Entertainment Network (India) Ltd

Charting our course towards a digital future

Over the years, Mirchi has made a successful transition from being a single-medium entity to a vibrant, city-centric entertainment Company, offering services across multiple platforms.

Warm greetings to each of you! As I write to you for the first time as the CEO of Mirchi, I am filled with a sense of excitement at what lies ahead. Your Company has been a mainstay of the radio industry for years but I believe we are at the cusp of something even bigger. Everyone today is complaining about the deluge of media hitting them from everywhere – social media on their phones to hundreds of channels, OTT platforms, Podcasts… the list is getting longer. In the midst of all this, we want your Company to retain its core – a traditional advertising business on the back of great content while continuing to develop its muscle in the digital space. I believe that there is immense untapped potential - both in the traditional and digital spaces that we want to capitalize on. Over the years, Mirchi has made a successful transition from being a single-medium entity to a vibrant, city-centric entertainment Company, offering services across multiple platforms. This transformation, expedited by the digital disruption during the pandemic, places us in the midst of an exciting era in the media industry. Our consumers' choices are constantly evolving, and the digital revolution has unlocked new avenues for captivating content. While our traditional advertising business remains integral to our legacy, we are keenly focused on exploring and expanding our digital footprint.

With our versatile radio network, strong digital content creation infrastructure, and a thriving Live business unit, Mirchi has matured into a comprehensive media conglomerate.

The challenges posed by the pandemic have been significant, but they also brought about a sense of urgency to reassess the cost models and to streamline operations. This experience has helped your Company emerge as a leaner, more efficient organization with the healthiest operating numbers in the industry. The radio business has shown incredible resilience during these trying times. Record volumes and an increased number of billers have demonstrated that when it comes to hyper-local engagement, radio and Radio Mirchi remain unparalleled.

Mirchi's core competence lies in its unique ability to create tailored "solutions" for advertisers. By offering a broad spectrum of creative strategies, we facilitate impactful brand engagement. With our versatile radio network, strong digital content creation infrastructure, and a thriving Live business unit, Mirchi has matured into a comprehensive media conglomerate. At the heart of our strategy is Mirchi Brewery, a vibrant unit dedicated to ideation, planning, and execution. Understanding that today's consumers value experiences over platforms, we've centered our approach on developing engaging content that resonates with current audiences. Our content distribution spans across multiple channels – FM, digital, social media, television and more, ensuring maximum reach and impact. Our solutions-based model has not only helped retain a strong client base but also bagged the ‘Station of the Year' award at the Golden Mike Awards for the second consecutive year. Additionally, our significant contribution to the WHO campaign was recognized at the G-20 Youth Summit, indicating a promising trajectory for substantial growth in our Solutions business. Last year, we marked a pivotal milestone towards digital transformation with the unveiling of our exclusive digital platform, Mirchi Plus. Accessible as an App (on Android & iOS), a Progressive Web App (PWA), and a desktop site, Mirchi Plus has seamlessly connected with audiences both in India and internationally. This significant leap has not only brought Mirchi to everyone's fingertips, anytime, anywhere, but has also carved a new digital identity in the hearts and minds of our global consumers. Within just 9 months of its launch, Mirchi

Plus has successfully attracted a user base of approximately 4.6 million users. We are using the power of AI to help us innovate. This year, AI revolutionized content creation: in Mirchi Plus, AI designed more than 100 engaging audio story thumbnails. AI also drove impactful video and display campaigns, outperforming human-made content and elevating click-through rates (CTRs). We have also integrated ChatGPT for text-based content, making a substantial contribution.

Our dedication to innovation and leveraging technology to create outstanding content experiences remains steadfast, as we explore AI's boundless potential in the dynamic digital landscape Adapting to this evolving landscape and leveraging our sales expertise in audio monetization of FM Radio, we introduced M-Ping, a comprehensive solution for advertisers. This platform allows advertisers to reach relevant audiences across all audio OTT platforms, delivering complete audio campaigns from ideation to execution.

The examples above illustrate our clear understanding of the advertiser and more importantly, the consumer of our content, and we are looking to leverage both these strengths in a big way to continue improving your Company's performance, efficiency and profitability. We remain committed to enhancing shareholder value, enriching the lives of our consumers, and elevating the entertainment experience to unmatched levels. So, stay tuned as we embark on a journey into a bright, digital future.