If we look at the TIPS revenue growth profile (just the music segment), we can observe that revenue growth grew more rapid beginning in FY18. Is it because they altered their monetization approach at that time? Or was it primarily due to India’s increased internet penetration (the Jio effect)?
Second, how sticky is revenue in the music business? We have witnessed a slight decrease in FY17 and FY21, so is volatility the thing in music industry too?
Lastly, while the company has guided for 30% CAGR for the next 2-3 years, how is the company attempting to achieve that rate of growth? Will they do so by adding more partners like Instagram and Wynk? or the next level of growth will be because of new albums they are adding to their library now?