thank you all. Wish you a very happy Diwali. Thank you, Girish, and welcome everyone to the Q2 and H1 FY 2026 earnings call. Let me take you through the financial highlights of the quarter gone by. Our revenue for Q2 FY 2026 was INR 89.22 crores, reflecting a year-on-year growth of 11%. Operating EBITDA for the quarter stood at INR 67.9 crores, which is year-on-year growth of 14%. Operating EBITDA margin for the quarter was 76%, and our PAT for Q2 reached around INR 53 crores, representing a growth of 11%. Now, looking at the highlights of the first half FY 2026, our revenue was INR 177.3 crores, which represents a growth of 15%, and our PAT for the first half was INR 99.4 crores, showing a growth of 8%. With that, I conclude my opening remarks. I would like to wish you all a very happy Diwali in advance. Now, opening our business. Thank you. Thank you very much. We will now begin the question-and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kavish Parekh from B&K Securities. Please go ahead. Good evening, team. Thanks for the opportunity and wishing everyone a very happy Diwali in advance. My first question pertains to your growth plans. Earlier, you aspired to deliver 30% top-line growth. However, that was brought down to around 20%, I assume largely due to one-offs from being in the first half of FY 2025 plus consolidation in the industry. Where do things stand now? What is your growth guidance and what levers will drive the same? How does the release calendar look like for the second half of the year? We are sticking to that 20% growth, what we have projected and told all of you. We are sticking to that. We will grow by 20% this year, 20% top line, 20% bottom line. We have signed many non-film artists and we are releasing many songs. You will see every 15- 20 days, you will see a song coming from Tips, so that we have planned. We have two or three films, but for films, we don't know whether it's depending upon the release of the film. If any film is releasing before March, the music will come this year. Otherwise, it will maybe go to next year. For films, we are not sure about anything, but for non-film music, we have a proper lineup for our songs. Could you name these films? Names, films, we have one No Entry, but I think that will come next year. We have signed one film directed by Imtiaz Ali, music by A. R. Rahman, and Diljit Dosanjh, and many other actors are there in the film. We have signed that. There is another film. There is a Tips film we are making, "Hai Jowani To h Ishq Hona Hai." Varun Dhawan is acting in it, and David Dhawan is the director of the film. There is another film, "The Cast," Dhawan is directing, and actors are [Shruti] and Wamiqa Gabbi. That film was also there. We have four or five films, plus we have a few films in regional languages, Telugu. We have quite a few films. Understood. Sir, with respect to the industry dynamics, post-consolidation on the OTT side, how do the yields look like? Are they still stable at around INR 10 for free OTT users and INR 20-INR 25 for paid OTT users, or have you seen some pressure there? There is overall pressure because we've seen the last one, one and a half years, many people have shut down their businesses or they have gone behind the paid wall 100%. That pressure is there. We all see that. That pressure is not only on us, it's on all the music players. I feel this is a temporary phase. Subscription is growing. I feel the subscription will take over. It will give us a big boost. We will make more money in the coming months. I feel it's a temporary phase, maybe six months to another one year it will take. Let's see. Understood. Last question from my side, sir, where do things stand with respect to short-form content platforms with respect to sharing of ad revenues? Today, what kind of revenue contribution does it account for? With pickup in ad revenue going ahead, where do you expect this number to reach for short-form content? I think short format is still there. Not sharing the revenue sharing is not there. It's a lump sum kind of a deal. What we see, we see quite a bigger jump in the revenues of that because our content is really doing very well on that short ad. If you see the overall catalog of Tips Music Limited, the Tips Music Limited catalog is doing really well. The last four or five years, whatever growth we have seen, it is because of that also. Even this year, our catalog is doing really well. Because of this, actually, even these apps, whatever, like Spotify or JioSaavn, they are not allowing free things. Basically, they are pushing for a promotion. If you are a subscriber and you don't want to subscribe, you want to just listen to music free, they will push you first for the ads. Also, they will trouble you. They will not allow you to listen to your favorite songs again and again. They are pushing all of the people to go for a paid wall. That is really hurting business. Actually, long term, maybe we will have a difficulty for a few quarters. Long term, it is beneficial for the business if people start paying. You know, in 2006-2007, there was a service called CRVT. That time, that telephone company was making money from subscription and downloading of content. That's