Culver Max Entertainment, operating as Sony Pictures Networks India (SPNI), has reported a significant 19 percent drop in consolidated net profit, falling to Rs.839 crore for the fiscal year ending March 31, 2024.

The company’s revenue from operations declined by 3 percent to Rs.6,510 crore, driven by a notable slump in advertising revenue, which saw an 11 percent decline, dropping to Rs.2,912 crore, The Economic Times reported.

Despite challenges in the ad market, SPNI experienced a 7 percent growth in subscription revenue, reaching Rs.3,346 crore, which helped offset some of the losses from advertising. SPNI operates 26 TV channels across various genres, including entertainment, sports, kids, and infotainment, along with its streaming platform, SonyLIV.

On the expense side, content costs decreased by 3 percent to Rs.2,936 crore, but advertising and promotional expenses rose by 2 percent to Rs.882 crore. The company did not comment on its financial performance in the regulatory filings.

SPNI also made headlines with its decision to terminate the planned merger with Zee Entertainment Enterprises. The companies have since settled non-cash claims, withdrawing legal disputes in both the National Company Law Tribunal and the Singapore International Arbitration Centre.