Sony Pictures Networks
Sony Pictures Networks India (SPNI), the consumer-facing brand of Culver Max Entertainment Private Limited, is an Indian media company founded in 1995 as an indirect wholly owned subsidiary of Sony Group Corporation. It operates 28 premium television channels spanning general entertainment, movies, sports, children's programming, and factual content, alongside the SonyLIV digital streaming platform and Studio NEXT for original productions. With a reach exceeding 700 million viewers in India and presence in over 150 countries, SPNI focuses on delivering diverse content through broadcast, digital, and production arms.[1][2] SPNI has established itself as a dominant force in Indian sports broadcasting by securing exclusive media rights to high-profile events, including UEFA Champions League and Europa League matches for over 1,600 games, Asian Cricket Council tournaments with a 70% value increase in recent deals, and New Zealand Cricket properties in a $90-100 million agreement. These acquisitions underscore its strategic emphasis on premium sports content to drive viewership and revenue. The company has also earned recognition for workplace excellence, such as India's Best Companies to Work For in 2021 and Exemplars of Inclusion in 2024.[3][4][5] Notable developments include a failed $10 billion merger with Zee Entertainment in 2024, which was mutually terminated amid regulatory and leadership disputes but later settled out of court, and carriage fee conflicts with platforms like Tata Play leading to temporary channel blackouts. These events highlight competitive pressures in India's consolidating media landscape, where SPNI navigates antitrust scrutiny from the Competition Commission of India alongside rivals. Despite such challenges, its robust content portfolio and sports dominance position it as a key player in the sector.[6][7][8]Overview
Corporate Profile and Ownership
Culver Max Entertainment Private Limited, trading as Sony Pictures Networks India (SPNI), is an Indian media conglomerate based in Mumbai, Maharashtra, operating a portfolio of television channels focused on general entertainment, movies, sports, and regional content.[2][1] The company reaches audiences across India through cable, satellite, and digital platforms, with programming tailored to Hindi, regional languages, and international formats licensed from Sony Pictures Television.[1] Incorporated on September 18, 1995, SPNI has grown into a key player in the Indian broadcasting sector, employing strategies for content localization and sports rights acquisition to maintain viewer engagement.[9][10] Ownership of SPNI resides entirely within the Sony corporate structure, as Culver Max Entertainment is an indirect wholly-owned subsidiary of Sony Group Corporation, the Japanese multinational parent company.[11][1] This structure traces through Sony Pictures Entertainment Inc., which oversees global television operations, ensuring SPNI's alignment with Sony's content production and distribution ecosystem without external shareholders or joint ventures diluting control.[12] No changes to this ownership have occurred following the termination of a proposed merger with Zee Entertainment Enterprises Ltd. in early 2024.[13] Current leadership is headed by Gaurav Banerjee, serving as Managing Director and Chief Executive Officer since his appointment in 2022, overseeing strategic decisions in content, distribution, and revenue amid competitive pressures in India's media landscape.[14] The headquarters at Off Malad Link Road, Mumbai, supports operational functions including channel management and advertising sales.[15]Market Position in India
Sony Pictures Networks India (SPNI) operates as a leading television broadcaster in India, with a portfolio spanning general entertainment, movies, and sports channels that reach over 700 million viewers domestically across urban and rural markets. The network's strength lies primarily in the Hindi general entertainment genre, where channels like Sony SAB and Sony Entertainment Television (SET) consistently secure top viewership positions according to BARC India ratings. For example, in Week 38 of 2024, Sony SAB led Hindi general entertainment channels with an average weekly audience of 496.02 thousand impressions, outperforming competitors such as Star Plus (352.44) and Colors (294.57). Similarly, SET's flagship program Kaun Banega Crorepati has maintained TRP ratings around 1.0 in recent weeks, contributing to the network's competitive edge in prime-time slots.