If you are a regular reader of Entertainment news then you would naturally know that Sony and Zee were about to merge. But, somehow the merger could not take place due to several legal and technical reasons.
So, the effect is being shown.
Culver Max Entertainment better known as Sony Pictures Networks India, has reported a significant drop in its financial performance for FY24.
According to data, the company’s consolidated net profit fell by 19.43% to Rs 839.6 crore. This is a notable decline from the Rs 1,042.18 crore it earned in FY23.
Loss of nearly 20 crores is not a play. This is a huge dip and something that must be investigated.
Similarly, its revenue from operations decreased by 2.6%, from Rs 6,684.90 crore in FY23 to Rs 6,510.66 crore in FY24.
Culver Max owns 26 channels across entertainment, sports, and infotainment, and also operates SonyLIV. The drop in profitability is mainly attributed to a significant decline in advertising revenue, which fell by 12% to Rs 2,824.78 crore in FY24 from Rs 3,209.63 crore in the previous year.
The merger was called off in January this year and naturally, it was a shock to the industry. The industry predictions were relying on this merger and out of nowhere this calling off killed everything.
Well, all the best to Culver for future endeavours.