Digital consumer platform Times Internet, which owns digital brands such as TOI, ET, NBT, Cricbuzz, Indiatimes, MensXP, iDiva, Gaana, MX Player, ETMoney, Magicbricks, Gradeup and Dineout, recorded total revenue of Rs 1,625 crore in FY20, up 24% from the previous year.
TIL said its three revenue lines are growing well, despite a weak end-of-year, due to Covid. The advertising revenue grew 22%, with faster growth in music and video. Overall subscribers to Times Prime or individual underlying products grew 62% and crossed 2 million subscribers last year. The company’s annualised GMV in transacting businesses grew 68%, with net revenues growing 75%. The revenues for TIL’s emerging transaction businesses have grown significantly — Qureka has grown 8x, Gradeup 4x, and Dineout 2.4x.
“A few years ago, we consciously decided to diversify our revenue streams. We broadened our media strategy beyond news, and we focused on building businesses with a strong direct-to-consumer connect, as well as transactional and subscription revenue streams. We've made significant progress on these fronts, and today, our revenue mix is well-diversified, and our subscription and transaction revenue streams are growing faster than advertising,” the company said.
In its statement, the company said, “Our aspiration is to reach 1 billion Indians, and become a $1 billion (Rs 7,500 crore) revenue company by 2025.”
“The Indian digital ecosystem is about as exciting, dynamic, and competitive as it’s ever been. We’ve seen an amazing batch of new entrepreneurs develop and flourish over the last few years, and we’ve seen unprecedented interest from global companies keen to tap into the Indian consumer opportunity. It requires us to build dynamically and ambitiously, because anything less means someone bolder will take your place,” TIL said.
In terms of growth in audience and engagement, TIL said, “We saw solid growth in audiences last year, crossing 110 million daily active users and 557 million monthly active users. Importantly, our engagement per user outpaced our user growth, showing continued traction of our underlying assets.”