Culver Max's FY24 Profit Falls 19.43% to Rs 839.6 Crore, Revenue Declines 2.6% to Rs 6,510 Crore

There has been a drop in the net profit of Rs 1,042.18 crore as well in the financial year 2024 of Culver Max Industries. This announcement was reinforced with a mention of a drop of 19.43% in net profit to Rs 839.6 crore over the corresponding period recorded in Tofler's renowned business intelligence platform. This comprises a tremendous drop compared to last year when the company formerly known as Sony Pictures Networks of India (SPNI), had declared a net profit of Rs 1,042.18 crore. His net was around 37 times lower, so the company had a considerable benefit in this line. In addition, the company also had a 2.6% decrease in its income from operating activities, leading to Rs 6510.66 crore.

A drop in earnings is for the most part ascribed to a decrease in advertising income which went down by 12% to Rs 2,824.78 crore, which was the case in 2024. In 2023, this section of the company came with a contribution of Rs 3,209.63 crore. Besides, the revenues from the segment "revenue sharing from distribution and advertising time" that should have been provided to Culver Max decreased by 9.81% to Rs 119.27 crore, and "licensing income and the sale of programs" decreased by 4.64% to Rs 253.4 crore.

Conversely, the company's subscription income showed a positive trend, growing by 7.25% to Rs 3,206.27 crore during FY24. This was despite a 2.69% decrease in total income, which includes other revenue, to Rs 6,725.57 crore from the previous year's Rs 6,912.02 crore.

The costs of Culver Max, which are paid by SPE Mauritius Holdings and SPE Mauritius Investments, declined slightly, and the amount was Rs 5,548.58 crore compared to the previous year. Within this, advertising and sales promotion costs stood at Rs 874.81 crore, and other expenses amounted to Rs 247.42 crore.

Originally known as Sony Pictures Networks India Pvt Ltd, the company underwent a name change to Culver Max Entertainment Pvt Ltd on April 20, 2022. A significant event that occurred in FY24 was the cancellation of its anticipated merger with Zee Entertainment. Sony had been in talks for over two years regarding a USD 10 billion merger with ZEE Entertainment Enterprises Ltd, but ultimately decided to withdraw in January 2024. The deal collapsed due to Zee's inability to meet certain "closing conditions," as stated by Sony. The matter even escalated to legal proceedings, with both parties heading to court.