[16][17][18] Financially, SPNI generated domestic revenues of ₹5,575 crore in fiscal year 2025 (ending March 31, 2025), down 3.5% from the prior year, amid a broader advertising slowdown that reduced ad income to ₹2,606 crore—a decline of approximately 9%—while subscription revenues grew modestly by 1.1%. Net profit halved to ₹456 crore, reflecting higher content costs and market pressures, though operational cash flows improved significantly to ₹317 crore. India accounts for about 10% of parent Sony Pictures Entertainment's global revenue and profits, underscoring the market's strategic importance despite uneven growth and the collapse of the proposed Zee Entertainment merger in early 2024.[19][20][21] In the fragmented Indian TV landscape, SPNI competes with conglomerates like Disney Star and Reliance-owned Viacom18, differentiating via premium scripted content, reality formats, and niche sports rights including Wimbledon, US Open tennis, and WWE broadcasts on Sony Sports channels. Recent gains in market share for SET and Sony SAB during the second half of FY25 signal recovery efforts under new leadership, focusing on original programming and digital synergies to counter streaming competition. As one of the last major U.S.-backed networks with deep local roots—marking 30 years since its 1995 entry—SPNI sustains influence through established franchises rather than dominance in high-volume cricket broadcasting.[22][10][23]History
Inception and Early Development (1995–2006)
Sony Entertainment Television India Private Limited was incorporated on September 30, 1995, as a wholly owned subsidiary of Sony Pictures Television, marking Sony's entry into the Indian broadcasting market amid the post-liberalization cable television boom. The company's inaugural channel, Sony Entertainment Television (SET), began transmissions on October 8, 1995, delivering Hindi-language general entertainment content including fiction series, game shows, and family dramas aimed primarily at urban middle-class viewers. This launch positioned SET as a key player in diversifying options beyond the government-controlled Doordarshan, with programming emphasizing modern narratives and production values influenced by global standards.[10][24] In the subsequent years, the network methodically broadened its offerings to capture niche audiences. AXN debuted on January 8, 1999, as an English-language channel specializing in action, adventure, and thriller content, becoming India's pioneering genre-specific imported entertainment service. Later that year, in July 1999, Sony Max followed, focusing on Hindi-dubbed movies, sports broadcasts, and event programming to appeal to a wider demographic including rural and semi-urban households. These additions leveraged Sony's access to international content libraries while adapting to local tastes, contributing to steady subscriber growth in a competitive landscape dominated by domestic rivals like Zee TV and Star Plus.[25][26] By the mid-2000s, further consolidation strengthened the portfolio. In 2005, the company acquired SAB TV from the Sri Adhikari Brothers, rebranding it as Sony SAB to target family-oriented comedy and light entertainment, thereby enhancing its appeal in the general Hindi GEC segment. The period culminated in 2006 with the launch of Sony Pix, an English movie channel featuring Hollywood blockbusters and premium films, which expanded the network's premium content footprint and catered to affluent, English-proficient subscribers. Throughout this phase, operations emphasized content localization, rights acquisitions, and distribution partnerships, laying the groundwork for multi-channel scalability without significant reliance on state subsidies or advertising overhauls.[27][26]Rebranding and Expansion as Multi Screen Media (2007–2014)
In December 2007, Sony Entertainment Television (SET) India Private Limited underwent a corporate rebranding to Multi Screen Media Private Limited, reflecting a strategic shift toward diversified content delivery across multiple platforms.[28] This change, effective from January 2008, encompassed the management of SET's portfolio of channels targeting the Indian market, including general entertainment and movies, amid growing competition in cable and satellite broadcasting.[29] During this period, Multi Screen Media expanded its channel lineup to capture broader audience segments. In April 2012, the company launched Sony SIX, its inaugural dedicated sports channel, aimed at broadcasting live events such as cricket and football to capitalize on India's sports-viewing demographics.