Sony Pictures Networks India sees 11% drop in Ad revenue

Sony Pictures Networks India (SPNI) has reported a 19 per cent drop in net profit, amounting to Rs 839 crore, alongside a 3 per cent decline in revenue from operations, reaching Rs 6,510 crore for FY24.

The company experienced an 11 per cent decrease in advertising revenue, which stood at Rs 2,912 crore for the fiscal year. However, advertising and promotional expenses rose by 2 per cent, reaching Rs 882 crore. Additionally, SPNI’s content costs decreased by 3 per cent, totalling Rs 2,936 crore. Regulatory filings indicated that the company’s total expenses for the fiscal year were Rs 5,548 crore.

SPNI’s parent company, Culver Max Entertainment (CMEPL), terminated its planned merger with Zee on 22 January. Despite the cancellation, both media companies have since reached an amicable settlement, resolving all disputes regarding the merger cooperation agreement and scheme of arrangement.

The fiscal year also marked a leadership transition, with Gaurav Banerjee succeeding NP Singh as Managing Director and Chief Executive Officer (CEO) of SPNI. BW Marketing World