iWorld
Disney+Hotstar reports a sharp drop in paid subs base – in line
Mumbai: Disney+ Hotstar has lost 12.5mn paid subscribers (24 per cent of the total paid subs) this quarter (Jun’23) and lost 33 per cent of subscribers over the last three quarters, since IPL digital media rights moved to Jio Cinema post-auction.
The subs loss is in line with the platform’s estimates as the platform had estimated a paid subs base loss of 35-40 per cent of the total subscriber base. Multiple reasons like 1) IPL moving away from Hotstar, 2) Jio cinema offering a wide variety of content free, 3) Disney+ Hotstar offering the ICC cricket World Cup free, and 4) HBO content also moving away have been responsible for this decline. However, the platform believes the subs loss is now largely bottomed out and may see a stable subscriber base/marginal decline over the near term.
In terms of revenue impact, the potential revenue loss will remain in the range of 50 per cent-60 per cent as IPL was a large revenue contributor on AVOD. Losses for Disney+ Hotstar are expected to be much lower YoY, as it would have expanded sharply had it acquired digital rights at that hefty premium (Rs 240bn).
Pricing has remained stable y-o-y for Disney+ Hotstar and the platform doesn’t expect any respite in this too, as cricket (the key World Cup property) is available for free on Disney+ Hotstar, and the free content offering by Jio cinema will keep OTT industry ARPU’s under check with little potential for growth over the medium term (as mentioned in the platform’s report earlier).
The platform maintains its view that the India OTT market will report lower growth rates due to the arrest in SVOD revenue, on the back of premium content being offered free, which, in turn, will also delay its plans for the path towards profitability.
The credit for this article goes to Elara Capital Sr VP- research analyst (media, consumer discretionary & internet) Karan Taurani.
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
