November 4, 2024

To,
The Listing Department, The Listing Department,
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza,
Dalal Street, Fort Bandra-Kurla Complex,
Mumbai - 400 001 Bandra (East), Mumbai- 400 051
BSE Scrip Code Equity: 505537 NSE Symbol: ZEEL EQ

Sub: Investor Presentation

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended and with reference to our
disclosure dated October 30, 2024 relating to the schedule of investor meet, please find
attached the presentation being made to the investors and the same is available on the website
of the Company at https://www.zee.com/investors/investor-financials/

Request you to take the same on your record.

Thanking you,

Yours faithfully,
For Zee Entertainment Enterprises Limited
Ashish Digitally signed by
Ashish Ramesh
Ramesh Agarwal
Date: 2024.11.04
Agarwal 19:39:29 +05'30'

Ashish Agarwal
Company Secretary
FCS6669

Encl: As above
Investor Presentation
Zee Entertainment Enterprises Limited – November 2024
 Disclaimer

Safe Harbor Statement: This Release/Communication, except for the historical information, may contain statements, including the words or
phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’
and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or
otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated
developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense
competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply
chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory
environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company,
therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above,
may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make
written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The
Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the
Company to reflect the events or circumstances after the date hereof.
This document should be read in conjunction with the published financial results. Certain analysis undertaken and represented in this document
may constitute an estimate or interpretation and may differ from the actual underlying results.
Use of Operating Metrics: The operating metrics reported in this presentation are calculated using internal company data. While these numbers
are based on what we believe to be reasonable estimates for the applicable period of measurement, there are some inherent challenges in these
measurements. The methodologies used to measure these metrics are susceptible to source issues, calculation or other technical errors. We
regularly review our processes for calculating these metrics, and from time to time we may discover inconsistencies in our metrics or may make
adjustments to improve their accuracy, which can result in adjustments to previously disclosed metrics. In addition, our metrics will differ from
estimates published by third parties due to differences in methodology.

2
 M&E Industry Opportunity 4

ZEE’s Business 9

Content
Financial History & Road Ahead 14

Growth Strategy 20
M&E Industry
Opportunity

4
 India is a High Growth Economy with Attractive M&E Market Opportunity

India: Robust GDP Growth M&E industry’s revenue as % of GDP (2022)

9.7%
8.2%
• India is 5th largest and fastest growing
7.0% 7.0% GDP-> $3.1 Tr $3.1 Tr $25.5 Tr
6.5% economy with over 1.4 billion people
3.9%

180-190
174
•
161
India’s M&E industry has significant
150
145
140

137

4.5% headroom for growth given rising

-5.8%
2.7% income levels and relatively lower
0.7% spending compared to global norm
FY19 FY20 FY21 FY22 FY23 FY24 FY25E India UK US

India GDP (INR tr.) YoY • Rising middle class population in

India would promote growth in
Indian M&E industry
India: Increasing Per Capita GDP India: M&E Industry Revenue (Rs Bn)
17.5%
2,497
2,698 • Indian demographic changing:
2,250
2,366 Increasing affluence1 (>25% HH by
2,050
1,974 1,916 8.0% 2050) along with higher media
3.8%
5.2% 5.5% consumption in Tier 2, 3 cities
0.8%

3,081
• India M&E industry is expected to

2,553
-6.6% 2,317
grow at a healthy pace of 10% CAGR
2,144

till CY26E.
FY19 FY20 FY21 FY22 FY23 FY24 FY25E
CY22 CY23 CY24E CY26E
GDP per capita, current prices (USD) YoY

Source: Bloomberg, MoSPI, IMF, EY FICCI, UK Office for National Statistics, USA Bureau of Economic Analysis, PwC UK Entertainment & Media Outlook 2022-2026, TRAI
5 1: Households (HH) with annual income more than ₹1 Mn per annum.
 This changing shape of the Media and … presents numerous opportunities to
Entertainment market … media companies

