Star Sports is facing a talent drain just before the kick-off of the Indian Premier League (IPL) 2024 on March 29. As per sources close to developments at Star, the exodus involves 15 to 20 executives from various sales positions across markets, with some key figures departing after substantial tenures.
Some of those who have moved on from the company include, Natasha Sharma, Star TV Network’s vice president for sales, who served the organization for eight years, and Saket Sahay, the former vice president and sales director. Interestingly, these employees moving on from the company from across television and digital teams are reported to be long-time company veterans, having dedicated nearly a decade to Star Sports.
Company insiders, who chose to remain anonymous, told Storyboard18 that the departures are a result of various factors that include recent talks of Disney planning to sell off their India business and the division of TV and digital rights for IPL. The shift in advertising preferences towards digital platforms, especially with the lure of reaching a younger audience, had impacted Star Sports’ television response at the beginning of the last season. JioCinema’s free streaming services further intensified the competition.
These departures come at a crucial juncture for Star Sports, especially considering the challenging financial landscape.
The Walt Disney-owned company’s sports business witnessed an 82 percent increase in operating losses, reaching $432 million for the fiscal year ending September 2023. Annual revenue for Star’s sports business also plummeted by 39 percent to $729 million.
The company also saw a 59 percent dip in ad revenue from sports.
The current talent exodus raises questions about Star Sports’ readiness to navigate these challenges and recover lost revenues during the upcoming IPL season, which has historically been a vital period for the network.