Zee Entertainment Q3 profit soars 180% to ₹164 crore, revenue falls | Company Business News-OxBig News Network

Zee Entertainment Enterprises Ltd clocked a net profit of ₹164 crore for the third quarter ended December, a 180% increase from the ₹58.5 crore a year earlier. Operating revenue declined 3% year-on-year to ₹1,979 crore.

While advertising revenue for the quarter improved 4% quarter-on-quarter, it declined 8% on-year due to the sluggish festive season as a consumption slowdown resulted in lower advertising spends by the fast-moving consumer goods (FMCG) sector, the media and entertainment company said. 

Subscription revenues in the third quarter rose 7% year-on-year to ₹982 crore, driven by both linear subscription revenue and ZEE5, the company’s video streaming platform.

Other sales and services declined year-on-year due to a leaner movie calendar and lower syndication revenue. During the quarter, Zee Studios released movie titles such as ‘The Sabarmati Report’ and ‘Vanvaas’ in cinemas.

On Thursday, Zee board approved the appointment of Divya Karani as an independent director, based on the recommendations of the nomination and remuneration committee. Karani has served as the chief executive officer of Dentsu Media, South Asia, leading the agency for over 12 years. 

She serves on the board of Kulfi Collective, a modern media network that builds brands and studios that function at the intersection of content, commerce and culture, as its chairperson and executive director. She has been serving on the board of Jagran Prakashan since 2019 as an independent director.

In February 2024, Zee said it was charting a three-pronged approach, cutting costs, reducing overlaps between businesses and enhancing quality to regain margins—after its merger with Sony Pictures Entertainment collapsed. 

Over the past few months, it has seen a series of senior-level exits, including Rahul Johri, president of business; Punit Misra, president of content and international markets; Nitin Mittal, president and group chief technology officer; and Shariq Patel, chief business officer, Zee Studios.