Zee Media Q2 results: Net loss widens, revenue down 22% YoY

Zee Media announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Tuesday, October 31, reporting a net loss of ₹30.7 crore, compared to ₹12.08 crore in the corresponding period last year.

The revenue from operations in the second quarter of current fiscal stood at ₹151.5 crore, registering a decline of 22 per cent, compared to ₹194.7 crore in the year-ago period.

The media group’s advertising revenue stood at ₹1,42.5 crore for the respective quarter, marking a negative growth of 22.7 per cent. Last year, in the same quarter, the ad revenues were ₹184.2 crore. The subscription revenue in the September quarter was ₹9 crore, registering a growth of 1.4 per cent, when compared to last year’s same quarter. The network incurred an operating loss of ₹20 crore and expenditure of ₹171 crore.

‘’Zee Media has re-registered for the Television Audience Measurement System with the Broadcast Audience Research Council (BARC). This move comes after constructive discussions with BARC, resulting in an agreement to share raw data on a timely basis,” said the media house in a regulatory filing to the stock exchanges.

‘’It reflects ZMCL’s steadfast commitment to transparency and a mutually beneficial partnership and reaffirms the media industry’s collective commitment to transparent and credible audience measurement,” Zee Media.

The company informed in its exchange filing the ‘closure / striking off of ‘Zee Media Americas LLC’ – which was formed to be the Wholly Owned Subsidiary (‘WOS’) of the company, in Delaware, US.

Zee Media consists of 16 TV news channels with one global, four national and 11 regional language channels, together with three digital-only channels and 18 digital brands.

On Tuesday, shares of Zee Media settled 0.98 per cent higher at ₹13.35 apiece on the BSE. LiveMint