High demand for relevant local language content

Shaping local language markets & consumer behavior
across platforms

TV & OTT “additive” consumption phenomena Network effect–TV & OTT interplay
&

Different consumption patterns across TV & OTT Focused investments in OTT & UGC

>
Consumer funding will continue to be prominent Strengthening Direct-to-Consumer & IP offerings

Exit of international studios from the Indian market Scope for movie growth path

Fast growth gaming market penetrating beyond kids Explore new frontiers in adjacencies

6
Integrated Media Company with leading Content Creation and Distribution Assets

Creating the Content … And Monetizing it…

• 260K+ hours of content created in 11+ Indian languages

• 490+ hours of fresh content every week • One of the leading entertainment network in India
• ZEE owns all original content and IP with a market share of 17.4%* in Q2 FY25
Domestic
• Several strategically aligned business support content • Offered in 11 languages across 50 channels
creation

• Presence in over 190 countries

• International Broadcast has reach of ~470mm viewers

International
• 40+ international channels; focusing on providing Global
content for local audiences in across geographies

• Content Production • One of the Fastest

(Film, TV & Digital) and growing music label of
the country with • Our OTT Platform offers over 3,600+ films/movies,
distribution arm of ZEE 1,600+ TV shows, 300+ originals and 5 lakhs+ hours of
presence in 20+
on-demand content across 12 languages
• Over 20 Movies & Web languages Digital
Series released in FY24 • ZEE5 recorded strong engagement in FY 2023-24
across 6 languages • Partnerships with major continues, with around 100 billion streaming minutes
movie studios &
distribution partners

7 *BARC: All 15+ (U)

One of India’s Largest Media & Entertainment Company

Key Headline KPIs

1
A diversified media and entertainment (M&E) platform with wide array of content offerings 165 Bn
for viewers across segments 17.1% 4.5+ ZEE Music YouTube
TV network share# ZEE5 App rating1
views2

2
Well positioned to capitalize on high growth India M&E market with demonstrated history 50 USD ~1.04 Bn ~3K
of quality content and experienced management team No. of channels in India FY24 Operating Revenue Headcount

3 Healthy Balance sheet and cash generation

One of the leading OTT services provider with strong presence in rapidly growing digital
media space

USD 213 Mn* 1.2x

4
Compete effectively for advertisers and viewers in the dynamic and competitive TV market
being one of the leading TV networks in India Cash and Cash
Equivalent as of Sept’24 FCF/ PAT in H1 FY25

5
Strong synergies across businesses - Build a holistic reach, distribution and monetization Shareholding Pattern Sept’24
strategy across TV, OTT and Studio businesses to emerge as a leader in a changing market
landscape Promoter, 3.99%
6 Others3, 58.72% DII-MF, 12.39%
Healthy Balance Sheet, proven track record of profitable growth, and further enhance cost
leadership to drive growth DII-Insurance, 6.39%

FII, 18.52%
Note: 1: App Rating on Android Play store and iOS App store; 2: Across all ZEE Music Company (ZMC) channels in FY24;
3: Others: includes AIF, Domestic co, Body Corp, Govt co, Retail, Foreign Nationals/Entity
8 # Source: BARC All 15+ (U); * Cash and cash eq. includes Rs 2 Bn proceeds from first tranche of FCCB
USDINR: 82.78 in FY24 & 83.79 as on 30th Sept’24
ZEE’s
Business
From giving India its first private satellite TV channel in 1992,
to reaching 1.3 billion viewers around the world through linear
and digital platforms. ZEE, today, is the global entertainment
go-to, with an integrated team creating and serving
extraordinary content.
 Linear: One of India’s Largest TV Entertainment Network

1992 Established

859mn+ Viewer (India only)1

50 # of channels (India only)