[30] This marked an entry into the competitive sports broadcasting sector, previously dominated by a few players. Concurrently, Sony Pictures Television increased its ownership stake in Multi Screen Media from approximately 76% to 94% in June 2012 through a $271 million investment, solidifying control and enabling further investments in content acquisition and infrastructure.[31] The expansion extended to digital realms with the introduction of SonyLIV in January 2013, positioning Multi Screen Media as a pioneer in over-the-top (OTT) streaming in India by offering on-demand access to channel content, including archived episodes and live sports.[32] This multi-screen initiative aligned with rising internet penetration and mobile usage, allowing viewers to consume programming beyond traditional television. By 2014, the company announced plans for additional channel launches and original programming to strengthen its top-tier market position, including enhancements to existing properties like SET and Sony SAB for family-oriented content.[33] These developments underscored a transition from linear TV dominance to integrated multi-platform strategies, though challenges persisted in monetizing digital growth amid fragmented viewership.Integration into Sony Pictures Networks (2015–2020)
In November 2015, Multi Screen Media Private Limited announced its rebranding to Sony Pictures Networks India Private Limited, aiming to better align the Indian operations with the global Sony Pictures Entertainment brand and enhance synergies in content distribution and production.[34][35] The change, subject to regulatory approvals, took effect on December 14, 2015, with a new logo designed by the Indian firm Dynamite Design to reflect Sony's international identity while maintaining local relevance.[36] This rebranding marked a strategic shift toward deeper integration into Sony Pictures' ecosystem, facilitating greater access to Hollywood content libraries and global production resources for Indian audiences.[37] A pivotal aspect of this integration was the October 2015 partnership with ESPN, which reintroduced ESPN-branded content to India after its prior joint venture ended.[38] Under the agreement, Sony Pictures Networks India rebranded its existing Sony KIX channel to SONY ESPN and launched SONY ESPN HD in January 2016, expanding the sports portfolio to include four channels: SONY ESPN, SONY ESPN HD, Sony SIX, and Sony SIX HD.[39][40] This collaboration extended to digital platforms, with ESPN integrating content from SonyLIV and co-producing localized programming for events like football matches, thereby bolstering Sony Pictures Networks India's competitive position in sports broadcasting.[41] Further consolidation occurred in August 2016 when Sony Pictures Networks India acquired the TEN Sports network from Zee Entertainment Enterprises for an undisclosed sum, adding three channels (TEN 1, TEN 2, and TEN 3) to its lineup and rebranding them as Sony TEN channels.[42] This move significantly strengthened the sports division, securing rights to major cricket leagues such as the Indian Premier League (IPL) and international series, while integrating TEN's established viewership—estimated at over 100 million households—into Sony's operations.[43] The acquisition aligned with Sony Pictures' global emphasis on premium sports content, enabling cross-promotion and resource sharing across regions. Throughout 2017–2020, integration efforts focused on content synergy and digital expansion, including expanded WWE broadcasting rights in March 2020, which added live airing of Raw, SmackDown, NXT, and pay-per-view events across sports channels.[44] These developments enhanced operational efficiencies, such as unified branding for 10+ channels and improved access to Sony Pictures' international IP, though challenges like rising content acquisition costs persisted amid competition from streaming services.[24] By 2020, Sony Pictures Networks India operated 26 channels reaching over 700 million viewers in 167 countries, reflecting successful alignment with parent company strategies.[45]Post-Pandemic Challenges and Restructuring (2021–Present)
