Ladies and gentlemen, good day and welcome to the Q3FY26 earnings conference call of Tips Music Limited. As a reminder, all participants' 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 this 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 Intime Private Limited. Thank you, and over to you, Ms. Gupta. Thank you. Good evening, ladies and gentlemen. I welcome you to the Q3 and 9M FY26 earnings conference call of 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 can open the floor for Q&A. Thank you, and over to you, sir. Happy New Year. Good evening, everyone, and thank you for joining us for the Q3 and 9M FY26 earnings call of Tips Music Limited. We truly appreciate your time and continued support. We are experiencing strong momentum of our content usage across all platforms. These encouraging trends support our 20% revenue growth guidance and allow us to upwardly revise our PAT growth guidance to 25% for this year from 20% earlier. With these results, the board has approved a dividend of INR 5 per share, amounting to INR 63.91 crore, with a total payout of INR 166.18 crore this year. With this, the company has fulfilled its commitment to return 100% of last year's PAT to shareholders. With that, I would now like to invite our CEO, Mr. Hari Nair, who will provide more details on our business. Hari, over to you. Thank you, sir. I wish everyone a Happy New Year. Our cumulative YouTube channel subscriber base has grown significantly to 145.3 million. Due to the virality of a few catalog tracks on Instagram, we saw a 100x spike in content creation, views, and streams on respective platforms. We are happy to announce our partnership with B4U TV as our broadcast partner, enabling a wider reach to our rich catalog among television audiences globally. I will now request Girish to share insights on the content business across platforms. Thank you, everyone. Thank you, Hari. Good evening, everyone. Wish you all a very Happy New Year. I'm excited to share some key highlights from the quarter. Our music content portfolio expanded by 108 new releases this quarter, comprising 70 films and 38 non-film tracks. On YouTube, the performance was headlined by a new track from the film Soulmates, titled "Sheher Ghuma," and also "Halki Halki Si" by Deepak, amassing a total of 7.1 million and 6.2 million YouTube views, respectively. Our catalog also maintained a significant momentum on Instagram. "Soldier Soldier Meethi Baaten Bolkar" from the film Soldier generated 2.7 billion views, while "Tere Liye" from the film Prince reached 2.1 billion views creations this quarter. "Meri Kahani," which was from an album from Atif Aslam's song, became the personal anthem for many to express their young versions versus today. It was used by our MD, Mr. Kumar Taurani, Virat Kohli, Ajay Devgn, and many more on Instagram. Furthermore, as Instagram celebrated its 15th anniversary, we are extremely honored that "Jeene Laga Hoon" from the film Ramaiya Vastavaiya was recognized as the only Indian song in the top 10 most-liked songs globally in the platform's history by an independent journalist. I will now be handing over the call to Sushant to take you through the financial performance in detail. Thank you, everybody. Thank you, Girish. Good evening, everyone, and welcome to the Q3 FY26 earnings call. Let me walk you through the financial highlights for the quarter. Our revenue for the quarter stood at INR 94.29 crore compared to INR 77.7 crore in Q3 FY25, reflecting a YOY growth of 21%. Operating EBITDA for the quarter was INR 74.5 crore versus INR 55.6 crore in Q3 FY25, that is a growth of 34%. Operating EBITDA margins came in at 79% versus 72%. Employee expenses reflect a one-time impact of INR 96.7 lakhs related to the implementation of the new labor code. Profit after tax for Q3 FY26 stood at INR 58.7 crore compared to INR 44.2 crore in Q3 FY25, showing a healthy growth of 33%. PAT margins for the quarter were 62%. For the nine-month period of FY26, revenue was INR 271 crore compared to INR. 232 crore in the same period last year, that is a growth of 17%. PAT for nine months stood at INR 137.5 crore versus INR 136 crore previously, which is a growth of 16%. With this, I conclude my opening remarks and open the floor for Q&A session. 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 Patrick from BNK Securities. Please go ahead. Hi, team. Very good evening. Thanks for the opportunity. Sir, your growth aspiration for the full year spread about 20-odd%. Now, that implies an aspiration of about 28-29% for the fourth quarter. Is it fair to assume that the full year will end up somewhere around 18-19%? Because I think the fourth quarter and even the third quarter did not really have any major Hindi releases. So do we expect to end the year somewhere around 18-19-odd%, or you still are confident of driving this 20% growth for the full fiscal year? As of now, I am not changing this. I think we will achieve this 20%, and we are very positive. Even this quarter responded well. YouTube, Spotify, we are doing well. So I feel key 20% for yearly guidance is maintained. We can achieve