Culver Max FY24 Profit Dips 19.43%, Revenue Down 2.6%

New Delhi, Oct 8 (PTI) Culver Max Entertainment, earlier known as Sony Pictures Networks India (SPNI) reported a 19.43 per cent decline to Rs 839.6 crore in consolidated net profit in FY24, data accessed by business intelligence platform Tofler said.

Its revenue from operations, too, fell 2.6 per cent to Rs 6,510.66 crore, the data showed.

The company, which owns 26 channels in entertainment, sports, and infotainment along with an OTT platform SonyLiv - had reported a net profit of Rs 1,042.18 crore in FY23 and its revenue from operation for that year was at Rs 6,684.90 crore.

The decline is mainly on account of advertisements income, which dipped 12 per cent to Rs 2,824.78 crore in FY24.

This was at Rs 3,209.63 crore a year ago in FY23.

Similarly, its income from 'revenue share from distribution and advertising time' was down 9.81 per cent to Rs 119.27 crore and 4.64 per cent down to Rs 253.4 crore from 'Licensing income and sale of programs'.

However, Culver Max's subscription income was up 7.25 per cent to Rs 3,206.27 crore in FY24.

Its total income, which includes other income, was also down 2.69 per cent in FY24 to Rs 6,725.57 crore.

This was at Rs 6,912.02 crore a year before in FY23.

Total expenses of Culver Max, jointly owned by SPE Mauritius Holdings and SPE Mauritius Investments, were marginal down at Rs 5,548.58 crore as against Rs 5,553.18 crore a year before.

Its advertisement and sales promotion expenses were at Rs 874.81 crore and other expenses 247.42 crore.

The company's name had changed from Sony Pictures Networks India Pvt Ltd to Culver Max Entertainment Pvt Ltd effective from April 20, 2022.

In FY24, Sony had called off its proposed merger with rival Zee Entertainment.

In January 2024, Sony had pulled out from the proposed USD 10 billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts.