Star India's Sports Losses Surge by 50% to $342 Million in H1 FY24

Star India's sports business faced a significant setback in the first half of FY24, with operating losses soaring to $342 million, marking a 50% increase compared to the same period in the previous fiscal year. Despite a 40% rise in operating revenue to $504 million, operating expenses surged by 51% to $786 million.

The higher costs were attributed to increased programming expenses for ICC and IPL cricket, overshadowing revenue growth. While ad revenue doubled to $221 million, affiliate revenue experienced a slight decline to $128 million.

However, there was a glimmer of improvement in the quarter ended March 30, as the sports business narrowed its operating loss by 73% to $27 million. This was primarily due to lower programming costs related to non-renewal of cricket rights, although IPL expenses offset some gains. Ad revenue for the quarter increased by 9% to $37 million, while affiliate revenue remained stagnant at $63 million.

Despite these challenges, Star India continues to navigate the dynamic sports landscape, striving for a balance between revenue growth and cost management in the highly competitive sports broadcasting industry.