Tips Industries Ltd
NSE:TIPSINDLTD
Tips Industries Ltd
Tips Industries Ltd., founded in 1975 by the Taurani brothers, has carved a niche in the Indian entertainment ecosystem by evolving with the dynamic nature of the industry. Originally starting as a small company dealing in LP records, the firm entered the music production business with impeccable timing, riding the wave of India's booming film industry. The company rapidly became a key player, producing numerous blockbuster soundtracks that defined Bollywood music in the 1990s. Operating in a landscape where musical hits can make or break a film's success, Tips Industries capitalized on its strategic partnerships with filmmakers and artists, translating popular demand into lucrative music sales and licensing deals. This behind-the-scenes influence in Bollywood's musical domain underscored their revenue model, where they profit from the comprehensive management and distribution of their diverse music catalog.
While remaining steadfast in the music sector, Tips Industries recognized there was gold beyond soundwaves and diversified into film production, further securing its place within the entertainment industry. By blending music with visual narratives, the company ventured into creating films that often featured its own popular soundtracks, thereby reinforcing brand synergy and maximizing revenue channels. This dual approach of coupling film and music under one umbrella provided the company a unique edge - tapping into both audio and visual markets, it introduced additional streams of revenue through film distribution rights, box-office shares, and leveraging streaming platforms. Through this synergistic business model, Tips Industries Ltd. not only expanded its capital base but also embedded itself at the forefront of India's evolving entertainment and media landscape.
Earnings Calls
In Q3 FY '25, Tips Music Limited achieved a revenue of INR 77.67 crores, reflecting a 20% year-on-year growth. Operating EBITDA grew 28% to INR 25.57 crores, with margins at 71.6%. For the first nine months, revenue reached INR 232 crores, up 30%, and PAT climbed 35% to INR 136 crores. The company anticipates maintaining a robust growth trajectory of 30% annually, bolstered by partnerships such as TikTok and a robust catalog with rising streaming consumption. A dividend of INR 3 per share was announced, demonstrating a commitment to returning value to shareholders.
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Ladies and gentlemen, good day, and welcome to Q3 FY '25 Earnings Conference Call of Tips Music Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Ms. Mamta Nehra from Orient Capital. Thank you, and over to you, ma'am.
Thank you. Good evening, ladies and gentlemen. I welcome you for the Q3 and 9 months FY '25 earnings conference call for Tips Music Limited. To discuss this quarter's performance, we have from the management, Mr. Kumar Taurani, Chairman and Managing Director; Mr. Girish Taurani, Executive Director; Mr. Hari Nair, Chief Executive Officer; and Mr. Sushant Dalmia, Chief Financial Officer.
Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website.
Without further ado, I would like to hand over the call to the management for their opening remarks, and then we will open the floor for Q&A. Thank you, and over to you, sir.
Thank you. Good evening, everyone, and welcome to the Q3 and 9 months FY '25 earnings call for Tips Music Limited. Thank you all for joining us today. The commitment and efforts of our team have been truly commendable, and their hard work is evident in the positive results we have achieved.
I'm pleased to share that the Board has declared a dividend of INR 3 per share. Secondly, during 9 months FY 2025, we have done buyback of shares worth INR 46.61 crores and dividend payout of INR 89.50 crores, aggregating a total payout of INR 136.10 crores, which is in line with our commitment of rewarding our shareholders.
With that, I would now like to hand over the call to our CEO, Mr. Hari Nair, who will provide more details and insight.
Thank you, sir. Good evening, everyone. We are seeing a strong growth for our music across digital platforms. In the quarter, we announced partnerships with TikTok, giving users worldwide access to Tips Music content library. We also saw YouTube Shorts increasing the length of their short-format videos to 180 seconds, followed by Meta announcing the same strategy. So this actually opens up new opportunities for ad revenue and monetization for the platforms and for us. In the quarter, we are also observing a healthy surge in our content usage across Meta platforms, that is Instagram and Facebook.
I'll request Girish to share insights on the content and digital business. Thank you, everyone.
Thank you, Hari. Good evening, everyone. I would like to talk about our content business. We've launched 116 songs in Q3 FY '25. This includes 40 film songs and 76 non-film songs. Our YouTube subscriber base has now reached a remarkable 113 million. This quarter saw the release of popular songs like Jutti Kasuri by Gippy Grewal, Afghani Afeem Hai by Toni Kakkar and Tiyariyan from the movie Hoshiar Singh by Satinder Sartaa, all of which have been well received by audience.