only 30-second content. That also you are keeping on your phone for others to hear. Those mobile companies used to make INR 8,000 crore. We have many people who can subscribe, who can pay monies. It's a temporary trouble we have. I think the entire industry, all music labels, we feel we will overcome soon. Next, it will take three quarters or seven quarters, but it will come soon from this. Got it, sir. If I can squeeze in one more question, one last question. On the content acquisition side, content cost as a percentage of top line was slightly on the higher side in the first quarter, I think owing to the release of Malik. This quarter is again down to 15%. What is the plan for the second half in FY 2027? Overall, we feel this year we will achieve 23% and 25%. We will invest in content. Got it, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Ravi Naredi from Naredi Investments. Please go ahead. Thank you very much for giving me the opportunity. Sir, our net profit margin for six months fell by 350 basis points. This is worrisome. Ravi Ji, it's primarily on account of content only. Nothing to worry about the margins. Okay. Secondly, we do not get 30% growth as we promised last year also. Is this time we presume lower side? For this year, we have said we will grow by 20% instead of 30%. There are a lot of changes happening recently, as I earlier mentioned, many OTT apps closed down, shut down their businesses, and many have gone behind the paid wall. You know, there was an app called Resso. They shut down one and a half years back. In the last year, when they were live, they paid us $2 million. We expected, we thought next year they will give us at least $3 million. Because of these India-China issues, they shut down the business and went back to China. I feel if this TikTok issue in the U.S.A. settles, India will again, they will come back and they will again enter into this business. We expect the big monies again will give it to us. Okay. Sir, Taurani Ji, in the film industry, this song industry, are you getting new songs costlier than last year or anything is going like this? I think it is stable now because there are not many successes in the industry. There are buyers there, but it's stable. As mentioned earlier many times, we are not into that rat race or a competition or a bidding process. We don't enter into that. I can tell you one film recently, there is a producer, he called me, "[Foreign language]?" He asked me, so I said, "[Foreign language]," he said, "[Foreign language] already INR 14.5 crore [Foreign language] offer [Foreign language], and INR 2.5 crores promotion, INR 17 crores I am getting, what should I do?" I said, "Immediately run and give it to them." [Foreign language] competition [Foreign language] opportunity [Foreign language] Definitely. We also do that. Right, right. Is there any website we are having where our Tips Music total songs are available? [Foreign language], Spotify [Foreign language] available [Foreign language], JioSaavn [Foreign language], YouTube [Foreign language] Not official website from Tips Music Limited, right? Yes, [Foreign language]. [Foreign language]? tips.in [Foreign language], available. tips.in [Foreign language], tips.in [Foreign language] site [Foreign language] use [Foreign language] No, sir, you also cannot use the song. Okay. Sorry for interrupting. [Foreign language] punch [Foreign language] Spotify [Foreign language] tips.in tips.in, yes, it's there. Thank you very much, sir, for your nice reply. Thank you. Thank you. The next question is from the line of [Garvit Goyal] from Nvest Advisory LLP. Please go ahead. Hi, audible? Yes, sure, audible. Sir, my first question is on the consumer preferences. The average cycle for which a song is typically in trend, it seems like itself is getting reduced. I agree that at the same time, biggest hits now have longer on traditional charts. The point is former things also affect. I just want to understand what exactly are we doing to identify the trends, number one, which are extremely dynamic and changing in the modern world? What exactly are we doing to give the shorts on goals? That's my first question. Let me answer that. On the trending part, our teams daily monitor on the particular platform like Instagram or YouTube. We also get daily reports, and we have analytics teams sitting here who try to get what song is picking up on Instagram or TikTok. We do that on a daily basis. In the morning, we have set up alerts for ourselves, and based on that, we start working and pushing the song more. That's the reason you see a lot of catalog songs getting picked up on Instagram. I think two or three examples are like "Saajan Saajan" and "Kahin Aag Lage Lag." Even Madhuri was dancing onto that, so it is a great song. It picks up anytime. There is no specific timeline to it. It is just a trend that the platform shows, and we latch onto that trend. Did I answer your question? Yeah, that makes sense. Sir, you mentioned like our songs are getting good traction, right? At the same time, we are seeing like platforms, specifically these short-form content, they're not ready to share on a variable basis. Can you let us know what is the reason if our product is