In a major setback for Tata Group-owned Tata Play the direct-to-home (DTH) television service has suffered a consolidated net loss of Rs 510 crore in 2024-25 a 44 percent increase from previous years Rs 354 crore primarily due to its dwindling subscriber base amid mounting competition from rival DTH service providers and the surge in popularity of OTT platforms. Tata Play is jointly owned by Tata Sons-- the holding company of the Tata Group-- which owns a 70 percent controlling stake in the DTH service and Walt Disney that has a 30 percent holding. According to a report by The Economic Times Tata Play also registered a 5.46% decline in total revenue to Rs 4082 crore from Rs 4305 crore. As per Crisil ratings Tata Plays loss in revenue is attributed to a dwindling subscriber base which has shrunk to 18 million from its peak of 23 million amid stiff competition from government-owned Prasar Bhartis DD Free Dish and surging popularity of OTT platforms. Crisil Ratings has predicted that Tata Plays revenue is expected to remain flat in 2025-26 following the decline in the previous fiscal. In 2022-23 Tata Play had reduced its total debt to Rs 3262 crore from Rs 3679 crore in 2021-22 but it temporarily surged to Rs 4074 crore in 2023- 24 primarily owing to a Rs 1200 crore increase in lease liabilities linked to new GSAT satellite transponders according to the ET report. Tata Play began transmission via the the GSAT-24 satellite in 2024 enabling the DTH service to carry nearly 50% more channels. Earlier Tata Play was in discussion for merger with telecom giant Bharti Airtels DTH arm Bharti Telemedia but the talks fell apart reportedly due to the lack of a satisfactory resolution. According to Crisil Ratings despite declining revenues Tata Plays broadband business and its OTT platform Tata Play Binge is likely to partially offset the impact of the revenue loss. In 2024 Tata Sons acquire an additional 10% stake in Tata Play from Temasek for $100 million at a market valuation of $1 billion significantly lower than its peak $3 billion valuation before the Covid-19 pandemic.