DTH
DTH expands even as pay TV market saturates
Mumbai: Pay TV subscription revenue is expected to reach $7.6 billion by 2026 over $6.4 billion in 2021, stated Media Partners Asia in its latest report on India’s online video market, which also highlights the increasing market share of Direct-to-home (DTH) even as cable TV remains in structural decline.
There are 127 million pay TV subscribers in India and DTH has been winning share from cable TV since 2019. While DTH grew its subscriber share from 42 per cent in 2019 to 47 per cent in 2021, the share of cable TV declined from 56 per cent to 52 per cent in the same period.
According to the report, there will be one billion video screens in India by the end of 2024. There will be 47 million FTA households and 121 million pay TV homes. As many as 13 million homes will have hybrid set-top-boxes, 744 million users will have 4G connections and 155 million users will have 5G connections. In the long run pay TV homes will decline while FTA homes will continue to grow, the report indicated.
By 2026, two-third of Indians will have access to high-speed mobile broadband reaching 899 million subscribers, out of which 34 million homes will be serviced by fibre, and three million homes will have wireline (digital subscriber line) connections. The report estimates that ~90 per cent of fixed broadband homes will be serviced through fibre.
In terms of revenues, the video market scale will grow to reach $18 billion in 2026 over $11.6 billion in 2021. Pay TV subscription revenues may reach 7.6 billion, pay TV advertising revenues at $6.1 billion, OTT advertising-video-on-demand (AVOD) to reach $2.8 billion and OTT subscription-video-on-demand to reach $1.8 billion.
D2C SVOD subscribers to reach 193 million by 2026
Despite content supply bottlenecks, India’s OTT SVOD subscriptions continue to grow at a robust rate. This year OTT subscribers are expected to grow by 1.6 times over the previous year to reach 88.7 million. Most of these subscribers are expected to come through Disney+ Hotstar in Q4. As per the MPA’s estimate, Disney+ Hotstar subscribers is likely to reach 46 million, Prime Video to reach 21.8 million and Netflix to reach 5.5 million at the end of the year. These platforms will continue to account for 83 per cent of total direct-to-consumer subscribers in India.
The OTT industry is also expected to invest $1 billion in content in 2021, according to the report. Their share of acquired and local content is 30 per cent and is expected to grow to 40-45 per cent in the near future. New D2C SVOD entrants are going to enter the market by 2022 including services from HBO and Comcast.
The content strategy of the leading OTT players is diverse and has led to subscriber growth. For Disney+ Hotstar, the combination of sports and local originals has been increasing subscriber growth. It hiked its base plan by 25 per cent “which is justified given the value of its upcoming slate of premium sport and local original content”, said the company.
Disney+ Hotstar, which is currently at the lower end of ARPUs (<$2), will see its pricing power improve after 2022, according to the report. Prime Video has benefitted from its regional content push and Netflix has invested heavily in original content with 41 original releases in 2021.
In 2022, the Indian Premier League (IPL) media rights will be up for grabs once again with TV and digital rights being sold separately. The report estimates that top bidders will include Disney, Amazon, Facebook, Jio and Sony.
DTH
SITI Networks reports Rs 435.69 million loss amid insolvency process
Mounting losses and legal challenges continue to weigh on operations
MUMBAI: SITI Networks Limited, currently undergoing a Corporate Insolvency Resolution Process (CIRP), has reported its un-audited financial results for the quarter and half-year ended 30 September 2025. The company’s financial position remains under significant pressure, with ongoing losses and uncertainty around its ability to continue as a going concern.
The company reported a consolidated net loss of Rs 435.69 million for the September 2025 quarter, taking its accumulated losses to Rs 29,388.36 million. Its net worth stands at a negative Rs 12,445.09 million, while current liabilities exceed assets by Rs 16,861.18 million, raising serious concerns about financial sustainability.
For the half-year period, consolidated revenue from operations declined to Rs 5,667.78 million from Rs 6,108.28 million in the corresponding period last year. Total current liabilities rose to Rs 24,796.07 million, driven largely by trade payables of Rs 11,030.22 million and borrowings of Rs 7,573.85 million.
The Resolution Professional has admitted financial creditor claims of Rs 11,292.66 million, along with operational and employee claims amounting to Rs 7,066.86 million. Meanwhile, statutory auditors have issued a “Disclaimer of Opinion,” citing lack of access to key information, including minutes of Committee of Creditors (CoC) meetings due to confidentiality constraints.
A dispute also continues over Rs 1,230 million appropriated by lenders from the company’s bank accounts during a “stay period.” The National Company Law Appellate Tribunal (NCLAT) has directed that this amount be held in a separate interest-bearing account until the matter is resolved.
Operationally, pay channel costs for the half-year stood at Rs 3,754.03 million. The company noted that if these costs were reported on a net basis, both revenue and expenses would appear lower, though there would be no impact on the net loss.
Additionally, Siti Jind Digital Media Communications ceased to be a subsidiary in October 2025 following approval of a resolution plan. SITI Networks’ future now depends on the successful implementation of its own resolution plan as it continues through the insolvency process.