good, right? Why are they not paying us on a variable basis? Ultimately, the negotiation power should be with us, right? Yes, I think you're very right on that. Overall, if you see the short-form video apps, they're all new to the market. Though they have been there, they are still yet to establish themselves. All these deals basically are done by the global makers first with the platforms. It's all on a lump sum basis right now. The revenue share model will also be kicked in once the platforms and the labels both agree on sharing that. Some of the guys have already done that, but it's just that the revenues on the ad side are not so great. The minimum field values are done on the ad side. Hello? Yes, can you hear me? I think last part I missed that maybe because of poor voice, I think maybe network. Hello? Okay. I was just saying that the deals are right now all fixed deals, not based on advertisement. It will change over a period of time, like how it did with YouTube, right? Initially, YouTube was fixed deals. It moved on to ad revenues or fixed fee, whichever is higher. It will move. I think the short-format video apps also will move in that direction. It will take some time for that. Understood. Sir, in the PPT, we mentioned our YouTube views are going down. The reason we are giving is the YouTube Shorts. What is our exact plan or strategy to monetize our IP on the YouTube Shorts? If that is going to be the case, maybe the target we are setting, 20% growth, I think it will be difficult to achieve, right? YouTube Shorts, again, is a fixed fee deal. The larger YouTube is an ad-sharing deal, and it is stable and it is growing. What we see in the first week of October, it has just picked up. I'm very positive about the growth from YouTube also. It is not having any revenue impact or a profit impact. It's a lump sum deal. Understood. Sir, in order to grow 20% on a full-year basis, in the second half, we have to grow significantly well. What is giving you that confidence that we will be able to do it? Last phone call also, our target was minimum we will be growing by 20%, and the target of 30% was still intact. Now we are speaking about 20% target only. What has changed over this period of time, and what is giving you the confidence that we will be able to grow on a full-year basis by 20%? First half, maybe the growth is not that good specifically on the bottom line side. We are working very hard on our content. Whatever content we are making, we have confidence that we will make such good content that will give us good numbers and good revenue. Okay. Lastly, what is our content goal going to be for the second half in the future term? As I told you, we are not sure if there is any film to be released in the music side. We are sure we have made some non-film music. We have signed many, many individual artists. We have two songs, four songs, three songs deals. By March, I feel around 15, 20 songs of all the big artists, good songs will be released. That can really give us a bigger revenue. As I think I mentioned in my earlier calls, we are now focusing on the quality rather than the quantity. We are working on that. Understood, sir. Thank you very much. Wishing you a happy Diwali. Thank you. Thank you. Thank you. The next question is from the line of Deepak Ajmera from IGE India. Please go ahead. Hello. Am I audible? Yes, you are audible. Yes, yes. We have done an acquisition of Studio Radha Culture music legacy of Gujarati and Kutchi songs. What is the rationale behind our acquisitions, and what are our expectancies as we are trying to move into new geographies? We have acquired, we got back 4,000 Gujarati songs, and that is at a very reasonable price. Currently, we are digitalizing that asset. It will take around 6- 12 months to post it on various platforms. Going ahead in terms of strategy, we are looking at organic growth. Wherever we see value, we'll go and acquire it. Yeah, also to add in, you know, if you see, the devotional content also has a lot of monetization, a longer monetization, and a better monetization than the normal ones. It is very sticky, and it just keeps on giving revenues on YouTube or Spotify, any platform you take. Okay, my next question is on do we have any new collaborations with any artist or exclusivity with any artist upcoming maybe? Yeah, we have many, many songs coming up with many artists. Top ones, I mean, very soon, you must have seen that, Aparshakti Khurana, we have released a song. Our next releases are of Aditya Rikhari, again, big artist. There is Lucky Ali. There is Paradox. We have many songs. It's coming. Okay. Got it. Last one is what is our growth in the subscriber wise via comparison to other competitors? I don't think we will. If you can compare it to industry growth wise. Industry growth wise, we will not be able to tell you exact numbers because we may not know the numbers of competition. We just spoke about the YouTube subscriber base. I think that's going heavy for us across our channels. Okay, got it. It's all done from my side. