Earnings Call: Q2 2022

Oct 12, 2021

Ladies and gentlemen, good day and welcome to Sarigama India Limited Q2 FY 2022 Earnings Conference Call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the Please note that this conference is being recorded. I now hand the conference over to Mr. Bhupendra Tiwari from ICICI Securities. Thank you and over to you, Mr. Tiwari. Thank you, Neera. On behalf of ICICI Securities, we welcome you to Q2 FY 2022 results conference call of Saree Haminder. From the management, we have Mr. Vikram Mehra, who is Managing Director Mr. B. L. Chandak, who is Executive Director and Mr. Pankaj Kedia, who is Vice President, Investor Relations. I'll just hand over the call to Vikram for the opening comment. Over to you, Thank you. Good afternoon, everyone. Last 18 months, the COVID time has had 2 big implications on Sarigama's business. First one was a positive one. Because of the lockdown, more and more middle age and older people were locked in their homes, stuck with their children and grandchildren. They use this time to get comfortable with the digital technology. I personally know many families where 15, 16, 70 year old people for the first time operated a bank account digitally, Similarly downloaded a Gaana or a Saogan or a Spotify or Hangama for the first time or started consuming content on Netflix or Amazon. This is a crowd that used to be scared of technology now started adopting that technology. This is great news because more the key fact about this is that this is an irreversible change. Once people get used to digital technology, they will continue using that technology to consume content long after COVID is gone. Hence, we've got a very big new customer base courtesy COVID. India has leapfrogged 4 to 5 years easily in terms of the digital adoption because of this home forced home lockdowns. 2nd impact of COVID on us was a negative one. Because of COVID over the last few months, retail network was shut. Shoots of films and televisions went for a toss because we could not go ahead and there were large times, weeks months, then no shoots were possible. Thankfully, this is a reversible change. As the impact of lockdown has started going away and life is coming back to normalcy, all our shoots are back to in full swing. Similarly, the retail network, as I talked to you, are getting back to normalcy. In most places, the retail networks are open and people hopefully from this devalue onwards will also start feeling comfortable walking into the retail outlets. So COVID has been a difficult time, but like with every dark cloud, there's always a silver lining. In the end, as we people come out of COVID and be done with the negative impact, for us in the long run, the big positive impact is going to stay, which is a larger digital consuming audience, which means a larger potential market for IP owning company like Faragama. We have started this year also with the bank. Our first 6 months have been pretty solid. Our revenue from operations during the half year touched INR 250 crores, which is around 35% growth over the last year. Understandable because I last year, the denominator was a COVID based denominator. The even better news for me is that the PBT of ours on a half year basis grew up to INR 82 crores, which is up 36% growth over the last year. If I talk about specifically quarter 2, our revenue from operations grew by 34%, while our PBT has grown by 19%. Now this 34% growth that I'm talking about, yes, obviously, it's backed to a very great extent by great solid performance across all the four verticals of the company. So to some extent, it also gets a benefit of a lower denominator. Last year, quarter 2, retail network was still shut, so Karma was taking a hit and the films and TV shoots started sometime in early August, mid August. So we had 1 month of Q2 that was lost. All that has helped us. The base was smaller and this year the performance has been even better. So we ended our managed showing a 34% growth in our quarter 2. Our operating income before content charge, interest and depreciation for the quarter was INR53 crores. Now this grew by 38% compared to last year. And this gives me a lot of comfort because this shows right now the basic potential of the growth that we can expect in the IP economy. The biggest profitable driver for us for the last many years has been music licensing and this quarter was no different. I've always been giving projections of over 20% growth in music licensing year after year, and this quarter lived up to that number. Over the last two quarters, as some normalcy had started coming back into the market, we people have been releasing multiple songs across all languages. Our biggest focus obviously remains Hindi. After the big success of our song Pani Pani, which was the bhachha song in quarter 1, which is by incidentally is the biggest song of the calendar year 2021 by YouTube views, by OTT streams, by user generated content, it is the number one song of the year. So after delivering that song in quarter 1, one would have thought quarter 2 will be difficult to match up to it. But no, we're bettered in quarter 2. A combination of Akshay Kumar's Bell Bottom movie got released in theaters in quarter 2. The music of that has done very, very well for us. It has done great numbers both on YouTube as well as on OTT platforms. This quarter also saw