Stage hits Rs 111 Cr revenue with 6X growth, but profitability remains the real test

India’s regional OTT market is entering a new phase of scale, and Stage has emerged as one of its fastest-growing players. The company reported a 6.2X jump in revenue to Rs 111 crore in FY25, crossed 4.4 million paying subscribers, and reached 20 million total users. However, aggressive customer acquisition pushed losses up to Rs 28 crore, highlighting the high cost of building a subscription-led entertainment platform in underserved regional markets. According to filings with the Registrar of Companies, the numbers reflect both strong demand and the heavy investments required to unlock regional entertainment at scale.

Key financial highlights

Metric	FY24	FY25	Growth
Revenue	Rs 18 Cr	Rs 111 Cr	6.2X
Total expenses	Rs 41 Cr	Rs 141 Cr	3.4X
Net loss	Rs 22 Cr	Rs 28 Cr	27% increase
Paying subscribers	NA	4.4 million	Significant scale
Ad spend	Rs 27 Cr	Rs 115 Cr	4.2X

1. Subscription led model drives nearly all revenue

Subscriptions generated Rs 110 crore, accounting for 99 percent of total operating revenue. This confirms that Stage’s growth is primarily driven by paying users rather than advertising, a key validation of its content first strategy.

2. Massive user growth signals strong product market fit

Stage reported 20 million users and 4.4 million paying subscribers by FY25. This conversion scale is significant for regional language OTT, especially in markets historically considered low monetization segments.

3. Advertising became the biggest growth lever and cost center

Advertising and promotions surged to Rs 115 crore, representing over 82 percent of total expenses. This indicates heavy investment in customer acquisition to rapidly scale subscriptions and market presence.

4. Losses increased, but efficiency improved significantly

Net losses rose 27 percent to Rs 28 crore. However, efficiency improved as the company spent Rs 1.27 to earn one rupee, compared to Rs 2.28 in FY24. EBITDA margin improved to negative 24.05 percent, showing progress toward sustainability.

5. Strong capital backing and balance sheet stability

Stage has raised about $24 million from investors including Goodwater Capital and Blume Ventures. It also maintained Rs 69 crore in cash reserves, providing runway for continued expansion.

6. Competitive regional OTT landscape is heating up

Stage competes with platforms like aha video, Chaupal, Planet Marathi, and OM TV. Its focus on underserved languages like Haryanvi and Bhojpuri creates a differentiated niche. Under the leadership of Vinay Singhal, Stage has proven that regional audiences are willing to pay for culturally relevant content. The next phase will depend on whether the company can reduce acquisition costs and convert scale into sustainable profitability.