NEW DELHI: Shemaroo Entertainment's consolidated revenue for the third quarter fell 9.3 per cent to Rs 88 crore from Rs 97 crore in the corresponding quarter of the previous fiscal.

Digital media revenue for the quarter ended 31 December 2020 was down 17.2 per cent and stood at Rs 39.9 crore. Traditional media revenue declined 1.5 per cent to Rs 48.1 crore.

Total expenses increased to Rs 89.88 crore from Rs 85.5 crore a year ago. The company posted a net loss of Rs 1.7 crore as against a net profit of Rs 8.7 crore. EBITDA declined 64 per cent to Rs 7.1 crore from Rs 19.5 crore.

The company stated that the quarter witnessed a resumption in economic unlock and hence advertising spends. It was backed by the festive season and an overall reduction in fresh Covid2019 cases.

Shemaroo said that broadcasters will resume the acquisition of film content over the next few quarters as they regain confidence in the economy and business environment.

The company said that continuous cost rationalisation in the last few quarters continued to pay off contributing positively to its cash flow and profitability.

While Shemaroo continued to invest in its B2C initiatives, it witnessed some level of operational recovery as these new initiatives stabilised.

During the quarter, the company continued its focus on its two broadcasting channels — Shemaroo TV and Shemaroo MarathiBana to strengthen their viewership and reach.

Shemaroo MarathiBana completed one year of operations and established itself as the second most-watched movie channel in the Marathi genre. Shemaroo TV strengthened its reach by closing on key distribution partnerships and began monetisation through advertisements during the quarter.

ShemarooMe partnered with Ooredoo in Qatar. Shemaroo's YouTube channel FilmiGaane crossed 46 million subscribers, becoming the 21st most subscribed channel in the world.