us launching many other original numbers, songs like Ado Gunt or Dil Ki Si Se. These are songs that have been doing very, very well and have been giving showing us great potential even within a month, 1.5 months of the launch. And you can see those that impact on our numbers. We also released multiple songs across Bhojpuri, Tamil, Telugu and Gujarati in this quarter. We are maintaining our leadership position in Gujarati and Bhojpuri were number 2. This quarter also marked our entry in Haryanvi language with the first song launch there. Overall, we launched 74 songs with a big focus on the regional language side. We have been maintaining this over the last 4 to 6 quarters that as we people go ahead, we will be investing heavy in new content to get into the market leadership position. And our strategy of new content will be not only limited to Hindi and Punjabi, but it will also have a very big play on the other regional languages of India. This quarter, because of the large number of songs that we released, the total content charge that we have taken for the quarter of 11 point 3 crores, which actually is INR 9 crores higher than a corresponding charge we had taken in the same quarter last year. So you are seeing an increase in our PBT in spite of a bigger content charge that we've taken in this quarter, which for me is a very encouraging sign. That means we are while we are investing, we are building on that investment and improving our profitability on the back of that investment. By the way, this INR 11.3 includes both the content charge, the new content that we have taken charge of that and the marketing costs connected to that content. Our focus on cash management continues. Even after we take care of all the fact that dividend payout, content advances have been given, marketing spends have been there to push the new content, we still end the quarter with a cash balance of INR 152. For us, the monetization biggest pillar has been the licensing business, which is growing steadily as the digital consumption in our country goes up. And now with this middle age and older people also jumping out of the digital bandwagon, we see our licensing business growing faster than that of the industry, because industry earlier were managed only by the younger audience, which were listening to new songs. Now we not only have a huge play in the new music, but because we are the clear leaders of the catalog retro music and older people are jumping into the bandwagon of digital, we believe our share is going to go up substantially in the music business. The highlight of this quarter for us was the use by Apple of a super popular song, Dam Maru Dam in their latest iPhone 13 ad. It's a global ad in which they ended up using the 50 year old song called Dammaru Dam. And that's where we bow down to the genius of Adi Berman. And it's a reflection of the power of the catalog that Sarigama owns. Lots of other brands, Colgate, Asian Paint, Vedanta ended up using our music. Once again, platforms like Netflix and Z5 ended up licensing our music for many of the original shows. That story is sustainable. The increase in our licensing revenue is coming partially on the back of the industry growth. Industry is growing at 11% to 12% steadily. And the remaining jump, and we are seeing we are growing at more than 20%, is primarily now started coming on the back of the new content investments that we are making. Coming to Carva. After a literally a washout in the earlier part, which is financial year 2021. And Q1 was also a washout because networks were all shut during the month of April May. And we could just manage 45,000 units sale in quarter 1. Quarter 2 was far better. As lockdown shifted, retail opened up and e commerce opened up practically in every part of the country. Net result, we ended up selling 103,000 units of Carva. This is when marketing hasn't started on Carwa yet. This is natural customer pull through which we people are selling Carwa in this moment. While we are happy about it, we maintain our stand. There's a fixed quarterly call I think in which I'm repeating this. That till that time COVID issue is not fully resolved, till that time, we are 100% sure that customers are going to have no hesitation walking into the retail outlets without any restriction being imposed on them about showing COVID certificate, vaccination certificates. Until the time life does not come back to full normalcy, we will continue with our policy of controlling our costs on Karma, both on the marketing side as well as the manpower side. We are bullish on the product. We want to develop this product into a platform with recurring subscription and advertising revenue. There is work happening internally on taking the product to the next level, but no investments are going to be made in terms of marketing and manpower till that time everything goes back to normalcy in India. At the end of the year, I assure you guys we will have at least a breakeven if not a very marginal profit. Breakeven is something right now we will ensure that Karma gets. We released our Yudhli films in this quarter, Amol Palikar Starrer 200 Halah. The movie got great positive feedback both from the audiences and critics. The movie was released on C5. It once again just solidified our image of a company that comes out with content very frequently and wins accolades. This quarter, we