Star India’s sports losses increase by 50% to $342 Million in first half 2024

Broadcaster Star India’s operating loss from the sports business has increased by 50% to $342 million for the six months ending March 30, to $228 million in the same period of the previous fiscal yearp>

alt Disney, who owns Star India, reported a revenue of $504 million, with costs amounting to $786 million primarily due to expenses related to IPL cricket programming. Advertising revenue doubled to $221 million during this period.

In its second-quarter results, Walt Disney attributed the higher expenses at Star India to increased rights costs for ICC and, to a lesser extent, IPL cricket programming compared to the previous year.

This increase in costs was due to higher average costs per match and a greater number of matches aired for ICC cricket programming. The rise in IPL cricket programming costs was also a result of broadcasting more matches. However, these costs were offset partially by not renewing the rights for BCCI cricket programming in the current fiscal year.

Star India’s sports business reduced its operating loss by 73% to $27 million for the quarter ending March 30, mainly due to lower programming and production costs from not renewing Board of Control for Cricket in India rights. However, there was an increase in IPL match costs due to broadcasting more matches in the current quarter than the previous year.

Indian sports revenue fell by 17% to $105 million in the quarter, while operating expenses decreased by 48% to $102 million. On the other hand, advertising revenue increased by 9% to $37 million, but affiliate revenue remained steady at $63 million.  777Score