Our Bureau
Mumbai
Sony Pictures Entertainment (SPE) remains the last major US entertainment company with a significant presence in India, a market that contributes about 10% of its global revenue and profit. Despite challenges and uneven growth, SPE continues to invest heavily in India across television, sports, and digital platforms. The company’s subsidiary, Sony Pictures Networks India (SPNI), operates one of the world’s top-five YouTube channels, Sony Entertainment Television (SET), highlighting its expanding digital footprint.
In fiscal year 2024, SPNI reported a 19% decline in consolidated net profit to ₹839 crore, with revenue slipping 3% to ₹6,510 crore. Advertising revenue fell by 11% to ₹2,912 crore, while subscription revenue grew 7% to ₹3,346 crore, partially offsetting the dip. This contrasts with other major players like Disney and Paramount Global, which have restructured or exited the Indian market. Disney merged Star India into a joint venture with Reliance Industries-owned Viacom18, while Paramount sold its stake in Viacom18 to Reliance.
Sony had earlier explored a merger with Zee Entertainment that would have created India’s second-largest media company after JioStar, valued at $8.5 billion. However, the deal did not materialize. Sony remains open to both organic and inorganic growth strategies moving forward.
The company recently appointed a new management team led by Gaurav Banerjee, a former Star India executive, to strengthen its position. The team has improved ratings and overall performance, according to Sony India CEO Ravi Ahuja. Sony’s India strategy now includes traditional and new media, with a strong focus on navigating the evolving creator economy, a sector the company is closely studying to capitalize on future growth opportunities.