also announced our 1st digital web series called Invisible Women starring Sunil Shetty and Isha Gupta. The series is under production, and we will be announcing its release date pretty soon. On the South Television side, our serial Roja continues to be the number one Tamil serial in terms of TRBs. This has been a great story for us to have a program of us in number one position and that also for this long. We also recently marked another big milestone for our South Television, a serial Chandralekha, crossed 2,000 episodes. This is the 1st Tamil serial in the history of Tamil Television content, which has achieved this milestone of 2,000 episodes. Once again shows that we people are strength in content creation and content presentation. So overall, it has been a very, very good quarter for us. We believe it's just the revenue and profitability that we're talking about right now will continue growing for us in the days ahead. That will be all, guys. Thank you. We'll be happy to take questions now. Thank you very much. We'll now begin the question and answer session. The first question is from the line of Aditya Nahal from Alpana Enterprises. Please go ahead. Yes. Hi, Vikram. Hi. Can you hear me? I can hear you now. Okay. Hey, Vikram. So just two broad questions. If you could just comment on the cover songs by Spotify Singles and how the economics would work because exactly a year back, you had pretty clearly said that most likely platform companies won't be investing in their own content. And I think Spotify has come out with a Pratun Lambea cover. So just wanted your thoughts on that. That was my first question. And the second question is, could you give a breakup in terms of cost for your TV series, which is Invisible Woman? Because you were very clear that our budgets for movies at least would be below a certain threshold. So if you can just talk about these 2 in detail. Thanks. Sure. Let me attack the second one first. We maintain our position out here that in TV and series part, if we are producing on our own, which we are increasingly not doing, we pre license up film or a series and then produce it. And that's a situation with Invisible Women also. The movie already has been licensed to our platform. I mean, the series already been licensed to our platform. For net net basis right now, it will be a profitable thing for us from the word go. I hope that gives you some comfort. Got it. On the first one on Spotify, it will be wrong on my part to comment because it's not a song which belongs to us. But my understanding is that the IP of that still remains there with the music label. Okay. Because I was given a tool that covers nowadays legally are a gray area. No, they are not. Covers are completely belong. Suraj told you, has misinformed. Covers can be done only with the permission of the publishing rights owner. By publishing rights, I mean rights of the lyrics and rights of the composition. Understood. I recommend you don't tell anybody the great covers of Sarigamal songs because we will pull it down. No, no, no, no. Thank you so much. And as always, I always learn something talking to you. I'll get back in the queue, Vikram. Thank you. Thank you. Thank you. The next question is from the line of Saket Mehrotra from Tusk Investments. Please go ahead. A small question on the strategy side with respect to Caravan. Every video that I see on your YouTube channel, it starts with a plug on Sarigama Caravan. And yet I don't see there's any click to action to buy that product. So is there any gap there? Or are we wanting the products to be sold through retail? So in a 5 second part, it's always very, very difficult to push multiple messages. So the only message that we people because we can't do more than 5 seconds there according to our understanding with YouTube. Remember, this is not an ad served by YouTube. This is a part which is prefixed in our videos, and they are allowed only 5 seconds. Coming to the other part, yes, at times, we do want to keep it open and not call everybody to sarigama.com because it unnecessarily upsets the other distribution channels that we have. And all said and done, please do remember Karma is still a brick and mortar sales product. But if you're going to be seeing a lot of the promotion that we will carry out at times on social media, At times, we give retail networks name. At times, we give up partner e commerce platform names. And sometimes, we use saragama.com. Okay. No, I asked this question because recently I saw you had this collaboration with another channel on YouTube and there was a link there in the description. So just wanted to have that clarified because anyway we are sort of promoting that product quite hard on our own channel. And just thought if there's a disconnect there? No. So all I can tell you right now, I can have this conversation with you offline, but it's a thought out part, keeping detail offline, please. Okay. And Vikram, any would you like to like throw some light on the recently announced fund raise? What would that be used for? And what's the whole rationale behind it? We will talk about it. We are still debating and discussing it internally. And at the appropriate time, we will come back and talk to you. Okay. Thanks. Thank you. The next question is from the line of Ankush Aggarwal from Artifacts Capital. Please go ahead. Hi, Vikram. Thank you