Our song Soni Soni from the film Ishq Vishk Rebound released earlier this year has crossed 100 million streams on Spotify. Naina from the film Crew continues to stream consistently across all platforms and has proved to be a super hit song. Thanks to Diljit, who is singing the song live in his concerts, which has a major contribution.
Last quarter release Dua Kijiye song has been growing organically on YouTube. Our catalog of songs like Dil Meri Na Sune from the film Genius, Hona Tha Pyar and Jeene Laga Hoon from Ramaiya Vastavaiya saw more than 70% spike in consumption of Spotify in this quarter. We have a very exciting lineup of releases planned for '25, as highlighted in our investor presentation, Slide 9.
I will now hand over the call to Sushant, who will present the financial highlights to everyone. Thank you, all.
Thank you, Girish. Welcome, everyone, to the Q3 FY '25 earnings call.
Let me take you through the financial highlights of the quarter gone by. Our revenue for the quarter was INR 77.67 crores, which is year-on-year growth of 20%. Operating EBITDA for the quarter stood at INR [ 25.57 ] crores, that is year-on-year growth of 28%. Operating EBITDA margins were at 71.6% and PAT for the quarter stood at INR 44.23 crores. That is a growth of 28%. Content cost for the quarter was INR 14.55 crores.
Now the highlights of 9 months FY '25 are as follows: Revenue for 9 months FY '25 was INR 232 crores, which was growth of 30% and PAT for 9 months was INR 136 crores, which was a growth of 35%.
With this, I conclude my opening remarks and open the floor for Q&A.
[Operator Instructions] The first question is from the line of [indiscernible] from Unicorn Asset.
[indiscernible] Sir, a couple of questions. First, on the amount received from TikTok, so INR 78 crores of revenue includes that amount?
We couldn't hear you.
Yes. Am I audible now?
Yes, go on.
Yes. My first question would be on the INR 78 crores of revenue includes the amount -- onetime amount that we received from TikTok?
There is no, let's say, amount, let's say, booked in the revenue for this quarter from TikTok.
Okay. So it will be in next quarter?
It will be starting, yes, from next quarter, basis the streaming.
Okay. No, I was asking about the onetime amount that we have received from TikTok?
It's the advance we have received, which we will be booking every quarter.
Okay. So can you reflect on how much is the amount and what proportion...?
Amount, we don't give actually because of this competition age, we can't reveal the amount, but we have -- and this time, we have done a deal, except India and China, it's a world deal. It's not a very major deal. It's a midsized deal you can say, and -- for international markets. And we can't reveal the amount, but it's a decent deal, you can say.
Sure, sure. And I just wanted to highlight what's the reason that we didn't go with Warner? Like, I just wanted to understand the thesis behind this, like going separately with TikTok vis-a-vis we could have gone with Warner as a cumulative thesis?
Mr. Hari is an ex TikTok reso company. So he said better we should be with them directly. We can expect a good deal because of relationships. So we did that with TikTok.
Okay, understand. So maybe it's strategically good for us in the long-term?
Yes, Yes, you can say that, yes.
Great. Very great. And sir, second question, you were highlighting in the TV interview recently that we are planning to get the expenses in terms of content costs, spread it over, say, 3, 4 years. So anything -- any updates on that you want to highlight?
We write-off our content cost every quarter.
Yes. But you were saying in the interview that you are -- the company is doing some internal working and trying to see if we can...
I think there is some confusion. I have never said that. we write-off our entire -- even just Hoshiar Singh, we have released just 1 song last week, and we have written-off entire money towards that in this quarter.
Okay. Great. Thanks for the clarification. I was just getting back from the CNBC TV interview you gave I think Amar Jaago...
No, no, no, never. It won't happen. It won't happen. It's last 25, 30 years, we are following that practice and continue -- we will continue for a long, long time. Not -- no change at all.
No plans in changing the content costs expense in...?
No, absolutely no plans. No plans. No plans. No plans.
Great. Great. That helps a lot because I think that was very important.
Yes. Yes. Yes.
