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Quibi redux? Short drama apps saw record revenue in Q1 2024

TechCrunchTechCrunch · 1y ago
Quibi redux? Short drama apps saw record revenue in Q1 2024
Medial

Short drama apps, which offer original shows cut into short clips, are experiencing a resurgence in popularity. In the first quarter of 2024, these apps generated a record revenue of $146 million, marking an 8,000% increase from the same period in the previous year. The growth is attributed to the increasing number of available apps and a rise in consumer interest. However, the quality of content in these apps is generally lower compared to previous attempts like Quibi. The United States leads in terms of both installations and revenue, followed by countries like Indonesia, India, and the Philippines. While short drama apps show potential, they still have a long way to catch up to the success of short-form video and streaming platforms.

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Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

EntrackrEntrackr · 1y ago
Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25
Medial

Proptech firm Square Yards has announced its results for the first quarter of the ongoing fiscal year. The Gurugram-based company saw a 52% increase in its revenue during Q1 FY25 compared to Q1 FY24. Square Yards’ revenue from operations surged to Rs 261 crore in Q1 FY25, with a gross transaction value of Rs 10,053 crore, compared to Rs 172 crore in revenue and a gross transaction value of Rs 6,674 crore in Q1 FY24, the company said in a press release. In the fiscal year ending March 2024, the company reported revenue of Rs 1,004 crore with EBITDA profitability. However, the net losses of Square Yards stood at Rs 216 crore FY24. Income from financial services along with real estate services formed 83% of the total operating revenue for Square Yards which increased 48% and 61% YoY respectively. The press release added that its digital services also saw an impressive growth of 145% in the same period. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals, and property management. The company claims to have more than 8 million monthly traffic and approximately $5 billion GTV with a presence in more than 100 cities across 9 countries. In the first quarter of the current fiscal year (Q1 FY25), Square Yards reported a gross profit of Rs 25 crore with a negative EBITDA margin of Rs 32 crore, compared to a gross profit of Rs 15 crore and a negative EBITDA margin of Rs 29 crore in Q1 FY24. The company has projected Rs 1,506 crore revenue in the full year of FY25 up from Rs 1,004 crore in FY24 with a positive EBITDA of Rs 101 crore.

Mamaearth hits all-time high profit during Q1 FY25

EntrackrEntrackr · 1y ago
Mamaearth hits all-time high profit during Q1 FY25
Medial

Honasa Consumer Limited, the parent firm of D2C brand MamaEarth, on Friday released its financial results for the first quarter of the ongoing fiscal year (Q1 FY25). The company reported a 17.6% increase in revenue QoQ while its profit spiked 33.3% during the quarter ended June 2024. MamaEarth’s revenue from operations increased to Rs 554 crore in Q1 FY25 from Rs 471 crore in Q4 FY24, according to its unaudited consolidated quarterly report filed with the National Stock Exchange. The sale of personal and beauty care products was the sole source of revenue for Honasa Consumer. The firm also made Rs 19 crore from financial sources, tallying its overall income to Rs 573 crore in Q1 FY25. Notably, the firm posted Rs 1,920 crore of revenue, marking a 28.7% year-on-year growth during the fiscal year ending March 2024 with a net profit of Rs 147 crore. For the D2C brand, the cost of procurement of materials accounted for 30% of the total expenditure which saw an 11.3% increase to Rs 157 crore in Q1 FY25. Its employee benefits, advertising, freight, legal, and other overheads took the overall cost to Rs 520 crore in Q1 FY25. At the end, profits of the Peak XV-backed firm grew 33.3% to Rs 40 crore in Q1 FY25 from Rs 30 crore in Q4 FY24. This is the highest profitable quarter for MamaEarth since its public debut. Importantly, the firm registered a massive 71% gross margin in the same period. Honasa Consumer was trading at Rs 473 (as of August 9) with a total market capitalization of Rs 15,336 crore (around $1.84 billion).

Swiggy posts Rs 4,961 Cr revenue in Q1 FY26, losses soar 96%

EntrackrEntrackr · 28d ago
Swiggy posts Rs 4,961 Cr revenue in Q1 FY26, losses soar 96%
Medial

Swiggy posts Rs 4,961 Cr revenue in Q1 FY26, losses soar 96% Foodtech and quick commerce major Swiggy has reported a 54% year-on-year growth in its operating revenue which spiked to Rs 4,961 crore during Q1 FY26 as compared to Rs 3,222 crore Q1 FY25. However, the Bengaluru-based company’s losses almost doubled in the same period. Scootsy Logistics contributed a major 46% of Swiggy’s overall operating collection. Income from this entity increased by 78% YoY to Rs 2,259 crore in Q1 FY26 from Rs 1,268 crore in Q1 FY25. Swiggy’s food delivery business continues to be one of the major contributors, accounting for 36% of the total collection in Q1 FY26. Revenues from this vertical grew 19% to Rs 1,800 crore from Rs 1,518 crore in Q1 FY25. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 2X to Rs 806 crore in Q1 FY26 from Rs 374 crore in Q1 FY25. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Swiggy’s Dine Out, Genie, Swiggy Mini and other non-operating income took its total revenue to Rs 5,048 crore in Q1 FY26. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 72% to Rs 2,064 crore in Q1 FY26. Meanwhile, the delivery charges saw 26% growth to Rs 1,313 crore in Q1 FY26. Swiggy spent Rs 686 crore and Rs 1,036 crore on employee benefits and advertising, respectively. Overall, Swiggy’s total expenses for the quarter increased 60% to Rs 6,244 crore from Rs 3,908 crore in Q1 FY25. The 60% growth in expenditure led losses to increase by 96% to Rs 1,197 crore in Q1 FY26 from Rs 611 crore in Q1 FY25. Recently Swiggy reshuffled its board as Sumer Juneja from SoftBank and Anand Daniel from Accel resigned from their roles as nominee directors on Swiggy’s board. Following these departures, Swiggy appointed Faraz Khalid, CEO of Middle East commerce platform noon, as an independent director. Swiggy shares were trading at Rs 404 at the end of Thursday with a total market capitalization of Rs 1,00,730 crore.

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