Tata Play Reports a 44% Increase in Net Loss, Reaching Rs 510 Cr FY25

Tata Play, a direct-to-home (DTH) television service jointly owned by Tata Sons (70%) and Walt Disney (30%), reported a larger consolidated net loss of Rs 510 crore for 2024-25, up 44% from Rs 354 crore the previous year.

Key Highlights

• Tata Play's net loss increased by 44% to ₹510 crore in FY25 amid rising competition.
• Revenue declined due to a shrinking subscriber base and intensified competition from DD Free Dish and OTT platforms.

The company's total revenue fell 5.46% to Rs 4,082 crore from Rs 4,305 crore. It had been in talks with Bharti Airtel about merging with the latter's DTH arm, Bharti Telemedia. However, the merger talks were called off due to a lack of a "satisfactory resolution".

Crisil Ratings, which reaffirmed its ratings on Tata Play's Rs 8,000 crore bank facilities, stated that revenue is expected to remain flat in 2025-26, following a decline in the previous fiscal. 

The decline is primarily due to a shrinking subscriber base, which has dropped to 18 million from a high of 23 million.

The decline in subscribers is being driven by increased competition from Prasar Bharati's DD Free Dish, as well as the growing popularity of digital entertainment platforms, particularly over-the-top (OTT).

However, Media Partners Asia previously reported that the pay TV industry would gain 3.5 million net paid subscribers in 2025 as cricket content moves behind paywalls, despite continued competition from DD Free Dish and OTT.

Crisil Ratings stated that while DTH revenues have decreased, the impact is expected to be partially offset by growing earnings from Tata Play's broadband business and its OTT platform, Tata Play Binge.