The next question is from the line of Mr. Ravi from Naredi Investments.
Hello?
Yes.
Sir, there is a reduction in net profit margin from 68.95% to 56.95% year-to-year and [ 57.4% ] quarter-to-quarter. So will you give commentary what is the reason to reduce the margin?
See, as mentioned always, I say please [Foreign Language]. And yearly, as committed 30%, we will do bottom line and 30% we do revenue. So this year, if you compare 9 months together, so you won't see any difference. 30% we have achieved top line and 35%, I think bottom line there. So I think we are on target.
Right. Sir, and film industries could not give more blockbusters in quarter 3, quarter 2. So how do you see impact on music industry?
Music industry, see, Touchwood, Tips has the edge from -- if you see compared to other companies, our repertoire, whatever we have done previously from '88 till 2022, '22 that everything is selling. So Touchwood, our repertoire is doing well. Even our new business last year, we did grew and it has done well. So that also given us a lot of business. So we are not affected, and we are not heavily dependent also on that. So as explained earlier we have a 2, 3 kind of resources from where we get content and Touchwood we are doing well.
Okay. Okay. Okay. Sir, new songs added in 9 months are 338 versus 733. So can we presume golden time of music industries is not that great?
No. No. No. I don't agree to that. Actually, if you see my last 2, 3 calls, I'm always mentioning, we are now moving towards more of a quality. So maybe our target is to make 100 songs. Next year, you will see further reduction in the songs. But our investment will be same. Our costs will be same, but we are focusing on -- more on a quality. So that was -- you see that number is less.
And lastly, how paid-up streaming going on, will you comment something about that?
Streaming is happening very well. I think everything is moving, even subscription is going ahead. We have also in our presentation, if you see one, is Spotify. There is a Spotify, the major member in streaming business. So he's doing very well. He has shown the numbers. He shown the industry how we can have a growth, subscription made majority, everybody is expecting subscription should grow. And it's quite decently it's growing.
Okay. Okay. Sir, all the best.
[Operator Instructions] The next question is from the line of Garvit Goyal from Nvest Analytics Advisory LLP.
Hi, am I audible?
Yes.
Congrats for a decent set of numbers. Just one question on the medium-term outlook for Tips. Like, we are now INR 300 crores top line company on a TTM basis. So how do you see going from here for next 2 to 3 years? What kind of strategies do we have in our mind? And what kind of acquisitions if any we are looking for to further expanding the footprint in the music streaming industry, sir?
I think business will be very good, and it will be exciting time for Tips also. And as committed, I still feel 30%, 30% won't be a problem. We will grow 30% next year. And after that, also I feel 30% is -- because there is a lot of -- many things are happening.
If you see this subscription is increasing, the Spotify numbers are increasing. Spotify has started making money. So that's a good sign. YouTube is increasing. They are increasing the length of the short videos where we used to get lump-sum from them. Now they will start doing ads on that, Instagram, Facebook and this reels, sorry, shots -- YouTube Shot. So they will start doing advertising.
So that can be a huge business like one more direct stream. It can contribute, which is now contributing only 2%, 3% 4%, 5%. It can contribute 25% to the business. So I think that's a big thing plus that public performance, I always mentioned, the public performance will really do well, and it's really doing well. So many events are happening.
See, if you see Diljit shows or just yesterday, I saw somebody has sent me this Coldplay. [Foreign Language]. In that show Diljit my artist is singing my song, Tips songs, Nag Nag, there's a old song, he was singing. I think these kind of shows we are -- we are going to make huge money. So [Foreign Language] public performance, short figures, even the TikTok ban was happening in U.S.
Now maybe TikTok will have a partner in the U.S. The same thing will happen in India. But maybe we expect [Foreign Language] 12 months, Tiktok also can come into India. So that -- this entire short content will be a huge number for entire music business. And then public performance and subscription. These 3 will be big years and maybe not immediately 1 or 2 years, but you will see in next 5 years, [Foreign Language] suddenly you will see [Foreign Language]. So that will happen. I strongly believe in this business.
And sir, what is the reason like you mentioned [Foreign Language] So what is the reason? Like, sir, you must be having something in mind, right?
