Access the Zee’s Q4 FY26 earnings call transcript here: [ PDF | Archived | Markdown ]

“Speaking about the performance of the digital business, I’m glad to share that ZEE5 achieved breakeven during the previous fiscal. The platform was operationally profitable for the second quarter in a row, delivering 53% year-on-year growth in FY26,” said Zee CEO Punit Goenka during Zee’s Q4 FY26 earnings call.

“Moving to subscription revenues, it has registered a 4% year-on-year growth, primarily driven by our digital business,” said ZEE’s CFO Mukund Galgali. 

Gamifying consumers through micro-dramas: “The Micro-Drama app Bullet continues to garner steady gains with its unique model of gamifying the viewing experience and engaging consumers through short-form content,” said the company’s CFO. 

In June 2025, Zee partnered with content creation startup “Bullet” to launch a dedicated micro-drama application. During this year’s IPL season, JioHotstar launched a micro-drama section within its Jio Hotstar OTT app.

Why is Zee investing in the VFX business? “The reason we are investing in these back-end businesses because just like we invested in music and in the studio business, all these are complementary to the way the entire entertainment landscape is changing. And VFX and these kinds of things will come into the television space as well,” said Goenka. 

In March 2026, Netflix acquired InterPositive, an AI-based filmmaking technology company owned by actor Ben Affleck that claims to develop film production tools for tasks such as shot replacement, background changes, and lighting correction.

The company also approved an investment of up to INR 116 crores in listed firm Phantom Digital Effects Limited to boost content creation and expand into animation, visual effects, gaming, and comics.

On music business: “Compared to my competitors, we are still a very small player. And we will keep investing and going ahead on that basis. But if opportunities come, why not? We will always evaluate and look at those,” said Punit Goenka, CEO of Zee Entertainment, during the Q4 FY26 earnings call. He also said that they have over 20,000 songs and intend to expand their catalogue.

Recent investment in the Indian music business:

• Universal Music India x Excel Entertainment: In January 2026, Universal Music India acquired a 30% equity stake in Mumbai-based Farhan Akhtar-owned production company Excel Entertainment. Read more about the deal here.
• Saregama x Sanjay Leela Bhansali: In December 2025, Saregama invested Rs. 325 crore in Bollywood director Sanjay Leela Bhansali’s production house, Bhansali Productions. Read more about the deal here. 
• Warner Music India x Ultra Music: In November 2025, Warner Music India entered into an exclusive worldwide distribution partnership with Mumbai-based Ultra Music.  Read more about the deal here.

Zee approved investment in offline live businesses: “An investment of INR 20 crores was approved in respect of CORE Private Limited. CORE stands for Culture of Real Experiences. So, this will help drive our Live business,” said the CFO.

Quick throwback: Zee used to own a 22-acre water amusement park in Mumbai. However, in May 2023, the company shut down Essel World. 

Also Read: 

• Zee opposes JioStar, seeks television-style regulation for free streaming TV services
• Govt. asks ZEE5 to halt ‘Lawrence of Punjab’ web series release
• Zee5: Punit Goenka talks marketing, impact of JioFiber, and original content