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management will not be able to address questions from all the participants in the conference, kindly limit your question to two per participant. Should you have a follow-up question, please rejoin the queue again. The next question is from the line of Saket Mehrotra from Tusk Investments. Please go ahead. Good evening, sir. I was going through your deck. You've mentioned about, you know, royalties coming in from AI where WMG and UMG, there's some agreement in the works. Is there, like, can you tell us something more about this? What exactly is happening here? Is this something that you guys are excited about? I think that's a very positive news. If UMG and Warner both are getting into an agreement with the AI companies, it's a very positive sign. In India, we are also having similar conversations with the AI companies. There is already. Sono. Yeah, not Sono. We are doing with OpenAI. I think there is some case also going on. I think it's overall positive. If the global majors end up with a deal with Sono AI, I think it will have a positive impact on us also in India. Saket, it will take a little time, but Kannada, that's the opportunity we have mentioned. [Foreign language] world [Foreign language] India [Foreign language]. Our share already companies [Foreign language]. Okay. Okay. Sir, circling back on growth, [Foreign language] up in case we want to achieve that 20% growth number, H2 may we have to grow by 27%-28% over last year. Is that something that we are confident on? If yes, what will drive that for us? Is it new launches? Are we expecting some sort of pricing flow through? What exactly gives us that confidence? How confident are we of doing this full-year number? The new releases [Foreign language] definitely [Foreign language] confidence [Foreign language], number one. Number two, I think even YouTube will perform better in, [Foreign language] season month [Foreign language] December, I feel [Foreign language] performance [Foreign language] with YouTube [Foreign language] UGC [Foreign language] concern [Foreign language], we are sorting that also. [Foreign language] plus Spotify [Foreign language] price [Foreign language] benefit [Foreign language] 20% [Foreign language] achieve [Foreign language] difficulty [Foreign language] Okay. Sir, [Foreign language] last [Foreign language] like in terms of [Foreign language] Warner [Foreign language] contract [Foreign language] where does that stand? Is it up for renewal this year or is it up for renewal next year? [Foreign language] 2028 [Foreign language] lock [Foreign language]. 2028 [Foreign language] deal [Foreign language]. 2028 [Foreign language]. Okay. Thank you, sir. Wish you all the very best. Thank you. Thank you. Thank you. The next question is from the line of Akshay Kolekar from Dalal & Broacha. Please go ahead. Good evening, everyone. Two questions from my side. The first is about the dividend amount declared. As we see, last two years, the dividend amount declared exceeded the company's expenditure on content acquisition. Does this reflect the lack of growth or investment opportunity in the market? It's like management is prioritizing distribution of dividends rather than investing in a new content cost. Could you please elaborate on this? Giving dividends. Akshay, you see that is we have a lot of spare money. It's not that we are not buying content and giving dividends. After giving such a huge dividend, we have a lot of money lying still. We are not getting content at the right price. [Foreign language] content [Foreign language], INR 100 million [Foreign language] film [Foreign language] INR 10 million, INR 15 million first year [Foreign language] and over [Foreign language] INR 30 million, INR 40 million [Foreign language] recovery [Foreign language] content [Foreign language] After initial initial [Foreign language]? [Foreign language] doubtful [Foreign language] Success ratio for new releases were hardly 10-12% [Foreign language] we are very cautious [Foreign language] content [Foreign language] recoveries [Foreign language] Our target is [Foreign language] policy [Foreign language] right of the same year [Foreign language] We have sufficient cash[Foreign language] content [Foreign language] invest [Foreign language], 25% [Foreign language] 50% [Foreign language] issue [Foreign language] We have a lot of cash। We are very very selective and [Foreign language] content [Foreign language] already [Foreign language] quarter [Foreign language] we are very focused on the quality quality quality। Dividend has nothing to do with this. We have spare cash, [Foreign language]? Company [Foreign language] content [Foreign language] INR 2.5 billion [Foreign language] INR 4 billion [Foreign language] INR 5 billion [Foreign language] shareholders [Foreign language] reward [Foreign language] shareholders can invest, they can plan those that money better and they can make more money from that also. That's the idea. Okay. No problem. My last question is on classification. When we calculate the content cost, we include the advertisement cost here. My concern is the advertisement cost is generally expense. How does that impact the top line immediately, without building future economic benefits? The same way as we acquire the content. Can you please explain on this? Akshay, we write off promotion cost as well as content cost same