Yes. Yes. Yes. See, when television becomes a digital [Foreign Language] suddenly their business, they made INR 20,000, INR 30,000, INR 40,000 from -- only from distribution business extra. So that can happen. Subscriptions [Foreign Language] short content monetization or that public performance, proper value, [Foreign Language] I'm not saying [Foreign Language] and it can happen, not a big deal [Foreign Language].
Understood. Understood, sir. All the best for the future.
Yes. Thank you.
The next question is from the line of from Harssh Shah from Dalal and Broacha Stock Broking.
A few questions from my side. So firstly, if you could kind of help us dissect the revenue growth that we did this time, which was around 20% on a Y-o-Y basis between digital and nondigital in terms of percentage growth, that would be fine?
You're talking about digital and nondigital?
Yes.
It's same. What we are observing, 75% is digital, 25% is non-digital.
Okay. So then should we assume that both have grown equally in terms of percentage?
Yes. Yes, you can assume that. Yes.
Okay. Secondly, on TikTok. So the deal that we have done, so basically, if you could kind of give some color in terms of the potential the markets that you are banking on? And also, what type of deal is it? Is it a lump sum based, streaming base? Or how is it if you could give some color?
We have got some advance from them, and it will be earning for the usage or per creation.
Okay.
Let me tell you, it's not a major deal. It's only for overseas for these kind of services, India is a very huge market. TikTok is not available in India. We have done this deal with them for overseas market.
Correct.
Yes.
Yes. So basically, I mean, this deal that you did, which markets -- I mean, while doing that deal, which markets were you banking on? So that was my question.
I think for Indian music, USA, Canada, Gulf and the U.K. and Australia, New Zealand. And now actually, Pakistan also is a good market for us, Bangladesh.
Okay.
So the entire MENA region will be also contributing to it.
Okay. Got it. Sir, any kind of internal, say, working or calculation that you have done say in the next 3 to 5 years, how much could -- a TikTok could contribute basis the current deal?
[Technical Difficulty] only on TikTok is. TikTok is in India then TikTok, Facebook, reels and that YouTube Shorts can be INR 100 crores business for Tips for next 3 to 5 years.
Got it. And last question from my side. So on the short video platform that we were talking about. So any sort of indicative time line that you could kind of give as to when can we see the monetization happening?
Monetization happening now also, it's not that monetization is not happening. But now we are having entire all music companies or labels have a lump-sum deals with them. Now they have extended the length of that short video. They have extended the length to 3 minutes. And that 3 minutes, if you are listening to 3 minutes, then easily, they can fix an ad of 15 seconds, 30 seconds that they can put an ad, and then when that ads will start, then our business will improve and really become a big business. And if a customer doesn't want to see ads, then they have to subscribe and subscription money, this or that. From both sides, we can make money. So that will happen soon.
Correct. Correct, sir. I'm aware of that. But basically what -- because last time [indiscernible] call it was mentioned that YouTube had started a pilot project. So what I was trying to understand is that are we -- is that pilot project, meaning contributing anything to our revenue as of yet?
No. Not yet. Not yet. It will take another -- it will take another 3, 4 quarters, you can say.
Correct. So that was my question, yes. Got it.
Yes. Yes.
The next question is from the line of Saket Mehrotra from Tusk Investments.
Just want to understand how confident are we on achieving our 30% PAT guidance for the year? And how are we placed for that in the current scenario?
30% we have already achieved for 9 months, Saket, and we will close 30% more up and even bottom line also 30%, 30% yes -- between 30%, 35% PAT [Foreign Language].
So this is -- I'm talking '24 versus '25 full year. So that you're saying you are in place to go yet in that 30% to 35% scenario?
Yes. Yes.
Great. Sir, my second question is [Foreign Language] how are we placed on that? What -- I mean, are we seeing any growth happen there? What I understand is these guys are now going deeper into establishments and all of these wedding places and restaurants. So just if you could tell us something about what's happening there?
We are doing -- everywhere, we are doing very, very well. And actually, if you see Tips is the only member of one such organization, IPRS society. And then there is another company called [ Lowx ], [Foreign Language] but [ Lowx ] is an individual, entrepreneur and he handles our sound recordings public performance. So he's also doing very well, and we are getting money from that. And international instead of society, we have appointed Sony Music Publishing. [Foreign Language] now they are talking to us for a bigger deal. We are discussing with them something, and you will -- we'll announce this soon as it happens.
