OTT platform Stage’s revenue jumps 6X to Rs 111 Cr in FY25

Regional language-focused over-the-top (OTT) platform Stage, expanded its scale by over 6X in the fiscal year ending March 2025 and crossed the Rs 100 crore revenue threshold. However, the aggressive push to grow its business also led to a 27% increase in losses during the same period.

Stage’s revenue from operations jumped 6.2X to Rs 111 crore in FY25 from Rs 18 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

Founded in 2019, Stage operates a subscription-led regional entertainment platform, offering an on-demand library of original shows and movies in regional languages such as Haryanvi, Rajasthani and Bhojpuri. Stage primarily monetises its platform through paid subscriptions, with a small share of revenue coming from marketing and promotional partnerships.

As of the end of FY25, the firm claimed 20 million users and more than 4.4 million paying subscribers.

Stage earns almost its entire operating revenue from subscriptions which spiked 6.3X to Rs 110 crore in FY25 and accounted for 99% of the operating revenue. Marketing and promotional fees contributed Rs 1 crore in the year.

Advertising emerged as the single largest cost for the company and formed over 82% of its total expenditure. This expenses soared more than 4X to Rs 115 crore in FY25 from Rs 27 crore in FY24. Employee benefit expenses doubled to Rs 12 crore, while content acquisition costs stood at Rs 1.7 crore.

Legal charges and other overheads, including administrative and operating expenses, added another Rs 9.3 crore during the year. Depreciation rose to Rs 3 crore in FY25. Overall, Stage’s total expenses increased 3.4X to Rs 141 crore in FY25 from Rs 41 crore in FY24.

With a spurt in scale, the company’s loss increased 27% to Rs 28 crore in FY25 from Rs 22 crore in FY24. However, its ROCE and EBITDA margin improved to -48.69% and -24.05%, respectively.

On a unit basis, the company spent Rs 1.27 to earn a rupee in FY25, a significant improvement from Rs 2.28 in FY24. It reported cash and bank balances of Rs 69 crore at the end of March 2025, while its current assets stood at Rs 83 crore.

Stage has raised around $24 million of funding till date, having Goodwater Capital and Blume Ventures as its lead investors. Stage competes with the likes of aha video, Chaupal, Planet Marathi, and OM TV.

The high advertising costs indicate a possible subsidising of new subscribers through offers etc, but irrespective, Stage has put up a remarkable performance. Cracking open markets long considered irrelevant in terms of purchasing power and interest for regional content, and doing it on a mobile-first mode is frankly, borderline unbelievable. The ‘Netflix for Bharat’ as the founders used to refer to themselves was a good way to grab attention, and investors have also bought into the pitch. But as the high losses indicate, acquiring customers while not really counting on advertising revenues will be a tough ask for the Vinay Singhal-led startup, and the next round of funding might yet prove to be decisive in setting the stage for the firm’s long term future.