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ICICI Securities Report
We see Q1 FY22 ad revenue decline by 25-26% for Zee Entertainment Enterprises Ltd. and Sun TV Network Ltd. due to lockdown on second wave of Covid-19, fewer hours of fresh content and weakness in viewership share.
Besides, programming costs may rise for Zee Entertainment on rise in production cost on out-door shoots and movie investment.
Sun TV may see a marginal dip.
Multiplexes revenue will suffer from closure of screens. Multiplexes received rental waivers and concessions in FY21 and we need to see if they can re-negotiate the same.
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