for taking my question. Firstly, Vikram, can you give some clarity like what kind of growth are you seeing relative to each other within these areas? So, see broadly, we don't get into specific verticals. The way we people are looking at our own revenues, we are growing in overall Music Licensing business at over 20%. And we expect growth to be between 22% to 25% in short to medium term basis. It's primarily coming out of digital platforms only, whether it's digital streaming or it's platforms like YouTube or short format video sharing apps like Instagram Reels and Thriller and Dosh and MOS of the World or a licensing being given across to Netflix and HSDUANG, Amazon, Sendry 5 for use of on their original content. So digital is what is propelling the growth in a very big fashion. The other media that we people had right now, the other biggest television channel, which is growing at a slower rate than the digital part. And third was public performance, which has completely taken a beaten over the last 18 months. Right. But between the digital side, I assume streaming will be the highest revenue contributor followed by YouTube and then the social media app. Is that right to understand? Yes, broadly, yes. Right. And secondly, just a bookkeeping question. So in case of our deals, with revenue share and some unknown guarantee, So in that case, how do we book our revenues? Like do we book only the minimum guarantee of every quarter and then at the end of this year, we see if there is an overflow and then we book the revenue share? I think completely goes deal by deal. But in principle, you are right. We book only the minimum guarantee part and we recognize the overflows as and when the overflows come across to our system. In some cases, the overflows are calculated at the end of the deal, somewhere overflows are calculated in the middle of the deal. It goes deal by deal. Correct, correct. But the streaming revenue like the same, Telstra that we get first in, that will get booked right over time. It only gets done at the time of Actually, I'm not just couldn't understand your question. Can you go the next slide? Yes, right. So in this deal, say, for the minimum category, right, we get 1st in revenue, right, or say a share of prescription revenue, share of advertising revenue, right? So in that case What we do, if it's a minimum guaranteed deal, we people start invoicing it a period in advance. So it is all in advance billing that happens and the money comes to us in advance. And then the consumption happens right now for the period, whichever way that period is defined. And all overflows which are connected to that period, they come to us at a specific frequency, which may be equal to the period or which may be longer than it may be 3 or 4 periods combined together and the overflows are finally are then are disbursed across to us. That's the time we recognize overflows. Okay. But a part of overflow would be the advertisement revenue share, per stream share now, right? Yes, please. Yes. That's how see the revenue is calculated for a free customer. It's a combination of a flat rate per stream plus advertising share of advertising revenue. For a paid customer, it's a share of the subscription revenue. But these are the ways in which revenue gets calculated. And on top of this right now and our deals, there's a minimum guarantee. Is it. So broadly, we just booked the minimum guarantee upfront like over time and then at the time of whatever the flow flow time that is in last quarter, you said it's primarily in the Q3, right, for most deals. So that is when a larger part of revenue would be cognizant. Yes. So what we are seeing right now, this time some of the money came in Q1 also. So I'm saying deal by deal, there's a differentiation that's happening. In some of the deals what happens in principle what you said is correct. But suppose we people after the Q3 itself are in an overflow situation, Then looking for quarter 4, we are not booking at MG level, we are booking the actuals then because we have already crossed the MG levels. But completely every deal is different. And every time the deal is going through a renewal right now, these terms change. Got it. Got it. Mostly at that time, once you get above the energy, you start looking at the overflow even though you're not getting accrual but still you're recovering. Yes, I hope you have understood. Yes. I understood and got it. That was very helpful. Thank you. Yes. Thanks. Thank you. The next question is from the line of Jaydeep Merchant from Janat Merchant Securities. Please go ahead. Hey, Jaydeep. Good afternoon, sir. Thank you for taking the call. Sir, I have two questions. The first is related to your fundraise. We are a little just nervous with the size of the fundraise. I know you've told the previous speaker that you will come to the market later to answer any questions, but the size of the fund raise is quite large. And as shareholders, we believe that as a management, you will do the right thing as far as the capital allocation is concerned. So I would just like you to reassure us of that. That's my first question. So, Palil, let me reassure you that. See, all I can add is that we people are bullish on the overall music market scenario with the digitization growing at this rapid pace and consumption of content going up so substantially, we just want to have