According to industry executives, per hour realisation on commissioned TV shows has declined 25-50% in recent years. While over-the-top (OTT) projects are finite and premium, linear TV still relies on long-running shows and volume to amortise costs and earn revenues.
Industry estimates suggest OTT is on track to overtake TV in content spends.
With the plateauing of traditional viewership and rising connected TV adoption, streaming platforms are prioritising differentiated content. Linear television, however, continues to be driven by volume due to daily, appointment-based prime-time viewing. Amid the tightening of margins across the ecosystem, producers are increasingly seeking IP ownership to unlock long-term monetisation through syndication, licensing, and digital formats. Industry reports portray a sharp rise in partial or full IP ownership by production houses. In television, IP ownership increased to 43% from 15% in the past three years, while rising to 43% from 21% in OTT. Total video content investments in India is currently at about ₹50,000 crore.
Content powerhouse Balaji Telefilms is rebalancing its mix toward films and digital. Though TV remains its biggest revenue contributor, the company is expecting more contribution from digital and films. The company recently launched Kutting, a family-friendly OTT service that aims to co-own and own content across formats.
“We now see content as a single, connected business across television, digital, and motion pictures,” said Sanjay Dwivedi, Group CEO and CFO at Balaji Telefilms. “Films will drive growth, followed by digital, with television as the third focus area. Along the way, we will keep investing in our own IPs while also producing shows for others.”
Swastik Stories, known for mythological dramas, is also pivoting to an IP-led model. It launched a cultural storytelling FAST channel on JioTV, LG, Xiaomi TV and RunnTV, with an initial reach of over 50 million connected TV users. Its target is to cover 90% of connected TV households by March 2026.Swastik, which generates nearly ₹200 crore in annual revenue, is aiming for 20% of it to come from digital and FAST over the next two to three years.”Earlier, broadcasters commissioned the content, you delivered the show and earned a margin. That model is now under stress,” said founder Siddharth Tewary. “If we co-own the IP, we can build a stronger property and share accountability and value.”
Swastik plans to take the same IP across digital series, animation, stage, and audio. One Life Studios, its content syndication arm, manages a library of more than 60 IPs, spanning 800 to 1,000 hours of content, including Porus, Chandragupta Maurya, and Laxmi Narayan.
Another entrant, Madlab Alpha, was formed earlier this year through the partnership of Bodhitree Multimedia, Madlab Films, and Universe of Ideas. The studio has earmarked around ₹250 crore over the next 24 to 28 months for original films and series, with IP ownership at the core of its strategy.
Studios acknowledge the transition is still early. However, with shrinking margins, evolving consumption, and rising digital monetisation opportunities, the future of TV production is moving decisively toward IP ownership and long-term value creation.
