Monday, May 27, 2024
Today’s News

Disney Star’s Profit Declines by 31% Amidst Rising Competition

Star India, a subsidiary of Walt Disney, reported a 31% decrease in its consolidated net profit for FY23, amounting to ₹1,272 crore, down from ₹1,834 crore in the previous fiscal year. This information was made public in the financial statement submitted to the Registrar of Companies (RoC).

However, the company witnessed a 9% growth in its total income, reaching ₹20,699 crore in FY23, up from ₹19,058 crore in FY22.

Challenges arose as Walt Disney’s sports segment in India posted an operating loss of ₹3,703 crore in the nine months leading up to July 1, despite generating revenues of ₹5,313 crore. This setback is attributed to the intensifying rivalry between Hotstar and Jio Cinema, especially concerning the acquisition rights for major cricket events like the IPL.

Furthermore, Novi Digital Entertainment, the entity behind Disney+ Hotstar, experienced a net loss increase of 118%, settling at ₹748 crore, compared to ₹343 crore the previous year. On a brighter note, their revenue surged by 35%, reaching ₹4,341 crore.

In light of these developments, Disney is reportedly in advanced talks with Reliance about selling its streaming operations to Viacon18. Insiders suggest that an official announcement regarding this potential deal might be on the horizon.

Also Read:

INTERVIEW

Press Release

Letest News

Lifestyle

Monday, May 27, 2024

Entrepreneur Mirror is a platform with a significant focus on business, technology, startups entrepreneurship, leadership, innovation, content creation, prominent business personalities, and many more across the globe. Further, the company publishes interviews, business content, press releases, articles, etc. 

SUBSCRIBE

Copyright © 2024 Entrepreneur Mirror All Right Reserved