In the process of transformation, we don’t want to lose sight of our core business- radio
Prashant Panday, MD & CEO, Mirchi
Retaining top talent: With different segments of the economy, and media and entertainment itself, recovering from the pandemic at different rates, there is a real worry that top talent may quit and join the faster-growing sectors. We need to focus on retaining this talent. This will entail reversing all tough HR measures undertaken during the pandemic, and initiating new steps that will bring the morale back up. Fortunately, the strong Mirchi culture will help in this. Physical meetings, which build bonding (social capital!) will have to be restarted. The “fun & entertainment” – one of the core tenets of our culture, will come back in a much bigger way.
Giving impetus to the transformation process: While the transformation of the company from a largely-radio company to a media-agnostic, platform-agnostic, music and entertainment company has been going on for several years, there is a need to step up the pace significantly in 2021. The pandemic has created a new opportunity for new ideas and products – especially on the digital side. Simultaneously, advertisers are demanding “solutions” far more than earlier, rather than just media inventory. The right environment very much exists for us to tap into. We will need to add more members to specific teams, kick off several new content ideas, and pitch the new Mirchi products and architecture to advertisers etc.
Improving the financial health of the company: The pandemic has a great impact on revenues, and consequently profits and ROI to shareholders. The share price has come down proportionately, with the profit decline. ENIL’s significant cost control measures have helped cut unnecessary flab. We will have to retain this control, even as we add those costs back that create large value. As revenues pick up, and as control on cost continues, profits should return. With that, ROI should return too. We must stay alert, and if the pandemic were to show major or minor rebounds, we should be prepared to contain its effects.
Growing our radio reach: In the process of transformation, we should not happen that we lose sight of our core business- radio. While we have been leaders for the last 20 years, nothing can be taken for granted. Our competitors, all fine radio companies, will remain focused on radio. Staying ahead will test the skills of all programming people in Mirchi.
Finally, growing the reach of our digital products: Our digital reach today is estimated at about 60 million, monthly. This comes largely from our video products, much of it currently present on YouTube. We need to expand this by 4-5x in the next few years. In 2021, we will have to ensure that we achieve a reach of at least 100 million monthly. For this, we will need to innovate, build relationships with all available platforms, spend more monies on marketing, and target more advertisers who will back our initiatives.
