The report says Z5’s weekly active users have reportedly doubled to a record level during the tournament. That matters because Zee is placing World Cup coverage behind a premium subscription, creating a direct test of whether major football events can attract paying audiences rather than only casual viewers.
CLSA has reportedly maintained its “outperform” rating, with a target of ₹125 compared with a previous share price of ₹115.87. The bullish view rests on the possibility that higher tournament engagement can improve subscription momentum, advertising reach and the value of Zee’s wider multi-platform strategy.
Zee’s football opportunity extends beyond the current tournament. The report says the company holds an agreement running through 2034, covering 39 major events, including the men’s World Cups in 2026 and 2030 and the women’s tournament in 2027.
That rights position gives Zee repeated opportunities to build viewing habits around the sport. However, the commercial return will depend on converting temporary tournament traffic into continued usage after the final whistle.
The positive World Cup narrative comes against reportedly difficult financial results. Zee is said to have posted a March-quarter net loss of ₹102 crore, compared with a ₹188.4 crore profit a year earlier, while revenue reportedly fell 7.3%.
That gap explains why investor confidence remains divided. Football can create a valuable engagement spike, but the market will want evidence that it can support sustainable earnings rather than provide only a short-lived audience surge.
The next storyline will be whether Z5 retains users after the World Cup ends and whether Zee’s next financial update confirms that tournament attention is translating into revenue and improved operating performance.