World Cup 2023 matches were broadcasted by Disney Star on its Star network of channels. With an aim to take on Mukesh Ambani’s JioCinema, Disney Star also streamed the matches for free on its Disney+ Hotstar app.
Disney Star’s sports division in India has reported that its operating loss has gone up by 144% to Rs 2583 crore till December 2023 and the company accounts ICC Cricket World Cup 2023 for the same. The company’s loss increased by Rs 1526 crore which stood at Rs 1057 crore in the year-ago quarter. To recall, India hosted the ICC Cricket World Cup in which 10 teams played 48 matches between October 5 and November 19. The matches were broadcasted by Disney Star on its Star network of channels. With an aim to take on Mukesh Ambani’s JioCinema, Disney Star also streamed the matches for free on its Disney+ Hotstar app. The quarterly results from The Walt Disney Company as Mukesh Ambani is reportedly gearing up to acquire 50% stake in Disney India.
“Sports operating income improved versus the prior year due to strength at ESPN, partially offset by lower results at Star India, driven by higher rights costs from airing of the ICC Cricket World Cup,” Disney CFO Hugh Johnston said during the Q1 earnings call.
The rise in operating loss at Star was attributed to the broadcast of the ICC Cricket World Cup during the current quarter, in contrast to the ICC T20 World Cup aired in the previous year's quarter. This change led to heightened programming and production expenses due to elevated average costs per match and an increased number of matches aired, and an uptick in advertising revenue resulting from higher units delivered and an average viewership increase, partially offset by a reduction in rates.
If reports are to be believed, ICC Cricket World Cup 2023 brought in Rs 2,000-Rs 2,200 crore in combined ad revenue on TV and digital platforms.
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