Following the collapse of its proposed merger with Zee Entertainment Enterprises on January 22, 2024, Sony Pictures Networks India (SPNI) encountered significant operational and strategic hurdles, including prolonged uncertainty that delayed content investments and market positioning. The deal, initially announced in December 2021, aimed to create a media powerhouse with combined revenues exceeding $10 billion but faltered due to unmet closing conditions, regulatory delays, and internal disputes, prompting Sony to terminate the agreement and pursue a $90 million termination fee. This failure exacerbated competitive pressures from digital streaming platforms and rising content acquisition costs, particularly for sports rights, amid a broader industry shift toward hybrid broadcast-digital models.[46][47][48] Financially, SPNI reported a 46% plunge in net profit to ₹456 crore for fiscal year 2025 (ending March 31, 2025), alongside a revenue decline, attributed to elevated operational expenses and subdued advertising recovery post-pandemic. Despite these setbacks, the company bolstered its cash reserves by ₹1,906 crore, providing liquidity for strategic pivots. Leadership instability compounded issues, with Managing Director and CEO NP Singh resigning in May 2024 amid the merger fallout, followed by the departure of executives like Leena Lele Dutta, head of the kids' business, in October 2024.[49][19] In response, SPNI initiated restructuring under new CEO Gaurav Banerjee, appointed to lead a growth rebuild starting in 2024, emphasizing cost optimization and operational efficiency. A key measure included an internal audit commissioned from Boston Consulting Group (BCG) in September 2025, targeting redundancies across departments to streamline processes and reduce overheads, with potential job cuts signaling broader industry adaptations to margin pressures. Additional leadership rejigs, such as appointing Nachiket Pantvaidya as business head for general entertainment in 2024, aimed to refocus on core strengths in sports and fiction content while exploring hybrid licensing to offset exclusive rights expenses. Legal frictions, including a June 2025 Bombay High Court challenge against a TDSAT stay on disconnecting Tata Play over carriage fee disputes, highlighted ongoing distribution tensions.[50][51][52]Business Operations
Television Channels
Sony Pictures Networks India operates a portfolio of over 25 television channels, encompassing general entertainment, movies, sports, kids' programming, factual content, and regional offerings in languages such as Hindi, English, Marathi, Bangla, Tamil, and Telugu. These channels, available in both standard definition and high-definition formats, target urban and rural audiences with a mix of scripted series, reality shows, films, and live events.[53] The flagship general entertainment channels include Sony Entertainment Television, launched on 30 September 1995 as the company's inaugural channel, featuring fiction series, reality competitions, and cross-genre programming.[54] Sony SAB focuses on family-oriented comedy and light-hearted narratives, while Sony PAL caters to rural Hindi-speaking viewers with relatable stories and movies. Regional channels such as Sony AATH provide Bangla fiction and animation, and Sony Marathi delivers culturally resonant Marathi content. Sony YAY! targets children with animated and live-action shows.[55] Movie channels form a significant segment, with Sony MAX and its variants (including Sony MAX HD, Sony MAX 1 launched on 1 May 2025, and Sony MAX 2) broadcasting Hindi films, Bollywood hits, and dubbed international titles for mass audiences. Sony PIX and Sony PIX HD specialize in English-language Hollywood movies, while Sony WAH serves as a free-to-air option for rural Hindi movie viewers. Factual entertainment is covered by Sony BBC Earth, a joint venture offering nature and science documentaries.[55][56] The Sony Sports Network, rebranded from earlier Sony SIX and Ten Sports acquisitions (with Sony SIX launching in April 2012 and Ten Sports acquired in August 2016), includes channels like Sony TEN 1, Sony TEN 2, Sony TEN 3 (Hindi), Sony TEN 4 (Tamil and Telugu variants launched separately on 8 July 2025), and Sony TEN 5, along with HD feeds. These channels broadcast premium international sports properties, emphasizing cricket, tennis, football, and wrestling.[57][58][56]Sports Broadcasting Rights and Coverage