quarter. Okay. We don't have any of that burden [Foreign language] release [Foreign language] content write off [Foreign language] release [Foreign language] promotion [Foreign language] quarter [Foreign language] write off [Foreign language] Next quarter [Foreign language] promotion cost [Foreign language], promotion [Foreign language] bills [Foreign language] next quarter [Foreign language] As and when, it gets written off immediately. Okay. Got it. Yeah, that's it from my side. Thank you. The next question is from the line of Bhargav from Ambit Asset Management. Please go ahead. Yeah, good afternoon, team, and thank you for the opportunity. Sir, my first question is that we have seen Spotify increase their subscription prices for the first time. Do you see this a yearly phenomenon? What is your reading? [Foreign language]? [Foreign language] yearly phenomenon [Foreign language] Spotify [Foreign language] market [Foreign language] growth [Foreign language] next target [Foreign language] total industry [Foreign language] target [Foreign language] paid wall [Foreign language] targets [Foreign language] subscriber [Foreign language] subscription [Foreign language] app use [Foreign language] As far as our revenues concerned, it's a percentage. [Foreign language] 55% [Foreign language] 55% [Foreign language] 20% [Foreign language] 55% all labels will get [Foreign language] label [Foreign language] pool [Foreign language] music consume [Foreign language] absolutely safe and sorted. Sir, [Foreign language] globally Spotify [Foreign language] price [Foreign language] subscription [Foreign language] globally? [Foreign language] foreign [Foreign language] London [Foreign language] £10 [Foreign language], U.S. [Foreign language] $10 [Foreign language], Australia [Foreign language] AUD 10, Singapore [Foreign language] SGD 10 [Foreign language] expensive [Foreign language] customer [Foreign language], 90% [Foreign language] subscription [Foreign language] Okay. [Foreign language] price [Foreign language] confidence [Foreign language] paid [Foreign language]? [Foreign language] Bhargav, [Foreign language] Spotify [Foreign language] 150, 175-200 country [Foreign language] experience [Foreign language] 10-15 [Foreign language] business [Foreign language] They know [Foreign language] market [Foreign language] free [Foreign language] paid [Foreign language] customer [Foreign language] Last year Spotify [Foreign language] event [Foreign language] 5 [Foreign language] customer [Foreign language] what is Spotify? [Foreign language] situation [Foreign language] next 5 years our emphasis will be on taking money out of the customer's pocket [Foreign language] it's like a mission [Foreign language] 50 [Foreign language], 100 [Foreign language] business [Foreign language]? [Foreign language] long trail [Foreign language]? [Foreign language] believe [Foreign language] 15 billion streams [Foreign language] money [Foreign language] 25 billion [Foreign language] market [Foreign language] 25 billion [Foreign language] industry [Foreign language] 30%-35% [Foreign language] growth [Foreign language] 40% [Foreign language] immediately. Because they have controlling free consumption of music, [Foreign language] label [Foreign language], they are controlling and we can't even [Foreign language] objection [Foreign language] they are trying to improve their margin and they are trying to improve our margin. [Foreign language] music business [Foreign language] content business [Foreign language] investment [Foreign language], we have to really see 2-4-5 [Foreign language] perspective [Foreign language] industry [Foreign language], international comparison [Foreign language] presentation [Foreign language] consumption wise we are equal to U.S., but money wise we are only 2%। 2%[Foreign language] 10% [Foreign language] shareholders [Foreign language] advice [Foreign language], please treat us as long term partner or long term company।[Foreign language] vision [Foreign language] beneficial [Foreign language] Sir, can we share our revenue? Sorry to interrupt, Bhargav. Sorry to interrupt. Sure. May I request you to please limit your questions to two only? If you have a follow-up question, please rejoin the queue. This is the last question. I have no further questions. Can I go ahead? This is the last question. Okay, go ahead. Sir, is it possible to share what is our revenue from Spotify, or we will not be able to share? [Foreign language] Bhargav, we can't do that because see, it's a competition world. [Foreign language] detail [Foreign language] please bear with us. No problem, sir. Have a happy Diwali to your team as well. