Tata Play, India’s homegrown DTH brand, reports an increase of 44 percent in its losses in FY 2024-25 to Rs 510 crore from ₹354 crore in the previous year. It also reports a 5.46% decline in total revenue to ₹4,082 crore from ₹4,305 crore as the Indian audience rides high on the emergence of OTT and other entertainment mediums.

The decline in subscriptions is not driven by OTT only, but the DTH also faces fierce competition from DD Free Dish, operated by Prasar Bharati. Last year only, Tata Sons had acquired a 10% stake in Tata Play from Temasek for $100 million, valuing the DTH company at $1 billion — a sharp drop from its pre-COVID-19 peak valuation of $3 billion.

Some Silver Lining 

According to Crisil Ratings, the decline in DTH revenue is expected to be partially cushioned by growth in Tata Play’s broadband segment and its OTT offering, Tata Play Binge.

Merger Failed

Earlier, Tata Play was in talks with Bharti Airtel to acquire its DTH wing, but the negotiations couldn’t reach a satisfactory end. Consequently, both parties called an end to the discussions of the merger. This could have possibly given face-saving to their entire broadcasting industry while saving them from increasing competition from the growing OTT expansion. 

Cumulative Debt 

After bringing down its adjusted net debt from ₹3,679 crore in FY22 to ₹3,262 crore in FY23, Tata Play saw a temporary spike to ₹4,074 crore in FY24, driven largely by a ₹1,200 crore jump in lease liabilities tied to new GSAT satellite transponders. For FY25, the total debt remained steady at ₹3,584 crores, or ₹1,798 crores when excluding lease-related obligations.