Radio Mirchi: Not just a radio firm
The company offers activations, concerts, TV impact properties, videos, international markets and even third-party events.“Over several years, our business has grown much beyond radio — we now say Mirchi is ‘not just radio,’” Panday said.
“We have built a powerful suite of sales offerings focused on providing solutions to clients rather than selling plain vanilla radio inventory,” said Prashant Panday, MD of ENIL, a subsidiary of Bennett, Coleman & Co Ltd, the publisher of ET.
The company offers activations, concerts, TV impact properties, online radio, videos, international markets and even third-party events. Its multimedia solutions combine radio with digital, onground and other media.
“Over several years, our business has grown much beyond radio — we now say Mirchi is ‘not just radio,’” Panday said.
The company has been reducing its dependency on radio, which contributed 67% of revenue in the previous financial year. In the next five years, the radio and non-radio businesses are expected to contribute equally, Panday said, with radio growing at 4-5% and the other businesses expanding much faster.
Mirchi continues to be the No. 1 station in most cities.
ENIL now has a 76-station network operating in 63 cities, including three Ishq FM stations of the TV Today Network. Along with online and international stations, the company boasts of a 112-station network.
However, it’s the non-radio business that Panday is more excited about. “Many years back, we decided we can do a lot more than radio.
We didn’t want to restrict ourselves to radio. We started developing other businesses and have been at it for close to 15 years now,” he said.
Among them, digital is one of the fastest growing, one that’s creating opportunities for diversified players like Mirchi, Panday said.
Mirchi’s digital business grew over 90% last year and almost broke even. The company launched and sold several ‘Originals’ — web series created by inhouse pro-gramming teams. The company’s YouTube subscriber base grew more than 6.2 million across channels, an almost 140% increase over the previous year and resulting in 725 million views. ENIL launched podcasts, producing about 50 shows hosted on platforms including iTunes and Spotify.
“We have found a profitable way to grow these businesses, tapping both advertisers and streaming platforms for revenue,” Panday said. “Because of the internet, Mirchi’s footprint has more than doubled.”
Advertisers are increasingly turning towards digital solutions to reach their audiences and Mirchi is benefitting from this, he said.
Mirchi not only produces native videos for clients, but also plans digital media for them, integrating them inside original content, providing them sponsorship opportunities on podcasts and creating multimedia solutions. “We did a modest Rs 10.3 crore in digital revenue last year, but we see this growing to more than Rs 75 crore in the next few years,” Panday added.