It said: "At the current pricing of Jio, we expect limited churn for existing players. Further, we see marginal impact on DTH (direct-to-home) operators and broadcasters."
The report said that Premium content and FDFS (first day, first show) are available only for high-ARPU (average revenue per user) consumers, which should reduce the overhang on multiplexes. There is still no clarity on premium third-party OTT apps offered by Jio.
It added: "Based on current pricing plans and content offerings, we don't believe Jio will expand the market or lead to a huge churn. Our Jio estimates bake in 3 million FTTH (fibre to the home) subscribers in FY21. Progress on subscriber addition will decide disruption going forward."