a more aggressive play going in on the music side. So we will come to you guys with more details at the appropriate time. No. Just we wanted reassurance that music because music, we are sitting on the side and just we don't understand your business as well as you do. We just hope that money goes into related I mean just what Taregama does and I hope we are not diversifying into any other kinds of video games, entertainment or sports entertainment or any of the other entertainment fields, mainly in a larger entertainment market. [SPEAKER SRINIVASAN VENKATAKRISHNAN:] We give you that comfort. [SPEAKER SRINIVASAN VENKATAKRISHNAN:] Great, sir. 2nd question, sir, is if you can help share with us the average selling price of Karma in the first half, if you have it with you and whether it was a breakeven in the first half? I will be able to see our specific prices we don't share. So I can't get into that space with you. What I'm assuring you is that by the end of the year, Caravan will be in a breakeven situation. Great, sir. Thank you very much and all the best. Thank you. Thank you. The next question is from the line of Pritesh Sherra from Lucky Investments. Please go ahead. Sir, I just have one question. In the deals which get renewed on the music OTT side, what is the usual escalations or the increase in pie that you see with the pool of OTTs? Sir, our the usual part does not apply because industry usual is 11% while we are growing at greater than 20%. And that's primarily coming because we are the only player whose market share is changing so rapidly, is putting pressure on us also to ensure that our deals renewals happen at a higher rate than what typical industry renewals are happening. Are you with me? Yes, yes, I'm listening. So indirectly I've given you the answer right now. In fact, we are growing our music business right now by over 20% and majority of our music business deals are either minimum guarantee deals or fixed fee deals. That gives you an idea. So for those guys, the content cost increase is at 11%, right? The industry music industry is growing at 11%, which means somewhere the other guys who are there in the market may be growing their revenues around that percentage. If the industry average is 11% and we are approaching 20%, and we are all primarily dealing right now, at least the big boys are dealing in a fixed fee and a minimum guarantee model. So that gives you an idea rate at which our revenues from each of the platforms are growing. And in our case and for the industry or let's say for our case, is music OTTs a bigger chunk of the licensing revenues? Is there any skewness or amongst all the areas of revenue which you mentioned, which were music OTTs or YouTube or short film apps or advertising or exhibition business, is it fairly spread or there is any skewness on any side of the business? In terms of the growth rate or in terms of contribution to our revenues? In terms of contribution to revenues. Contribution, music streaming is the biggest not just for us globally for every music label. Music streaming is the single largest contributor to our revenues. Only difference is in India, the revenues from music streaming apps are coming more out of free users, while everywhere else people are migrating from free to paid. And people music labels earn a share of that paid subscription revenue. So if you ask me, the good story is yet to unravel in India. Okay. So just a follow-up here. When you mentioned that industry is growing 11% and we are growing faster than the industry, I'm just trying to correlate with the music OTT content cost. So music OTT guys for them, the content cost must be growing at 11%, right? Yes, Malo. If we say that the average of the industry music industry growth 11% should be the rate at which the one part of the music industry, which is music streaming key cost structure should be there. You can make that kind of a jump. But directionally, you may be okay, but it can't be accurate. I can't say right now that you got the number accurate here. Okay. And lastly for us, the margin that we report on the music side of the business, where we are mentioning that the Carwa side of the business will be breakeven, right. So these margins that we see in the let's say on the licensing side, bulk of the margin obviously is coming from the licensing side. What in your opinion are the risk if any to those margins? Bad choices of content, if I may go back and say, we try to mitigate it by taking the individual cut call out of a content selection. All our content selection is done based on predictive models that have been built using millions of data points that come across to us on a daily basis about how every song released in India by every label over the last 3 years performs in each of the platforms, which gives us a little better idea that which artist is performing how well in the market, allows us to pick our content with little more quantitative feel to it and not just a gut call to minimize the risk of poor content selection. Okay. So content selection is the only risk which you run on your margin? Yes, because poor content selection means that you will not get the returns that you expect. Okay. And lastly, so what is our market share now in the incremental content purchase? And what is our market share on the at the existing I'll not be able to share that detail. Market