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Vaibhav Mule from YES Securities. Please go ahead. Hello, team. Congratulations on strong set of numbers. My first question was on our balance sheet. There has been a significant reduction in current and non-current other liabilities. Is this pertaining to the advance receipts from Warner? Yeah, I read it. It is pertaining, let's say, to advance receipts from Warner, S&P, and other customers. As we said earlier, for the second year, we have received the first tranche from Warner. The second tranche is due in October end. We'll receive that also. Understood. In terms of the number of teams for apps operated by Warner, how has the overall revenue collection been over there? Are we surpassing the overall advance that we are receiving? When do we expect the overflows to start flowing in? Overflows, so please, [Foreign language] total deal [Foreign language], and we have sufficient monies of Warner with us as an MG. [Foreign language] overflow [Foreign language], last second quarter, last quarter or before that, [Foreign language] quarter [Foreign language] where we stand. Okay. Okay. So FY 2028 [Foreign language], sir? [Foreign language], FY 2028. 2028 [Foreign language] Okay. Just on the guidance, 20% revenue growth guidance, we are still maintaining. [Foreign language] calculation [Foreign language] what we understand is around 25% on an average revenue growth is what we will require for Q3 and Q4, just to achieve 20% revenue growth. Are we confident to see a sharp pickup in Q3 and Q4? What would be driving this immediate pickup in the numbers? [Foreign language] we are very confident, [Foreign language], Spotify [Foreign language] price [Foreign language] incentive [Foreign language]. Plus, [Foreign language] short content [Foreign language], even YouTube [Foreign language] we feel [Foreign language] we will have a lot of growth. [Foreign language] yes, it will be achievable and [Foreign language] achieve [Foreign language]. Okay. Regarding this live performance and public performance, in the presentation you have said industry is growing at 40% - 50% CAGR. Is it fair to assume that Tips would be benefiting at the similar growth rate for these two segments? We are not an event business, but whatever our music consumption happening in those events, we are making money, and we are making good monies from there. We have a lump sum deal with the party who takes our license, and we are having very good deals with them. We have a sufficient growth every year on a year basis. Okay. Regarding this YouTube Shorts, sir, when is the current fixed deal going to expire? Do we expect the renegotiations to happen towards a revenue sharing model? Yes. Next June [Foreign language] definitely we will try, [Foreign language] vision [Foreign language] we should have a sharing basis. Understood. Okay, sir. That's it from my side. Thank you so much for answering and all the best. Thank you. Thank you. The next question is from the line of Naitik from NV Alpha Fund. Please go ahead. Hi, sir. Thanks for taking my question. My first question is, last year in the second quarter, we had some one-off income from Wing. If I exclude that, we have grown at approximately 20%, give or take. Is that understanding correct? Yeah. Yes, Naitik. Right. Sir, the second question is, you know, if you could just let us know in our current revenue, what% of our revenue would be from paid subscribers and what would be from advertisements? Can you repeat your question? What percentage of our revenue in this quarter would be from paid subscriptions? Overall, it's on average, let's say, I can give you on an industry basis, let's say around 10% would be paid subscriptions. 10%. Got it. Just one clarification, you mentioned the current YouTube Shorts deal is going to expire in April next year, right? June next year. June next year. Got it. Got it. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Akshay Jogani from Xponent Tribe. Please go ahead. Thank you for the opportunity. Sir, [Foreign language] digital revenues [Foreign language] presentation [Foreign language] last year [Foreign language] quarter our revenue from digital was 75% of INR 81 crore. And this year it is 71% of INR 89 crore, right? [Foreign language] digital [Foreign language] match [Foreign language] growth [Foreign language] specifically digital [Foreign language] hurt [Foreign language], every quarter we give a guidance on the basis of what I'm trying to understand is [Foreign language] guidance [Foreign language] order book [Foreign language] generally guidance [Foreign language] science[Foreign language] basis [Foreign language] 20% number [Foreign language] arrive [Foreign language]? [Foreign language] color [Foreign language], I know [Foreign language] answer [Foreign language] pipeline [Foreign language] pipeline [Foreign language] our growth does not come, right? It is a function of what else is happening in the market in terms of other people's pipeline, ad spend, everything, right? It would be helpful if you could give us your thought process slash mathematics behind arriving at a 30% number or a 20% number or a 15% number. These are the two questions. Akshay, on the first question, the digital, last year in the September quarter, there was a one-off revenue of INR 7 crore. You need to factor in that to adjust your growth rate. Earlier, what we said was that there was what we had seen as slower growth on YouTube. That would be the second reason. Sure, on the growth rate generally. Yeah, growth rate. Akshay, [Foreign language] new releases [Foreign language], YouTube [Foreign language] players [Foreign language], we calculate [Foreign language] behavior [Foreign language], how their behavior is functioning. [Foreign language] estimate [Foreign