India Media Sector: Money follows eyeballs: What are the latest trends in streaming/advertising in India?

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India Media Sector: Money follows eyeballs: What are the latest trends in streaming/advertising in India?

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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 down 4% MoM in Jun'26 +91-22-6155 6056

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

were down 4% MoM in Jun'26 (down 11% YoY, vs -8% YoY in May'26). For the quarter Analyst

as a whole, average TV ad insertions were down 4% YoY. This is despite Q1FY27e ad navin.killa@ubs.com

spends of FMCG companies expected to grow 11% YoY as per street estimates, +852-2971 7594

showing the structural shift in ad revenues to digital. The average weekly ad insertions Heenal Gada

are 30% below peak levels of the past 2.5-3 years in May'23, showing a continued Associate Analyst

decline during this period. Refer Figure 2AverageweklyTVadinsertionsbytop10advertisersdecreased7%MoMinAug'25(-10%YoY)AverageweklyTVadinsertionsbytop10advertisersincreased4%MoMinJune'25(-5%YoY heenal.gada@ubs.com

+91-22-6155 6076

JioHotstar dominates across the board

App usage (top OTTs): UBS Evidence Lab data on app usage shows JioHotstar

retaining its dominant market share despite MAU share down 8pp MoM to 47%

in Jun'26, likely following the completion of the IPL. MAU share of MX Player

(11%) and JioTV (3%) saw a 1pp increase MoM while Zee5 (7%) witnessed 3pp

MoM increase, likely on the back of the world cup (Figure 4JioHotstar'sMAUsharewasflatMoMat52%inAug'25). Sony Liv's (6%) also

witnessed a 3pp increase in Jun'26.

Download share: JioHotstar witnessed a 29pp MoM decrease in download share