Broadcasters Aim for a Brighter FY26 Following a Year of Stagnation

Broadcasters are hoping for a rebound in FY26 after a sluggish FY25, which was hampered by low advertising revenues, slow subscription growth, and customer churn.

According to industry reports, churn has begun to ease, aided by marquee live cricket content moving behind digital paywalls.

According to Media Partners Asia, the industry has added 3.5 million new pay-TV subscribers in calendar year 2025 to date, including 1.5 million during the ongoing Indian Premier League (IPL) season.

As broadcasters seek higher yields from their advertising inventory, industry consolidation is expected to boost ad revenue. The relaunch of free-to-air (FTA) Hindi general entertainment channels (GECs) on DD Free Dish is expected to increase ad revenue beginning in FY26.

DD Free Dish continues to provide broadcasters and advertisers with access to a large rural audience, estimated to be between 40 and 50 million homes.

According to industry leaders, linear TV is experiencing growth as a result of strong consumption in entertainment and sports.

A halt in free cricket streaming and the removal of content from YouTube could also boost pay-TV subscriptions, while the relaunch of FTA Hindi GECs on DD Free Dish could generate additional revenue, they said.

During its Q4 earnings call, Zee Entertainment's management stated that the linear television landscape remains strong, with weekly impressions exceeding 27 billion and a weekly reach of over 740 million viewers. "The fiscal proved to be a mixed bag for the industry at large," said Zee Entertainment CEO Punit Goenka. He added that the industry demonstrated "immense resilience" by taking cautious steps forward and pivoting strategies to increase revenue generation across segments. In FY25, ZEE subscription revenue increased by 7% to '3,926 crore.

Goenka added that industry consolidation would benefit all stakeholders in terms of revenue and cost. "On the advertising front, it's still early days. But I believe it will eventually have a positive impact on the overall industry," he said, adding that the sector is already seeing "a lot of benefit flowing in on the acquisition of content."

Ficci-EY's latest media and entertainment report stated that, barring any unforeseen disruptions, all segments are expected to grow or remain flat, with the exception of linear television, assuming India's real GDP grows by 5% or more.

At the recent WAVES summit, JioStar vice-chairman Uday Shankar stated, "TV remains relatively healthy, though there is room for improvement."

The only concern for the industry is that ad revenue is still under pressure due to macroeconomic issues.