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It is always a pleasure and privilege to share with you the performance and prospects of your Company.
The Indian Media and Entertainment industry has been undergoing a digital transformation for a few years now. This transformation, while disrupting many traditional models, has also opened up new vistas and opportunities. A key trend that has emerged strong last year has been the rising acceptance and growing popularity of OTT platforms like Amazon Prime, Netflix and others. With increasing proliferation of smart devices and falling data rates, content consumption on-the-go on smart devices is emerging as a new growth horizon.
The impact of digitization is also strongly evident in the music segment, where sales of music through digital channels account for nearly 65 per cent of the total sales in the country. Music videos now have the highest viewership on channels like YouTube.
As far as the performance of your Company is concerned, this year was an year of business-as-usual. On the music business front, our revenue was RS, 42.59 Crores compared to RS, 31.95 Crores in the previous year. Our rich and diversified collection of over 25,000 songs across all genres and major languages makes it one of the most evergreen collection in the industry, appealing to wide spectrum of audiences across ages, ethnicities and regions. The fact that over 90 per cent of our music library is digitized means that it is available for streaming and download on industry leading digital music platforms and market-places like iTunes and Google Play, as well as top Indian streaming platforms like Saavn and Gaana.
On the film business front, we launched the third series of our Race franchise during the year in association with Salman Khan Ventures Private Limited. This joint venture film does not entail any investment from the Company. The Company will get free music rights as well as share of profit. The film has top stars like Salman Khan, Anil Kapoor, Bobby Deol, Jacqueline Fernandez, Daisy Shah and others. Race3 is slotted for a pan-India release on Eid, 15 June 2018.
Based on the above, the Company''s performance during the year was In Tune and In Sync and as per expectations.
The Total Revenue for the year was Rs, 4,992.85 lakhs compared to Rs, 6,642.26 lakhs in the previous year. Net Profit for the year was Rs, 312.87 lakhs compared to Rs, 299.02 lakhs last year. The Board of Directors have recommended a dividend of Rs, 1/- per share (10%) subject to the approval of shareholders.
The Company continues to be amongst the forerunners in leveraging its presence on the digital platforms using the social media. The Company''s FB page has over 5.8 million followers. What is more exciting is the fact that we have over 9 million subscribers on YouTube, quite a significant achievement. We are all set to increase our presence on YouTube to 1 crore subscribers in the next few months. I would request all our stakeholders to support our digital presence by following us on YouTube as well as FB. I assure you the content you will find there is both entertaining and engrossing.
I am quite positive about the next year, when we will see the release of Race3. In addition, we are also looking at securing more music rights at a lower cost that will enrich our music library.
I thank all our stakeholders for their continued support and trust, and assure you we will continue with endeavor to produce films with wholesome family entertainment and capitalize on our significant digital assets in the form of our music library to unlock more value for all the stakeholders.
Chairman and Managing Director