Balaji Telefilms announced its financial results for the quarter ended 30th June 2021. ALTBalaji remains one of the most consistent hit content creators for OTT adding 6 shows in the quarter taking the overall library to 86 shows. The company sold 1.8m subscriptions during the quarter and currently has an active direct subscriber base of over 2.4m. This excludes subscribers on partner apps where the content continues to do well. The Company continues its strategy to drive deeper audience engagement by creating content that is targeted at mass India seeking differentiated stories. The platform has over 86 shows and some of the hits launched this quarter include Punchh Beat Season 2 and Broken but Beautiful 3.
TV business has continued at normal levels as daily show production was ensured with pandemic restrictions. During the quarter the company produced 174.5 hours of content across 6 shows for 4 broadcasters. 5 new additional shows, including one regional show in Marathi, have been signed and should commence shortly.
Movie business resumed production and the company made good progress with film shooting. The Company continues to wait for availability for theatrical launch windows and looking at deals across direct to digital as well. As part of its strategy the company continues to control investments in movies and pursue pre sales and co-production deals where feasible.
Mrs. Shobha Kapoor, Managing Director, Balaji Telefilms Limited said, “ALTBalaji continues to drive subscription growth and we added 1.8m subscriptions during the quarter. We added 6 shows in the quarter and now have a very strong line up for the rest of the year. Our strategic content sharing deals will ensure we maintain control on the cash spend while driving overall profitability. Our TV business has shown good recovery in terms of production hours and we hope to improve this momentum as 5 new shows commence. In the movie business, production for some of the exciting projects are at various stages of completion and we are closely monitoring the availability for theatrical releases as well and direct to digital launches. Overall, the year has started well and we will build on this momentum through the year.”