this, and we are really pushing hard and working very hard to achieve that. Sure. The content spends were fairly low this quarter, 9% this time. And nine-month FY26 number stands at about 17-odd%, which is lower than what we were guiding maybe at the start of the year. So is there any revision in the guidance for the full year, considering 4Q also does not have any major Hindi movie release? So content costs will be low this year. I think around 18% will be a content cost. And actually, we want to spend 25%, but our one movie shifted to next year. So that's why we are feeling. But in case content is not there, then also we are maintaining these numbers. If that content should have come to maybe we have surpassed 20% even. So in our business, that happens. We presume this film will come this quarter, but sometimes it shifts to another quarter. So these things happen, but we are okay with this. And we are not in a hurry, as explained many, many times earlier. We don't want in a haste or in a panic mode that we are buying wrong content. We are very extremely careful, and we are buying very cautiously whatever content new deals we are doing. Could you lay down the content release that is planned for FY27? This will help us get an idea of, say, the growth trajectory for the fiscal year. Because solely catalog and regional music, it will be slightly difficult to drive, say, 20-22% plus growth solely on the back of catalog and regional, so could you name or list a few Hindi movies that you plan to release or acquire in the next fiscal year? We have Imtiaz Ali, Diljit Dosanjh. The partnership. Partnership. But name the names again. Vidan Raina? Vedang Raina Sheher Ghuma and A. R. Rahman's music. And then there is a David Dhawan Varun Dhawan movie as Hai Jawani Toh Ishq Hona Hai. Then there is a movie Siddhant Chaturvedi and Wamiqa Gabbi. Vikas Bahl is the director. And then there is a movie Sunny Kaushal and many other actors. Meri Kahani is there. And then Shanaya Kapoor, Abhay Verma movie, JC, it's called JC. And there are so many, many, many non-film music slated for 2027. I think in 2027, we will achieve our target of that 20%, 25% to 28% what we target every year. We achieve that. So, about four-to-five mid-size Hindi movies planned for the fiscal. Is that the right understanding? Hindi movies we have. I think two are pretty big. That David Dhawan, Varun Dhawan is a bigger movie. And that Diljit Dosanjh, and Imtiaz Ali, A.R. Rahman is a big movie. Three, you can say, relatively mid-size movies. These two are not very big, but pretty big, you can say. So we have these plus. Apart from these, we have some regional films also. So we will be releasing those also, plus non-film music. Sure, sure, sure. So one last question from my side. So the presentation mentions that there has been a negative growth in total views on YouTube, which is on account of YouTube Shorts. Now, while I do agree that from a revenue standpoint, the contribution of YouTube Shorts will be fairly limited, but could you throw some light on why this impact? Is it on account of the high views in 1Q FY25, which I think had the positive impact of Crew and Ishq Vishk Rebound? Is that the only reason why we have witnessed a decline in quarterly YouTube views, or is there something more to it on YouTube Shorts? Big things happen. One quarter, you will see it come down. Next quarter, you will see again there's a big jump. Big things happen, so we are not actually bothered, and plus this Shorts app, we are getting lump sum monies. We are not on a profit-sharing basis, so we are okay with this. When is the next set of negotiation due for YouTube Shorts? I believe that these deals happen on a one to two-year basis, so. Next year, next year, coming year. Coming year, coming year, it's due. All right, all right. Thank you so much, sir. All the best. Thank you. Thank you. Thank you. The next question is from the line of Jyoti Singh from Arihant. Please go ahead. Thank you so much for the opportunity. Sir, earlier quarter, this quarter also, we have reported good EBITDA margin. So going forward, just wanted to understand as the competition intensifies. So any kind of compression on the margin side we are seeing from here? And also, what is the target content cost-to-revenue ratio over the medium term? And what lever that help to protect margin in this competitive market? Jyoti, you check our last, I think, 13, 14, 15 quarters. We are maintaining our EBITDA and PAT. So going forward also, we will maintain that. I'm assuring you that. Plus, as told many times earlier, we are very focused on our content. We don't mind paying more, but our focus is on quality content. So we are not in that mad rush. So be assured we are very careful and very focused on what we want to buy. And we are only targeting those, and we are buying those movies for the non-film music, what we are doing. Okay. And sir, also, globally, music companies, they are expanding. So this is very hypothetically, but any chances that Warner can buy stake in Tips going forward? See, you only said it's a hypothetical question. So what I can