Regional OTT platform Stage reported a more than sixfold jump in revenue for the fiscal year ended March 2025, driven largely by a surge in paid subscriptions as demand for vernacular content grows across smaller towns and rural India.
Subscription revenue fuels sharp topline rise
Stage’s total revenue rose to ₹111 crore in FY25 from ₹18 crore a year earlier. Subscription income accounted for almost the entire operating revenue, climbing over 6.3 times to roughly ₹110 crore and representing about 99% of the company’s topline. Marketing and promotional deals contributed the remaining ₹1 crore.
The revenue spike reflects strong traction in regional markets where viewers increasingly prefer content in native dialects such as Haryanvi, Rajasthani and Bhojpuri. Stage has focused on original, culturally relevant programming to capture audiences beyond India’s metros.
Costs and widening losses amid aggressive expansion
Despite robust revenue growth, Stage’s net loss widened to ₹28 crore in FY25, up nearly 27% from ₹22 crore in FY24. The expansion drive led to a sharp increase in expenses, with advertising and promotional spend emerging as the largest cost item.
Advertising expenditure rose more than fourfold to about ₹115 crore, accounting for over 80% of total costs. Other expenses—including employee benefits, content acquisition, legal and administrative costs—also increased. Total expenses reached approximately ₹141 crore, more than three times the previous year’s level.
There was improvement in unit economics: the platform now spends around ₹1.27 to earn ₹1, compared with ₹2.28 in the prior year. This indicates better monetisation efficiency even as the company invests heavily in subscriber acquisition and scale.
User metrics and market positioning
By the end of FY25, Stage reported around 20 million total users, including over 4.4 million paying subscribers. The user growth mirrors rising smartphone penetration and affordable data in smaller towns and rural areas, where demand for vernacular entertainment is increasing.
Unlike mainstream OTT services that prioritise Hindi and English content, Stage specialises in dialect-driven and region-specific programming. Its library of original series, films and stage-based content in local languages has helped it build a distinct position within India’s competitive OTT landscape.
Funding and outlook
To support its growth, Stage has raised nearly $24 million from investors including Goodwater Capital and Blume Ventures. The funds are being deployed for content production, marketing and technology upgrades to improve subscriber acquisition and retention.
Although losses widened due to heavy investment, the substantial revenue growth and improved unit economics suggest progress toward a more sustainable model. Continued scaling of regional content and efficient marketing could help Stage consolidate its position in India’s vernacular OTT market.
