Kevin Vaz on how CTV powered JioStar’s record digital monetisation in Q3

New Delhi: JioStar CEO Kevin Vaz said JioHotstar’s digital entertainment monetisation hit a record high in Q3, driven by a stronger connected TV (CTV) mix, a wider client base and improved monetisation across marquee “impact properties”. 

Speaking at the investors’ conference call following Reliance Industries’ results for the December 2025 quarter, he said the platform also held IPL-like monthly active user levels despite a quarter with “very little cricket” and higher entertainment consumption.

“Our platform JioHotstar seems to be growing quarter on quarter,” Vaz said, adding that the momentum is visible across both entertainment and sports.

Vaz said the Bigg Boss franchise, running simultaneously in Hindi and four southern markets, posted “one of our highest ever ad revenues” and delivered a 40 per cent growth in digital watch time across editions. He said the performance underlined the platform’s ability to attract and retain consumers quarter-on-quarter.

He also cited originals such as Search, starring Konkona Sen, and Mrs. Deshpande, starring Madhuri, calling them among the platform’s top performers. Vaz said recent movie titles in Malayalam and Telugu were among the most-watched films, naming Lokah and Mirai.

On experimentation with new formats, Vaz said the platform’s “first attempt at AI content”, Mahabharat, was among its best launches, claiming two-times viewership growth over its best-performing shows on the platform. He said the quarter resulted in its highest engagement and monetisation on the network.

On sports, Vaz said the ICC Women’s World Cup delivered a sharp spike in live consumption on JioHotstar. He said live watch time was up 10x compared to the previous Women’s World Cup held in 2024, while viewership was 4x, with peak concurrency of 21 million.

“The final match viewership was on par with men’s cricket… as good as any IPL match,” Vaz said.

He also pointed to strong growth in kabaddi, stating that the platform has doubled both viewers and watch time for the sport, reinforcing its position as the most-watched sport after cricket. Vaz said Pro Kabaddi League watch time grew around 120 per cent year-on-year.

Vaz added that men’s cricket bilaterals also performed well, with watch time across ODIs and T20s up about 55 per cent versus pre-merger levels.

Operationally, Vaz said JioHotstar averaged 450 million monthly active users (MAUs) in Q3, up 13 per cent over the previous quarter. He said the platform converted a large share of cricket viewers into entertainment consumers, improving stickiness quarter-on-quarter.

He said entertainment watch time grew 15 per cent quarter-on-quarter, driven by what he described as the biggest seasons of Bigg Boss across multiple markets and strong performance across Hindi and regional content. Vaz also cited the contribution of TV network content on JioHotstar, saying it continues to deliver strong numbers on the platform.

On television, Vaz said JioStar’s linear entertainment share increased by 100 basis points to 34.6 per cent, which he said is equal to the next three networks put together.

He acknowledged the TV advertising market remained challenging, citing spend cuts from FMCG and consumer electronics brands. However, he said December showed signs of recovery post-GST and expressed hope that the improvement continues.

Vaz also referenced the theatrical performance of Avatar: Fire and Ash, calling it one of the biggest Hollywood titles in India in 2025 and claiming it grossed more than Rs 200 crore in the first 15 days, backed by JioStar’s marketing and distribution.

Linking performance to financial outcomes, Vaz said JioStar’s operating revenue stood at Rs 6,896 crore in Q3, with EBITDA of Rs 1,303 crore, which he described as a healthy performance despite a tough macroeconomic environment. He also flagged strong subscription revenue performance across digital and TV.

Vaz cautioned against year-on-year comparisons due to the merger timeline, noting that the previous quarter included the merger only from November 14. He said momentum has remained strong despite macro headwinds.