Key Points
- Star India reported a consolidated net loss of ₹12,718 crore in FY24, down from a ₹1,272 crore profit in FY23.
- Total expenses for FY24 were ₹31,563 crore.
- Total income fell by 8.9%, from ₹20,699 crore in FY23 to ₹19,002 crore in FY24.
- Revenue from operations dropped by 6% to ₹18,632 crore.
- Subsidiary Novi Digital Entertainment’s losses grew to ₹800 crore, with income falling by 5.5%.
- Mashal Sports saw a 350% increase in profits, reaching ₹9 crore, while FSDL’s loss grew by 27% to ₹14 crore.
- Reliance, Disney, and Viacom 18 formed a joint venture combining TV and digital platforms.
Looma News
Star India has reported a huge consolidated net loss of ₹12,718 crore in FY24, compared to a profit of ₹1,272 crore in FY23. The company’s total expenses for the year came to ₹31,563 crore. Its total income fell by 8.9%, reaching ₹19,002 crore, down from ₹20,699 crore in FY23. Revenue from operations also dropped by 6%, going from ₹19,857 crore last year to ₹18,632 crore this year.
Star India’s subsidiary, Novi Digital Entertainment, saw its losses increase by 6.9%, rising to ₹800 crore from ₹748 crore in FY23. Novi’s total income also fell by 5.5%, dropping to ₹4,170 crore from ₹4,413 crore last year.
On a positive note, Mashal Sports, which handles sports content, reported a 350% rise in profits, growing from ₹2 crore in FY23 to ₹9 crore in FY24. On the other hand, the joint venture Football Sports Development Limited (FSDL) saw its losses increase by 27%, reaching ₹14 crore from ₹10 crore in FY23. FSDL’s total income also decreased by 10%, falling to ₹364 crore from ₹401 crore last year.
In a strategic move, Reliance Industries (RIL), the Walt Disney Company, and Viacom 18 Media Private Ltd announced a merger of their television and digital platforms. The new joint venture will combine ‘Star’ and ‘Colors’ for TV content, and ‘JioCinema’ and ‘Hotstar’ for digital. This partnership aims to offer a wide range of entertainment and sports content to Indian audiences. Reliance will own a 16.34% stake directly and another 46.82% through Viacom 18, while Disney will hold 36.84% of the joint venture.
