Zee Entertainment’s digital platform ZEE5 reported a 58% revenue increase and hit an all-time high network viewership of 20%, driven by FIFA World Cup 2026, despite ongoing market pressures and cautious growth strategies.
Zee Entertainment Enterprises Ltd. said its digital platform ZEE5 continued to gather momentum in the quarter ended June 30, with revenue rising 58% from a year earlier and EBITDA remaining positive at INR44 million for a third straight quarter. The broadcaster also reported an all-time high network viewership share of 20%, its strongest performance in nearly eight years, helped by a combination of entertainment programming and its sports push around the FIFA World Cup 2026.
According to Zee, the World Cup helped drive unusually strong audience engagement across its channels and platforms. The company said its sports portfolio reached more than 300 million unique viewers across linear television, ZEE5 and social media from June 1, while some reports said the portfolio attracted about 60 million new viewers and became the second-largest linear sports offering in India during the tournament. Zee said its newly launched Unite8 Sports channels, regional-language commentary and football-led formats helped broaden the audience.
Chief executive Punit Goenka said the company remains cautious on sports economics, even after securing long-term rights to FIFA events through 2034, along with Bundesliga and Serie A. He said the business would pursue sports in a measured way and would seek sustained profitability over time, but declined to give a date for that milestone. Goenka also said some advertisers drawn in by FIFA may not stay, although he expects many to remain if Zee continues to deliver value.
The quarter was not without pressure. Advertising revenue fell 11% as geopolitical tensions in West Asia and cautious spending weighed on demand, while operating costs rose 15% because of higher promotion and content expenses. EBITDA margin dropped to 4.1%, and the company declined to give full-year margin guidance, citing market uncertainty. Still, subscription revenue grew 16% on stronger ZEE5 average revenue per user, subscriber additions and higher pricing in the linear business, while Zee TV kept the top spot in prime time for more than 32 consecutive weeks with shows including “Ganga Mai Ki Betiyan” and “Vasudha”. Zee also said its cash and treasury investments stood at INR22.1 billion, leaving it with a comfortable balance sheet as it weighs fundraising, regulatory questions and an unresolved arbitration case with Star.
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