say? Everything is open here. Anybody can talk anything, but at present, there's nothing. Okay, okay. And sir, given Shorts currently drive high volume but low monetization, so what structural changes are required for Shorts to become a meaningful profit contributor for us? They should give us a profit-sharing basis. They should start monetizing that service, maybe by way of subscription or by way of doing more advertising or maybe the way of that Blue Tick they are offering, so we must take some money from there, but I think whatever is happening is happening in the entire world, but that's what we are doing better than many other companies, and majorly, our content, whatever we have done from 1988 till now, our entire content is selling very, very well, so I think we are in a better zone, and we are very happy about it, and we'll maintain. There's nothing major going to change, but we are pretty well, I think, in that sense, so we are happy. Take care. Okay. Thanks. Thank you. The next question is from the line of Ravi Naredi from Naredi Investments. Please go ahead. Thank you very much, sir. Sir, yes, Spotify has increased subscription by 20%-25%. So how much revenue will we get benefited from this? Can you give the number? I can't share the exact number with you, but let me tell you, we are doing very well on Spotify, YouTube, and Instagram. [Foreign language] apps [Foreign language], and [Foreign language] business [Foreign language]. And [Foreign language] growth [Foreign language] expectations [Foreign language], we are achieving that. Okay. And Spotify, [Foreign language] Spotify [Foreign language] they want to increase their subscription, [Foreign language] subscription [Foreign language] speed [Foreign language]. I think last year [Foreign language] compare [Foreign language] 50% [Foreign language] subscribe [Foreign language] pattern [Foreign language] 30% [Foreign language] very soon, I think next four, six quarters, [Foreign language] 30% [Foreign language] target [Foreign language]. Right, right, right. Fantastic. Sir, please give detailed comments over paid subscription when rises in next few years. How much revenue of Tips may rise? [Foreign language] this year our target is to achieve three revenue top line. I think 372 [Foreign language] target [Foreign language] next year [Foreign language] next year [Foreign language] I feel at present 20% [Foreign language] 370, 20, 75, 75, 370, 75, 350, around, sorry, 450. 450 [Foreign language] next year [Foreign language] target [Foreign language] 455. Something like that, [Foreign language] target [Foreign language] achieve [Foreign language], and [Foreign language] quarter [Foreign language], percentage [Foreign language] number [Foreign language] 200 [Foreign language] 30% [Foreign language] 60 [Foreign language] 450 [Foreign language] 30% [Foreign language] 135 [Foreign language]. [Foreign language] number [Foreign language] 20. [Foreign language] [Foreign language] Sir, one more thing. How many designers use our songs like Abhinav Mishra and Manish Malhotra for making their product popular? [Foreign language] allow [Foreign language] as a marketing tool, but [Foreign language] fans [Foreign language] allow [Foreign language] use [Foreign language] content [Foreign language] use [Foreign language], Reels [Foreign language], creation [Foreign language], use [Foreign language] commercial [Foreign language] allow [Foreign language] he promotes his product. [Foreign language] knock down [Foreign language]. By using our songs, right? Yes, yes. Okay, okay. [Foreign language] license look. You take my license. Right. And, sir, this industry's revenue rises 40%-50% CAGR. It is, you mentioned in the investor highlighted. So it is applicable for Tips to rise 40%-50% top line in our industry? 40%-50% [Foreign language]. Please understand, [Foreign language] industry [Foreign language] target [Foreign language] next four to five years [Foreign language] industry 10,000 [Foreign language] at present 3,500-4,000 [Foreign language] 400 [Foreign language] 550-600 [Foreign language]. It is possible. [Foreign language] business [Foreign language] possibility [Foreign language]. We wish this time comes soon. Thank you very much, sir. You are doing fantastic. And we wish all the best to you. And giving handsome dividend, it is really nice. Thank you, thank you. Thank you. The next question is from the line of Akshay Kolekar from Dalal & Brocha. Please go ahead. Thank you for the opportunity. So my first question is on industry side basically. So we see recently the music company has acquired 16 production houses. So do you see any structural changes happen in the industry? What are your views on this? And do you see any looking for any opportunity in the near future? You're Akshay, hello? Yes. Can you repeat? What's your good name? Huh? Hello. What's your good name? Akshay Kolekar. Akshay Kolekar. Yeah. Akshay, we are the first company which has our own film company. So we don't have to acquire anything, any other company. And we are only, we are not tying up or we are paying big money and taking a partnership