Bharti Airtel’s OTT arm posts net loss of Rs 6.2 cr in FY19
MUMBAI: Telecom operator Bharti Airtel‘s over the top (OTT) arm Wynk Ltd has slipped in the red with a net loss of Rs 6.2 crore in FY19 compared to a net profit of Rs 14.1 crore in the previous fiscal.
The company’s loss before tax stood at Rs 9.5 crore as against a profit before tax of Rs 21.6 crore.
Wynk has seen a big jump in its top line. Revenue from operations grew to Rs 613 crore from Rs 281.2 crore. Expenses rose to Rs 613.7 crore compared to Rs 250.3 crore. A bulk of the company’s expenditure went into content costs which increased to Rs 545.9 crore from Rs 202.1 crore.
Wynk Ltd is in the business of content procurement/aggregation and selling it to B2B and B2C customers. The company houses Airtel’s video streaming platform Airtel XStream and music streaming platform Wynk Music. Its revenue streams include subscription revenue from Airtel Xstream and Wynk apart from ad revenue.
Airtel XStream has content partnerships with Sony Pictures Networks India, TV18/Viacom18, Turner India, Discovery Communications India, Sun TV Network, ZEE5, Hungama, Eros Now, Hooq, ShareIt, YouTube, Shemaroome, Ultra, and Curiosity Stream.
With 50 million plus installs, the video streaming platform boasts of 350+ channels, 10000+ movies and 100s of TV shows. Wynk Music, which has over 100 million installs, has more than 3 million songs from multiple music labels.
Airtel is building Wynk as a start-up. Wynk provides a digital platform to access on-the-go entertainment content across music, Live TV, Movies & TV Shows. The carrier-agnostic and multi-device compatible applications enable customers to stream, download and buy content.
The products are designed to leverage the strengths of a telecom backbone in terms of identifying & catering to the preferences of customers, thus providing high-quality entertainment content on multiple platforms.