JioStar: Velocity Impact

The benefits of consolidation. What a difference a year makes. In 2024, advertising revenue across premier sports franchise Indian Premier League (IPL) cricket was split between Star (TV) and JioCinema (digital), fragmenting audiences, advertisers and reach. Since then, the US$8.5 billion merger forming Reliance Industries Limited (RIL)-controlled JioStar has unified platforms and strategy, boosting reach and advertising revenue. Media Partners Asia (MPA) estimates 2025 IPL advertising revenue at US$600 million, up over 50% from last year, driven by a combined TV-digital audience of 500 million. Growth stems from expanded pay-TV distribution, Connected TV (CTV) adoption, and mobile penetration. Sustaining this scale post-IPL hinges on retaining reach and advertisers across diverse content offerings.

Distribution dynamics. JioStar's push into pay-TV has added 3.5 million subscribers in 2025, with 1.5 million during the IPL, led by cable operators and Airtel. CTV households have grown to 35 million from 25 million last year, on track for 50 million by end-2025. Forty advertiser categories participated in this IPL season, with notable spending from fantasy gaming and food & beverages segments. Improved UI/UX, leveraging Hotstar's technology, has enhanced content discovery and personalization, supporting engagement metrics.

Subscriber trends and growing the paid SVOD category. JioStar leads India's SVOD market with 250 million paying subscribers—35% direct, 65% via telco bundles—per MPA. It's projected to reach 300 million before the IPL final on May 25, 2025. We estimate a US$0.45 monthly ARPU on the direct subscriber base. Post-IPL churn risk is mitigated by nine months of premium cricket, marquee Hindi/regional TV content, and Hollywood titles from Disney, Warner Bros. Discovery, NBCUniversal, and Paramount. Short-form content and micro-dramas may emerge as important tools in the future, though their effectiveness remains unproven, with subscriber growth and retention ultimately dependent on pricing strategy and content depth.

Financial outlook. Global economic headwinds may constrain ad growth in 2025, but JioStar's unified business has driven efficiencies, reducing costs while optimizing revenues to accelerate positive EBITDA timelines. Revenue scale is substantial, though profitability hinges on managing churn and diversifying beyond cricket programming. For investors, JioStar demonstrates how strategic consolidation and execution excellence can drive profitable scale in emerging markets. The key performance indicator is now active engaged paying subscribers, approaching an estimated 150 million according to MPA—the critical metric to monitor throughout the remainder of 2025.