Bodhi Tree’s Mautik Tolia on building media assets for a lifetime, not an opening weekend

Mautik Tolia is the founder director of Bodhi Tree Multimedia, one of India’s leading content production companies. Before setting up Bodhi Tree, he built his career across some of India’s top media companies, including Neo Sports and Nimbus, in various leadership capacities, giving him a wide-ranging vantage point across entertainment media and sports broadcasting. Under his stewardship, Bodhi Tree has grown from a content studio into an integrated media company spanning content, technology and distribution, a shift visible in its state-backed digital ecosystem projects in Assam and Tripura, its expanding library through acquisitions such as Lehren Networks, and its early bets on AI-native content infrastructure. In this interview, Tolia speaks about Bodhi Tree’s evolving identity, its approach to IP ownership, the economics behind its sharp FY26 EBITDA growth, and the company’s plans across FAST channels, regional creators and AI.

On the Assam mandate marking a shift from content creation to digital infrastructure, and what this means for Bodhi Tree’s identity:

I view it as an evolution and not a shift. Storytelling remains at the core of Bodhi Tree but the media landscape is evolving. Increasingly the value in the long term is in the platforms and ecosystems the content is discovered, distributed and monetised through, not just the content itself.

That evolution can be seen in our work with Assam and more recently Tripura. We are creating engaging content and building digital ecosystems that enable regional creators, protect local culture and boost audience access. It positions Bodhi Tree as an integrated media company that brings together content, technology and distribution to build sustainable long-term value.

On whether this state-backed model is a blueprint he’d pitch to other states:

We see this as a very scalable model, not because every state needs the same platform, but because every state is trying to build its digital creative economy. Our collaboration with Assam and recently Tripura indicates a budding possibility, where governments are investing in digital infrastructure to express regional stories, empower local creators and reach wider audiences. We believe the future is in building flexible ecosystems of technology, content and distribution, with each platform tailored to the cultural and economic imperatives of the territory it serves.

On how Bodhi Tree decides which concepts are worth the risk of independent IP ownership versus a safer commissioning fee:

We don’t see it as an either-or decision; it’s about maintaining the right balance. Commissioned projects continue to be an important part of our business because they provide predictable revenues, strengthen long-term relationships with broadcasters and platforms, and create the foundation for investing in original IP.

When we evaluate a concept for ownership, we look beyond its initial release. We ask whether it has the potential to travel across languages and markets, evolve into a franchise, or create long-term value through licensing, syndication, remakes or digital distribution. In other words, can it continue creating value well beyond its first run?

Ultimately, commissioned content helps us deliver consistent growth today, while owned IP creates opportunities for long-term value creation. We believe a balanced portfolio is the most sustainable way to build the business.

On the metrics a show must hit before it can be classed as a long-term asset capable of syndication or format sales:

We don’t judge the long-term value of a show by its opening performance or viewership. A successful IP is one that continues to create value far beyond when it is first released.

We look at a combination of creative, audience and commercial indicators. Audience retention, repeat viewing, completion rates, organic engagement tells us if a story has true staying power. Beyond that, we evaluate if the concept has the potential to travel across languages, be adapted into new formats or find audiences on different platforms over time.

Another key thing to consider is does the story have room to grow. Strong characters, an expandable narrative universe and relevance across markets add substantially to its syndication & format potential. Ultimately, a long-term asset is one that can be monetized multiple times, whether through licensing, remakes, international distribution, FAST channels, or future franchise extensions, not simply one that has a successful initial run.

As an IP-led company we are increasingly viewing content through a lifetime value lens versus opening performance. That’s the transition from producing shows to creating long-term media assets.

On how Bodhi Tree manages investor expectations against the longer monetisation timelines that IP-led models demand:

Through transparency and the way we have constructed the business itself. Our commissioned business gives investors near-term revenue visibility, and our group robust order book means the IP journey is being funded by predictable cash flows rather than by stretching the balance sheet. Investors are not being asked to wait for a distant payoff while the core business stands still.

Second, we break the IP journey into visible milestones. Every owned property has interim monetisation events along the way, whether that is a syndication deal, a licensing arrangement, a format sale or a FAST channel launch. We report progress against these markers so investors can track value creation as it happens, not only at the end.

Finally, we are consciously educating our investor base to evaluate us on the lifetime value of our content library and the enterprise value it builds, rather than purely on quarter-to-quarter P&L. The investors who understand media businesses recognise that a library of owned rights compounds over time. Our job is to keep demonstrating that compounding with real transactions, and to be honest about timelines rather than over-promising.

On the 76.47 per cent EBITDA surge in FY26, and how much of it is down to acquisitions versus efficiencies:

It is a combination of both, and that is by design. On efficiencies, the biggest driver has been mix. As the share of IP-led and non-fiction content in our portfolio grows, margins naturally improve relative to pure commissioned work. The second driver is group-level integration: shared production infrastructure, centralised functions and better capacity utilisation across our entities mean the fixed cost base is being leveraged over a much larger revenue pool. Importantly, we did not acquire for revenue alone. Each addition to the group was chosen for the synergies it unlocks. When acquisitions are integrated properly, the efficiencies compound, and that is what the FY26 numbers reflect.

