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GUEST COLUMN: Why Indian broadcasting needs a regulatory reset in 2026
The wait for 100 billion USD M&E
The 2012 Media and Entertainment (M&E) Outlook Report by the Confederation of Indian Industry (CII), an industry body, identified the sector’s potential to become a 100 billion USD market. In 2015, reports forecast that the industry would hit this target in 2025. However, the FICCI-EY annual report pegged the industry at 2.3 trillion rupees (US$29.4 billion), and estimated that it would grow at 7.2 per cent this year and reach 2.7 trillion rupees (US$31.6 billion) in 2025 – well off estimates from a decade ago. As we look ahead, the wide gap between expectation and reality calls for introspection – what stifled growth in the past decade, and what must be done differently in the next to meet the elusive 100 billion target?
Digital did not kill the TV star
The song “Video Killed the Radio Star” by Trevor Horn, Geoff Downes, and Bruce Woolley in 1979 symbolised a transition in audience preferences from radio to TV in the United States. Many prophesied TV would meet the same fate as radio with digital gaining popularity. But the picture we are seeing today is far from it. OTTs did disrupt the traditional distribution route, but they did not lead to cord-cutting as they did in other countries. Instead, TV households became multi-screen and connected TV households, content producers developed hybrid strategies to decide how they monetise content libraries, deepen audience engagement, and expand ad inventories across platforms.
US customers pay almost INR 8000 per month for TV whilst Indian households pay between 200 and 400. A 2022 BIF-CUTS survey found that 70 per cent of consumers believed that television offers a value-for-money proposition. Streaming is a cheaper alternative in the US and other countries where cord-cutting is prevalent, but it is not the case in India. Here, TV continues to serve the needs of 182 million households and makes up 40 per cent of the M&E industry’s revenues, according to various estimates. In 2025, the IPL recorded 456 billion minutes of watch-time on TV, reflecting the continuing popularity of television in the country.
Regulations inhibit TV from unlocking potential
TV could be doing much better and contributing more to M&E fortunes. But legacy economic regulations restrict key monetisation avenues and force linear TV to compete for audience attention with one hand tied behind its back. For instance, regulations inhibit broadcasters from charging families and commercial outlets like cafés and hotels differently, despite the huge footfall these entities attract during live events like cricket matches. Entire pubs and restaurants reserve entry for fans, but pay the same as a household of four would. This is not the case with any other creative industry. Hotels pay more royalties to play music in their premises to a large gathering, and artists charge businesses differently from individuals.
At the heart of the issues is the sectoral regulator, Telecom Regulatory Authority of India’s (TRAI) approach. TRAI mandates broadcasters to sell content to distribution platform operators (DPOs), who then sell it forward to customers. It is a legacy construct structured on the fragile B2B-to-B2C model. The supply chain was relevant twenty years ago to reach last-mile consumers. However, newer digitisation and encryption technologies and deep connectivity penetration have changed this scenario. Retaining the B2B-to-B2C model creates friction and leads to increased costs.
Broadcasters have invested in technology and developed the capacity to sell directly to customers, but there is no reward for their efforts. They must go through licensed distributors to reach consumers. In other countries, broadcasters can provide customised channels and bundling options to consumers. TRAI regulations foreclose broadcasters’ ability to innovate, reinvest in premium content, scale local productions, and attract global capital – all of which could ensure that consumers have a better viewing experience and more choice.
Way forward
The broadcasting sector is overwhelmed by a patchwork of regulations that have not kept pace with technological advances. 2026 brings an opportunity to reset how we think of broadcasting regulation. Reports suggest that the Union government may remove broadcasting from TRAI’s purview – a longstanding demand from broadcasters who seek a light-touch, predictable, and internationally aligned approach.
TRAI or not, restrictions on channel pricing and bundling, duration of advertisements, and the inability to charge ordinary and commercial subscribers distinctly are legacy constructs that must be shed. Broadcasters are doing their bit by investing in innovative content and technological upgrades to keep up in a highly competitive environment. Consumers remain at the core of this investment, be it in dynamic ad insertions to show relevant ads, or expanding the choice of content and mode of consumption for users.
If India wants to position itself as a global content hub and achieve long-stated industry targets, the government will need to back the medium that continues to serve the content needs of almost 70 per cent of the population. Broadcasters need the freedom to innovate, the incentives to invest, and a policy environment that sees their potential as growth engines.
Note: The views expressed in this article are solely the author’s and do not necessarily reflect our own.
iWorld
Netflix celebrates a decade in India with Shah Rukh Khan-narrated tribute film
MUMBAI: Netflix is celebrating ten years in India with a slick anniversary film voiced by Shah Rukh Khan, a nostalgic sprint through a decade that rewired how the country watches stories. The campaign doubles as both tribute and reminder: streaming did not just enter Indian homes, it quietly rearranged them.
