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CHAIRMAN''S MESSAGE TO SHAREHOLDERS
It is my pleasure and privilege to welcome you to the Annual General Meeting of your Company. I look forward to share highlights about the performance of TIPS as well as your Company''s plans in the year to come.
The Media and Entertainment industry (M&E) has been undergoing a rapid transformation over the last few years with the advent to digitization. Digitization has been disrupting the conventional business models in every aspect of the M&E, and in the process, changing the rules of the game. But while digitization is changing the rules, the laws remain constant. The core of the M&E industry remains unchanged - ENTERTAINMENT.
This is borne true in both Aims and music segments during the year. In the films segment, the year saw a significant increase in footfalls and revenues at theatres. Close scrutiny reveals interesting insights while collections from Hindi films were almost fiat compared to the previous year, collections from regional and Hollywood films spiked substantially. Audiences are clearly looking beyond Bolly wood for entertainment, and this trend, I believe, is here to stay. The year 2015 saw the domestic theatrical revenues cross Rs, 100 billion milestone touching the Rs, 101 billion, driven by increased footfalls and higher average price of tickets.
In the music business, the ever-widening reach of mobile internet, lower internet tariffs and increased availability of smart devices at affordable rates continued to drive the shift in consumption to digital platforms. Today, digital music generates almost 55 per cent of the entire music industry''s revenues, with the total number of active customers who stream music touching almost 40 million a month.
In the music business, TIPS continued to drive higher growth backed on its digital library of almost 25,000 songs. TIPS was one of the first in the industry to foresee the digital impact on music consumption and accordingly, began digitizing its music library. This move has ensured that your Company continues to unlock the value of its musical assets with consistent growth in revenues from its music collection. This year, your Company revenues from music increased to Rs, 4,309.86 lakhs compared to Rs, 3,221.78 lakhs in the previous year.
As far as the performance of TIPS is concerned, your Company produced comedy-thriller film Ambarsariya the film is directed by Mandeep Kumar starring Diljit Dosanjh, Monica Gill, Navneet Kaur Dhillon, Lauren Gottlieb and others.
The Total Income for the year was Rs, 7,151.45 lakhs compared to Rs, 10,380.54 lakhs in the previous year. The Net Profit for the year was Rs, 303.39 lakhs against Rs, 269.61 lakhs last year. A dividend of 10 per cent, i.e., Rs, 1/- per equity share of Rs, 10/- each has been proposed for the year, subject to approval of shareholders.
The outlook at TIPS continues to be both positive and optimistic. In the films business, we are actively considering some interesting projects. In the music business, we are quite confident with the continued penetration of affordable mobiles and internet rates, more consumers across the country are coming under the digital footprint. This augurs well for our digital music assets, which, we believe, are poised for a phase of smart growth in the coming years.
I remain grateful your continued support and trust in TIPS, and assure you that we will continue with our quest to make wholesome family entertainment films and music.
Kumar S. Taurani