Advertising
Co-lead or crown? Tussle for Omnicom–IPG leadership race in India heats up
Advertising budgets under pressure, strategy gaining traction: Sony Pictures Networks India
SPNI invested heavily in bolstering its content portfolio, accelerating its digital platforms, and acquiring marquee sports rights, including the Asia Cup.
The performance comes at a time when broadcasters across India are recalibrating their strategies amid declining linear TV advertising spends and intensifying competition from digital platforms.
Culver Max Entertainment Private Limited, widely recognized as Sony Pictures Networks India (SPNI), reported a sharp fall in profits and a moderate decline in revenues for the financial year ended March 31, 2025, as the broadcasting industry continued to grapple with shrinking advertising spends and stagnant pay-TV growth. Despite the tough environment, the company’s strategic focus on digital expansion, premium content, and sports appears to be gaining ground.
Revenue from operations fell 4.4% year-on-year to ₹6,151 crore in FY25 from ₹6,435 crore in FY24. Domestic revenue declined 3.5% to ₹5,575 crore, while export revenue contracted 12.4% to ₹576 crore, reflecting muted advertising demand and broader headwinds across international markets.
Net profit nearly halved to ₹456 crore, down 46% from ₹843 crore in the previous fiscal year, largely due to rising costs and subdued revenue growth. Total expenses rose 5.6% to ₹5,770 crore, led by higher content and production spends, which increased 2.7% to ₹3,651 crore, and a sharp 12.6% jump in other operating costs to ₹1,266 crore.
Amid the operational challenges, SPNI significantly bolstered its liquidity. Net cash from operations surged nearly 470% to ₹317 crore. Cash and cash equivalents stood at ₹2,728 crore at the end of the fiscal, up 232% year-on-year, marking a strong turnaround from the previous year’s ₹1,974 crore decline.
A company spokesperson acknowledged that advertising budgets remained under pressure, which weighed on short-term profitability. “FY25 was a year of significant change for the media and entertainment industry. Advertising budgets were under pressure and market dynamics were evolving, which put short-term pressure on our profitability. Even in this environment, we stayed focused on our long-term priorities,” the spokesperson said.
SPNI invested heavily in bolstering its content portfolio, accelerating its digital platforms, and acquiring marquee sports rights, including the Asia Cup. These moves are beginning to show results. In the second half of FY25, flagship channels Sony Entertainment Television (SET) and Sony SAB recorded notable gains in market share, signalling that the company’s strategic bets are gaining traction with both audiences and advertisers.
“As we enter FY26, we are firmly on a growth path,” the spokesperson added. “With an expanded digital and sports footprint, a renewed focus on execution and rising momentum across our key properties, Culver Max is well positioned to deliver stronger and more diversified performance and to create sustained value for all stakeholders.”
The performance comes at a time when broadcasters across India are recalibrating their strategies amid declining linear TV advertising spends and intensifying competition from digital platforms. SPNI’s results underscore both the pressure on traditional revenue streams and the early benefits of a pivot towards content-led and digital-driven growth.
SPOTLIGHT
According to LinkedIn’s research with over 1,700 B2B tech buyers, video storytelling has emerged as the most trusted, engaging, and effective format for B2B marketers. But what’s driving this shift towards video in B2B? (Image Source: Unsplash)
Read MoreArattai App: All you need to know about Zoho’s made-in-India "WhatsApp killer"
Discover Arattai, Zoho’s made-in-India messaging app. Features, privacy, user growth, and how it compares to WhatsApp in 2025.