For Dish TV, the television set may only be the entry point. Chief Revenue Officer Sukhpreet Singh explains how Vzy is being built around content, subscriptions and connected TV advertising.
Benita Chacko24 Sep 2026
05:31IST
New Update
For a company whose core business has traditionally revolved around putting television channels into Indian homes, Dish TV is increasingly looking beyond the set-top box.
Its one-year-old smart TV business, Vzy, crossed Rs 200 crore in cumulative sales last month and has since reached around Rs 230 crore chief revenue officer, Dish TV India. The business had crossed Rs 100 crore by the end of FY26
The speed of the ramp-up is significant for a new entrant in a crowded television market, but Vzy is not being positioned as just another TV brand. With Vzy, Dish TV has brought together the television, content and subscriptions into a single proposition, while building towards a connected TV platform that can generate recurring revenue beyond the initial hardware sale.
“We are not getting into the TV business as such because we are a content and entertainment company, and that remains our core,” says Singh. “Our objective is to offer customers a complete content and entertainment ecosystem.”
Beyond the TV sale
Vzy launched in September 2025 with a proposition that Singh describes as a “true smart TV with built-in entertainment”.
The television comes with access to OTT and linear TV content, with Dish TV positioning the bundle as a way for households to consolidate multiple entertainment subscriptions. The company estimates that consumers could potentially save Rs 800-900 a month compared with paying separately for DTH or cable and multiple OTT services.
The proposition appears to be gaining traction. Around 80% of Vzy users have registered and consumed the content available with their TVs
The company has built Vzy as a broader content platform, with an app, web platform and TV applications across operating systems. It brings together content from OTT platforms, linear television and creator-led
Vzy recently launched Linear TV Streaming (LTS), bringing linear television and digital entertainment together on a single platform. The service offers more than 200 live television channels alongside access to 29-plus OTT platforms and free content.
Vzy’s linear TV plans start at Rs 179 for 200-plus live TV channels, while its OTT offering starts at Rs 199 for access to 29-plus OTT platforms.
The broader proposition reflects a shift in how Dish TV sees the connected television opportunity. Rather than treating television, OTT and free content as separate services, the company is trying to bring them together through a single consumer interface.
The next stage is to improve content discovery and personalisation and make the experience more seamless across screens
From hardware margins to lifetime value
That ambition also changes the economics of the business.
A conventional television business largely depends on the economics of a one-time hardware transaction. Vzy, however, is being built around the idea that the customer can generate value over a much longer period through content, subscriptions and eventually advertising.
“If you own the CTV platform, then the whole economics changes. It is not just about selling a device one time; it is about how you see the lifetime value of the customer that you acquire,” says Singh.
Dish TV is therefore looking at connected TV advertising as another potential monetisation stream. The company is working towards building both a CTV platform and a CTV monetisation business.
This is also why the company does not view its television business as separate from its content strategy. Its newer businesses, Singh says, are being built as part of a broader content ecosystem rather than as standalone businesses.
The company had earlier launched the OTT platform Watcho in April 2019 and the quick commerce platform Shopzop, which went live on August 11, 2025.
At the time of Vzy’s launch last year, Dish TV CEO Manoj Dobhal had said that the company expected one-fourth of its contribution to come from non-DTH services in 18-24 months.
In FY26, around Rs 100 crore of Vzy’s revenue was attributed to the combined device and content proposition. Of that, approximately 75% was attributed to the device and 25% to content.
New customers, not just Dish TV subscribers
Vzy is also intended to take Dish TV beyond its existing customer base.
Singh says the brand was launched primarily to acquire new customers and appeal to a new target audience, although existing Dish TV customers also receive offers and value through the proposition.
This is where Dish TV’s existing distribution and service infrastructure becomes an advantage.
Vzy is available through retail stores, Dish TV’s website and e-commerce platforms. Singh says the three broad channels, online, large-format retail and mass distribution, each contribute roughly 35-36% of TV sales by volume.
The company’s existing presence across towns and its service network have helped it expand beyond the major metros. While larger screens continue to see stronger traction in bigger cities, Singh says demand for larger and premium televisions is also increasing in Tier 2 and Tier 3 markets.
Vzy’s portfolio currently ranges from 32-inch televisions to 75-inch and recently introduced 98-inch premium Mini LED models. Pricing ranges from Rs 18,000 to Rs 85,000 for regular LED models and Rs 1 lakh-plus for the Mini LED series.
South becomes a key battleground
South India is another important part of the company’s expansion strategy, given the region’s strong pay-TV market, multiple regional-language markets and significant television consumption.
The company made its Vzy debut in Kerala during Onam and partnered with large-format retailers in the state. It also combined the Onam opportunity with the FIFA World Cup to create special packages for the Kerala market.
The company plans to build similar propositions around regional festivals and consumption occasions, with the broader festive season providing an opportunity for both content consumption and television purchases.
A different model from TV subscription plays
Dish TV’s approach also differs from recent attempts to combine television hardware with subscription payments. Streambox Media had attempted a similar CTV and content aggregation proposition with Dor, but that business shut down in 2025.
Vzy is distinct in its model, as customers buy the television upfront, with content and subscriptions bundled into the proposition. The value is then delivered through the savings and entertainment access over at least a year, and in some cases longer.
The longer-term objective, however, is not simply to sell more televisions.
“If we own the platform, there are multiple ways to monetise the customer and generate lifetime value by providing consistent services, better experiences and value over time,” Singh says.
That makes retention as important as acquisition. The consumer relationship could potentially continue through recurring content and services after the initial TV purchase.
For Dish TV, this represents a broader shift in how it defines its business. Rather than viewing the company through the traditional DTH-versus-non-DTH lens, Singh says it now sees itself as a content ecosystem, where consumers can access entertainment through satellite, streaming or any connected screen.
Dish TV’s consolidated revenue from operations fell 25.84% to Rs 1,162.61 crore in FY26 from Rs 1,567.60 crore a year earlier. Its consolidated subscription revenue declined about 24% to Rs 340.46 crore in FY26 from Rs 449.88 crore in FY25.
TelevisionDish TVOTTEntertainmentCTVWatchoDish TV WatchoSubscription PlansVZYVzy Smart TV
afaqs! CaseStudies : From early roots to everyday relevance. Explore the brand journeys.
