SITI Networks Reports Rs 435.69 Million Loss Amid Insolvency Process

Why It Matters

The failure to monetize a massive public‑sector content library highlights the challenges for state‑run OTTs competing with private players, and signals potential revenue gaps for Prasar Bharati’s digital strategy.

Key Takeaways

• Rs 435.69 million loss (~$5.3 M) despite large content library
• Revenue only Rs 2.90 crore (~$350 k) in FY 24‑25
• Subscription requires external website, causing user drop‑off
• Archival licensing grew to Rs 3.38 crore (~$410 k)

Pulse Analysis

WAVES entered the Indian OTT arena with a bold promise: a government‑backed platform that could rival Netflix, Disney+ and local giants by bundling video, audio, gaming and e‑commerce. Launched at the 2024 International Film Festival of India, the service quickly amassed a catalog of over 13,000 titles and more than 10 lakh registered users, positioning itself as a digital showcase of Prasar Bharati’s vast broadcast archives. In a market where total OTT revenues topped Rs 23,000 crore (≈$2.8 billion) in 2024, WAVES’ modest Rs 2.90 crore (≈$350 k) turnover underscores a stark revenue gap.

The core obstacle lies in monetisation design. WAVES operates as a hybrid AVOD‑SVOD platform, yet subscriptions cannot be purchased within the app; users must complete payment on an external website. In a mobile‑first country where over 95 % of streaming occurs on smartphones, this extra step creates significant friction, driving potential subscribers away. Competitors such as Disney+ Hotstar and Amazon Prime Video offer one‑click payments, aggressive pricing and high‑budget originals, setting a high bar for user experience. Until WAVES streamlines its checkout flow and leverages its advertising inventory more effectively, it will remain a high‑cost showcase rather than a profit centre.

Despite the monetisation shortfall, WAVES’ archival library holds untapped commercial potential. Licensing of historic content generated Rs 3.38 crore (≈$410 k) in FY 24, a sharp rise from the previous year, and the platform’s free‑distribution channels—like the PB Archives YouTube channel with 119 million views—demonstrate audience appetite for classic Indian programming. Strategically, Prasar Bharati could deepen partnerships with telecom operators, introduce tiered subscription bundles, or monetize niche segments such as educational and regional content. How the broadcaster resolves the free‑versus‑paid tension will shape the future of public‑sector streaming in India and could set a precedent for other state‑owned media entities seeking sustainable digital revenue.