India’s media landscape has witnessed a seismic shift as JioStar, the mega-merger between Reliance Industries and Disney’s Star India, announces extraordinary financial performance with $2.08 billion in half-year revenue and an impressive 400 million monthly active users on its JioHotstar streaming platform. This remarkable achievement marks a new era in Indian entertainment, positioning the company as the undisputed leader in the country’s digital streaming revolution.
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Financial Performance Beyond Expectations
JioStar has delivered exceptional results in its latest quarterly report, showcasing the power of strategic consolidation in India’s competitive media market. The company reported gross revenue of $815 million for Q2 FY26, with profit after tax reaching $149 million and industry-leading EBITDA margins of 28.1%.
| Financial Metrics | Q2 FY26 | Half-Year FY26 |
|---|---|---|
| Gross Revenue | $815 million | $2.08 billion |
| EBITDA | $196 million | $310 million |
| EBITDA Margin | 28.1% | 17.5% |
| Profit After Tax | $149 million | Not disclosed |
The merger between Disney’s Star India and Reliance’s Viacom18, valued at $8.5 billion, has created India’s largest media and entertainment company. JioStar generated revenue of $2.08 billion with EBITDA of $310 million for the half year, representing a margin of 17.5%, demonstrating the immediate synergies realized from this strategic combination.
JioHotstar: The Streaming Powerhouse
The crown jewel of JioStar’s portfolio is undoubtedly JioHotstar, which launched on February 14, 2025, following the seamless integration of JioCinema and Disney+ Hotstar. JioHotstar, the platform’s streaming service, averaged 400 million monthly active users during the quarter, demonstrating strong user retention following the conclusion of the Indian Premier League cricket tournament.
Unprecedented User Engagement
JioHotstar has shattered industry records since its launch. The platform achieved remarkable milestones including:
- 400 million monthly active users in Q2 FY26
- Over 500 million users migrated seamlessly within three months
- World’s second-largest paid user base within 10 weeks of launch
- 61 million live concurrency during Champions Trophy Finals
| User Metrics | Achievement |
|---|---|
| Monthly Active Users | 400 million |
| Content Library | 300,000+ hours |
| Languages Supported | 19 |
| Peak Concurrency | 61 million |
| Paid Subscribers | 280+ million |
Content and Sports Dominance
JioStar’s content strategy has proven incredibly successful across multiple verticals. The network reached over 830 million viewers on television, delivering more than 60 billion hours of watch time during the quarter. JioStar improved its TV entertainment viewership share by 30 basis points year-over-year to 34.5%.
Sports Broadcasting Excellence
The sports portfolio of JioStar has demonstrated exceptional performance across various tournaments. Recently concluded India–England Anderson-Tendulkar Trophy became the most-watched test series ever on a digital platform, with 170 million viewers setting a new benchmark. Additionally, Wimbledon 2025 saw 77 per cent growth on JioHotstar, while the newly acquired US Open 2025 set benchmarks with its watch time, including the highest-ever 388 million minutes on linear TV.
Entertainment Content Success
JioStar’s entertainment properties have captured audiences across demographics. Star Plus captured audiences with the highly anticipated revival of long-running soap “Kyunki Saas Bhi Kabhi Bahu Thi,” which delivered record-breaking viewership across TV and digital platforms, representing the biggest Hindi-language general entertainment channel fiction launch in the past five years.
The JioStar’s “Bigg Boss” franchise has also shown remarkable growth, with the Indian adaptation of the “Big Brother” format across the Hindi, Malayalam, and Telugu languages registered 55% year-over-year growth in watch-time on digital.
The Strategic Merger Impact
The formation of JioStar through the merger of Disney’s Star India and Reliance’s Viacom18 represents one of the most significant deals in Indian media history. The deal, valued at $8.5 billion, involved the investment of ₹11,000 crore (US$1.3 billion) by Reliance Industries, which left Reliance Industries with a total stake of 63.16%, 16.34% directly and 46.82 percent through Viacom18, with Disney India controlling the remaining 36.84%.
