.jpg)
In December 2024, a surprising banner appeared on Netflix India — CID, one of the longest-running Indian crime dramas, was now streaming on the global platform. With 33 episodes already available and a fresh Season 2 launched in March 2025, the 26-year-old show found itself in a new avatar and a new home.
Not long after, Crime Patrol, another Sony Pictures Networks India (SPNI) tentpole, began streaming in April with new episodes every weekend. It marked a quiet-yet-significant shift: Sony had started licensing some of its most iconic properties to a rival OTT platform.
On the surface, it’s a smart monetisation move — reviving nostalgia and introducing classic shows to a fresh audience. But a closer look raises deeper questions: Is this a well-timed strategic shift to go global, or is it a sign that Sony is struggling to keep its grip on a fragmented, highly competitive media landscape?
Impact on both platforms
For Netflix, the deal adds culturally resonant, recognisable IPs to its catalogue. As Indian audiences show growing interest in local language content, titles like CID and Crime Patrol offer mass appeal and binge-ability, said industry observers, adding that such content fits Netflix’s strategy of expanding genre diversity and capturing audiences that span generations.
According to Manesh Swamy, a digital creative leader, “It’s like Big B doing a cameo in a K-Pop rom-com — unexpected, delightful, and mutually beneficial. For Sony, it’s all about unlocking value from its rich content library. Shows that were gathering digital dust suddenly get a new lease of life and the opportunity to reach Gen Alpha who did not know classics like ‘Jassi Jaissi Koi Nahin’ existed.
“For Netflix, it’s a shot of cultural credibility and nostalgia, a great boost to retention and rewatch value without massive spends. Think of it as buying superhero rights instead of building your own superhero universe from scratch.”
Asked if this was a strategic move by Sony and what could be the idea behind these licensing deals, experts said this was a great move to monetise old IPs.
“Absolutely. It's a great helicopter shot that looks casual but lands perfectly. Sony’s core business isn’t to compete directly in the streaming war with the likes of Netflix and Prime in every geo, especially in markets where building scale on their own OTT app is a slow burn.
“Licensing is a smart move to monetize old IPs, increase relevance globally, and test content waters without massive tech and marketing spends. It’s also a great way to keep the brand in the conversation, ‘Des Mein Nikla Hoga Chand’ might just fuel the next ironic meme series on Reels.”
For Sony, the partnership ensures its iconic content lives on with a younger, OTT-first audience while generating licensing revenue.
According to Pankaj Krishna, Founder and CEO of Chrome DM, “The Netflix partnership is good — offloading refreshed versions of IPs like CID, or Crime Patrol not only gives them global shelf life but brings in solid licensing revenue. It also keeps their content alive among younger, OTT-first audiences.”
As for analyst Karan Taurani of Elara Capital, “Netflix has a large global user base, which will help take this content international. It's a strategic move by Sony — a trial-and-test approach — and a smart one, as it allows them to leverage their high-quality content, IP, and marquee shows that have the potential to go global.
“In return, Netflix gains more variety in its content catalogue, expanding the kind of offerings it presents. Overall, it's a positive development for the broader OTT market, as both platforms can play to their strengths: Netflix with its global digital distribution and customer base, and Sony with its strong content franchises.”
However, this move comes at a time when Sony is grappling with multiple challenges. SPNI’s FY24 revenue has dropped by 3% year-on-year to Rs 6,510 crore, while advertising income has plummeted 12%. Its much-anticipated merger with Zee Entertainment also collapsed in 2023, and Sony currently lacks marquee sporting rights—a key growth driver for competitors.
Sony’s weekend programming, once its stronghold with crime thrillers and reality shows, is now struggling in a fragmented landscape. Its OTT platform SonyLIV has carved a niche, offering premium shows like Shark Tank India, but its scale remains modest compared to rivals, said experts.
“Loss of tentpoles and clubbed with balanced TG-weekend slots is a challenge. Weekend programming used to be their stronghold. SAB TV holding up is interesting, likely because of its clear positioning and consistent audience. But one strong performer isn’t enough,” adds Krishna, adding that their OTT strategy via Sony LIV is niche—they’ve carved out a space, but the scale isn’t comparable to JioStar.
As per data from COTT, SonyLIV has premium audiences compared to other platforms. Around 17% cord cutters have access to SonyLIV owing to their premium shows, Shark Tank and KBC, said Krishna.
Impact on the broader OTT market?
According to Swamy, it is not more about who owns what, but who presents better.
“Well, picture this earlier streaming giants had a limited buffet offer on their stalls. Now they are borrowing chaat (read content) from each other and serving the audience better. This trend of content syndication is shifting the OTT battleground from exclusive content to engagement ecosystems.
“It’s no longer just about who owns what, it’s about who presents it better, promotes it better, recommends it smarter, and makes you feel like it is made for you. Plus, it normalises collaboration in a space that was once all about guarded walls and exclusivity. Unexpected crossovers are the new buzz,” he said.
Industry observers also said that the Sony-Netflix content syndication may not result in a major boost in viewership for the original platform but can ensure an additional revenue stream.
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.
An industry expert said, “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.”
CID began streaming on Netflix on December 21, 2024, and has streamed 33 episodes so far. The platform shows CID in its second season which began on March 16 starting from episode number 26.
Crime Patrol streams on Netflix with new episodes every Sat-Sun. It began streaming on 12th April and has released two episodes so far. The third one will be out on April 19.
Both SPNI and Netflix were contacted before the publishing of this story but no one was available to comment.
During the fourth quarter of FY24, which ended on December 31, 2024, Netflix added 19 million subscribers globally, taking its total paid memberships to over 300 million.
Netflix also reported a revenue growth of 16% in FY 2024 with operating income exceeding $10 billion, which it said was “for the first time in our history”.
Culver Max Entertainment (SPNI), on the other hand, reported a 3% drop in revenue from operations, to Rs 6,510 crore in FY 2023-24 ending March 31, 2024, from Rs 6684.9 crore the previous fiscal. The company reported total revenue of Rs 6,725.57 crore, down from Rs 6,912.02 crore in FY 2022-23.
The advertising income plummeted by 12% to Rs 2,824.7 crore in FY24 from 3,209.6 crore in the last fiscal. However, its subscription revenue grew by 7% to reach Rs 3,206.2 crore from Rs 2,989.2 crore, providing some relief against the backdrop of declining ad revenue.
The content costs for SPNI, which operates 26 TV channels spanning entertainment, sports, kids, and infotainment, alongside its streaming platform, SonyLIV, decreased by 3% to Rs 2,936 crore, while advertising and promotional expenses increased by 2% to Rs 882 crore.
In 2023, SPNI had called off its planned merger with Zee Entertainment Enterprises Ltd (ZEEL) with both companies reaching a non-cash settlement, resulting in the withdrawal of their claims from the National Company Law Tribunal and the Singapore International Arbitration Centre.
To revitalise the network, SPNI appointed former Disney Star executive Gaurav Banerjee as MD and CEO in August 2024.
.jpg)
.jpg)
.jpg)