with that company. We are just acquiring at arm's length. We are acquiring only music rights. So in that zone, you can say we are the best. And we did this five years back. You can assume kind of a vision Tips has that long term we will have a support of our we have to have arrangement with some of our own company or our own some understanding with some other companies. Touch wood, we don't need anybody or any company whom we can tie. There's no need. Okay, understand. So my second question is, you give a bifurcation of how much revenue is contributed from legacy business for new music content. So is there any percentage kind of? As told you earlier, 85% of our business comes from a legacy business, catalog. Our catalog is really, really extremely doing well for the last four, five years. Every year we are growing on the strength of our catalog. I can assure you another next 15, 20 years, we are very, very safe and having a very best position. I feel there is a lot of potential where our catalog can really progress very well and give us very big revenues. So touch wood, 85% comes from there and 15% you can say from new releases. Yeah, okay. Cool. Thanks. Thank you. The next question is from the line of Robert Marshall-Lee from Cusana Capital. Please go ahead. Hello, can you hear me okay? Yeah, we can hear you. Just a couple of questions. Firstly, on the impact of the labor costs, is there a significant one-off impact there or is that expected to be a sustained level going forward? Robert, this would be a one-off impact, and recurring, we don't see any substantial impact coming now. Okay, thank you. And secondly, just in terms of when you're thinking about market share, is market share something you're kind of very mindful of, either by particular outlets, for example, on YouTube, etc., but more broadly across the streaming space? And what are the trends that you're seeing in terms of market share? Yeah, I think market share, we don't normally think too much about that because what we see is that our metrics, what are we doing in our views, in our subscribers, in our streams? So we measure ourselves with ourselves. That's what we do. But having said that, on a revenue market share, we'll be around 7%-8%. And on the growth side, as you see our results, it's steadily growing every quarter. Sorry, your market share is growing every quarter or your? Yeah, yes. Okay. That was all. Thank you. Thank you. Thank you. The next question we have is from the line of Saket Mehrotra from Tusk Investments. Please go ahead. Thank you, sir. Congratulations on a fantastic set of numbers. Just wanted to understand for this quarter, if you were to break down three or four reasons on the growth, just trying to understand what the growth bridge is. Is it our catalog content? Is it any of the platforms? Is it PPL? It would be great if we can understand [Foreign language] growth, you know, [Foreign language] it has turned how, what would be the avenues of that? Saket, let me tell you, [Foreign language], and as told earlier, [Foreign language] repertoire, 90s [Foreign language] repertoire, is really, really doing well. [Foreign language] songs trend [Foreign language] suddenly [Foreign language] trending [Foreign language], and then we support those songs to have more revenue, so I can give entire credit to my repertoire. Because of that, we are growing. As said earlier, [Foreign language] full potential [Foreign language] expect [Foreign language] you will see the potential [Foreign language] really, really, really [Foreign language] we are on a different scale। We are doing business [Foreign language] only reason is catalog। [Foreign language] catalog [Foreign language], Instagram [Foreign language] trend [Foreign language]? [Foreign language], it's a very old song. Suddenly Instagram [Foreign language] suddenly. Spotify [Foreign language] next day 6000 [Foreign language] within 5-7 days 1 [Foreign language] millions [Foreign language]. And I feel [Foreign language]. So I feel that's a big reason. So that's the major reason. Okay, sir, to one of the partnerships [Foreign language] Okay. Sorry? No, sorry, sir, you were saying something. [Foreign language] popular [Foreign language], and suddenly [Foreign language] Reels [Foreign language] । Even [Foreign language] Reel [Foreign language] following [Foreign language], I think number one on Instagram [Foreign language] revenue [Foreign language] quarter [Foreign language] trend [Foreign language] that's [Foreign language] You can say. [Foreign language] Ji ji. So sir, two more questions on this. Ek, I think [Foreign language] 85% revenue catalog [Foreign language]. Is that, did I understand that correct? [Foreign language] Okay, 85. 85 [Foreign language] 85. Okay. And sir, next year ka guidance, [Foreign language]? [Foreign language] 20% top line [Foreign language] current year [Foreign language] 20-20% [Foreign language] guidance [Foreign language] Next year [Foreign language] 20-20 [Foreign language] PAT is coming 25% [Foreign language], 25 [Foreign language], but conservatively, we are maintaining [Foreign language] but I feel [Foreign language] 28-30% [Foreign language], but at present [Foreign language], and next year [Foreign language] 20-20% [Foreign language] first quarter [Foreign language] last quarter [Foreign language], we will keep on guiding you all. And sir, next year [Foreign language] content cost [Foreign language], should be towards the higher side, 25-30% [Foreign language] we should. No, 25%-28%. 