HMVL to halt new OTTplay subscriptions from March 31 amid profitability concerns

Hindustan Media Ventures Limited (HMVL) has decided to stop offering new subscription packs for its OTT aggregation platform OTTplay from March 31, 2026, as the company reassesses the long-term viability of the business.

In a stock exchange filing on Thursday under Securities and Exchange Board of India (SEBI) regulations, the company said the decision was approved by its board earlier in the day. Existing subscribers of OTTplay will continue to be serviced, but no fresh subscriptions will be sold going forward.

The move signals a strategic pullback from the OTT aggregation segment, which has seen heightened competition and mounting pressure on profitability across the industry.

HMVL disclosed that OTTplay contributed approximately Rs 59.86 crore in revenue in FY25, accounting for nearly 8% of the company’s total revenue. However, the business remained loss-making, with a negative net worth of Rs 38.09 crore—around 2% of the company’s overall net worth.

The parent company, in contrast, reported a positive net worth of about Rs 1,611.49 crore for the same period, underlining the relatively small but financially straining role of the OTT unit within its broader portfolio.

HMVL attributed the decision to exit new subscriptions to concerns over delayed profitability. The company said the “expected timeline for achieving sustainable long-term profitability does not meet the required criteria,” indicating that the business was unlikely to turn around within an acceptable timeframe.

The development comes at a time when India’s OTT ecosystem is undergoing consolidation and recalibration, with platforms facing rising content costs, intense competition, and pressure to demonstrate clear monetisation pathways.

OTT aggregators like OTTplay, which bundle multiple streaming services under a single subscription, have struggled to differentiate their offerings amid aggressive pricing and direct-to-consumer strategies by major streaming platforms.

By halting new subscriptions while continuing to support existing users, HMVL appears to be adopting a phased wind-down approach rather than an abrupt shutdown.

The decision is likely to be closely tracked by investors as HMVL sharpens its focus on core operations and evaluates capital allocation across its business segments.