MUMBAI: Radio One, the joint venture between Midday Multimedia and BBC worldwide has posted net revenue of Rs 151.6 million for the half year ended 30 September, a growth of three per cent over last last year's H1 revenues, which stood at Rs 146.6 million.

At the quarter level, the figures for H1 last year and this year were identical at Rs 80.29 million, the company states. At the EBIDTA (Earnings before interest Depreciation Tax and Amortization), there was an improvement of two per cent over last year's H1, despite adding a full station cost of Kolkata.

The company claims the results as an encouraging performance 'given that the radio industry has dipped in revenues by 6.5 per cent all India and by over 13 per cent in the seven cities that Radio One operates'.

�We have achieved our stable financial performance based on a �sound sales strategy' and excellent cost management. Apart from growing in net revenues in a difficult time we have been declared the number one radio brand and number seven media brand from a list of 125 brands in the media space (PITCH magazine survey on media planners and buyers) on the strength of our innovative idea solutions for clients and agencies. We are the only radio player to start an education revenue stream in partnership with Symbiosis International University which includes a radio management course to be extended to 3 cities soon. We are the only focused �music leader' in the FM market where we average 34% more songs per hour than any competitor allowing our �maximum music fataafat' proposition to be tangible to our listeners, says Radio One managing director Vineet Singh Hukmani.

The company states that it is imperative that the government extend the license fee period from 10 to 15 years, given that no player has or is likely to break even in the first five years. This extension of license fee period will make the industry lucrative for investment both with Indian and foreign investors, it says. This will allow phase 3 to be an attractive investment opportunity, and allowing an FDI limit of 49 per cent will also help as there are many foreign media entertainment brands interested in the Indian Radio Metro Markets. "We need a quick solution to very high music costs that are preventing radio companies from making healthy profits," adds Hukmani.

Radio One operates in seven cities - Mumbai, Delhi, Bangalore, Chennai, Kolkata, Ahmedabad and Pune.