Zee restructures technology centre team, prunes expenses by half
NEW DELHI : Zee Entertainment Enterprises Ltd said it is overhauling its technology and innovation centre, which includes a pruning of expenses by 50% and a restructuring of its team on the advice of a new management oversight panel.
The measures are in line with managing director and chief executive Punit Goenka’s approach to optimise resources and arrive at a cost-effective structure to drive growth, the company said in a statement on Friday.
Based on guidance from Zee’s board during the recently conducted monthly management mentorship program, Goenka has pruned the technology centre’s structure by about 50% and streamlined its scope of work, the company said.
The centre will have a sharper focus on enhancing overall content creation, distribution and monetisation by utilising technology-led tools to gain insights into consumer preferences, it added.
“… 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,” Goenka said in the statement.
Earlier this week, the board of ZEE Entertainment Enterprises institutionalised a monthly management mentorship program to guide the management team on achieving key performance metrics, including a targeted 20% Ebitda margin proposed by Goenka.
The committee was established following the collapse of a proposed merger with Sony India that was two years in the making.
The new committee will review the management’s business performance and provide required guidance, Zee had said.
As part of its first set of review sessions, the committee identified key business verticals that require critical assessment, including Zee’s tech subsidiary Margo Networks that offers internet connectivity under the brand name Sugarbox; Zindagi, a general entertainment channel that syndicates content from foreign countries; its recorded theatre service Teleplay; short video app Hipi; online video-on-demand platform Weyyak; and the English TV cluster.
Besides advising a 50% expenditure cut on the company’s technology and innovation centre, the committee had also reviewed Zee’s music business.
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Published: 29 Mar 2024, 09:21 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.