Dear Shareholders,
For Shemaroo, this has been the year of fulfilling promises and taking
significant steps to transition our vision into value. Throughout the past year, we have
worked towards delivering on our pledges to consumers, partners, and stakeholders. While
focusing on establishing robust B2C businesses, we have actively invested in enhancing our
leadership team, building innovative models, creating relatable stories and forging strong
partnerships. Collectively, we have embraced change, seized opportunities and embarked on
a transformative path, witnessing the initial manifestation of our vision through tangible
results.
The past year witnessed a complex global landscape, characterized by
significant events and trends. The Russia-Ukraine war emerged as a pressing concern with
far-reaching geopolitical implications resonating across multiple markets worldwide.
Amidst the global volatility, the Indian economy demonstrated remarkable resilience,
emerging as the fastest growing economy among the EMDA (emerging markets and developing
economies) and developed economies, exhibiting a robust growth rate of 7.2% in FY2022-23.
Nevertheless, the year also brought forth challenges such as inflation and weakened
consumer demand, resulting in diminished advertising expenditure in key sectors like FMCG.
This coupled with a slowdown in funding for new-age advertisers, impacted advertising
spends across the entire media and entertainment industry, particularly in television.
However, there are encouraging signs of a revival this year, which are anticipated to
yield a positive impact on the Indian economy and hence the overall media ecosystem.
It has been more than three years since we launched our broadcasting
business. Our stories have connected with our audiences, both young and old, and helped
cement our brand and presence amongst the TV audience. We recently launched our fourth
broadcasting channel ‘Chumbak TV'. The channel has a lineup of international
dubbed shows, content from new-age creators and animation shows. This is a new milestone
for us as we continue on our journey of building a strong and diversified portfolio of
channels catering to audiences across the spectrum.
With ShemarooMe, our OTT platform, we further solidified our commitment
to innovation and exceptional entertainment experiences. We made significant investments
in high-quality content and forged strong partnerships which made the platform one of the
leading OTTs amongst the Gujarati audience in India and abroad.
During the year, we have taken significant strides in strengthening our
leadership team. Recognizing the importance of visionary and capable leaders, we have
strategically brought onboard experienced individuals from the industry with a wealth of
expertise and a proven track record of success. With this strengthened leadership team, we
are well-positioned to take on new horizons, foster innovation and lead our organization
to even greater achievements. We look forward to the bright future that lies ahead with
our exceptional leadership team at the helm.
On behalf of the Company, I extend heartfelt gratitude to our valued
shareholders, esteemed banking partners, exemplary board members, and dedicated employees.
Your unwavering support, expertise, and commitment have been instrumental in our success
and growth. Together, we have navigated challenges, seized opportunities, and achieved
remarkable milestones. Your trust, collaboration, and contributions continue to drive us
forward, propelling our business to new heights. We deeply appreciate your belief in our
vision and your invaluable role in shaping our journey.
The journey from vision to value is a long and challenging endeavour.
It necessitates unwavering commitment to our vision, a firm belief in our capabilities and
relentless effort to transform it into tangible outcomes. We firmly believe that the
combination of our growth pillars, a high-performing team and streamlined processes will
empower us to navigate challenges, seize opportunities and achieve long-term success in
this ever-evolving media landscape.
| Yours sincerely, |
| Raman maroo |