You're saying internationally also, there's something like [ Lowx ] [Foreign Language]?
Yes. Yes. Yes.
Okay. So sir, I mean, generally, is there any seasonality on the collection of the society? Or does it come throughout the year? How has that evolved.
[Foreign Language] they send us the reports and money.
Okay. So it comes throughout the year [Foreign Language]?
Yes. Yes. No. No. No, throughout the year.
All the best.
Thank you.
The next question is from the line of Vaibhav from [indiscernible] Security.
Congratulations on a very good set of numbers.
Sir, my first question was on our revenue top line growth guidance. So as we have already given Warner, 25% of our revenue comes from basically other streaming platforms. And we are only getting minimum guarantees from Warner the next 3 years. So not having any growth on that particular part of our segment, do you think will that affect our entire revenue growth? Or do you think YouTube and our nondigital revenue should suffice for achieving the 30%?
No. No, but we are growing on every platform.
But we are only getting minimum guarantee, right from Warner?
We have got minimum guarantee, but we have not booked that minimum guarantee in our accounts. We have shown as an advance and whatever numbers they are actually selling, whatever business happening, we are just booking that.
Okay. Understood. So growth is happening on the Warner...
Actual, on actual numbers, whatever business is happening, that is happening. Whatever maybe there is an overflow or maybe it's an over -- old entry they have paid that will happen after 4 years in the last quarter, not now.
Okay. Understood. And sir, my second question was on the content acquisition costs. So our content acquisition cost has been steady in around 17% to 18% of our sales. So I think earlier you had guided that costs will be around 30 -- less than 30% of revenue. Is there any reason that we are slightly conservative in investing behind new content?
Not getting good content on the right price.
Okay.
So we're just watching. And -- but next year onwards, you will see we are consuming around 25%, 27% will invest in content. It will happen. We already have so many -- if you see the slide, I think, 9 or something, so you will understand next year, we have a sufficient content, and we will achieve our target of the spending money.
The next question is from the line of Ms. Jyoti Singh from Arihant Capital Markets Limited.
Sir, my question is from the earlier participant only. Like one of our competitor is going aggressive on the content side. So what kind of impact we are seeing? And second question on the monetization side, like you mentioned on the industry side also in the PPT, so just wanted to understand your thoughts and also revenue-wise, how much we are able to monetize on the Meta side?
Meta, we have given Meta, Facebook, we have given to Warner, and they are really doing a good job, and we are very happy about that. And as far as content competition is concerned, so we are not in that game. Market is really very competitive. So I don't want to be in that race. So we are focusing on our own relationships and whatever good content we are focusing if we get a good content. And I'm not saying reasonable price or extremely high price, so we're concentrating on that. And we don't want a major content. Our target, we -- as explained earlier also in last -- if you see, 7, 8, 10 quarters, I always maintain 25%, 30%, we will invest in content. And from next year onwards, we will achieve that.
And also, as I told you earlier, we have our own company, current company at arm's length, we are buying content from them also plus we do our own recreations, our repertoire, music, whatever we have -- so that's a new kind of a retro that is doing well. So we are doing many songs as recreation, they are selling very well. So we have really absolutely placed very well, and we are achieving our target. So we can't be desperate or go for that bidding war that is happening already within 2, 3 companies. We are focusing on our business, and we are happy about that.
Sir, just one more question. So like whatever content we are acquiring, so how much percentage it is new and how much percentage it is from the existing or you can say the mix side? And another is on the event side like earlier you mentioned, like the event like Coldplay and they are doing very well. So if you can give us your thoughts what's you're planning on that side?
See, actually, that is a Coldplay was a show. And when if any artist is performing my song or any other company song, so those companies will get advantage and they get money, remuneration. So that's a good advantage for us. And our other songs, if you see whatever big shows are happening our songs will play even this [indiscernible] international show, but it's still our Tips song will build up. So you can say our -- as I mentioned earlier, we are at the right place and right catalog, you can say. So that's what is happening very well. And what was your other question? Can you repeat that?
Sir, like, we are planning -- like how much ratio on the acquisition side from acquisition side, new and old?
