Gaurav Banerjee rebuilds SPNI in a period of consolidation

When Gaurav Banerjee stepped into the role of Managing Director and CEO of Sony Pictures Networks India (SPNI) in August 2024, the brief before him was far from routine or symbolic.

The network was coming out of one of the most turbulent chapters in its history — the collapse of the proposed merger with Zee Entertainment, prolonged regulatory uncertainty, leadership exhaustion and an industry bracing for a major consolidation that would eventually culminate in the formation of JioStar months later.

SPNI was no longer positioned as a market leader, nor was it the default challenger. It had become a legacy broadcaster in search of renewed purpose in a landscape where scale, sports and streaming were rapidly reshaping influence.

Against this backdrop, Banerjee’s initial actions resemble less a stylistic leadership shift and more a quiet attempt to re-engineer how SPNI operates. An Insider’s Playbook

Banerjee came in with deep operational experience in Indian television, having spent nearly two decades at Star India and later Disney Star, where he oversaw general entertainment, regional networks, sports and eventually the integrated broadcast-digital ecosystem.

That grounding has clearly informed his approach at SPNI.

Instead of announcing a dramatic external pivot, his first phase has focused on internal cohesion — steadying the organisation, restructuring reporting lines and re-evaluating how content and platforms are managed.

Within months of assuming charge, SPNI rolled out a sweeping leadership rejig.

Business and content mandates were reorganised across Hindi general entertainment, regional portfolios, sports and digital. Several senior positions were recalibrated, creating sharper distinctions between network strategy, content development and platform execution.

At a strategic level, the overhaul appears aimed at dismantling long-standing silos between television and SonyLIV, and building a unified content engine capable of deploying programming across multiple platforms.

For a broadcaster under pressure on both advertising and subscription revenues, the rationale is clear: content must travel wider, monetise across more windows and serve multiple distribution pipes.

Revenue reality check: Why monetisation is the real turnaround lever

A critical priority for Sony Pictures Networks India (SPNI) is repairing its revenue engine, where it has visibly fallen behind peers. SPNI’s OTT revenue stood at around Rs 1,100 crore in FY25 and is expected to remain largely flat at Rs 1,100–1,200 crore in FY26, according to industry sources — signalling stagnation at a time when the broader market is scaling rapidly.

The contrast with competitors is stark. JioStar’s total revenue in FY26 is expected to reach Rs 33,000–35,000 crore, with JioHotstar alone projected to generate Rs 9,000–10,000 crore. ZEEL’s total revenue is estimated at about Rs 8,000 crore, while Zee’s digital arm is expected to clock Rs 1,200–1,300 crore. These figures highlight how SPNI has slipped not just in scale, but also in growth momentum, particularly on the digital front. For Banerjee, sharper monetisation is therefore as crucial as content investment.

SPNI’s total revenue for FY25 stood at Rs 6,338 crore, down from Rs 6,641 crore in FY24. Revenue from operations declined to Rs 6,151 crore from Rs 6,435 crore a year earlier. Domestic revenue fell to Rs 5,575 crore in FY25 from Rs 5,777 crore in FY24. Advertising revenue dropped to Rs 2,606 crore from Rs 2,857 crore, while subscription revenue saw a modest 1.1 percent increase to Rs 3,244 crore from Rs 3,206 crore. Revenue from distribution and advertising time declined to Rs 86 crore in FY25 compared to Rs 119 crore in FY24.

Total profit for the year fell sharply to Rs 456 crore from Rs 843 crore in FY24.

Platform dependence: YouTube as a double-edged sword

Another structural challenge Banerjee has inherited is SPNI’s increasing reliance on YouTube for reach and monetisation. With a substantial portion of its content library and episodic programming available on the platform, YouTube has become a meaningful contributor to digital ad revenues and audience scale, particularly in non-metro and price-sensitive markets.

According to sources, SPNI’s annual revenue from YouTube is estimated at around Rs 250–300 crore. Industry observers note that while Sony TV’s viewership has been impacted by the broader migration of audiences to digital platforms, the network’s own content uploads on YouTube have further contributed to this shift.

However, over-dependence on YouTube limits long-term value creation due to platform economics, algorithmic dependency and constrained pricing power. As part of the turnaround plan, Banerjee’s challenge lies in converting YouTube’s massive funnel into deeper engagement and paid consumption on SonyLIV, rather than allowing free viewing to permanently substitute the network’s OTT offering.

Southern push: A structural bet on regional scale

The southern markets have emerged as a central pillar of SPNI’s next growth phase under Banerjee, both in terms of scale and digital relevance. In a significant strategic shift, SPNI is making its first concerted push into the southern region, marking a departure from its historically Hindi-centric focus.

To anchor this expansion, the network has elevated Rajaraman Sundaram as Chief Content Officer, South, entrusting him with driving regional growth, overseeing content planning and accelerating programming across both linear television and SonyLIV.

The southern strategy hinges on deep localisation, sharper commissioning of originals in Tamil, Telugu, Malayalam and Kannada, and tighter integration between TV and OTT content pipelines.

