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.
Yatish Mehrishi |
Chief Executive Officer |