Stage, an Indian regional OTT platform, recorded a strong financial turnaround in FY25 as total revenue surged over sixfold to ₹111 crore from ₹18 crore a year earlier, driven largely by a sharp rise in paid subscriptions and growing demand for vernacular content outside India’s metropolitan centres.
Subscription revenue fuels growth
Nearly all of Stage’s operating revenue in FY25 came from subscriptions. Subscription income rose more than 6.3 times to about ₹110 crore, representing roughly 99% of the company’s topline. Revenue from marketing and promotional partnerships remained modest at around ₹1 crore.
The growth reflects rising viewership in smaller towns and rural markets where audiences increasingly seek programming in regional dialects such as Haryanvi, Rajasthani and Bhojpuri. Stage has focused on original series, films and stage-based performances tailored to these linguistic and cultural preferences.
Costs, losses and improving unit economics
Despite the revenue jump, Stage’s net loss widened to ₹28 crore in FY25 from ₹22 crore in FY24, an increase of nearly 27%. The expansion in losses was driven by a marked rise in expenses as the company invested heavily in marketing and subscriber acquisition.
Advertising and promotional spending became the largest cost item, climbing more than fourfold to about ₹115 crore and constituting over 80% of total expenditure. Other operating costs—including employee benefits, content acquisition, legal and administrative expenses—also rose, taking total expenses to roughly ₹141 crore, more than three times the prior year’s level.
Operationally, Stage reported better unit-level efficiency: it now spends about ₹1.27 to earn ₹1, an improvement from ₹2.28 a year earlier. This improvement in unit economics suggests more effective monetisation as the platform scales.
User base and market positioning
By the end of FY25, Stage had around 20 million total users, including over 4.4 million paying subscribers. The platform’s emphasis on dialect-driven, region-specific content differentiates it from mainstream OTT services that concentrate on Hindi and English programming, helping Stage build affinity in underserved vernacular markets.
The expanding user base follows broader trends—greater smartphone penetration and affordable mobile data in smaller cities and rural areas—boosting take-up of local-language digital entertainment.
Funding and outlook
Stage has raised nearly $24 million from investors including Goodwater Capital and Blume Ventures to support content production, marketing and technology upgrades. The fresh capital has underpinned aggressive customer-acquisition efforts and content investment.
Although losses widened as Stage prioritised growth, the significant revenue gain and improved unit economics point to a path toward more sustainable operations if the platform can continue scaling its regional content strategy and control marketing spend. The FY25 results underscore that regional digital entertainment in India is transitioning from niche to mainstream, presenting a sizeable opportunity in the vernacular OTT segment.
