Indian FM Radio faces major job cuts: Big FM, Radio City lead layoff wave

The Indian radio industry is reeling under one of its biggest rounds of retrenchments, with insiders estimating that as many as 300 employees have been laid off across networks. 

As per sources, Radio City alone has let go of 100–150 staffers. Employees across non-core functions have been asked to leave, underscoring how the wave of cuts is spreading across the sector as companies double down on their traditional radio business amid mounting financial strain.

An impacted employee from the podcast production vertical of Radio City, who did not wish to be named, confirmed the development. “They want to stick to the core business, which is radio. The rest of us are being asked to leave,” the employee said, highlighting a clear shift away from non-radio initiatives.

Big FM too has shown the door to nearly 50-70 employees across verticals, as per sources.

The layoffs come at a time when mounting financial pressures are already weighing heavily on radio companies, with quarterly results reflecting deep stress on revenues and profitability.

Numbers Speak

The financial strain is clearly reflected in earnings. Music Broadcast Ltd, the operator of Radio City, reported a net loss of Rs 2.17 crore for the quarter ended June 30, 2025, marking a decline of 184.11 per cent from a net profit of Rs 2.58 crore in the March 2025 quarter. The company’s performance also worsened year-on-year, though losses narrowed by 94.30 per cent compared with a net loss of Rs 38.03 crore in the same period last year. Revenue from operations slipped to Rs 49.32 crore, down 17.25 per cent sequentially and 9.78 per cent lower than Rs 54.67 crore in Q1 FY25.

Radio City revenues

For DB Corp’s radio business (operator of My FM and more), advertising revenues in Q1 FY26 stood at Rs 39.2 crore, compared to Rs 38.8 crore in the same period last year, reflecting a muted 1.2 per cent year-on-year growth. Sequentially, revenues rose by 3.7 per cent over the March 2025 quarter, when the business posted Rs 37.8 crore. Profitability, however, showed strain. EBITDA for the quarter was Rs 11.5 crore, down from Rs 13.2 crore a year ago, marking a 13.1 per cent decline. 

Mirchi ENIL’s consolidated revenues for Q1FY26 stood at Rs 117 crores, marking 3% year-on-year growth. Domestic revenues rose to Rs 113 crore, up 3.2% YoY, driven primarily by robust growth in events, solutions and digital businesses. EBITDA for the quarter grew by 3.6% to Rs 6.2 crore.

“Radio advertising segment remained subdued, mainly due to the high base effect from Q1FY25, which saw a one-time boost from political advertising during the general elections last year,” the company’s financials said

For the quarter ended June 30, 2025, HT Media’s radio broadcast and entertainment business (Fever FM) reported revenues of Rs 31 crore, a sharp fall from Rs 82 crore in the March 2025 quarter and down 13.2 percent from Rs 35.7 crore in the year-ago period. Losses deepened during the quarter, with the segment posting a loss of Rs 14.1 crore, compared to a loss of Rs 10.1 crore in the previous quarter and Rs 7.8 crore in Q1 FY25, reflecting an 81.5 percent year-on-year increase in red ink.

From RJ exits to discontinued ops 

The turbulence is not limited to these networks. Ishq FM’s Kolkata station has shown the door to popular RJ Somak Ghosh, who spoke of his plight through an Instagram reel. He revealed that his channel was sold to new owners earlier this year, but during the handover, revenue challenges became apparent, leading to job cuts. 

(TV Today Network's board had approved the closure of its FM radio broadcasting operations, which include three stations in Mumbai, Delhi, and Kolkata operating under the 104.8 FM frequency, also known as Ishq FM.)

For the quarter ended June 30, 2025, TV Today Network’s discontinued operations under radio broadcasting reported a revenue of Rs 1.25 crore, compared to Rs 2.69 crore in the March 2025 quarter and Rs 14.16 crore in the same period last year. The segment posted a loss before tax of Rs 5 lakh in Q1 FY26, against a loss of Rs 3 lakh in the March 2025 quarter and a much wider loss of Rs 3.90 crore in Q1 FY25. The total assets of the radio business stood at Rs 37.22 crore as of June 30, 2025, while liabilities were at Rs 10.11 crore.

Radio battles for relevance 

Industry observers say the wave of layoffs and mounting losses reflect more than just short-term cost cuts, it’s a symptom of radio’s diminishing relevance in India’s fast-changing media landscape. 

Free Commercial Time (FCT) revenues, once the lifeblood of private FM, are shrinking as advertisers divert budgets to digital and connected platforms that promise sharper targeting and measurable ROI. The festive season, traditionally a dependable cushion for radio, has also failed to deliver the expected boost in ad volumes.

With audiences rapidly migrating to streaming apps, podcasts and short-form video, radio’s positioning in the advertiser mix has weakened. Rising operating expenses and muted advertiser sentiment are compounding the strain, forcing networks to slash headcount and shut non-core operations. 

Unless the industry finds new monetisation models, whether through digital extensions, branded IPs, or hyperlocal community content, India’s private FM sector risks being trapped in a cycle of declining ad share and shrinking relevance.