iWorld
This generation will witness shift from linear TV to OTT: Sameer Nair
MUMBAI: Ever since the Covid2019 pandemic cast its shadow over the world, the consumption pattern of audiences has altered drastically. The entertainment industry, for one, has witnessed radical changes as the shutdown of theatres led to viewers taking to smartphones to keep themselves engaged. This shift has further prodded the digital landscape to pick up the pace and the streaming platforms across the world to acquire a fresh audience base. To bring these changes to light and platform an in-depth discussion, the Asia Society in southern California held a webinar on ‘Cinemas to Smartphones: Streaming Wars and the Future of Bollywood and India Content’.
The discussion was a part of the eleventh US-Asia Entertainment Summit, and the country in focus was one of the largest consumer markets in the world – India. To represent the country on a global scale, Applause Entertainment CEO Sameer Nair shared his insightful perspective on the topic. Other panellists included filmmaker Shekhar Kapur and entertainment lawyer Gowree Gokhale.
On OTT landscape in India
Nair began by highlighting the impact of Covid2019 on the streaming industry in India, the future of television, and the big opportunities that await in a nation of content-hungry viewers.
The current state of the OTT landscape in India is a lot like the early days of television, related Nair. Just like in the ‘90s when a whole bunch of TV channels emerged from a number of players and investors, a similar trend is at play in the streaming business now. “In India we have a potential of 500 million-strong audience base and the streaming platforms have touched around 20 million, so it is a long way to go. India is a large market connected with smartphones and broadband connectivity, cheapest data in the world, already savvy with television and film. This is a growth phase where there will be a lot of investment as we essentially move audiences from television to streaming,” said Nair.
He went on to add that theatrical revenue is a very important income stream –
Those who draw a comparison between 9,000 theatrical screens versus 900 million smartphone screens miss the fact that the 900 million smartphones are not going to generate the sort of revenue compared to what the country can potentially generate theatrically. “So, taking the theatrical experience off the market translates to a significant economic change and you are also leaving a great chunk of retail revenue on the table. I think streaming platforms can compensate for those $80-100 billion to offset the theatrical revenue loss.”
On the other hand, film Director and producer Shekhar Kapur quipped that there is no competition between theatre and OTT platforms. The success of any content, be it on television or OTT platform, largely depends on the technology as well. Every new technology creates a new culture of content creation and a new culture of content consumption. Therefore, he finds Netflix and Amazon as technology companies rather than content companies who, in the end, took advantage of technology to deliver content. But due to Covid2019, people are very comfortable watching content while sitting at home, and so it becomes very difficult for theatres to bring audiences back, mused Kapur.
On the future of television in India
The linear television industry in India has reached 197 million TV and cable satellite homes. There is about 10-15 million more to go and it is now scraping the bottom of the barrel. As every content platform and every technology creates a content habit, TV was the classic talking to the consumer technology and it told you to watch your favourite shows at specific time slots so you had to reorder your life accordingly.
But then came the streaming platforms, which made content available to you whenever you want it, thereby precipitating one of the biggest changes in consumer habits. Nair theorised that it won’t be long before traditional TV viewing becomes completely obsolete. Said he: “The way TV is progressing, dependent on advertising and subscribers, it has reached its scale. This is a decade where we will be able to see a gradual transitioning out of typical linear television to streaming platforms and then moving on to even more dramatic technological advancements.”
On the success of Scam 1992: The Harshad Mehta Story
One of the platform’s latest offerings, Scam 1992: The Harshad Mehta Story, has become the talk of the town. It is currently the highest rated show on IMDB in India (9.6) and #16 amongst the top 50 television shows globally. With phenomenal ratings and record-breaking performance, the show has made it to the list of the top five OTT shows for the last week of October, according to a streaming tracker by Ormax Media.
This is a clear indication of the demand for differentiated content and the need to cater to the audience in this regard.
“People watch programmes, not channels. And in a way how people watch movies and go to theatres because of the ambience, similarly now with platforms or with any form of content, people are more drawn to individual experiences and a collection of that content makes a platform,” Nair said.
He noted that for a platform to succeed, its offerings have to be much larger and deeper, as eventually they depend on a subscription model or they want their customers to come back again and again.
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.