25 to 20. No, 25%-28% [Foreign language], and 2-5% agar content [Foreign language], to we can explain you. [Foreign language] policy [Foreign language] we write off entire content cost in the same quarter. Correct. [Foreign language] profits [Foreign language] 100 [Foreign language] problem [Foreign language] content [Foreign language] । We are very keen and eager to have a good content. [Foreign language] content [Foreign language] revenue [Foreign language], first year 20%, 30%, 40% [Foreign language] first year is a big year [Foreign language] content [Foreign language] revenue। So I think we are very keen to acquire content. But correct price [Foreign language] correct content [Foreign language], struggle [Foreign language] But we are struggling, [Foreign language] Okay. And sir, final question, housekeeping question. Sushant, if you could tell us what's the cash balance as on December, like cash plus investment, cash equivalents, liquid balance, what would that amount be as on Q3? As on December, it is around 303 Cr. Okay. Thank you and wish you all the best. Thank you, thank you. Thank you. The next question is from the line of Rohit Singh from Invest Analytics Advisory LLP. Please go ahead. Hi, am I audible? Yeah. Hello. Am I audible, sir? Yes, yes. Hi, good evening and congrats for a good set of numbers. Sir, just one question on next year outlook. You mentioned about 20% top line and 20% bottom line. At the same time, we are saying we will be acquiring more content next year because this year we are falling short of our guided number. So if we are acquiring the content in next year, how are we sure like on a 20% top line growth, we will be maintaining the bottom line growth of 20%? Technically, it should be fall, right? And this should be like 15% kind of growth on account of higher acquisition, isn't it? Rohit, look at two things. One, let's say all the mentioned content gets acquired and gets released. Am I audible? Yes, yes. Now you are. So let's say all the content gets released during next year, so let's say we'll see more revenue from that. And let's say the revenue could be much more higher. And let's say PAT at least will get that 20%. Okay, so you are saying that. There would be all the content getting released on time and everything. That factor would play in. Understood. And sir, how the revenue growth shaping up, particularly from the Warner Partnership? Is it in the trajectory that we anticipated at the time of entering this partnership, or maybe it is on an underperforming side? How do you look at that? It is going as per our expectation this year. In this quarter, what kind of revenue did we make from that deal, that partnership? We don't give, let's say, platform-wise or partner-wise breakup, but it is in line with our expectation. Okay, okay. I think that's it from my sector and all the best for the future. Thank you. The next question is from the line of Yeshwant Agarwal from IIFL Asset Management. Please go ahead. Yeah, hi. Am I audible? Yes, hello. Yeah, hi. Hi, sir. Thank you for this opportunity. Congratulations. Good set of numbers. A few questions from my side. Is it possible to share the revenue growth from the paid subscribers versus revenue from advertisement? So if you see the paid subscribers have grown more than 50% from last year, if you compare that. And advertisement revenues are on the similar trajectory. So both are growing in the same one. But I think on the subscription side, it is growing faster. That is the only thing that we can say now. Okay. So overall subscriber base has grown by 50%, right? I'm talking about the revenue, the revenue that flows to us. At what rate it has grown? So it is steady that revenue growing, let's say for the paid subscription, around that 40%-50%. And let's say ad growing at the average rate. Okay, and out of the total revenue, how much would be coming from the paid subscribers? Paid subscription, let's say on an overall basis, would be roughly around 10%. 