In an internal newsletter sent to staff members, MD & CEO NP Singh stated that Sony Pictures Networks India’s goals for FY25 are to both expand the company’s market presence through strategic partnerships and foster organic growth. FE has examined a copy of the newsletter.
Singh, a seasoned media professional who has worked for Sony for ten years, outlined his business plan for the future and predicted that FY25 will be difficult for the company given its previous attempt to merge with Zee had failed.
The market is also consolidating, as rivals Viacom18, backed by Reliance, and Disney have joined forces in a joint venture estimated to be worth $8.5 billion. Singh stated that Sony would meet obstacles head-on and with unwavering determination.
“We want to use compelling content to engage viewers, grow our subscriber base, and increase revenue.” The speaker expressed that the experiences and lessons gained from FY24 would serve as stepping stones for future endeavors, stating that investments are being directed towards new shows, including those on SonyLiv.
With the intention of promoting thrift, streamlining corporate processes, and maintaining a laser-like focus on high-quality content, Zee’s MD and CEO Punit Goenka voluntarily took a 20% pay cut the day before Singh unveiled his plan for Sony.
In January, Goenka presented his Zee business plan shortly after Sony called off the $10 billion proposed merger due to unfulfilled closing conditions. Goenka had stated that Zee would increase output quality, decrease costs, and reduce overlaps in order to reach an operating margin target of 18–20% and an 8–10% revenue growth by FY26. The company has adhered to this brief for the past two months.
Goenka declared on Tuesday that “the organization is sharply focused on adopting a frugal approach, and as we move forward towards the set goals for the future, I intend the necessary change in mindset to begin from my desk.”
With the purchase of the media rights to the New Zealand Cricket (NZC) home series, which features both the men’s (Blackcaps) and women’s (White Ferns) matches, in India and related territories for the next seven years, Singh pointed out that Sony was making some major moves to enhance its sports content.
With the merger collapse in January, Sony has made two significant acquisitions of sports rights; the deal size is estimated to be around $100 million (`830 crore). The broadcaster’s current media rights for the Sri Lankan and English cricket boards are supplemented by those for the NZC matches.
The broadcaster and the Union of European Football Associations (UEFA) extended their exclusive media rights agreement in February of this year for an additional three seasons, or until 2026–2027. Industry sources estimated the deal size at about $40 million (`330 crore).
Sony Sports Network now has the rights to the majority of football matches that are widely watched, with the exception of the English Premier League (EPL) and all FIFA tournaments other than UEFA. However, the media rights for the FIFA World Cup in 2026 have not yet been sold.
