To expand our reach, the Company has incorporated a wholly owned
subsidiary in the USA under the name Zee Media Americas LLC for greater focus on its reach
into the USA and UK
Dear Shareholders,
Welcome to the 24th Annual General Meeting of Zee Media Corporation
Limited. It is my pleasure to connect with you and place before you the Annual Report of
the Company for the financial year ended March 31, 2023.
During the previous year, Global economy continued to face challenges
due to severe inflationary pressure, geopolitical tensions, and the resurgence of COVID-19
in China. Global growth slowed in the calendar year (CY) 2022 to 3.4% from 6.3% in CY2021.
As per IMF estimates, Global growth is estimated at 2.8% in CY2023 and 3.0% in CY2024
reflecting the actions taken by the central bank to fight inflation and mitigate the risks
posed by geopolitical tensions. Despite global headwinds, the Indian economy remained
resilient and one of the fastest-growing economies in FY2023, driven by strong domestic
consumption and relatively less exposure to international trade flows. As per the National
Statistics Office (NSO), the Indian GDP growth in FY2023 is estimated at 7.2% as compared
to 9.1% in FY2022. This growth has been supported by robust private consumption, export
stimulus, increased investment demand due to public capex, and strengthened bank and
corporate balance sheets, which have provided a demand stimulus to industrial growth.
On the back of strong macro-economic indicators, increasing consumerism
and urbanisation, the Indian Media & Entertainment industry is expected to grow by
11.5% in 2023. In addition to proliferation of the internet and digital literacy, other
major factors contributing this growth are Rise of OTT platforms, rural electrification,
increasing income levels etc. Consumers today are far more informed, discerning,
aspirational, and demanding. Consumer markets are changing dynamically in the face of
continuous disruption. The new age technologies are transforming the entire consumer
facing industries.
Commensurate with the changing industry landscape, we at Zee Media are
always the forefront of adopting and stimulate new strategies and trends. Over the years,
we have diversified our presence all across the growing mediums i.e. TV, Digital, Events
etc. Our strong presence on the diverse mediums has enabled us to cater to all the
customer profiles. The Company's portfolio of channels and digital platforms is
strategically designed to address lucrative niches based on geography and languages.
During the last year, we have done the transformational change in our
flagship channel i.e. Zee News. The channel was given a completely new, refreshing, and
uncluttered look with upgraded content to provide an elevated experience to our viewers.
To overhaul our bandwidth and coverage, the network has added many new anchors during the
year across its channels to refresh the team and content. We also had leadership changes
during the year, which would provide fresh impetus in our transformation journey.
WION's in-depth coverage of global news and current affairs from a uniquely Indian
lens has helped position the channel as a market leader and the country's voice to
the wider world, and our distribution strategy exploring linear and digital partnerships
via OTT platforms, smart TV apps and other connected devices has helped us establish a
footprint in more than 190 countries around the world.
To add another feather in the cap, your company has partnered with
Motion Content Group (a GroupM company) to promote and telecast Critics' Choice
Awards 2023. The event recognised performers in the Indian entertainment industry across
short films, web series and feature films. The event was graced by many B-Town celebrities
and telecast on multiple channels of the Zee Media network.
To expand our reach, the Company has incorporated a wholly owned
subsidiary in the USA under the name Zee
Media Americas LLC for greater focus on its reach into the USA and UK.
The digital publishing business of the Company, which had been consolidated under a
separate WOS ‘Indiadotcom Digital Private Limited' (IDPL), to bring focus on
exploiting the enormous potential and growth in the digital media segment, has also been
performing well.
During the year, the consolidated revenues declined by 17%, while, the
costs increased only marginally despite a high inflation due to technology upgrades
related to channel uplinking and broadcasting, as well as higher operating costs and
marketing spends done to maintain our market share and appeal to diverse audiences, in
line with a comprehensive content and market share strategy. This had resulted in a
decline in profits during the year.
At Zee Media, we are fully committed on our growth journey through
content strategies, leveraging our network, riding on our strong and diversified reach and
market share.
To conclude, I would like to express my gratitude and thanks to all the
team members, shareholders, financial institutions, my fellow board members and viewers
for their dedication and support.
Yours truly,
Susanta Kumar Panda
Chairman (Independent Director)