India-based Media company Balaji Telefilms OTT platform ALTBalaji recorded a 42 percent subscriptions growth in FY21.
A total of 4.7 million subscriptions were sold for the year as compared to Rs 3.4 million in FY20, the company said in its quarterly results.
The overall financial performance of ALTBalaji was impacted because of the restrictions imposed due to the ongoing pandemic on the TV and movie business.
Balaji Telefilms consolidated revenue stood at Rs 293.7 crore for FY21 as compared to Rs 573.6 crore. The TV business returned to more normal production in Q4 with 223 hours of content produced in the quarter.
“ALTBalaji continues to drive subscription growth and we added 4.7m subscriptions during the year, the highest since our launch four years ago.
We have also done strategic content-sharing deals with two large OTT players to drive creative synergies. We will continue to see strong subscriber additions with over 40 shows greenlit”, said Shobha Kapoor, MD, Balaji Telefilms.
She further added that after the initial setback in the first half of FY21 their TV business has shown good recovery in terms of production hours and they hope to maintain the same.
In the movie business, production for some projects are at various stages of completion. The company is closely monitoring the availability for theatrical releases as well and direct to digital launches.
“Overall the business has performed well in very challenging conditions and I am confident we will build from the base created,” added Kapoor.