India’s private FM radio industry is undergoing one of its largest workforce reductions in recent memory, with close to 300 employees losing their jobs across networks. At Radio City, run by Music Broadcast Ltd, about 100–150 employees have been let go, including those in the podcast division, reported E4M. Big FM, meanwhile, is learnt to have cut around 50–70 jobs.
The job losses come at a time when most operators are struggling with weak revenues, high operating costs, and a diminishing role in the advertising mix.
Earnings under pressure
Music Broadcast Ltd reported a net loss of Rs 2.47 crore for the quarter ending June 30, 2025, compared with a profit of Rs 2.58 crore in the preceding three months. Revenue from operations slipped to Rs 49.32 crore, down 17.25% sequentially and 9.78% lower than a year earlier.
DB Corp’s radio vertical, which operates My FM, recorded advertising income of Rs 39.2 crore in Q1 FY26, just 1.2% higher than the same quarter last year. On a sequential basis, revenue improved by 3.7%, but operating profit fell by 31% year-on-year to Rs 15.6 crore.
ENIL, the operator of Mirchi, posted consolidated income of Rs 113 crore for the quarter, a 3% rise from a year earlier, supported largely by its events and digital businesses. Segment profit grew 3.6% to Rs 6.2 crore.
HT Media’s broadcast arm (Fever FM) reported revenue of Rs 31 crore, compared with Rs 82 crore in the previous quarter and Rs 35.7 crore a year earlier. Losses widened to Rs 14.1 crore, from Rs 10.4 crore in the March 2025 quarter and Rs 7.8 crore in the same period last year.
TV Today Network has already wound down its Ishq FM stations in Mumbai, Delhi, and Kolkata. Its discontinued operations posted revenue of Rs 1.25 crore in Q1 FY26, alongside losses of Rs 5 lakh and total liabilities exceeding Rs 37 crore.
Struggle for relevance
The downturn is also visible on the front end. Ishq FM’s Kolkata unit parted ways with RJ Somak Ghosh, who disclosed via social media that the station’s transfer of ownership earlier this year had exposed revenue shortfalls, eventually leading to retrenchments.
Industry observers point out that Free Commercial Time, once the backbone of private FM earnings, has been steadily shrinking. Advertisers are diverting spending towards digital and connected platforms that offer greater targeting and measurable outcomes. Even the festive season, once a cushion for broadcasters, has failed to revive demand.
As audiences move in large numbers to streaming apps, short video and podcasts, analysts caution that private FM risks further erosion in relevance unless it discovers fresh revenue streams through digital extensions, branded content or hyperlocal programming.