Zee prunes its Technology and Innovation Centre by 50% to create ‘cost-effective structure’

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ZEE Entertainment Enterprises on Friday pruned its Technology and Innovation Centre (TIC) by 50% to achieve a “cost-effective structure”.

The restructured team at TIC will maintain a sharp focus on offering technology solutions to enhance content creation, distribution and monetization process, the firm said in a statement, adding that the step has been taken in line with the advice received by the Board via the Monthly Management Mentorship program.

The objective of the program is to guide and enable the management team to achieve key performance metrics, including the targeted 20% EBITDA margin. The program, led by ZEE Chairman R. Gopalan, has been constituted to protect the interests of all stakeholders of the company.

“We are laser focused towards creating exceptional content that is rich and engaging for our viewers. To achieve this, we need the blend of a creative approach, detailed consumer insights and futuristic technology solutions. The core and streamlined team at TIC will now only focus on enabling and empowering us in this process of content creation, distribution and monetization,” MD & CEO Punit Goenka said.

Goenka in an investors’ call earlier had said he aspires 18 to 20 per cent EBITDA margin with 8-10 per cent CAGR revenue growth for the group by adopting a frugal approach. The Company recently announced the strategic realignment of its revenue vertical, that is now being directly driven by Goenka.

The key changes actioned at the TIC are in line with this macro-level strategic approach, with an objective to arrive at a cost effective structure that is competent and productive enough, to deliver the same level of output towards the company’s growth, the firm said.

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