It said: “Our OTT has turned the corner and has now started making profits. So in the last couple of years, we were in an investing phase and now we are delighted to share with the group that it has moved from red to black.”
The group had earmarked Rs 150 crore investment plan for Sun NXT, however, it has not yet started spending that money.
Sun TV Network Group CFO SL Narayanan: “We are basically using the same content except that our revenue streams have started moving up. We had indicated an Rs150 crore investment between October 1, 2019 and March 2021. We have not spent anything till date.”
This is an SVOD model OTT platform.
Narayan added the company had one movie release in Q3 FY19. The company had released ‘Sarkar’ which generated a revenue of about Rs 109 crore. “Compared to that, we’ve had only about Rs 15.5 crore in this quarter. So if you remove those one-offs, our revenues have actually increased by about 0.5% and not the decline of 9.8% as it’s seen from the top line.”