Sony India net falls 19% in FY24, and Revenue takes Significant Drop

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

Revenue from operations decreased by 3%, amounting to Rs 6,510 crore, while the overall expenses got a slight reduction of 5 crore, bringing the total to Rs 5,548 crore. 

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

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 Rs 2,936 crore, while advertising and promotional expenses increased by 2% to 882 crore. The company declined to comment on its financial results. 

During the fiscal year, SPNI rejected 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 Center.

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

SPNI has appointed former Disney Star executive Gaurav Banerjee as its MD and CEO to renovate and strengthen the network.