Sony Pictures Networks India (SPNI) operates the Sony Sports Network, comprising channels such as Sony TEN 1, Sony TEN 2, Sony TEN 3 (Hindi), Sony TEN 4 (Tamil and Telugu variants), and Sony TEN 5, along with HD feeds, to broadcast international sports events primarily targeting Indian audiences.[57] These channels provide multilingual commentary, with English on TEN 1 and 2, Hindi on TEN 3, and regional languages on TEN 4 variants, enabling broader accessibility in diverse markets like Tamil Nadu and Andhra Pradesh/Telangana.[59] Coverage extends to live telecasts, highlights, and analysis shows, streamed additionally on SonyLIV, emphasizing premium international properties over domestic leagues following strategic shifts.[60] In cricket, SPNI's portfolio shifted after losing Indian Premier League (IPL) television rights in the 2022 auction, where Disney Star secured them for 2023–2027 at ₹23,575 crore, ending Sony's long-held exclusivity from 2008 to 2022.[61] To compensate, SPNI acquired rights to Asian Cricket Council (ACC) tournaments from 2024 to 2031 for approximately $170 million, covering events like the Asia Cup and emerging Asia Cup across TV, digital, and audio platforms.[62] Additional cricket deals include exclusive television rights for Pakistan Cricket Board (PCB) home bilaterals, a tri-nation series, and 34 Pakistan Super League (PSL) matches in 2025; New Zealand Cricket's home men's and women's matches; England and Wales Cricket Board (ECB) series involving India, such as the 2025 five-match Test series; and Major League Cricket seasons.[63][64][65] Football broadcasting features UEFA Champions League, Europa League, and Conference League rights renewed for three seasons from 2024/25 to 2026/27, including over 150 matches annually with enhanced production like player cams and multi-angle replays.[66] SPNI also holds rights to select domestic events like the Durand Cup, renewed for three years. In tennis, coverage includes the French Open (retained through partnerships like FanCode) and Davis Cup qualifiers and finals for 2023 and 2024.[67] Emerging properties encompass the inaugural World Pickleball League (WPBL) in January 2025 and WWE events, though WWE rights are set to transition to competitors by late 2025.[68]| Major Sports Rights | Duration | Key Details |
|---|---|---|
| ACC Tournaments | 2024–2031 | All men's and women's events; TV, digital, audio in India.[69] |
| PCB/PSL | 2025 | Home series, tri-nation, 34 PSL matches; exclusive TV.[70] |
| UEFA Competitions | 2024/25–2026/27 | Champions, Europa, Conference Leagues; 150+ matches.[66] |
| French Open | Ongoing | Broadcast alignment with sub-licensing partners.[71] |
General Entertainment Programming
Sony Pictures Networks India (SPNI) delivers general entertainment programming through its Hindi-focused channels, including Sony Entertainment Television (SET) and Sony SAB, which feature scripted fiction, reality competitions, and comedic series aimed at family audiences. These channels form the core of SPNI's 16 entertainment offerings, spanning general entertainment in Hindi alongside regional variants.[55][53] SET, SPNI's flagship Hindi general entertainment channel, emphasizes dramatic serials, thriller formats, and high-profile reality shows, with programming slots dedicated to prime-time fiction that often revolves around family dynamics, romance, and social issues. Notable long-running series include crime procedural CID, which debuted in 1998 and aired over 1,500 episodes, and supernatural anthology Aahat, contributing to the channel's early reputation for suspenseful content. Reality formats such as the quiz competition Kaun Banega Crorepati, hosted by Amitabh Bachchan since its 2000 premiere, have driven peak viewership, while dance-based shows marked pioneering efforts in interactive entertainment. In recent years, SET has introduced titles like Bade Achhe Lagte Hain, a romantic drama that concluded amid declining ratings in 2025.[10][73] Sony SAB specializes in light-hearted comedy and slice-of-life narratives, positioning itself as a family-viewing destination with content that avoids heavy drama in favor of humor and relatable everyday scenarios. Its marquee program, Taarak Mehta Ka Ooltah Chashmah, launched in 2008, remains a staple, adapting satirical sketches from a classic column into episodic storytelling that has sustained high engagement through cultural references and ensemble casts. Other offerings include family-centric serials like Pushpa Impossible and mythological tales such as Gatha Shiv Parivar Ki, aired in evening slots to capture post-dinner viewership. This channel's strategy prioritizes evergreen reruns and feel-good formats, differentiating it from SET's more intense narratives.[74][75] SPNI's general entertainment output has historically relied on original Hindi fiction to compete in India's fragmented TV market, but recent BARC ratings data indicate challenges, with multiple SET shows exiting in September 2025 due to low gross rating points (GRPs), reflecting intensified rivalry from digital streaming platforms. Programming decisions emphasize advertiser-friendly slots, with fiction dominating 70-80% of airtime on these channels, supplemented by acquired formats and celebrity-driven events for seasonal boosts.[73][10]Film and Original Content Production