Roll back to 2016 and television still dictated schedules. Viewers waited weeks, sometimes months, for favourite films to appear on prime time. Family-friendly filters narrowed options further, and piracy often filled the gaps. Then Netflix arrived, softly but decisively, carrying a catalogue of international titles rarely seen in Indian theatres and placing them a click away. Old blockbusters and new releases suddenly coexisted on the same digital shelf.
The platform’s real inflection point came in 2018 with Sacred Games, a breakout series that refused to dilute India’s grit for global comfort. Audiences embraced its unvarnished tone, signalling readiness for stories that did not need box-office validation or censorship compromises. What followed was a steady procession of relatable narratives. Competitive-exam anxiety fuelled Kota Factory. College relationships unfolded in Mismatched. Everyday pressures, not grand spectacle, proved bankable.
Language barriers thinned as foreign series arrived with Hindi, Tamil and Telugu dubbing, expanding viewership beyond urban English-speaking pockets. Marketing mirrored the shift. For global releases such as Squid Game, Netflix leaned on regional creators and influencers to localise buzz and make international content feel native.
The library widened beyond fiction. Documentaries stepped out of festival circuits into living rooms. Stand-up comedians found scale. Established filmmakers, including Sanjay Leela Bhansali with Heeramandi, embraced the platform’s long-form canvas. Subscriber numbers swelled to 12.37 million in India, according to Demandsage, and behaviour followed suit. Late-night binges became routine. Friday release rituals loosened. Watch parties turned solitary screens into social events.
Economics demanded adjustment. Early subscription pricing carried a premium aura that deterred many households. Over time, Netflix recalibrated plans to align with Indian spending sensibilities, conceding that accessibility is as critical as content. To extend momentum around marquee titles, the platform also experimented with split-season releases, stretching anticipation and watch time.
The anniversary film, narrated by Shah Rukh Khan, captures the linguistic shift that mirrors the cultural one: from “Netflix pe kya dekha?” to “Netflix pe kya dekhein?” The question moved from recounting the past to planning the next binge. In ten years, Netflix morphed from foreign entrant to familiar fixture, exporting Indian stories abroad while importing global ones home. The remote no longer waits; it chooses, clicks and moves on. In the streaming age, patience is out, playlists are in, and the next episode is always one tap away.
Brands
Delhivery chairman Deepak Kapoor, independent director Saugata Gupta quit board
Gurugram: Delhivery’s boardroom is being reset. Deepak Kapoor, chairman and independent director, has resigned with effect from April 1 as part of a planned board reconstitution, the logistics company said in an exchange filing. Saugata Gupta, managing director and chief executive of FMCG major Marico and an independent director on Delhivery’s board, has also stepped down.
Kapoor exits after an eight-year stint that included steering the company through its 2022 stock-market debut, a period that saw Delhivery transform from a venture-backed upstart into one of India’s most visible logistics platforms. Gupta, who joined the board in 2021, departs alongside him, marking a simultaneous clearing of two senior independent seats.
“Deepak and Saugata have been instrumental in our process of recognising the need for and enabling the reconstitution of the board of directors in line with our ambitious next phase of growth,” said Sahil Barua, managing director and chief executive, Delhivery. The statement frames the exits less as departures and more as deliberate succession, a boardroom shuffle timed to the company’s evolving scale and strategy.
The resignations arrive amid broader governance recalibration. In 2025, Delhivery appointed Emcure Pharmaceuticals whole-time director Namita Thapar, PB Fintech founder and chairman Yashish Dahiya, and IIM Bangalore faculty member Padmini Srinivasan as independent directors, signalling a tilt towards consumer, fintech and academic expertise at the board level.
Kapoor’s tenure spanned Delhivery’s most defining years, rapid network expansion, public listing and the push towards profitability in a bruising logistics market. Gupta’s presence brought FMCG and brand-scale perspective during a period when ecommerce volumes and last-mile delivery economics were being rewritten.
The twin exits, effective from the new financial year, underscore a familiar corporate rhythm: founders consolidate, veterans rotate out, and fresh voices are ushered in to script the next chapter. In India’s hyper-competitive logistics race, even the boardroom does not stand still.
MAM
Meta appoints Anuvrat Rao as APAC head of commerce partnerships
At Locofy.ai, Rao helped convert a three-year free beta into a paid engine, clocking 1,000 subscribers and 15 enterprise clients within ten days of launch in September 2024. The low-code startup, backed by Accel and top tech founders, is famed for turning designs into production-ready code using proprietary large design models.
Before that, Rao founded generative AI venture 1Bstories, which was acquired by creative AI platform Laetro in mid-2024, where he briefly served as managing director for APAC. Alongside operating roles, he has been an active investor and advisor since 2020, backing startups such as BotMD, Muxy, Creator plus, Intellect, Sealed and CricFlex through a creator-economy-led thesis.
Rao spent over eight years at Google, holding senior partnership roles across search, assistant, chrome, web and YouTube in APAC, and earlier cut his teeth in strategy consulting at OC&C in London and investment finance at W. P. Carey in Europe and the US.
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