share on the industry side historic? No. All you can find out right now, you know our licensing revenue. You can check out IMI, which is the apex body of the music industry. They publish the size of the music industry. So that's one data point. You have our revenues from music licensing. That will give you a good idea about our market share. Okay, thank you very much and all the best. Thank you. Thank you. The next question is from the line of Suraj Fatehchanani from Compound Everyday Capital. Please go ahead. Sir, I just had one bookkeeping question. So when I see this content charge, which I can see in the investor presentation, so how do I locate this thing in the statement of P and L? I cannot see a different line item for this thing. So Adi, when you say the content charge, it's not spread between 3 different places. In our case, it's a part of depreciation and amortization expense, part of advertising and sales promotion and royalty expense. Perfect. Understood. Understood. So parts right now, whenever the people are releasing a song, there's a content cost and there's marketing cost. Marketing cost is getting all booked under advertising and sales promotion. While the content cost is getting divided between depreciation, amortization expense. And royalty, perfect. Thanks a lot, sir. Thank you. Thank you. The next question is from the line of Rahul Ramakrishnan from Vista Investment Group. Please go ahead. Yes. Hello. Can you hear me? Yes, Rahul. Yes. Vikram, first of all, this amazing work over the last 5 years, totally enough what you've done over there. So I just have one question. As we continue to gain market share, it's natural that we do face resistance from the incumbents, right? So how do you see that affecting our content cost over the next 3, 4 years? I wish I had a crystal ball in my hand. But the good part about the music industry is size of the category, larger company, more number of songs and releases, which gives us an edge in having lower cost of marketing and higher reliance per song when negotiation. So the fight for the premium content is limited only to the media. There may be hundreds of small companies, but it becomes difficult for them to become a big budget Bollywood film. They don't have ability to monetize that content as effectively as large company level. So the relative competitive intensity in our industry, it is there, but it's not that intense. There are only 3, 4 of us playing out there in the Hindi space. 3 labels playing out in the field group. Only the Farigam was only national label playing in a Gujarati or a Bhusi space or a Bengali space. So it looks from outside as entry barriers are very low, actually. Hello? Yes, I got that. Thank you so much for your answer. Thank you. The next question is from the line of Prashanth Jayveri from MK Investment Managers. Please go ahead. Hello, sir. Am I audible? Yes, please. Two questions from my side, sir. 1, in terms of duty, I understand that our target was to reach 3 digit revenue in 3 years, but So my question is on Yodlee. The first question is that we were expecting to reach 3 digit revenues in 3 years. But looking at the quarterly run rate, I understand it can't be probably a quarterly business because content creation might not be same across. But could this target be preponed for us now? No, no, I'll still maintain that direction. I'm not going to change. Okay. Sure. And second question is on, again, musical content side, increasingly what we are seeing is that a lot of singles are being produced by the artists themselves. Like for example, the recent Tony Kushner song was run by a company which was which is something that I haven't heard of actually, to be very frank. Even, you know, we did this one music with Deeprak, but if you look at the first song that they released, Lahal, was on by some music company, which was sort of unknown type. Are you seeing increasing trends that popular artists are going on their own, creating their own content, releasing on YouTube or some of the streaming apps? So it's again, I'll continue from where I left on the last answer. It looks from outside very, very attempting to for any individual today to go out there and launch a song. Please understand the mathematics and our typical artists on their own, if they're releasing the song, they'll be able to release 3, 4, 5, 6, 10, 12 songs in a year. No A category artist releases 12 songs in a year assuming this guy has gone crazy. It will take him 5 to have a catalog of 60 songs. With the catalog of 60 songs, if you're going to go to a leading OTT streaming platform or a short format video app, it is a little difficult to get a deal. So what happens is that model that many of these individual artists follow is a bit different. They don't make too much of money right now from music. They go out there and use music as a marketing tool for themselves because then they get invited in various shows and they make money through shows. Of these individual artists that you're talking about, it may look right now that the IP is getting song is getting released under their own YouTube channel. Without taking names and specifically of the guys you're talking about right now, chances are very high that they have gone out there and given the monetization rights of their own content to one of the big label. And the names that you took, I can tell you