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Zee and Sun TV likely to witness opportune times as ad revenue growth returns this festive season: Report
Mumbai: Despite facing an adverse impact in the wake of the covid pandemic last year, the media & entertainment industry witnessed some respite in ad revenues for the current quarter-on-quarter (QoQ). According to a report published by Elara Securities (India), in comparison to other traditional media, the television industry has reported healthy growth in the post-covid era. The report also indicated a positive outlook for ad revenues in the upcoming festive season.
TV Segment: Some respite (QoQ) in ad revenue, led by festive season
Traditional advertisers such as fast-moving consumer goods (FMCG) continue to spend on ads, while new-age players such as edtech, fintech, and gaming have chosen to reduce their ad spending. The CPG and automobile industries, as stated in the report, continue to maintain their ad spending, the report highlighted.
The report noted that Zee group and Sun TV are likely to expect better ad revenue of 3.5 per cent and 6.4 per cent, respectively, while ad revenue may be flat for TV Today. This growth will be driven by some stability in ad spending and the start of the festive season.
Zee’s subscription revenue, as noted by the report, may decelerate by 1.2 per cent, whereas Sun TV is likely to expect a growth of 4.2 per cent.
Sun TV reported a growth of 12 per cent as compared to the pre-covid period or FY2020, which also witnessed the absence of income generated from IPL and movies, and stood at 7.4 per cent year-on-year (YoY) of Rs 8,899 million.
Meanwhile, Zee and TV Today reported 3.7 per cent and 1.1 per cent YoY revenue declines, respectively.
Zee’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) QoQ margin is expected to rise by 85 basis points (bps), while Sun TV and TV Today to fall by 100 and 535 bps, respectively.
According to the report, expect margin to be under pressure on content investments for Zee and Sun TV, driven by programming initiatives in Tamil and other genres, and TV Today, on lower YoY revenue and digital segment development, which may also witness the same strain.
Zee’s and TV Today’s YoY profit after tax (PAT) is estimated to decelerate by 46 per cent and 25 per cent, respectively. TV Today, as the report noted, is estimated to grow by nine per cent.
Exhibitors – Subdued Q2 hit by weak content
Multiplexes can experience a series of downgrades due to poor Bollywood content. Large-scale films with poor box office results like Laal Singh Chadha, Raksha Bandhan, Shamshera, and Ek Villain Returns were expected to drive strong Q2FY23 performance, but their failure hit revenue growth for mega-multiples operators PVR and Inox.
According to the report, Hindi box office revenue has noted a decline of 47 per cent compared to pre-covid levels in Q2FY23, as no film performed except Brahamastra (which recorded Rs 256.25 crore in domestic ticket receipts).
Domestic box office collections are expected to fall 41.5 per cent and 42 per cent sequentially, respectively, and 35 per cent and 34 per cent as compared to Q2FY20 for PVR and Inox.
Average ticket price (ATP) and spend per head (SPH), driven by premium content traction, have already outperformed Q2FY20 by 22 per cent and 24 per cent, respectively, in Q1FY23. On low-quality content, ATP/SPH may start getting soft, the report said.
It further highlighted that ad revenue recovery is delayed and may only revive to a pre-covid level in FY24 and added that this recovery is expected to recover to 60 per cent of pre-pandemic levels of Q2FY20.
PVR and Inox (including INDAS) are expected to have Ebitda margins of 11.6 per cent and 11 per cent, respectively, in Q2FY23, as screen additions may pick up in H2FY23.
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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