Strategically, Banerjee is positioning the South not as a peripheral market, but as a core growth engine capable of offsetting saturation and monetisation pressures in the Hindi belt.

Reframing the content and platform equation

A recurring theme in Banerjee’s public remarks since joining SPNI has been his assertion that the industry is “not in a comfortable space” and his call for innovation across television and streaming.

This perspective aligns with the internal shifts underway.

SPNI has traditionally functioned as a strong linear television network with a comparatively smaller digital arm. Under Banerjee, the push appears to be towards a platform-agnostic content strategy, where programming decisions are shaped not only by weekly television ratings but also by digital consumption, catch-up viewing and syndication opportunities.

This transition is reflected in leadership structures and the renewed emphasis on SonyLIV as a growth driver rather than a support platform.

The underlying wager is that SPNI cannot compete purely on distribution scale. Its competitive edge must come from how efficiently it creates, owns and monetises intellectual property across platforms.

The sports question: Staying relevant without overreaching

Unlike competitors that have built dominance through aggressive rights acquisitions, SPNI’s sports strategy under Banerjee has leaned towards selective partnerships and shared distribution. The collaboration with JioStar for India’s tours of England — combining Sony’s broadcast reach with JioStar’s digital infrastructure — exemplifies this approach.

Rather than attempting to outbid larger players in an increasingly expensive rights market, SPNI appears to be exploring ways to retain a presence in marquee sports without overstretching its balance sheet.

For a network that no longer commands the deepest pockets in the industry, this partnership-led model is less about ambition and more about risk management — maintaining relevance while accepting that outright dominance may no longer be feasible.

The Netflix–CID collaboration

The collaboration with Netflix for the revival of CID has been widely viewed as a symbolic moment.

At one level, it marks the return of a familiar television franchise. At another, it signals a strategic repositioning — SPNI operating not just as a broadcaster, but as a content studio supplying IP to global platforms.

This aligns with a broader industry trend where legacy broadcasters are increasingly monetising their libraries and franchises through streaming partnerships.

For SPNI, which lacks the streaming scale of its largest rivals, this offers an alternative growth path focused on IP ownership and creative supply rather than platform competition. It also reflects a pragmatic acceptance that collaboration, rather than confrontation, may be the more viable route in a platform-dominated ecosystem.

Organisational reset as strategy

Perhaps the most consequential shift under Banerjee has been the internal restructuring of SPNI’s leadership ranks.

Over the past 12–18 months, the network has seen a mix of exits and appointments reflecting both industry-wide pressures and a deliberate change in operating priorities.

Several long-serving executives exited or transitioned out, including Neeraj Vyas, former head of the Hindi entertainment and movies cluster; Leena Lele Dutta, head of kids and animation; Sandeep Mehrotra, head of ad sales; Tushar Shah, Chief Marketing Officer and business head for movies, regional, FTA and infotainment; Soha D Kulkarni, vice-president and creative head of fiction programming; and Danish Khan, business head of SonyLIV and Studio NEXT, who is set to exit by March 2026 after a decade with SPNI.

In parallel, SPNI elevated and appointed leaders aligned with its content- and monetisation-led strategy. As part of a realignment announced in January 2026, Nachiket Pantvaidya was tasked with leading Sony Entertainment Television (SET), Sony Marathi and movie production; Ajay Bhalwankar took charge of Sony SAB, movies, FTA and infotainment; Rajaraman Sundaram was appointed to drive southern expansion; and Ambesh Tiwari assumed responsibility for Sony AATH and the kids business.

On the revenue side, Rajesh Kaul stepped in as Chief Revenue Officer, with Akshay Agrawal heading linear ad sales, Makarand Palekar leading linear distribution, Ranjana Mangla expanding her remit to digital ad sales and YouTube strategy, and Manish Aggarwal overseeing SonyLIV’s B2B and syndication operations. Support functions were also realigned, with Gaurav Laghate leading corporate brand and communications and Manu Wadhwa continuing as CHRO with added oversight of administration and facilities.

Positioning beyond SPNI

Banerjee’s broader industry roles — including his appointment as BARC chairman and his active engagement in policy and industry forums — also serve a strategic purpose.

By participating in discussions around measurement systems, regulation and the creative economy, Banerjee positions SPNI within the institutional framework of Indian media at a time when ratings, policy and consolidation are in flux.

This is less about personal visibility and more about ensuring SPNI remains relevant in conversations that shape advertising flows and policy outcomes.

Preparing for an uncertain second phase

What remains unstated but increasingly apparent is that SPNI’s long-term future may not lie in remaining a standalone broadcast network.

Banerjee has publicly acknowledged the need to address portfolio gaps and explore mergers and acquisitions. In a market rapidly consolidating around a few dominant platforms, this signals openness to alliances, joint ventures or future corporate restructuring.

Viewed through this lens, many of his current moves — organisational clean-up, stronger IP ownership, stabilising sports presence and repositioning SPNI as a creative supplier — also create strategic optionality.

Whether this ultimately leads to partnerships, minority investments or another merger attempt remains to be seen.