offline, they are being managed by somebody else. Gotcha. Okay. Okay. And so when we look at content creation on within the same business, would we also be tempted to do this kind of business or we would just create on our own and do it on our own? Right now, our focus is more on IP ownership and then monetization. But are we completely close to the idea that IP must stay in the state with an individual artist and then we do a long term monetization on that? See, in this market, you have to be open to all possibilities. But currently, people don't see the need for us to go there. The phenomena you're talking about is limited only and only to one language, which is Punjabi. Right. This phenomena is not happening anywhere else. And let's see how long can this phenomenon continue. But for whatever reason, suppose the entire market changes, are we going to adapt? Yes, we have to adapt. Okay. Okay. And in music, would you be able to disclose your market share in, let's say, Gujarati and Bhuj Puri this first half? Again, no, it all depends right now. I'll have to put hundreds of riders there. How do you define market share? Easiest way to define market share is that the content that got released in the first half, what is the amount of views that, that content generated on, say, YouTube? Out of those views, how many are paid views or how many organic views, all those questions are going to come in. So I don't want to make an absolute number statement in front of you, but our internal data says that in terms of new content, we are number 1 in Gujarati and we are number 2 in Vojpuri. Okay. Got it, sir. Thank you so much. Thank you. The next question is from the line of Ravi Naredi from Naredi Investments. Please go ahead. Hello, Vikramji. How are you? Very good. Okay. But I can't remember. Yes. Shri, Vikramji, again, you make a century as you are making in last Q and A, really fantastic results. My question is how much music, right, and filmmaking expenses done in quarter 2, so our margin came down. Sorry, sir. I didn't get it. How much music rights and filmmaking expenses we have incurred in quarter 2? Yes. 11.6 crores is a charge that we have taken for new content in quarter 2. This number last year in quarter 2 was INR 2.4 crores. Okay. That is the reason. 2nd, how many how much licensing revenue we earn in this 6 month period? Financial year 'twenty one, you had given 2,839,000,000. We will declare that at the end of the financial year. At the financial year. Okay. Okay. Sir, I've been giving you a comfort there that it's growing at a rate of 20% plus. 20% as we are growing in last 2 years. Sir, YouTube will be increases quarter by quarter. What is the main reason behind this? New content, sir. Yes. YouTube viewers. All new content. YouTube numbers are the views are going up because we are releasing more and more new content. Okay. Okay. That is higher for us. Okay. All the best, sir, and carry on this century again in next quarter. Yes, sir. Thank you. Welcome. Thank you very much. Ladies and gentlemen, that will be the last question for today. I will now hand the conference over to the management for closing comments. Thank you, everyone, for your patient listening. Sarigana as a company is in the right place at the right time. Digitization is taking over the world. COVID has further accelerated this digital transition. And we as an IP only company, IP of music, IP of long format, movies, IP of short format, digital series and TV series are in a very, very sweet position to take advantage of this digital transition. We maintain our bullish stand on music licensing. We should be growing between 22% to 25% over the next few to 5 years. We'll continue investing very, very heavy on new music content, both on the film side and the non film side. We'll continue differentiating ourselves with every other music label in terms of our focus on various regional languages of India and not limit ourselves only to Hindi. With theaters opening up now, we expect more films to start getting released from the quarter 4 of the year. Some will come in Q3, majority may start coming from Q4. And the big movies that we people have acquired like Sanjay Leelabanchali's next three projects are with us. Shankar directed next movie of Ranveer Singh produced by Penn Studio sitting with us and many such large budget movies. They all will start coming out. We continue our cautious approach on Carva. We'll wait and watch to see which way the market moves and only when the retail networks are fully open are we going to start once again focusing on the product. On the film side, our stated strategy remains as it is. We will on Hindi side, we will make films and series only on a pre licensed basis. Even on the regional side, series will be made only on a pre licensed basis. So that our exposure is not there. Or we will take some amount of risk only on regional languages films, which we will first make and then license out. But there also, Endeavour will continue with the 70% cost of the film should get pre sold and pre recovered through TV and cable and satellite deals. So overall, we expect this year to be pretty decent both from the top line and the bottom line perspective. Thank you, ladies and gentlemen. Hope to talk to each of you guys right now after the end of the quarter 3. Thank you. Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.