Globally I think the markets are realizing the longevity of growth & terminal value that exists in these business on the back of their IP.
Monetization of music IP will only expand over the years, short format monetization has just started in the global markets and changes within streaming players wherein only streams over a certain count will be counted for monetization are some of the recent steps that further improves the monetization for these players.
In India music labels are even better placed as they have both master recording & publishing rights, plus some players like Tips have entire IP with no royalty and thus margins are higher. The growth is obviously top notch for Tips as it has gone from inefficient player to a decent player.
(Disclosure: SEBI Registered RA. Invested and Active recommendation in Research Service)
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