Network18 Media and Investments Pvt Ltd has reported a revenue jump of 50% to Rs 9,297 crore in the financial year ending March 31, 2024, the company said in its earnings release on Thursday.

According to the company, the consolidated operating revenue for the fourth quarter ending March 31, 2024 increased by 63% YoY to Rs 2,419 crore, driven by sports and movie segments. The total income was recorded at Rs 2580 crore for the fourth quarter of FY24 while in the same quarter previous fiscal it stood at Rs 1506.2 crore.

It said that JioCinema continued to be the fastest growing digital platform in the country and the second season of IPL on JioCinema started with a 50%+ growth versus previous year

However, the company has reported a significant net loss of Rs 206.9 crore in Q4 FY24, up from Rs 35.1 crore in the same period previous fiscal. For the entire financial year 2024, the company’s consolidated loss stood at Rs 396.7 crore, up from Rs 15.7 crore in FY23.

Its total expenses jumped from Rs 1,541.5 crore in Q4 FY23 to Rs 2792 crore in Q4 FY24. Annually, the total expenses increased from Rs 6,223 crore in FY23 to Rs 9,297.4 crore in FY24.

The marketing and promotional expenses of the entity for FY 24 stood at Rs 1,741 crore, up from Rs 1365 crore in FY23. The depreciation and amortization expenses for the FY24 were Rs 210 crore, up from Rs 127.7 crore in FY23.

According to the company, Network18’s TV news business recorded a jump of 28% in its revenue in the fourth quarter of FY24.

The TV news network in India registered a revenue of Rs 461 crore in Q4FY24, as compared to Rs 360 crore for the same quarter in FY23.

Network18 Media and Investments Pvt Ltd, includes TV18 Broadcast Ltd, Viacom 18 Media Pvt Ltd, Network18 Media Trust, Moneycontrol Dot Com India Ltd, AETN18 Media Private Limited, Colosceum Media Pvt Ltd, Digital18 Media Ltd, e-Eighteen.com Ltd, Greycells18 Media Ltd, IndiaCast Media Distribution Pvt Ltd, IndiaCast UK Ltd, IndiaCast US Ltd, lnfomedia Press Ltd, Medials Distribution Services Ltd, Roptonal Ltd, Viacom 18 Media (UK) Ltd, Viacom 18 US Inc. and Web18 Digital Services Ltd.

The company also mentioned about the much-anticipated merger, saying “Viacom18, Reliance, and The Walt Disney Company announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India. As part of this transaction, the media undertaking of Viacom18 will be merged into Star India Pvt Ltd through a court-approved scheme of arrangement.”

“The JV will offer consumers high-quality and comprehensive content offerings anytime and anywhere and an innovative and convenient digital entertainment experience,” the company said.

According to the company, its TV News network continued to maintain leadership in key markets and delivered industry-leading revenue growth on the back of strong market positions across genres and the network had an all-India viewership share of 10.9%.

The network took significant steps towards scaling up Digital News business – Moneycontrol started transition towards becoming a transaction-based platform, Firspost delivered strong consumer-pull and revenue traction, Local18 presence increased to nearly 300 districts, it said.

“Moneycontrol crossed 7.5 lakh paid subscribers and is three times compared to its nearest rival in terms of engagement,” it said.

Talking more about the merger of Viacom18 with Star India, the entity said it will bring together the most compelling and engaging entertainment brands in India.                                                                                                                                      

“The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g. Colors, Star Plus, Star Gold) and sports (e.g. Star Sports and Sports18) including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar,” it said, adding that the JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world.

“With the addition of Disney’s acclaimed films and shows (including exclusive rights to distribute Disney films in India and license to more than 30,000 Disney content assets) to Viacom18’s renowned productions and sports offerings, the JV will offer a compelling, accessible and novel digital-focused entertainment experience to people in India and the Indian diaspora globally.

“Additionally, RIL will invest ?11,500 crore in the JV at the time of closing for its growth strategy. The transaction values the JV at ?70,352 crore on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney,” it said.