Sony Pictures Networks India entered film production with the establishment of Sony Pictures Networks Productions, a division focused on creating theatrical features for domestic audiences. This arm has co-produced biographical sports dramas such as Azhar (2016), which depicts the career and controversies of cricketer Mohammad Azharuddin, in collaboration with Balaji Motion Pictures.[76] The film starred Emraan Hashmi and grossed approximately 26.45 crore rupees (about $4 million) in its opening weekend.[76] Another key release was Soorma (2018), a biopic on field hockey player Sandeep Singh's recovery from paralysis following an accidental gunshot and his return to international competition. Produced in partnership with C.S. Films and directed by Shaad Ali, the film featured Diljit Dosanjh in the lead role and emphasized themes of resilience, achieving a worldwide gross of around $3.17 million.[77][78] Complementing its film efforts, Sony Pictures Networks India develops original television and digital content via Studio NEXT, an independent production unit dedicated to generating intellectual properties for broadcast and streaming platforms. Established to produce high-investment scripted programming with potential for international appeal, Studio NEXT targets genres like drama and thrillers for channels such as Sony Entertainment Television and the SonyLIV platform.[24] This initiative supports SPNI's strategy to build proprietary content libraries exceeding 60,000 hours, encompassing originals across fiction and non-fiction formats.[79]Digital and Streaming Services
SonyLIV Platform Overview
SonyLIV is an Indian over-the-top (OTT) video streaming service operated by Culver Max Entertainment Private Limited, the entity formerly known as Sony Pictures Networks India. Launched on January 23, 2013, it pioneered OTT services in India, initially focusing on sports content before expanding to broader entertainment offerings. The platform aggregates content from affiliated television channels, including live broadcasts, archived episodes, and exclusive digital originals.[80][32] The service delivers live sports events, such as cricket and football matches under rights held by its parent network, alongside movies, television series, web originals, and international programming. Key features include multi-screen compatibility across mobile, web, and smart TV devices; offline download capabilities for select titles; and ad-supported free access tiers combined with premium subscription plans starting at varying price points for ad-free viewing and pay-per-view options. Content personalization through algorithms aids user engagement, with over 40,000 hours of library material available as of recent reports.[32][81][82] SonyLIV's subscriber base expanded from 0.7 million paid users in early 2020 to 33.3 million globally by mid-2023, fueled by pandemic-driven digital shifts, high-profile originals like biographical dramas, and bundled sports packages. A 2020 interface revamp emphasized user-friendly navigation and regional language support to boost retention in non-Hindi markets. By 2024, the platform reported sustained growth through targeted strategies like sub-licensing sports rights and regional content slates in Tamil, Telugu, and Malayalam, though it faces competition from larger aggregators.[83][72][84][81]Content Strategy and User Growth
SonyLIV's content strategy emphasizes a balanced portfolio of premium original series, live sports broadcasting, and regionally tailored programming to enhance viewer retention and attract diverse audiences across India. In 2025, the platform announced a slate of 25 original series spanning Hindi, Telugu, Tamil, Malayalam, and Bengali languages, including high-profile titles like the Hindi-language drama Kashmir Soccer Club, aimed at scaling production while capitalizing on linguistic diversity to penetrate non-Hindi markets. This multi-language approach builds on prior expansions, such as the 2024 rollout of 18 titles in Tamil, Telugu, and Malayalam, including non-fiction formats, to strengthen presence in South India by year-end. Complementing originals, SonyLIV leverages exclusive sports rights—such as UEFA Euro 2024 coverage—to bundle premium content under subscription models, fostering app sampling and converting free users to paid via targeted events that drive live viewership spikes. Hybrid distribution deals, integrating broadcast, streaming, and sub-licensing, help manage escalating rights costs while broadening reach without sole reliance on exclusivity.