Mumbai: In a dramatic demonstration of the power of consolidation and strategic execution, JioStar—the merged streaming and broadcast entity formed by Reliance Industries Limited (RIL)—is setting new benchmarks in India’s media and entertainment sector. According to Media Partners Asia (MPA), JioStar is not only leading India’s subscription video-on-demand (SVOD) market but is also rewriting the playbook for monetizing premier sports content and scaling digital reach.
Unifying Forces: From Fragmentation to Dominance
In 2024, the Indian Premier League’s (IPL) advertising revenue was splintered across two major platforms: Star (television) and JioCinema (digital). The fragmented landscape diluted advertiser reach and audience impact. Fast forward a year, and the landscape has transformed.
With the US$8.5 billion merger forming JioStar, RIL has effectively unified its TV and digital streaming operations, offering a cohesive platform strategy. This integration has not only broadened audience reach but also unlocked significant revenue opportunities. MPA estimates that IPL 2025 will generate US$600 million in advertising revenue, marking a 50%+ increase over last year.
This surge is fueled by a combined TV-digital audience of 500 million, powered by aggressive pay-TV expansion, rising Connected TV (CTV) adoption, and deeper mobile penetration across India.
JioHotstar’s Subscription Boom: A New Era for Indian SVOD
Alongside its advertising success, JioHotstar has emerged as the clear leader in India’s SVOD race. As per MPA forecasts, JioHotstar is set to reach 300 million paying subscribers by the IPL final on May 25, 2025—a staggering increase from just 60 million at the end of February.
A visual snapshot of the subscriber trajectory shows explosive growth:
Mid-Feb 2025: 51M total subscribers
End-Mar 2025: 205M total (direct + bundled)
End-Apr 2025: 290M total subscribers
May 2025 projection: 300M+
Of the current 250 million paying subscribers, 35% are direct, while 65% are bundled through telco partners. This bundling strategy—especially via Jio and Airtel—has been crucial to rapid scale-up, offering low-friction access for new users. MPA estimates a monthly ARPU of US$0.45 on the direct subscriber base.
JioHotstar’s success is underpinned by strong UI/UX improvements (leveraging Hotstar’s legacy technology), expanded pay-TV reach (adding 3.5M subscribers this year, including 1.5M during the IPL), and a diverse premium content slate, including:
Nine months of live cricket post-IPL
Hindi and regional serials
Hollywood titles from Disney, Warner Bros. Discovery, NBCUniversal, and Paramount
Advertising Evolution: A Platform for Brands
IPL 2025 saw participation from 40 advertiser categories, with particularly strong spends from fantasy gaming and F&B brands. The growing CTV base—now at 35 million households, up from 25 million last year—is expected to reach 50 million by year-end, offering richer targeting and measurement capabilities.
Looking Ahead: Retention, Churn, and Monetization
While JioStar’s growth trajectory is remarkable, sustainability will depend on retention post-IPL. The company’s diversified content strategy and pricing flexibility will be key to minimizing churn. Short-form content and micro-dramas are being explored to support engagement, though their long-term impact remains uncertain.
The primary performance indicator, according to MPA, is “active engaged paying subscribers”, now approaching 150 million—a crucial metric as the market matures and competition intensifies.
The Power of Strategic Consolidation
JioStar’s journey underscores the value of platform unification, telco integration, and premium sports content in unlocking both scale and monetization. Despite global economic headwinds that may temper ad growth, JioStar’s cost efficiencies and revenue optimization are accelerating its path to profitability.
For investors and media strategists alike, JioStar serves as a case study in how thoughtful consolidation—when coupled with technological and operational excellence—can reshape the digital entertainment landscape in emerging markets.