Customer Offerings Through its vast Portfolios
• Focus on family audience 11 # of languages (India only)
• Balanced focus on localized content
• Strong fiction-based entertainment content 40+ # of channels (International)

• Broad regional presence with vernacular content

Viewership share2
• Strong global reach
17.4%
17.0% 17.1%
16.8%

FY22 FY23 FY24 Q2 FY25

More than 30 years in India M&E Industry

10 Source: 1: FY24 BARC 2+ U+R India; 2: BARC 15+ U India

 Digital: Well Positioned to Compete in India’s Rapidly Growing Digital Media Space

Investments have been peaked ZEE5 has a compelling content slate:

Journey towards reduction in EBITDA losses has begun
500k+ hours of on-demand content
300+ Original Shows & Movies
Q2 FY25 revenues
Total Revenue (Rs Mn) up 6% QoQ Launch year
2018
2,652
2,372 2,363
2,200 2,232 2,237
1,943 1,939 On Demand Content (Hrs)
500k+
Languages
12
Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
App Rating2
4.5+

-1,777
-1,588 29%
FY24 Digital Revenue1 Rs 9,195 Mn 3-year
-2,539 -2,440 Revenue
-2,652
-2,820 CAGR
-3,113
-3,421 Rs 189 mn reduction in
EBITDA* (Rs Mn) Q2 FY25 EBITDA loss QoQ
FY24 Digital EBITDA Loss1
Rs 11,052 Mn

1. EBITDA loss excludes costs incurred by the business on ZEEL network; ZEE5 Revenue and EBITDA includes Zee’s other digital businesses
11 2. Google Play Store & iOS app Store
Zee Music Company (ZMC)
2nd Largest Music Label with ~156 Mn Subscribers on YouTube

ZMC is well positioned to capitalise the

growing opportunity
• More than 14,000 hours of music content

• Over 156 Mn Subscribers on YouTube*

• New age catalogue enabling higher consumption

• Diversified library and new acquisition across Hindi, other

languages and singles / albums

• Supports new talent by way of its production of non-film

music under the ‘ZEE Music Originals’ brand name.

• Strong track record of acquiring new Hindi movies title

All ZMC YouTube Channels Video Views & Subscribers Count
165
119
66
149 156
134
117

FY22 FY23 FY24 Q2 FY25

Total Subs count (Mn) Total Video Views during the year (Bn)

12 * Across all Zee Music Channels in Q2 FY25

 ZEE Studios: Portfolio Approach with Strong Synergies

Strong synergies with other businesses

ZEE’s Linear, digital and, music businesses are
buyers of movie rights, enabling the movies
business to aggregate comprehensive rights at
competitive price

Multi-pronged approach
Production/Acquisition/Distribution model has
enabled it to become one of the leading studio
in India and have a strong presence in movie
production and monetisation eco-system

Portfolio approach
Movies across budgets and multiple languages to
reduce risk

The only Studio from India to premiere 3

films at 3 different leading film festivals in
the world in same calendar year.

13
Financial History
&
Road Ahead
 ZEE Has a Proven Track Record of Delivering Consistent Growth…

Operating Income (in ₹ Bn)

FY12-19 CAGR FY20-24 CAGR …Last few year has been impacted by
Advertising: 16% Advertising: -3%
Subscription: 8% Subscription: 5%
• Slowdown in Ad Spending
Other Sales & Services: 16% Other Sales & Services: 10%
o Covid 19 Pandemic
Total Operating Income: 13% Total Operating Income: 1%
o Consumption slowdown impacting
FMCG Ad spends
86.37
79.34 81.30
77.30
81.86 80.88 o Slow down in new age companies
66.86 spending with crunch for funding
64.34 9.14
58.13
48.84 5.62 5.43
6.94
44.22 5.87
7.38 • Trading near term revenue for longer
37.00
30.41 term strategic
4.52
4.98 o Exit From DDFree Dish (ZEE Anmol)
3.89 23.11 28.87 32.47
33.36 36.66
4.30 20.29 32.43 • Delay in implementation of NTO 3.0
2.39 22.63
20.58 had stagnated subscription revenues
1.71
17.94
1.83 18.02 • Significant investments in Digital
15.65
12.74
50.37 46.81 43.97
Business (ZEE5) towards content,
42.05 40.59 40.58
33.65 36.74 37.49 marketing and technology
23.80 26.60
15.84 19.64
• Merger related distraction
FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24
Advertising Subscription Other Sales & Services

