Indian regional OTT platform Stage reported a spectacular jump in revenue for the fiscal year ending March 2025, with its total revenue rising more than six times to ₹111 crore, up from just ₹18 crore in the previous year. This impressive performance underscores the growing appetite for regional language content across India’s digital audience.
Subscription Revenue Drives Growth
The lion’s share of Stage’s revenue came from paid subscription services, a segment that witnessed explosive growth in FY25. Subscription income spiked by over 6.3 times, contributing approximately ₹110 crore to the total operating revenue and accounting for nearly 99% of the company’s topline. Only a small portion of revenue — around ₹1 crore — came from marketing and promotional deals.
This surge reflects the platform’s solid traction among viewers in India’s hinterlands, many of whom prefer content in their native dialects like Haryanvi, Rajasthani, and Bhojpuri. Stage has positioned itself as a key player in this underserved segment by offering original and culturally relevant entertainment that resonates with millions of Indians beyond metro cities.
Aggressive Expansion Leads to Wider Losses
Despite the strong revenue growth, Stage’s net losses widened in the same period. The company posted a loss of ₹28 crore in FY25, up nearly 27% from ₹22 crore in FY24. A significant factor behind this was a sharp rise in expenses, particularly in advertising and promotional activities.
Advertising emerged as the most substantial cost centre, jumping more than fourfold to about ₹115 crore and accounting for over 80% of total expenditure. Other costs such as employee benefits, content acquisition, legal, and administrative expenses also increased, pushing total expenses to approximately ₹141 crore — more than three times higher than the previous year.
However, there was a notable improvement in operational efficiency. On a unit level, the platform now spends around ₹1.27 to earn ₹1, compared to ₹2.28 in the previous fiscal year. This improvement in unit economics signals better monetisation efficiency even as the company continues to invest aggressively in scale and subscriber acquisition.
User Growth and Market Position
By the end of FY25, Stage reportedly had around 20 million total users, including over 4.4 million paying subscribers. This rapid expansion reflects the increasing penetration of smartphones and affordable data across small towns and rural India, where demand for regional entertainment is rising steadily.
Unlike mainstream OTT players that focus largely on Hindi and English programming, Stage has concentrated exclusively on dialect-driven and region-specific content. Its strategy of building a strong library of original series, films, and stage-based performances in local languages has helped it carve out a distinct identity in the competitive OTT landscape.
Funding and Future Outlook
To fuel its expansion journey, Stage has raised nearly $24 million in funding from investors including Goodwater Capital and Blume Ventures. The fresh capital has been utilised for content production, marketing, and technology enhancements aimed at boosting subscriber acquisition and retention.
While the widening losses reflect heavy investment in growth, the significant jump in revenue and improving unit economics indicate that the platform is moving toward a more sustainable model. If Stage continues to scale its regional content strategy successfully, it could emerge as a dominant force in India’s vernacular OTT market over the coming years.
The company’s FY25 performance clearly signals that regional digital entertainment is no longer a niche but a rapidly expanding opportunity in the Indian OTT ecosystem.