India’s leading digital product company Times Internet on Thursday announced that its annual revenue in FY20 has increased by 24% to reach Rs 1,625 crores. However, the company did not share figures about its total expenses and therefore it is not clear whether the company made a profit or loss in FY20. Notably, Bennett and Coleman owned company reportedly made a loss after tax of Rs 102.36 crore in the last financial year.
While sharing its financial highlights for FY20, Times Internet shared several financial metrics of its digital products. The company claimed that all its digital products continued its growth trajectory despite the Covid-19 impact and stiff competition due to the influx of foreign players.
- The total monthly active users across all its digital platforms stood at 557 Mn in FY20 as compared to 452 Mn in Fy19.
- Advertising revenue grew 22%, with faster growth in music and video.
- The company’s revenues from its investment in several digital startups have grown substantially – Qureka – 8x, Gradeup – 4x and Dineout 2.4x.
The below chart highlights the distribution of Times Internet’s monthly active users and revenue. It is evident from the below chart that the entertainment section is playing a dominant role in company’s overall growth.
The company further claimed that its OTT platform MX Player is now one of the top market leaders, amassing almost 200 Mn monthly active users. Its recently launched short video app Mx TakaTak, the company claimed, has equally received a great response from the market. When Techpluto last checked the Google play store, Mx TakaTak boasted nearly 1 crore or 10 Mn downloads. Since its launch the app has regularly featured in play store top 5 apps in the free app category.
Times Internet’s music streaming platform Ganna equally showed a robust growth in FY20. Its monthly active users grew by 75% to clock 185 Mn active users, the company claimed.
The company remained equally optimistic about its latest offering ET Prime and Times Prime, claiming that incoming quarters they will help in reducing the company’s overreliance on ad earnings.