language] first quarter [Foreign language] 20% [Foreign language] 20% [Foreign language] immediately we have reported [Foreign language] no [Foreign language] 30% [Foreign language] please don't expect 30% [Foreign language] Plus, [Foreign language] record [Foreign language] investor call [Foreign language] commit [Foreign language] 30%, [Foreign language] we have achieved[Foreign language] science [Foreign language] Hopefully, this year also we will achieve what we are saying. [Foreign language] if you check Tips [Foreign language] record, [Foreign language] whatever we said, [Foreign language] guideline [Foreign language] 30% top line [Foreign language] and 15% bottom line path [Foreign language] over [Foreign language] This is the first year which we are facing challenges because of various factors. It's not one factor, it's a combination of three more factors. Still, we are hopeful [Foreign language] industry [Foreign language] potential [Foreign language] customer [Foreign language] music system [Foreign language] Your mobile is your music system, music player. [Foreign language] degrowth [Foreign language] Somewhere, somewhere [Foreign language] players [Foreign language] music [Foreign language] problem [Foreign language] problem [Foreign language] They will also realize [Foreign language] billions of dollar [Foreign language] business [Foreign language] They are here, [Foreign language] economy [Foreign language] INR 4 trillion [Foreign language] estimate [Foreign language] INR 4 trillion [Foreign language] INR 10 trillion [Foreign language] benefit [Foreign language] customer [Foreign language] pocket [Foreign language] Plus, [Foreign language] last month government [Foreign language] GST [Foreign language] products [Foreign language] business [Foreign language], it will going to increase. [Foreign language] business increase [Foreign language] advertisers they will put more money in advertising. [Foreign language] benefit [Foreign language] advertising [Foreign language] music [Foreign language] main segment [Foreign language] advertising [Foreign language] our next two quarters should be very good। [Foreign language] [Foreign language], sir. Combined, combined, combined effect [Foreign language] [Foreign language], sir. This is very helpful. I'll come back in a minute. Thank you. Thank you. The next question is from the line of [audio distortion]. Please go ahead. Hi. Good evening. My question here is more about long term. How do you see this company evolving over the next three years? Would you have similar drivers in the business? Would you have some more new lines of business or new channels that you would see in the next three years? I think three years is a good time. If I say 3-5 years, then it will be better. Yeah. We have a lot of plans. One major focus is absolutely on the creation of music and music. We are not going to do, we are not entering into an event business or all those kind of businesses. There is a business, artist management. We are looking at tying up with some company, and maybe that company, we are partnering with them. They handle artist management, and the artists they signed, we will do music part of those artists. We have those plans. It's not a major investment or anything like that. We should have our, if we have our own artists, we can really plan business in a more organized and better way. We can get ten to twelve songs, fifteen songs a year. We have those plans. Absolutely focus only on music, music, and music. Plus, good quality music. That is our focus. Do you see this as an INR 800 crore business, INR 1,000 crore business? What will be the digital part of it? How do you see this company in the next three to five years? What kind of domination will it have? I feel the industry can grow, industry can become in the next five years. Around INR 10,000 crore-INR 12,000 crore industry can happen and should do because of this. Three major things are there. One is that subscription. Second is this small content, short content, Instagram reels, TikTok. TikTok will come back. This YouTube Shorts, they will do some profit sharing, some revenue sharing with us. They will also start a model where advertisers can advertise. I think industry can be INR 15,000 crore also. If we have around 7%- 8% share, you can estimate what can be our business. We can achieve easily INR 700 crore-INR 800 crore. Not a big deal. That's all. Third thing I mentioned, three, but I forgot to mention that public performance. It's now, it's business is around INR 350 crore. It can easily become INR 2,000 crore business. Okay. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, due to time constraints, this will be the last question for today. I now hand the conference over to Ms. Ayushi Gupta for closing comments. Thank you and over to you. Thank you. I would like to thank the management for taking the time out for this conference call today. Also, thanks to all the participants. If you have any queries, please feel free to contact us. We are MUFG In time Private Limited, Investor Relations Advisors for Tips Music Limited. Thank you so much. On behalf of Tips Music Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you. Thank you. Thank you.