On how the Lehren Networks and Moving Image Studios libraries feed into Bodhi Tree’s syndication and FAST TV plans:

They serve complementary purposes within our long-term content strategy. Moving Image Studios strengthens our pipeline of original and unscripted content, enabling us to create fresh IP with long-term ownership potential. Lehren Networks, on the other hand, gives us access to one of India’s richest vintage film and entertainment libraries, along with an established digital distribution ecosystem.

Together, they allow us to build a balanced content portfolio. New IP creates future assets, while the library continues to generate value through syndication, digital licensing and FAST channels. As viewer preferences become increasingly fragmented, content libraries with enduring appeal become valuable because they can be repackaged, curated and monetised across multiple platforms and audience segments.

For us, FAST is not simply another distribution window; it’s an opportunity to extend the lifecycle of quality content. The combination of evergreen catalogue titles and fresh originals enables us to build thematic channels, reach new audiences and create recurring revenue streams from content that continues to find relevance over time. Ultimately, the objective is to maximise the lifetime value of every asset by ensuring it reaches the right audience through the right platform at the right stage of its lifecycle.

On which genres or language audiences he believes are currently underserved on FAST platforms:

India’s viewing habits have become increasingly language-first, but content discovery hasn’t kept pace with that shift. While major languages are seeing significant investments, there is still a clear gap for culturally rooted programming in several regional markets, particularly in the North East and other underrepresented linguistic communities.

Beyond language, I believe genres such as documentaries, factual entertainment, children’s programming, lifestyle content, local history and cultural storytelling remain underserved on FAST platforms. These formats have long shelf lives, are highly discoverable and lend themselves well to curated, always-on viewing experiences.

FAST is fundamentally a lean-back consumption model. Viewers aren’t necessarily looking for the next blockbuster every time—they’re looking for familiar, relevant and easily accessible content. That’s where regional libraries and culturally contextual programming can create real differentiation. As Bodhi Tree expands its presence in regional digital ecosystems through initiatives in states like Assam and Tripura, we see significant potential to make local stories more discoverable and accessible to wider audiences. The opportunity isn’t simply to add more content, it’s to make the right content available to the right audience in the right language.

On how Bodhi Tree’s regional creator co-development model works, and how creators get real skin in the game:

We see regional creators as long-term partners, not just content suppliers. The idea is to work with them from the concept stage, refining stories, strengthening production and helping them access larger distribution and monetisation opportunities while preserving the authenticity of local narratives.

As we expand our regional digital initiatives through projects like those in Assam and Tripura, we’re creating platforms that give local creators greater visibility and market access. Wherever possible, we aim to build partnerships that allow creators to participate in the long-term value of the IP they help create. We believe sustainable creator ecosystems are built when creators have a genuine stake in the success of their stories, not just in their production.

On where exactly AI is being deployed at Bodhi Tree — greenlighting, post-production, or distribution:

We see AI as an enabler across the content lifecycle rather than a replacement for creativity. It is helping us improve efficiency in areas such as content discovery, metadata creation, workflow automation, audience insights and distribution planning. These capabilities allow creative teams to make faster, more informed decisions and optimise how content reaches different audiences.

In development, we use AI-assisted workflows, we are also investing in AI-native infrastructure of our own. We are building an AI-first content platform initiative within the group that reimagines how content is created, showcased and transacted, which we believe positions Bodhi Tree ahead of the curve as the economics of content production evolve.

On the 20 per cent stake in Lehren Networks, which gives access to a vintage film library built for YouTube, and how Bodhi Tree is building consistent revenue from it without relying purely on algorithmic distribution:

YouTube remains an important distribution platform, but we don’t view it as the only monetisation avenue. The real value of a quality content library lies in its ability to be monetised across multiple platforms and business models over time.

Our strategy is to diversify revenue through digital licensing, syndication, FAST channels, OTT partnerships and other distribution opportunities, so we are not dependent on any one platform or source of revenue. The Lehren library also provides us with a rich catalogue of evergreen content that can be curated and repackaged for different audiences and markets.

Our goal is to optimise the lifetime value of every content asset. The more distribution touchpoints you can create, the more resilient and predictable the revenue model is.

On whether FAST channels are mainly an outlet for archived library content, or whether Bodhi Tree is planning original, low-cost programming built specifically for FAST:

Archive content provides a strong starting point because it already has proven audience appeal and significant untapped monetisation potential. However, we don’t see FAST as simply a destination for library content. As the ecosystem matures, it will increasingly support curated programming and format innovation tailored to changing viewer preferences.

Taken together, Tolia’s responses sketch out a company betting on patience: building state-backed digital ecosystems in India’s North East, layering owned IP over a base of commissioned work, and treating its acquisitions as tools for margin, not just scale. Whether that lifetime-value approach to content ultimately pays off will be judged less by any single show’s opening weekend than by how many times, and on how many platforms, Bodhi Tree’s growing library can be sold all over again.