iWorld
TIPS Industries doubles revenues over two years
Mumbai: TIPS Industries Ltd (Tips Music), a leading Indian music label which creates and monetises music, announced its financial results for the quarter & financial year ending 31 March 2023.
Key financial performance:
Key financial highlights:
1. Highest ever quarterly revenue growth. Revenue for Q4 FY23 was Rs 52 cr, a growth of 52 per cent y-o-y and 2 per cent q-o-q. For FY23 revenues stood at Rs 186.8 cr up by 38 per cent y-o-y.
2. The content cost for the year was Rs 62.4 cr which has risen by 95 per cent over the previous year and for Q4 FY23 the content cost was Rs 19 cr, up 120 per cent y-o-y.
3. For FY23 the company released 896 new songs from which 240 new songs were released during Q4 FY23. Out of 240 new songs, 141 were new film songs and 99 non-film songs.
4. Latest releases including PS-1, performed exceptionally well. Two songs of Freddy have crossed over 55 million views, and the Yo Yo Honey Singh “Yai Re” has crossed over 35 million views.
5. YouTube subscribers now stand at 82.1 million. For FY23 YouTube views were 112.7 billion up 89 per cent y-o-y while for Q4 FY23 views were 33.6 billion, which is a growth of 105 per cent y-o-y.
6. Successfully completed buyback of the maximum permissible amount of Rs 40.1 cr during the year. Also, the board has recommended a dividend of Rs 0.5 per equity share taking the FY23 payout ratio to 60.8 per cent (buyback + dividend).
Commenting on the results, chairman & MD Kumar Taurani said, “I am thrilled to announce that we have had an eventful and successful quarter. We have reported our highest ever quarterly sales growth. This achievement is a result of our dedication to providing must have hits to listeners. On the business front, we have released 240 new songs during the quarter, including 141 new film songs and 99 non-film songs. Our latest releases, including PS-1, have performed exceptionally well. We are proud to say that we have been consistently gaining market share and improving our rankings. We are confident that we will continue to do so in the future and are committed to providing the best products and services to our customers. We have also successfully completed a buyback of the maximum permissible amount in this quarter and recommended a dividend of Rs 0.5/share (post-split), which is the highest ever in our company’s history. The buyback and the dividend cumulatively bring our payout ratio to 60.8 per cent for FY23, which is a testament to our commitment to creating value for our shareholders. We are grateful for the support and trust of our stakeholders and are committed to creating sustainable value for all stakeholders.”
iWorld
Meta plans 8,000 layoffs in new AI-led restructuring wave
First phase from May 20 may cut 10 per cent workforce amid AI pivot.
MUMBAI: At Meta, the future may be artificial but the cuts are very real. The social media giant is reportedly preparing a fresh round of layoffs, with an initial wave expected to impact around 8,000 employees as it doubles down on its artificial intelligence ambitions. According to a Reuters report, the first phase of job cuts is slated to begin on May 20, targeting roughly 10 per cent of Meta’s global workforce. With nearly 79,000 employees on its rolls as of December 31, the move marks one of the company’s most significant workforce reductions in recent years.
And this may only be the beginning. Sources indicate that additional layoffs are being planned for the second half of the year, although the scale and timing remain fluid, likely to be shaped by how Meta’s AI capabilities evolve in the coming months. Earlier reports had suggested that total cuts in 2026 could reach 20 per cent or more of its workforce.
The restructuring comes as chief executive Mark Zuckerberg continues to steer the company towards an AI-first operating model, committing hundreds of billions of dollars to the transition. Internally, this shift is already visible: teams within Reality Labs have been reorganised, engineers have been moved into a newly formed Applied AI unit, and a Meta Small Business division has been created to align with broader structural changes.
The trend is hardly isolated. Across the tech sector, companies are trimming headcount while investing aggressively in automation. Amazon, for instance, has reportedly cut around 30,000 corporate roles nearly 10 per cent of its white-collar workforce citing efficiency gains driven by AI. Data from Layoffs.fyi shows over 73,000 tech employees have already lost jobs this year, compared with 153,000 in all of 2024.
For Meta, the move echoes its earlier “year of efficiency” in 2022–23, when about 21,000 roles were eliminated amid slowing growth and market pressures. This time, however, the backdrop is different. The company is financially stronger, generating over $200 billion in revenue and $60 billion in profit last year, with shares up 3.68 per cent year-to-date though still below last summer’s peak.
That contrast underlines the shift underway. These layoffs are less about survival and more about reinvention. As Meta restructures itself around AI from autonomous coding agents to advanced machine learning systems, the question is no longer whether the company will change, but how many roles will be left unchanged when it does.
