Dish TV aims for recovery through development of smart TV VZY, e-commerce, and content hub

Dish TV, a direct broadcasting service operator facing subscription losses, hopes for the revival of its business. The company is diversifying its operations to cope with a revenue decline of 25.84%, reaching 1162.61 crore rupees in fiscal year 26, accompanied by a negative EBITDA figure.

According to the latest annual report, the revenue drop was mainly due to the 'rise of alternative entertainment options.' To recover, the company is implementing new initiatives, including the VZY smart TV business, the B2C ShopZop e-commerce platform, and the Watcho content aggregator.

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CEO and Executive Director Manoj Dobhal expressed confidence that the company's new projects will lead to recovery and growth. This confidence is based on VZY TV reaching the milestone of 100 crore rupees, the growth of the digital application and Watcho website, as well as the early success of hybrid packages among existing subscribers.

In September last year, Dish TV entered the smart TV market with the VZY lineup, which combines DTH and OTT services. Dobhal also noted that the company expects to generate income from ShopZop through commission fees, as well as enter into exclusive content partnerships and sponsorship agreements with Content India. He emphasized that Content India will play a key role in providing high-quality content for Dish TV customers and increasing revenue through their retention.

Content India, launched jointly with C21 Media to mediate between content creators, buyers, and technology firms, is viewed as a source of future revenue through 'exclusive content partnerships and sponsorships.' A foundational three-day event was held for this platform in Mumbai in March 2026, and the company plans to expand it into the largest such center in Southeast Asia.

According to Dobhal, the annual decline in paid DTH subscribers in the industry is attributed to three structural changes: the growing migration of urban households to OTT platforms, the shift of price-sensitive consumers to free channels, and the rapid adoption of connected televisions. These trends have affected all DTH operators in India and globally, including Dish TV, and are expected to persist in the coming years.

Addressing shareholders, CEO and Executive Director Manoj Dobhal stated that amid the ongoing structural shift in the Indian home entertainment market, driven by the rise of OTT streaming and the availability of free platforms, the company is actively repositioning itself to maintain relevance and competitiveness. The company has diversified channel packages in the core Dish TV business, expanded original and regional content on the Watcho app, and integrated OTT streaming into hybrid packages.

Dobhal recalled the history of Dish TV: the launch of the first DTH service in India in 2003 and the merger of Videocon DTH operations in 2018, which allowed the company to become debt-free in 2023. He noted that the company is now at a stage of new repositioning, striving to lead the industry's transition 'from set-top boxes to smart screens,' as content consumption consolidates across various platforms. He concluded his statement by saying that the company is on a path to increasing and protecting shareholder value.

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