Adding some data to above points. The concern pointed is valid.
| Quarter | Music Lic. Quarterly run rate | QoQ % | YoY% | YT Ads Quarterly | QoQ % | YoY% |
|---|---|---|---|---|---|---|
| Q1-FY21 | 65 | 3812 | ||||
| Q2-FY21 | 77 | 18.46% | 5037 | |||
| Q3-FY21 | 73 | -5.19% | 6885 | |||
| Q4-FY21 | 68 | -6.85% | 6005 | |||
| Q1-FY22 | 82 | 20.59% | 20.73% | 7002 | 16.60% | 45.56% |
| Q2-FY22 | 91 | 10.98% | 15.38% | 7205 | 2.90% | 30.09% |
| Q3-FY22 | 91 | 0.00% | 19.78% | 8633 | 19.82% | 20.25% |
| Q4-FY22 | 94 | 3.30% | 27.66% | 6869 | -20.43% | 12.58% |
| Q1-FY23 | 98 | 4.26% | 16.33% | 7340 | 6.86% | 4.60% |
Above is the data which has my estimates of their quarterly run rate of music licensing business, along with YT Ads revenue disclosed by Google. It does seem that quarterly run rate for Saregama is slowing down and YT Ads surely did have slowest YoY growth recent quarter, but Vikram did say that Q1 is soft quarter, so he expects higher next quarters.
While Saregama does get 55% share of advertising revenue from Youtube, but we don’t know that how much of this is international revenue. This international revenue has higher yields.
Since we dont know the distribution of minimum guarantee revenue from streaming apps, advertising revenue from YT (domestic + international), paid subscription revenues, it is hard to know exact quantum of impact. But there will be some impact, how much material only future can tell.
Eventually, 2-3 quarters, the numbers can look below expectations, but this is where tough part for all of us begins, leaving easy money behind, I guess – Wait for headwinds to pass or sell, no one can give right answer atm. 
Disc. Invested, no transactions in last 30 days because I think below picture (yearly revenues) is more likely the direction.
| Music Licensing | |
|---|---|
| FY18 | 148 |
| FY19 | 194 |
| FY20 | 238 |
| FY21 | 283 |
| FY22 | 358 |
| 19.32% |
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