India tour of Australia broadcaster Sony Pictures Network reports network profit of 976 Cr despite 13% drop in advertising revenues

Sony Pictures Network Revenues FY19-20: Sony Pictures Network (SPN) is currently broadcasting India tour of Australia on the network. It is yet to be ascertained if the series between the two giants of world cricket has been commercial success for the broadcaster. Meanwhile SPN has declared financial results for year 2019-20. Though SPN has recorded drop in Year on Year (YOY) total revenues, their profits have jumped almost 3 fold. In comparison to last financial year (2018-19) where SPN clocked Rs. 6309.90 crore in the year, there revenues have dropped 7.3% to Rs. 5846.20 crore.

But According to the Registrar of Companies filing the company has registered Profit After Tax (PAT) of Rs 975.97 crore for the year as against a PAT of Rs 346. 42 crore in the year ended on March 31, 2019.

The company celebrated its 25th anniversary in October this year, which owns several channels including Sony Entertainment Television (SET)- one of India’s popular Hindi General Entertainment Channel (GECs). The network also owns 18 TV channels across genres and an OTT platform – SonyLIV.

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According to a report by E4M and as per the filing, the company’s advertising revenue dropped by 13.31% to Rs 2755.58 crore in FY20 as compared to 3178.69 crore in the year ended on March 31, 2019, whereas the Subscription income grew 21.17% to Rs 2378.75 crores as compared to Rs 1962.99 crore in FY19.

SPNI’s revenue share from distribution and advertising in FY20 stood at Rs 170.66 crore against Rs 219.65 crore in the previous financial year. Also, the network’s digital and licensing income declined in this financial year to Rs 443.48 crore as compared to Rs 847.10 crore.

It is not clear how much Sony Sports Network has contributed in the total revenues.