GECs
ZEEL CMO Prathyusha Agarwal on TRAI tariff order, channel pricing and content strategy
MUMBAI: Just 10 days away from D-Day, Zee Entertainment Enterprises Ltd (ZEEL) has embarked on a mission to educate and enlighten consumers about the new Telecom Regulatory Authority of India (TRAI) tariff order and how it will benefit them.
Till now, packs focused on family viewing and bundled channels keeping everyone in mind. Now, it has launched a new multimedia multi-stakeholder communication initiative ‘Channels Ka Chunaav 2019’.
Talking to media, ZEEL CMO Prathyusha Agarwal said rather than looking at it as a multimedia campaign their approach is in the form of a behavioural change. While in terms of choosing channels broadcast sector had a very low involvement from consumers, the scenario is going to change soon as TRAI has put the power in the hands of consumers. Over a period of time, consumers will gradually start to evaluate what they are paying for. Explaining the structural change across the value chain, Agarwal spoke about ZEEL’s initiatives as well as the new regime’s impact on the industry.
On the new behavioural change program
We did a lot of work. We have done price modelling and consumer research in terms of path-to-purchase. The biggest worry is if they will end up compromising someone’s need in the family because budget remains the same. Is that a reality? Not necessarily true. Because once they start doing the exercise, they will realise that they are able to reallocate to the ones which they want. The entire behavioural insight focuses on the variety of needs of each family member and how to meet that demand.
The other one we have realised while doing this is that TV is seen as a family asset. So, when they are titrating it, the optimisation happens on the person fulfilling the needs of the family and hence the pricing of the bouquet is based on which is optimised for everyday entertainment needs. This is the monthly fee someone is willing to shell out that has been optimised for the everyday needs of everybody in the family. This is the ZEE approach and the behavioural campaign.
On readiness of DPOs
The DTH guys have systems in place and DTH consumers are already equipped with this. In terms of LCOs, it’s not as if every LCO is unprepared. I met an LCO who had his own app which he would look at for collecting payments and what he is giving to consumers. I met another LCO who did not have a clue. People who are already attuned to viewers’ demand will be the first movers and gainers. The rest of the mass majority will follow after that. Those who haven’t taken technological support are still empowering their salesmen.
On protests from LCOs
Every time there’s a change, there will be protests. First, they will ignore things, and then they will be listening and gearing up for action. I don’t think anybody is not wanting to do. Moreover, many times education and understanding help in a big way. Things will fall into place in the 29th-5th cycle when they go to collect money. By 25-26th of this month, they have to take the call.
On the change of pricing model
Currently, based on the pricing modelling that has been done, our pricing has been put by ZEEL which we believe is the right demand-led pricing. This is the channel which has a certain love from its viewers hence certain pricing has been fixed. It will get titrated because it was never an open market pricing. Earlier it was always a fixed bundle or fixed fee which is never a true representation of value.
On the change in subscription cost for consumers
The narrative is about reallocation, not increase. There might be or might not be an increase. India is a country where we always have a habit of trading up for what we want and trading down what we don’t need. So that is going to play out even in this sector. They will reallocate their monthly budget. If it does not fall in their budget they are going to shell that incremental money for what they really love. For consumers paying Rs 350, it’s going to be in the budget. Among those paying Rs 200, a little bit of reallocation and titration will happen.
On whether channel price will be relooked if SC strikes down 15 per cent cap
In TV ecosystem, now subscription pricing becomes an open market variable and hence you need to be ready not just when regulator intervenes but you have to be thinking about it at a conscious variable and hence be geared for it. Your consumer understanding of what is demand-led pricing will keep you in a good state in the long run. Obviously what the regulator is saying will make you go back and look at pricing. But even otherwise, we are really looking at it as the first pricing that has gone out. There is a behavioural change and there is a certain feedback loop that will happen from consumers saying what I am willing to pay for you. That will take six months to settle down. We will do continuous research.
Impact on advertising revenue
It’s a virtuous cycle. Brands which have the strength, pull and reach are going to actually benefit because the reach will keep going up. Because consumers will pick and choose, the reach will keep galloping and hence advertising revenues will go up. Where the product is not good, obviously you will not anyway get advertising revenues for it because there’s no reach. If it’s an open market, your offering and its quality will make you stand in a good state in both places. Till now there’s an artificial not knowing whether your product is doing well or not from the subscription side, now it will get opened up.
Content strategy
You never had random content being pushed doing well. When they don’t work, we shut those channels. So any good broadcaster who is committed to good content offering has always evaluated if it is performing well. You had the reach numbers to tell you if it’s catching eyes or not. It isn’t as if because of the new regime people will start evaluating their content. The good thing is there will be feedback on what is being pulled or consumed which will refine your strategy.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