See okay. You're saying, how much business happening from new and old. I think maybe you're saying that. So you can say, as mentioned earlier, our target is whatever investments we do, we write-off in the same quarter, but we should recover that money in the next 4, 5 years, we should recover that money. And I think we are achieving whatever for -- we have not done any heavy reinvestment so far. Next year onwards, we are doing a lot of investment. And whatever this 2 years, INR 60 crores, INR 70 crores, INR 50 crores, INR 60 crores, we have spent, this is actually into a content and marketing costs. Our content cost, actually, if you see for 3 years, it's hardly anything INR 100 crores, INR 125 crores, but we see we are recovering. We will recover in 4, 5 years' time.
The next question is from the line of Arpit from IG India [ Family Hub ].
As you said, the YouTube Shorts will be getting paid on per user basis. So how do you expect it to materialize in comparison to long short -- long format video, which is existingly there?
Same thing will happen. Now YouTube will -- see now, YouTube has given us a guaranteed floor which is minimum money, you will get this much money. And if they start up doing adds from those content and same split happen. 55% for us, 45% for them. From that 45, they will give 10% to 12% to the publishing rights and balance 33% to 35%, they will retain. The same split will happen, and I think that split number will be very huge.
Now any -- every, I think, majority of advertisers, they want to come on short content, [Foreign Language] everybody wants to do ads on short content because it's a consumption, too big, too huge. I think that will be a big advantage.
Okay. How much proportion of the total YouTube play could be on a short format right now?
[Foreign Language] I think, hardly -- I think all services put together hardly 7%, 8%.
Got it. And we are expecting it to get back to 25%, 30% kind of level?
Yes, it can be. Yes.
The next question is from the line of [indiscernible] from NBL [indiscernible].
Congrats on a good set of numbers. So my first question is, did we see full quarter of Warner deal's revenue booking this quarter? Because there were some delays, I believe in uploads on Meta. So this -- we can assume this quarter we saw a full quarter of revenue for Warner deal?
Sushant, can you reply to this?
Yes. So let's see, the content called interested, let's say, Meta and everything got interested in the content was live. We won't able to share the breakup of the Warner revenue, but yes, the traction was good in all the platforms operated under the Warner umbrella.
No, sir, my question is, did we see a full quarter of revenue recognition or not? I don't need the number. I understand you can't share the number. I just wanted to get a sense if we did see full quarter of revenue from that content let for investment.
Yes, we got full quarter of revenue.
Okay. Okay. Got it. And my second question is, sir, what percentage of your revenue guarantee would be from paid subscribers in the digital revenue?
Sushant, Hari?
No, it will be a really small number right now, but it is growing steadily. If you compare year-on-year growth on subscription, it is growing about 40% every year. So Spotify is doing a great job on that. But yes, it has to be an update number -- it has to become a big number for all of us in the industry.
The next question is from the line of Ankush Agrawal from Surge Capital.
Almost FY '25 [Foreign Language] we have spent almost INR 40 crores on the content, right? Earlier [Foreign Language] INR 70 crores, INR 80 crores, which [Foreign Language] so in broad sense, [Foreign Language] content cost [Foreign Language] FY '25?
Sushant?
Ankush, it could be in that range of INR 55 crores, INR 60 crores for the full year. Depending on the releases, but let's say that would be the ballpark.
[Foreign Language]. So I think this will happen, yes.
Okay. Got it. [Foreign Language] content cost almost INR 50 crores, INR 60 crores. So even though short term [Foreign Language] this is boosting our P&L, but long run [Foreign Language] because if we look about it [Foreign Language]?
See, let me tell you [Foreign Language] still we are really pushing our content [Foreign Language] okay. Apart from that if you see that presentation, as mentioned earlier also, [Foreign Language] we will bang on target [Foreign Language]. We are going to spend that money. And we have a huge, good quality content. Just wait for next year, you will understand, and we wanted that [Foreign Language]
If you know -- if you -- a few months back, we've done a block deal because of that only, another company should make more films and give us content. So that will also happen. So we will get a quality content at arm's length, absolutely transparent, everything auditors and Board members, everybody has, according to policy, whatever we have made, we are following that. So not a problem. Content next year, you will see we are having a huge content plus very -- our catalog is very strong. It will also show a lot of upside.
