Sony’s FY23-24 revenue drops 3% to Rs 6,510 crore

Net profit declines by 19% and ad income down by 11%

by e4m Staff
Published: Oct 7, 2024 9:20 AM | 2 min read

Culver Max Entertainment (Sony Pictures Networks India) has reported a consolidated net profit of Rs 839.6 crore for the fiscal year ending March 31, 2024, marking a 19% decline compared to the previous year.

According to the annual report of the company for FY 2023-24, Sony experienced a 3% drop in revenue from operations, to Rs 6,510 crore from Rs 6684.9 crore the previous fiscal.

The company reported total revenue of Rs 6,725.57 crore, down from Rs 6,912.02 crore in the previous year. This marks a continuing trend from the peak of Rs 6,867.52 crore in FY22.

The advertising income plummeted by 12% to Rs 2,824.7 crore in FY24 from 3,209.6 crore in the last fiscal. However, its subscription revenue grew by 7% to reach Rs 3,206.2 crore from Rs 2,989.2 crore, providing some relief against the backdrop of declining ad revenue.

Its total expenses dropped by Rs 5 crore, bringing them to Rs 5,548 crore.

The content costs for SPNI, which operates 26 TV channels spanning entertainment, sports, kids, and infotainment, alongside its streaming platform, SonyLIV, decreased by 3% to Rs 2,936 crore, while advertising and promotional expenses increased by 2% to Rs 882 crore.

During the fiscal year, SPNI called off its planned merger with Zee Entertainment Enterprises. Recently, both companies reached a non-cash settlement, resulting in the withdrawal of their claims from the National Company Law Tribunal and the Singapore International Arbitration Centre.

In its financial report, Sony indicated a write-back of Rs 43 crore, a decrease from Rs 100 crore in FY23, related to a one-time talent retention initiative associated with the merger.

“During the year, the Company has written back an amount of Rs 425.68 million, which was provided for in earlier years (previous year charge of Rs. 1,008.60 million) for one time talent retention plan and incurred integration and legal expenses aggregating Rs. 886.89 million (previous year charge of Rs.986.31 million), in connection with the merger scheme,” Sony said.

To revitalize the network, SPNI appointed former Disney Star executive Gaurav Banerjee as its MD and CEO in August. Sources indicate that Banerjee is focused on a turnaround plan for the company's flagship Hindi general entertainment channel, Sony Entertainment Television (SET), which has struggled with a lack of successful fiction shows.