DTH
Dish TV bets on VZY, Watcho and ShopZop to drive business turnaround
DTH operator looks beyond traditional television as subscribers shift to OTT, free-to-air and connected TVs
MUMBAI: Dish TV is looking to diversify beyond its traditional direct-to-home (DTH) business as subscriber losses continue to weigh on its financial performance, with newer ventures such as smart TV brand VZY, e-commerce platform ShopZop and content platform Watcho forming part of its turnaround strategy.
According to an Economic Times report, Dish TV’s revenue fell 25.84 per cent year-on-year to Rs 1,162.61 crore in FY26, while EBITDA remained negative. The company attributed the pressure largely to the growing availability of alternative entertainment options.
Dish TV CEO and executive director Manoj Dobhal told shareholders that the company is seeing early traction across its newer businesses and expects them to support its recovery and future growth.
VZY TV, which entered the smart TV market in September last year, has crossed the Rs 100 crore milestone. The range combines DTH and OTT services, aligning with Dish TV’s broader strategy of moving from traditional set-top boxes towards connected screens.
The company is also expanding Watcho, its digital content platform, while integrating OTT services into hybrid packages for existing DTH subscribers. Dish TV sees these offerings as a way to retain customers as viewing habits shift across platforms.
ShopZop is expected to generate revenue through commission fees, while Dish TV plans to use content partnerships and sponsorships to create additional revenue opportunities.
The company is also developing Content India, its content marketplace launched with C21 Media to connect content creators, buyers and technology companies. After hosting its first three-day event in Mumbai in March 2026, Dish TV aims to expand the platform into a major content hub in Southeast Asia.
The diversification comes as the Indian pay-DTH market faces three structural challenges: urban households moving towards OTT platforms, price-sensitive consumers shifting to free-to-air services and the rapid adoption of connected TVs.
Dish TV said these changes are affecting DTH operators across India and globally and are expected to continue in the coming years. In response, the company has diversified its channel bundles, expanded original and regional content on Watcho and added OTT streaming to its hybrid packages.
Dish TV launched India’s first DTH service in 2003 and later merged with Videocon DTH in 2018. After becoming debt-free in 2023, the company is now repositioning itself for what it sees as the next phase of home entertainment, where content consumption increasingly spans DTH, OTT and smart screens.
The strategy marks a shift for Dish TV from defending its traditional subscriber base to building a broader connected entertainment ecosystem, with VZY, Watcho, ShopZop and Content India expected to play a bigger role in its future growth.
