Sony's CID on Netflix: Can this partnership crack the revenue code?

For over two decades, CID has held a special place in Indian television history. With its thrilling investigations, iconic characters, and loyal fanbase, the show became a cultural phenomenon.

Since its debut in 1998, CID has been an integral part of Sony Pictures Networks India’s (SPNI) content lineup, with a second season returning in December 2024 after a six year long hiatus to entertain audiences on Sony TV and SonyLIV.

However, its recent arrival on Netflix has sparked curiosity and industry discussions about content syndication, evolving streaming strategies, and the shifting dynamics of digital entertainment.

Sony Pictures’ decision to license CID to Netflix represents a strategic approach that aligns with changing content consumption patterns. As streaming platforms seek to expand their reach and maximize content value, syndication has emerged as a viable revenue-generating model. While Sony continues to retain CID on its own platforms, its presence on Netflix allows the show to tap into a global audience and sustain its legacy beyond traditional television.

Why are streaming platforms embracing content syndication?

Pankaj Krishna, Founder & CEO of Chrome Data Analytics & Media, provides insight into the increasing trend of content sharing among streaming platforms.

“Streaming platforms are under increasing revenue pressure. To address this, they have started showing full episodes on platforms like YouTube and sharing content with one another, including Netflix. This strategy does not add significant viewership to the primary platform, but it generates incremental revenue through content syndication. However, it could reduce viewership on their own platforms,” Krishna explains.

While content syndication may not always result in a major boost in viewership for the original platform, it ensures an additional revenue stream.

Instead of keeping all content exclusive, media companies are increasingly exploring partnerships that allow them to monetize their existing content libraries without disrupting their core audience base.

Uday Sodhi, former Business Head of SonyLIV, believes that this syndication deal is an uncommon but commercially sound decision.

“CID is an iconic show that draws significant viewership. It must be commercially lucrative for Sony to share CID with Netflix. It's a one-off thing, and I've rarely seen this happening. Shows like CID are good for increasing time spent rather than attracting new users. New users will come from original shows and top movies,” Sodhi explains.

His perspective highlights an important distinction: while older, well-loved shows like CID help increase user engagement on a platform, they do not necessarily drive new subscriptions.

Streaming services typically rely on original and exclusive content to bring in fresh subscribers, whereas syndicated content serves to maintain engagement and boost retention.

The power of Netflix’s distribution

Karan Taurani, Senior Analyst at Elara Capital, sheds light on why such partnerships make sense for both platforms.

“So I think what's driving this is that every platform has its own distribution strength. If you look at Netflix, they have a very large global audience. To take these kinds of shows worldwide, Netflix is tying up and acquiring such content,” Taurani explains.

From Netflix’s perspective, licensing CID aligns with its strategy of diversifying its content offerings. With its presence in over 190 countries, Netflix provides a platform for CID to reach a global audience, including Indian diaspora viewers who grew up watching the show. This helps Netflix strengthen its positioning in the Indian market while expanding its appeal to a wider set of viewers.

Strategic win for Sony?

A key concern in syndication deals is whether they dilute the value proposition of the original platform. If an exclusive property like CID is made available elsewhere, does it reduce audience engagement on SonyLIV?

Taurani believes this is unlikely.

“How does licensing older content impact original platform subscriber retention? I think it does not have a huge negative impact because the existing platform already has a large customer base due to other catch-up TV content and differentiated content. Giving away a few properties to another platform will not impact subscriber retention. Instead, it will work in favor of the platform, as it will generate good revenue through licensing,” he said.

In other words, while CID is now accessible on Netflix, the licensing agreement allows Sony to capitalize on an additional revenue stream while retaining its core audience, experts believe.

Not a new phenomenon

An industry veteran points out that content syndication has been a part of the streaming business model since its inception.

An industry expert explained: “See, the thing is that platforms always started with syndication. If you remember, Netflix didn’t have anything when they started. They licensed content from studios like Warner Brothers and others with a massive content library spanning decades to build their audience. Then they moved into making originals. So, it's not that syndication is a new phenomenon—it always existed.

“What has changed is the percentage mix of syndicated versus original content. Over time, originals became the focus because platforms realized that to achieve exponential growth, local and exclusive content was necessary. Now, we are seeing a return to more balanced content strategies.”

According to experts, the shift in strategy reflects an industry-wide focus on sustainable content investments. While original productions remain a priority, media companies are increasingly open to sharing content that continues to attract engagement and revenue.

The expert further elaborates, “Gone are the days when the priority was only subscriber growth—spend aggressively and create the biggest shows possible. Now, platforms are asking, ‘When can we show profit?’ That’s the bigger question today. We need to make shows at sustainable budgets and timelines while ensuring recovery.”

This strategic recalibration ensures that content investments are financially viable in the long run while continuing to serve audience needs across multiple platforms.

Sony’s decision to syndicate CID to Netflix is indicative of a broader trend in the OTT space. As streaming platforms move towards financial sustainability, they are finding new ways to maximize the value of their content libraries.

According to industry sources, CID continues to air on Sony TV and SonyLIV while also streaming on Netflix. This multi-platform distribution strategy ensures that Sony retains its core audience while reaching new viewers through Netflix’s vast global network.

A source close to Netflix said that “Netflix’s broader vision is to offer a diverse and engaging content line-up. By acquiring legacy content like CID, the platform strengthens its appeal to Indian audiences while catering to international viewers with an interest in Indian entertainment.”

With increasing competition in the streaming space and growing pressure to balance profitability with subscriber growth, syndication deals like this are likely to become more common.

The industry is moving towards a hybrid model where exclusive originals remain a primary driver for new subscribers, while legacy content is monetized through strategic licensing agreements, said experts.

For Sony, CID’s availability on Netflix allows the show to continue thriving across multiple platforms while creating new revenue opportunities. At the same time, Netflix benefits from adding a beloved Indian series to its catalog, enhancing its local content portfolio.

e4m reached out to Sony Pictures for a comment on the CID-Netflix deal but did not receive a response.

After a six-year hiatus, the crime thriller CID returned to television on December 21, 2024. The relaunch sparked nostalgia and industry discussions about its performance and marketing potential.

What still works for CID? One word: nostalgia.

While the long hiatus and evolving content landscape may deter some viewers, the strong nostalgic appeal of CID among a loyal fanbase makes the show a calculated risk with potential for success, said most expert