This strategic consolidation has created numerous competitive advantages:
Market Leadership
JioStar now operates as India’s largest television and entertainment network, running more than 100 TV channels and the major JioHotstar streaming platform. The company has secured exclusive rights to premium sports content including IPL, ICC cricket events, Premier League football, and Wimbledon tennis.
Technology Integration
The JioHotstar platform represents cutting-edge streaming technology, offering ultra-HD 4K streaming, AI-powered insights, real-time stats overlays, and multi-angle viewing capabilities. The platform supports content in 19 languages, making premium entertainment accessible across India’s diverse linguistic landscape.
Revenue Diversification Strategy
JioStar’s revenue model demonstrates successful diversification across multiple streams. The company benefits from subscription revenues, advertising income, and sports rights monetization. With subscription plans starting at ₹149 ($1.71) for three months, JioHotstar has made premium content accessible while maintaining healthy profit margins.
The platform’s hybrid model allows free content consumption with advertisements while offering premium ad-free experiences for subscribers. This approach has proven successful in India’s price-sensitive market, where JioStar has succeeded where international giants like Netflix and Amazon Prime have struggled to achieve significant paid subscription growth.
Global Content Partnerships
JioHotstar has secured content partnerships with major international studios, bringing together content from Disney, NBCUniversal Peacock, Warner Bros. Discovery HBO, and Paramount under one platform. This extensive content library, combined with robust local programming, positions JioStar as a comprehensive entertainment destination.
The platform produces over 30,000 hours of television programming annually and has announced plans for 40-50 new original series and 1,100 hours of regional language programming each year. Additionally, the “Sparks” initiative featuring top Indian digital creators adds another dimension to content offerings.
Market Position and Competition
JioStar’s dominant market position is reflected in its viewership statistics and revenue performance. The company’s linear TV network maintains a 34% market share across TV entertainment, while JioHotstar has emerged as the clear leader in India’s streaming market following the merger.
The successful integration of JioCinema and Disney+ Hotstar into JioHotstar has created a platform that industry leaders describe as having a content slate “bigger and broader than any comparable service anywhere in the world.” This positioning gives JioStar significant competitive advantages in content acquisition, user retention, and advertiser attraction.
Future Growth Prospects
JioStar’s impressive financial performance and user growth trajectory indicate strong potential for continued expansion. The company’s focus on technology innovation, content localization, and sports rights acquisition positions it well for sustained growth in India’s rapidly expanding digital entertainment market.
With 400 million JioHotstar users and growing, JioStar has demonstrated that strategic consolidation, combined with technology innovation and content excellence, can create market-leading positions even in highly competitive environments. The company’s ability to maintain high EBITDA margins while investing in growth initiatives suggests a sustainable business model that can continue delivering strong returns for stakeholders.
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FAQs
What is JioStar’s half-year revenue performance for 2025?
JioStar reported $2.08 billion in half-year revenue with EBITDA of $310 million, representing a healthy 17.5% margin for the period.
How many users does JioHotstar currently have?
JioHotstar averaged 400 million monthly active users during Q2 FY26, demonstrating strong user retention and engagement across the platform.
When did the JioCinema and Disney+ Hotstar merger create JioHotstar?
The merger was completed on February 14, 2025, when JioStar launched JioHotstar by integrating the two leading streaming platforms into one unified service.
What is the ownership structure of JioStar?
Reliance Industries controls 63.16% of JioStar (16.34% directly and 46.82% through Viacom18), while Disney India holds the remaining 36.84% stake in the $8.5 billion joint venture.
What content does JioHotstar offer to its users?
JioHotstar provides over 300,000 hours of content including live sports (IPL, ICC cricket, Premier League), entertainment from Disney, Warner Bros., HBO, NBCUniversal, and Paramount, plus extensive Indian regional programming across 19 languages.
