AltBalaji's subscription revenue drops 17% QoQ in Q1FY23

Balaji Telefilms video on demand platform AltBalaji has reported 17% drop (QoQ) in its subscription revenue in the first quarter of the financial year 2022-23.

The SVoD platform sold a total of 3.1 lakh subscriptions in the quarter ending June 2022.

Direct subscription revenues stood at Rs 6 crore in Q1 FY23 vs Rs 7.3 crore in Q4 FY22.

Balaji Telefilms group revenues were at Rs 118.8 crore of which AltBalaji contributed Rs 36.8 crore.

Group EBITDA loss was at Rs 20.4 crore and net loss after tax at Rs 24.5 crore.

Shobha Kapoor, Managing Director, Balaji Telefilms Limited, said, “Our content has always resonated with audiences at large as is deeply ingrained in India’s socio-cultural fabric and this quarter has been no different given that we have continued to provide content-driven and quality entertainment while simultaneously focusing on sustainable growth for our investors.

“We are elated that theatres are now fully operational, and that cine-goers have welcomed this move with open arms. We released ‘Ek Villain Returns’ in theatres in July to a positive audience response which is also reflected in its box office collection amounting to 51+ crore till date. Additionally, we have a robust pipeline of 6 more movies to be released this year.

“As regards our digital business AltBalaji, we have inked some exciting deals with some of the leading content creators of our industry as well as continue to produce niche content driven shows in order to create a strong footprint in the OTT segment. We continue to have strong controls on the cash spend while driving overall profitability including some strong strategic content sharing deals which allows us to further our growth.

“Our TV business continues to perform well in terms of production hours and we hope to improve this momentum as 2 new shows will commence telecast next quarter in addition to the 8 shows that we currently have on air across channels and genres. As always, we are confident that our content will strike a chord with audiences as our storytelling is backed by strong creative capabilities which drives our business growth.”

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