Okay, sir. Got it. Second question [Foreign Language] this quarter, we have grown revenues about 70%. In last 2 quarters, obviously, [Foreign Language] So organic 30% growth [Foreign Language] so despite the fact [Foreign Language] we have gone live. So next year, say, how do you see the growth 30% [Foreign Language]?
Okay. So now [Foreign Language] we have lost that business. So actually [Foreign Language] because of this very aggressive stand ring Airtel has taken, we have no options. They have given no options to go in the court. I think [Foreign Language] even then also we are really pushing hard [Foreign Language]. We should do more than [Foreign Language] and that should [Foreign Language] is really doing well. So we are not getting space about that. And as far as next year is concerned, we have such a good follow-up of releases. And so many things are happening. So we are still confident next year, [Foreign Language] 30%, 30% [Foreign Language].
The next question is from the line of V.P. Rajesh from Banyan Capital Advisor.
Just 2 questions. One, in terms of what we are seeing is that Bollywood rereleasing moves back from 1990s already 2000. So are you seeing any uptick on your music library because of that?
Yes. I think -- can you repeat just, please?
See, Bollywood is releasing older movies in the last few months we have seen them...
Yes. Yes. Okay. Understood. No, no, no, there's no huge impact, maybe minor -- very minor, no big impact of that.
Okay. And in terms of your catalog, have you seen any shift in terms of the songs that are being played? Are they from a certain period and that period is shifting over, let's say, last year's same quarter? Or is that period still staying strong in terms of the consumption by the subscribers?
No. I think consistently, they are performing. My songs are performing well. And on the contrary, they are growing. So no complaints about that. No change.
Sir, my question is in terms of the PV for which you -- let's say, if INR 100 of revenues coming, 50-50 is coming from, let's say, early 2000 music. So are you still seeing that content generating same type of revenue? Or is it starting to move towards, let's say, 2010 type of music?
No, it's the same type of -- No. No, same type of business. See, music business won't change quarter-on-quarter basis. Music business changed after every 7, 8, 10 years. So we are actually -- see we are a very young company for the -- when YouTube or the Spotify when that has come, only 10, 12 years old, the services. So for them, on the contrary Spotify has not reached interiors. When they go inside of India, then you will see suddenly it will be a very huge surge in this content. So we still feel we are very one of -- we still have many, many capability to grow.
Okay. And typically, like where are you getting your maximum revenue from? Like is this a 10-year-old content, 20-year-old content? What is the aging of your content where you're getting the revenue from?
From '88 till 2020, whatever we have done, we are making good content. And after 2020, I take that as a new content. So our catalog is really doing well. And as other business 80/20. Our business is also 20% songs, give us 80% revenue, maybe 85% revenue.
Right. So that 20% songs, which period do they belong to? That's what I'm trying to understand that.
I'm telling you, 1988 to 2021.
Okay. But [Foreign Language]?
[Foreign Language].
Okay. Okay. Got it. Got it. And then last question on the shorts [Foreign Language] point that you made. So [Foreign Language] in that situation, let's say, you are making INR 100 today from whatever the guys are paying to Warner and that is coming to you. So how much bump can you see? Like when you talk about going from 7%, 8% to 25%, but on INR 100, there will be some leakage also, right, because people will not be consuming in other places. Or do you think that will be all additional revenue?
I don't know, maybe 5%, 10%, maybe a leakage. It still we will get a big boom.
[Foreign Language]?
[Foreign Language].
The next question is from the line of Abhishek from AB Capital.
Hello, am I audible, sir?
Yes.
Just wanted to ask any particular reason as to why growth was a bit tepid this quarter that it used to generally grow at around 30%? So any reason, any particular reason?
What you -- actually I have not heard, can you please repeat?
Any particular reason as to why growth was a bit tepid this quarter?
As told, please you earlier please don't judge us on a quarter-to-quarter basis. If you see overall, if you see 3 quarters results. So we are bang on 30%, whatever we have said we have achieved and even bottom line, I think 30% we accommodated to 35%. So I think that's 2%, 3% here and there 1 quarter is bigger. Second quarter is not so big. [Foreign Language].
Okay. And you are confident next year also, you'll achieve 30% top line and bottom?
Yes, very confident. Yes.
That was the last question -- due to time constraint, that was the last question for the day. On behalf of Tips Music Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
Thank you.
Thank you.
Thank you.