Music Broadcast Ltd, the registered name under which Radio City operates, announced its financial results for the quarter ended December 31, 2023, as well as for nine months collectively asper reports. For Q3 FY24 and nine-month period of FY24 revenues, growth of 11 percent is recorded to Rs 60.4 crore and 13 percent to Rs 165.9 crore. EBITDA during the same period grew by five percent (Rs 15.3 crore) and 25 percent (Rs 40.10 crore) respectively.
Ashit Kukian, CEO of Music Broadcast said, “Digital business has the potential to open new revenue streams, enhance operational efficiencies and enhance customer experiences in the long run. For the quarter our digital business has experienced a substantial 27 percent growth compared to the previous year, demonstrating our agility in meeting, shifting preferences and audience demands.”
The jewellery industry saw growth of 44 percent year-on-year, an increase in the advertising spending. The pharmaceutical market grew by 15 percent and the auto industry recorded 26 percent growth compared to the previous year.
The finance industry witnessed growth of nine percent, the government public service ad sector showed commendable growth at 22 percent and real estate advertising increased by 17 percent year-on-year.
“This sector specific insight empowers us to adjust our strategies and customise our services to meet the evolving needs of our clients,” added Kukian.
In the third quarter, Radiocity retained the market share at 19 percent in their ad check markets.