15 Note: Prior period numbers are as reported

 Slower Revenue Growth Coupled with Investments has Caused Pressure on Margins…

Operating Profit (in ₹ Bn)

…Aspire to deliver industry-leading
32.3%
31.1% Aspire to deliver 18-20% EBITDA margin
29.9% On Track of industry-leading
Margin Recovery 18-20% EBITDA margin
27.2% • Prudent investments with optimum
25.8% 25.7% 26.0%
24.3% cost structures
23.2%
20.1% 21.7%
• Build synergies to core business and
be a leader in new business models
16.0%

12.8% • Reduction in Digital Losses

25.64
13.6%
20.76
19.27

10.5%

17.90

17.80
16.35
15.14
12.54
12.04

11.01
9.54

9.07
7.40

FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Q1 Q2 Q4
FY25 FY25 FY26

Operating Profit Margin

16 Note: Prior period numbers are as reported

 Making Steady Progress towards our Financial Aspirations (1/3)

Our aspiration Progress we have made

Subscription Revenue
• YoY growth has exceeded 9% YoY in last 3 quarters

Target 8-10% overall

revenue CAGR with
Revenue growth current portfolio
Advertising Revenue
• Macro Ad environment softness has restrained our ability to drive
advertising revenue growth
• Ad revenue performance remains ahead of comparable industry peers
• Strengthened competitive positioning with 60 bps network viewership
share gain in last two-quarters and well positioned to capitalise on Ad
spends recovery

17
 Making Steady Progress on Financial Objectives (2/3)

Our aspiration Progress we have made

Overall Business EBITDA Margin

• Prudent cost discipline and

focused execution has enabled us

16.0%
Aspire to deliver

12.8%
industry-leading to clock 630 bps improvement in

10.2%

9.7%
Profitability 18-20% EBITDA margin by Q4 FY26 EBITDA margins in a challenging
macro environment
Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

Digital EBITDA Loss (Rs Mn)

Digital Business

• Significant progress has been made

2,652
2,440
towards achieving a balanced cost

1,777

1,588
structure, to sustain long-term
growth in ZEE5
Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

18
 Making Steady Progress on Financial Objectives (3/3)

Our aspiration Progress we have made

Content Inventory and

Content inventory Advances (Rs Bn)
and advances

• Content Inventory and Advances

75.2
Continue to maintain a

74.2
Healthy Balance Sheet and Continues to decline driven by
Balance Sheet

70.5

70.1
liquidity optimised acquisition and movie
releases
Dec'23 Mar'24 Jun'24 Sept'24

Cash and Cash Equivalent (Rs Bn)

Cash and Cash
equivalent

17.8*
• Strong FCF generation driven by

13.2
improving profitability and

11.9
8.3
optimisation of working capital
• Secured access to growth capital
Dec'23 Mar'24 Jun'24 Sept'24

19 * Sep-2024 Cash and cash eq. includes Rs 2 Bn proceeds from first tranche of FCCB
Growth Refreshing & Sharpening
content offerings across
Investing in high growth
segments
Monetisation of existing
IP & Content
linear and digital business
Strategy
• New Show Launches in • Digital (ZEE5) • Monetization avenues
Hindi and language • International Business for our rich content
markets • Music library while balancing
• Marketing investments • Language Markets our longer-term strategic
for brand building objectives through
• Content experimentation content syndication
• Selective new content/ IP
Acquisition
THANK
YOU