India Media Sector "Money follows eyeballs: What are the latest trends ..."

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India Media Sector "Money follows eyeballs: What are the latest trends ..."

Powered by Lab Global15 MayResearch2026ab Evidence UBS YES

India Media Sector Equities

IndiaMoney follows eyeballs: What are the latest

trends in streaming/advertising in India? Media

Aditya Chandrasekar

Analyst

aditya.chandrasekar@ubs.com

Average weekly TV ad insertions up 5% MoM in Apr'26 +91-22-6155 6056

Data from BARC shows the average weekly TV ad insertions by the top 10 advertisers Navin Killa

were up 5% MoM in Apr'26 (up 8% YoY, vs -16%/ -9% YoY in Feb/ Mar'26). The Analyst

average weekly ad insertions are 24% below peak levels of the past 2.5-3 years in navin.killa@ubs.com

May'23, showing a continued decline during this period. Refer Figure 2AverageweklyTVadinsertionsbytop10advertisersdecreased7%MoMinAug'25(-10%YoY)AverageweklyTVadinsertionsbytop10advertisersincreased4%MoMinJune'25(-5%YoY +852-2971 7594

Heenal Gada

JioHotstar dominates across the board Associate Analyst

App usage (top OTTs): UBS Evidence Lab data on app usage shows JioHotstar heenal.gada@ubs.com

retaining its dominant market share,with MAU share up 1pp MoM to 54% in +91-22-6155 6076

Apr'26. MAU share of MX Player (10%), Zee (4%) and JioTV (2%) remained

largely stable (Figure 4JioHotstar'sMAUsharewasflatMoMat52%inAug'25). SonyLiv's (3%) witnessed a 1pp MoM dip while other

broadcasters were stable in Apr'26.

Download share: JioHotstar witnessed a 7pp MoM increase in download share

to 57%, while MX player, JioTV and SonyLiv saw 1pp MoM dip each to 9%, 5%

and 3% respectively. Others witnessed a 3pp MoM dip to 26% (Figure 5JioHotstar'sdownloadshareincreasedby5pinAug'25).

Time spent: Share for JioHotstar increased MoM to 78% in Apr'26, a 7pp uptick.

Share of MX Player decreased 3pp MoM to 7%.