iWorld
OTT piracy hits Rs 8,000–11,000 crore annually in 2025
Illegal feeds drain broadcasters as MIB task force moves slowly; OTT now main piracy source with 63 per cent share.
MUMBAI: India’s TV screens are leaking money faster than a pirate’s ship because when signals get stolen, the only thing sinking is the industry’s bottom line. DTH signal piracy has escalated into a multi-billion-rupee crisis for India’s broadcast sector, with illegal feeds causing an estimated Rs 22,400 crore loss in 2023 alone. Industry estimates show roughly 90 million users accessed pirated video content outside India in 2024, inflicting $1.2 billion (≈ Rs 10,000 crore) in notional losses equivalent to about 10 per cent of the legal video market. Without stronger intervention, projections warn this could balloon to 158 million users and $2.4 billion in losses by 2029.
Broadcasters and distributors report piracy now eats over 30 per cent of their revenues, crippling reinvestment in content and infrastructure. The shift is stark, while DTH once dominated pay TV, active subscribers fell to around 56.92 million in early 2025 amid subscriber churn to OTT platforms, which now boast over 547 million video streamers. Yet piracy has followed the audience OTT has become the primary source for illegal content, accounting for 63 per cent of such access and driving Rs 8,000–11,000 crore in annual losses for the streaming market.
The industry has repeatedly urged the Ministry of Information & Broadcasting (MIB) to mandate forensic watermarking technology that embeds invisible identifiers in video streams to trace unauthorised feeds back to their source. Other proposed measures include physical verification for set-top box activations and location-based services. MIB established a task force to tackle the issue, and a nationwide consultation began in late 2025, but stakeholders say progress remains slow and the mandate too narrow, still excluding full coverage of cable and satellite networks.
The broader media and entertainment sector valued at Rs 2.5 trillion in 2024 faces mounting headwinds from piracy’s evolution. Cross-border enforcement remains complex, consumer preference for free content persists, and technological countermeasures spark an ongoing arms race. Without faster regulatory teeth and wider safeguards, broadcasters warn, the projected doubling of losses by 2029 could choke innovation and global competitiveness.
For an industry already squeezed by OTT migration, signal theft isn’t just theft, it’s a slow bleed threatening the very content that keeps viewers hooked. The question now isn’t whether piracy hurts; it’s how long the legitimate players can keep the lights on while the pirates keep the party going for free.
iWorld
Jio IPO faces delay as India yet to clear listing rule changes
Proposed rule change allows mega IPOs to float just 2.5 per cent
MUMBAI: The Indian government’s delay in formalising changes to listing rules may derail the targeted timeline for the initial public offering (IPO) of Jio Platforms, the digital arm of Reliance Industries controlled by billionaire Mukesh Ambani.
According to media reports, Reliance is awaiting formal notification of regulatory amendments before appointing investment bankers and filing a draft IPO prospectus. The company is now aiming to submit the draft prospectus before April, depending on when the government issues the notification.
Jio, which owns India’s largest wireless operator, is widely seen as one of the crown jewels of Ambani’s business empire. Its listing, the first public offering of a major Reliance unit in nearly two decades, could become the country’s biggest ever IPO.
Investment bankers have proposed a valuation of as much as $170 billion for the company. Even the minimum stake sale could raise roughly $4.3 billion, potentially placing Jio among India’s most valuable listed companies.
Ambani had earlier said that Reliance was targeting a listing of Jio in the first half of 2026, a plan first outlined in 2019 with a five-year timeline. In 2020, global technology groups Meta Platforms and Alphabet invested more than $10 billion combined in the company.
The delay stems from pending regulatory changes approved by the Securities and Exchange Board of India in September. The amendments allow companies with a post-issue market capitalisation exceeding Rs 5 trillion (about $55 billion) to float as little as 2.5 per cent of equity in an IPO, compared with the current 5 per cent minimum.
Such changes are expected to enable mega listings, including potential offerings by Jio and the National Stock Exchange of India. However, the reforms still require formal notification from the government.
Meanwhile, the National Stock Exchange is moving ahead with plans to raise as much as $2.5 billion through its own IPO and has recently invited banks to pitch for roles in the offering.
