Hiren Gada, the company’s CEO, said the money will be used for the ShemarooMe platform and the TV business.
“The company intends to expand its TV and OTT businesses in FY24 by introducing a new regional channel in the second quarter, and introducing fresh offerings on its OTT platform during the latter half of the fiscal year,” he said.
Shemaroo, which ended FY23 with revenue of ?556. 6 crore, owns four TV channels — Shemaroo TV, ShemarooUmang, Shemaroo Marathibana and Chumbak TV. It also operates an OTT platform, ShemarooMe, which has identified Gujarati content as its key strength.
“Our revenues have gone back to pre-pandemic levels. The revenue mix has changed, with B2C (TV and OTT) contributing onethird of the revenues,” Gada said.
About the broadcast business, Gada said TV still has a lot of headroom to grow since there is a large population that lives in TV-dark areas. He said Prasar Bharati’s free direct-to-home (DTH) platform, DD Free Dish, has the potential to bring new audiences to the TV universe. “DD Free Dish will become an entry point for consumers in TV-dark areas,” he said. “Over a period of time, these consumers will gravitate towards the pay-TV space.”
Digital, he said, will continue to post strong growth on a higher base. “For us, scalability and the right to win are two key criteria when it comes to expanding the OTT business,” he said.
Gada said OTT will see a similar growth trajectory as TV, where media companies started catering to regional audiences once Hindi audiences were fully addressed.
“Our top line is back to the scale where we were. We reported a profit despite a ?55-cr investment last year,” Shemaroo’s CEO said.
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