Sony India net falls 19% in fy24; ad revenue takes a big hit

Culver Max Entertainment, operating as Sony Pictures Networks India (SPNI), has reported a 19% year-on-year decline in consolidated net profit to ₹839 crore for the fiscal year ending March 31, 2024, according to regulatory filings.

Revenue from operations decreased by 3%, amounting to ₹6,510 crore, while total expenses saw a marginal reduction of ₹5 crore, bringing the total to ₹5,548 crore.

Advertising revenue experienced a sharp decline of 11%, dropping to ₹2,912 crore, reflecting broader challenges in the ad market. However, subscription revenue grew by 7%, reaching ₹3,346 crore, helping to offset the decline in ad revenue.


SPNI operates 26 TV channels across entertainment, sports, kids, and infotainment genres, in addition to its streaming platform, SonyLIV.

On the expense side, content costs fell by 3% to ₹2,936 crore, while advertising and promotional expenses rose by 2% to ₹882 crore. The company declined to comment on its financial results.

During the fiscal year, SPNI terminated its planned merger with Zee Entertainment Enterprises.

Recently, the two companies reached a non-cash settlement, withdrawing claims against each other in both the National Company Law Tribunal and the Singapore International Arbitration Centre.

In its regulatory filing, SPNI disclosed that it wrote back ₹43 crore, compared to ₹100 crore in FY23, from a one-time talent retention plan associated with the merger. Additionally, SPNI incurred ₹89 crore in integration and legal expenses related to the merger scheme, down from ₹99 crore in FY23.

SPNI has appointed former Disney Star executive Gaurav Banerjee as its MD and CEO to revamp and strengthen the network. Banerjee joined the company in August.