Culver Max Entertainment's (formerly known as Sony Pictures Networks India) consolidated revenue from operations for the fiscal ended 31st March 2023 has declined to Rs 6684.9 crore from Rs 6746.3 crore in the previous fiscal ended 31st March 2022.
According to the company's financial data accessed by business intelligence platform Tofler, its total income increased to Rs 6912 crore in FY23 from Rs 6867.5 crore in FY22. However, its advertising revenue declined by 11 % by the end of FY2023 at Rs 3286.5 crore from Rs 3709.7 in FY2022.
Employee benefit expenses of the company came down to Rs 5420.9 crore in FY23 from Rs 6246.1 crore in FY22 with maximum decline in the salaries and wages category by around Rs 1,000 crores.
The company saw a jump in subscription income by 7 % to Rs 3134.6 crore in FY2023 from Rs 2906.4 crore in 2022.
Under the segment of income from distribution and licensing of movies, the company saw a sharp decline from Rs 8.9 crore to Rs 3.8 crore in FY23.
The company’s total expenses declined from Rs 5,594.6 crore to Rs 5,553.1 crore but the advertising and sales promotions expenses went up from Rs 8004.23 crore to Rs 8642.35 crore.
Broadcast cost of the company went up from Rs 5121 crore to Rs 5689 crore in FY23 while the cost of programs, films and other rights went down from Rs 3119.5 crore to Rs 3013.4 crore.
The company's name changed from Sony Pictures Networks India to Culver Max Entertainment effective from April 20, 2022.
Sony Pictures Networks is the consumer-facing identity of Culver Max Entertainment, which is an indirect wholly-owned subsidiary of Sony Group Corporation, Japan.
Culver Max Entertainment owns and operates 26 channels across GEC, movie, sports, infotainment, and kids’ genres. It also runs the video streaming platform SonyLIV.
Recently, National Company Law Tribunal (NCLT) approved the Culver Max Entertainment and Zee Entertainment Enterprises Limited (ZEEL) merger, paving the way for formation of a media giant. While Culver Max/Sony Pictures has over 700 million followers, ZEEL boasts of over 1.3 billion viewers worldwide.