10%. Overall total revenue, 10% is coming from paid subscribers. And that is growing at more than 40%. Yes, in the range of. Yes. Okay. Thank you. And then the second question is again on the profit margins for the next year. You have clarified earlier, but I still need more clarity on it. So assuming 20% revenue goes for FY27, right? And it includes the new content that we are going to acquire in next year. And this year, our content acquisition cost is around 18%, which we have added earlier to be around 25% for next year. So which leads to around mid-teen profit growth. So how are we guiding for 20% ad growth? Could you please elaborate more on that? Yes, I'll reiterate. Let's say if all, let's say, planned movies get released as per schedule, we could see a higher revenue growth. And similarly, let's say the profit growth could be in that range of 20%. I understand your question in terms of, let's say, currently, let's say the margins are higher given the low content cost. But let's say next year, if all the movies get released as per the schedule, we could see a higher revenue growth and a better profitability. Okay. So in terms of the percentage in that scenario, the content acquisition cost will be lower even though in absolute terms it may grow. Is that the right way to think about it? Somewhat, yes. Okay, sir. And sir, my last question would be on the monetization from shorts. So in our presentation, we have shared that monetization could grow since it will migrate to share from advertising revenue. So for YouTube, it is supposed to be renegotiated in second quarter of FY27. So sir, it is fair to assume that the statement is regarding our business and not a general statement on the industry side? So let's say in case of shorts, we are seeing over a medium to long term, that model would move from a fixed fee to a revenue share. It won't happen on an immediate basis, but on a medium to long term, it would happen. Okay. So the next deal, which is supposed to be renegotiated, for what period of time would it be happening? The tenure of the contract. And sir, what would be? Too early to. Okay. Yes, sir, please continue. Let's say we'll update to, let's say, once it gets renewed. One to two years, just to be clear. So this depends on the platform and us both. The platform needs to decide when they will share the profits with us. And their revenues from the advertisement should also grow equally. Till then, the platforms may opt in for a paid and the fixed fee kind of model. And we may continue with that. Okay, and sir, even if it remains to be a fixed fee, do we anticipate a substantial growth in this number? Yes. Definitely a very good growth on that. Got it, sir. So that's it from my side. Thank you so much and good luck. Thank you. Thank you. The next question is from the line of Bhargav from Ambit Asset Management. Please go ahead. Yeah, good afternoon, team, and congratulations on a good performance. Sir, my first question is that in this revenue growth guidance, are we building in any monetization on YouTube Shorts, or that would be an additional kicker once we come to know? It is part of the growth plan. It is already captured in. Okay. Secondly, sir, when we see this presentation of Saregama, we are seeing significant growth in terms of YouTube views. But they have put in an asterisk saying that YouTube has changed methodology. So in our presentation, when we see that there is a decline for nine months, is there any base effect, or how should we read between you and Saregama in terms of presentation data? Bhargav, [Foreign language] Let's not compare us with Saregama, [Foreign language] Now, Sushant is replying you. Yeah, Sushant. Bhargav, we are continuing with the old methodology in terms of YouTube reporting. The sense is, let's say when anyone views the 30 seconds, then only the view gets counted. So we are continuing with that old methodology. I think they are reporting now YouTube has started reporting both the views. But we continued to do with the old methodology because we think that's fair. [Foreign language] is it fair to say [Foreign language] methodology use [Foreign language]? In terms of views, yes, because. [Foreign language] game [Foreign language] change [Foreign language] [Foreign language], right? [Foreign language]. Okay, okay. [Foreign language], I understand [Foreign language] basically [Foreign language] methodology [Foreign language] growth [Foreign language] That's what I wanted to basically understand. And lastly, sir, is it fair to say [Foreign language] YouTube Shorts monetization [Foreign language] to start with, it will be a fixed fee and then maybe revenue share [Foreign language]? Yes, it will be the same. You are right on that. [Foreign language] fixed fee model [Foreign language], and then it will move to revenue share model. And is it fair to say that ek baar the monetization cycle starts, we will put in more efforts to increase our views on YouTube Shorts because then we obviously get paid in the subsequent revenue share cycle? Yes, sir, you are absolutely right. We will definitely do that. Okay, because right now it doesn't make sense to put in effort because [Foreign language], so there's no point in. Okay, right, sir. Okay. Great, sir. Thank you very much and all the very best. Thank you. Ladies and gentlemen, due to time constraints, this was the last question. I would now like to hand the conference over to Ms. Ayushi Gupta for closing comments. I would like to thank the management for taking the time for their conference call today, and also thank all the participants. If you have any queries, please feel free to contact us. We are MUFC Intime Private Limited, investor relation advisors for Tips Music Limited. Thank you so much. On behalf of Tips Music Limited. Thank you. 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.