[85][86][87] User growth initiatives prioritize organic expansion through content-driven engagement rather than aggressive mergers, following the collapse of the proposed Zee Entertainment deal in early 2024. The platform reported approximately 33.3 million paid subscribers as of late 2023, with strategies centered on sports events yielding measurable uplifts; for instance, UEFA Euro 2024 generated a 50% increase in overall users, a 64% rise in total views, and a 350% surge in live views compared to prior benchmarks. Investments in digital originals and regional content aim to boost FY25 subscriber acquisition and revenue, with executives highlighting partnerships and impactful programming as key levers amid competitive pressures in India's OTT market, which exceeded 500 million users in 2024. Revamped platform features since the 2020 relaunch, powered by cloud infrastructure, have supported scalability for peak events, contributing to historical tenfold subscriber growth, though exact 2025 figures remain undisclosed pending fiscal reporting.[84][88][89][90]Financial Performance
Revenue Streams and Profitability Trends
Sony Pictures Networks India (SPNI), operating as Culver Max Entertainment, derives its primary revenue from advertising sales, subscription fees from pay-TV distribution, and ancillary sources such as content licensing and exports. Advertising constitutes the largest stream, accounting for a significant portion of domestic revenue, with SPNI leveraging marquee events like cricket tournaments (e.g., Asia Cup and Asian Cricket Council events) to attract advertisers, though rates for high-profile matches like India-Pakistan encounters reached ₹14-16 lakh per 10-second slot in 2025. Subscription revenue stems from carriage fees paid by multi-system operators and direct-to-home providers, but has faced stagnation amid cord-cutting trends and competition from streaming platforms. Export and licensing revenues, including sub-licensing of sports rights to offset acquisition costs, provide supplementary income, with domestic operations forming the bulk at ₹5,575 crore in FY25.[91][92] Profitability has trended downward in recent years, pressured by an advertising slowdown, escalating content and sports rights expenses, and a flat subscriber base in linear TV. In FY24, advertising revenue fell 11% to ₹2,912 crore, contributing to a 19% drop in net profit to ₹839 crore on operational revenue of approximately ₹6,510 crore. This decline extended into FY25, with operational revenue contracting 4.4% to ₹6,151 crore and net profit plunging 46% to ₹456 crore, as higher investments in sports properties and original content outpaced revenue growth amid broader media sector challenges like reduced ad budgets.[93][49][19]| Fiscal Year | Operational Revenue (₹ crore) | Net Profit (₹ crore) | Key Factor |
|---|---|---|---|
| FY24 | 6,510 | 839 | 11% ad revenue drop[93] |
| FY25 | 6,151 | 456 | 4.4% revenue decline, cost pressures[49] |
Key Financial Metrics and Recent Declines (FY24–FY25)
In FY24, Sony Pictures Networks India (SPNI) reported revenue from operations of ₹6,435 crore, marking a 3% decline from the previous fiscal year, primarily driven by an 11% slump in advertising revenue to approximately ₹2,857 crore amid softening ad budgets in the media sector.[95][96] Net profit for the year fell 19% to ₹839 crore, reflecting higher content acquisition costs and competitive pressures in sports broadcasting rights.[21][96] FY25 saw further deterioration, with revenue from operations dropping 4.4% year-over-year to ₹6,151 crore, as domestic revenue declined 3.5% to ₹5,575 crore and export revenue fell amid global market challenges.[22][49] Advertising revenue contracted further to ₹2,606 crore, a decrease of about 9%, while total expenses rose 5.6% to ₹5,770 crore, largely due to elevated costs for sports rights and original content production.[97][98] Net profit halved to ₹456 crore, a 46% decline from ₹843 crore in FY24, underscoring persistent headwinds from ad market slowdowns and rising operational expenditures despite some gains in subscription revenue from SonyLIV.[20][99]| Key Metric | FY24 (₹ crore) | FY25 (₹ crore) | YoY Change |
|---|---|---|---|
| Revenue from Operations | 6,435 | 6,151 | -4.4% |
| Advertising Revenue | 2,857 | 2,606 | -8.8% |
| Total Expenses | 5,456 | 5,770 | +5.6% |
| Net Profit | 843 | 456 | -46% |