Regional language-focused over-the-top (OTT) platform Stage, expanded its scale by over 6X in the fiscal year ending March 2025 and crossed the Rs 100 crore revenue threshold. However, the aggressive push to grow its business also led to a 27% increase in losses during the same period. Stage’s revenue from operations jumped 6.2X to Rs 111 crore in FY25 from Rs 18 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

Stage earns almost its entire operating revenue from subscriptions which spiked 6.3X to Rs 110 crore in FY25 and accounted for 99% of the operating revenue. Marketing and promotional fees contributed Rs 1 crore in the year. Advertising emerged as the single largest cost for the company and formed over 82% of its total expenditure. These expenses soared more than 4X to Rs 115 crore in FY25 from Rs 27 crore in FY24. Employee benefit expenses doubled to Rs 12 crore, while content acquisition costs stood at Rs 1.7 crore. Legal charges and other overheads, including administrative and operating expenses, added another Rs 9.3 crore during the year. Depreciation rose to Rs 3 crore in FY25. Overall, Stage’s total expenses increased 3.4X to Rs 141 crore in FY25 from Rs 41 crore in FY24.

With a spurt in scale, the company’s loss increased 27% to Rs 28 crore in FY25 from Rs 22 crore in FY24. However, its ROCE and EBITDA margin improved to -48.69% and -24.05%, respectively. On a unit basis, the company spent Rs 1.27 to earn a rupee in FY25, a significant improvement from Rs 2.28 in FY24. It reported cash and bank balances of Rs 69 crore at the end of March 2025, while its current assets stood at Rs 83 crore.

About Stage

Stage has been founded in 2019 by Vinay Kumar Singhal, Shashank Vaishnav, Parveen Singhal, and Harsh Mani Tripathi. Stage operates a subscription-led regional entertainment platform, offering an on-demand library of original shows and movies in regional languages such as Haryanvi, Rajasthani and Bhojpuri. Stage primarily monetises its platform through paid subscriptions, with a small share of revenue coming from marketing and promotional partnerships.