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Humor and Quirks
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Humor and Quirks
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Ajit Varghese quits JioStar, Mahesh Shetty steps in as revenue head

Leadership Shake-Up at JioStar: Ajit Varghese Departs, Mahesh Shetty Takes the Helm as Revenue Head

In a significant development within India's burgeoning media and entertainment sector, Ajit Varghese, a seasoned advertising executive, has announced his resignation from his pivotal role at JioStar, the newly formed joint venture between Reliance Industries' Viacom18 and Walt Disney's Star India. This move comes at a critical juncture for the entity, which is poised to become one of the largest media conglomerates in the country, boasting a vast portfolio of television channels, digital platforms, and content production capabilities. Varghese's departure paves the way for Mahesh Shetty, another industry veteran, to step in as the new head of revenue, signaling a potential shift in strategy as JioStar navigates the complexities of integration and market dominance.

Ajit Varghese's exit was confirmed through internal communications and industry sources, marking the end of a brief but impactful stint at the helm of JioStar's commercial operations. Varghese, who joined the organization in a high-profile capacity following the announcement of the merger earlier this year, was instrumental in overseeing advertising sales and revenue strategies for the combined entity. His role involved harmonizing the sales teams from both Viacom18 and Star India, which together control a significant share of India's television viewership and digital streaming audience. With the merger valued at over $8.5 billion, JioStar is set to challenge global giants like Netflix and Amazon Prime Video while consolidating its grip on traditional broadcasting.

Varghese's career trajectory has been nothing short of illustrious, making his resignation a noteworthy event in media circles. Prior to his association with JioStar, he served as the Chief Commercial Officer at Disney Star, where he played a key role in driving revenue growth amid the challenges posed by the COVID-19 pandemic and the rise of over-the-top (OTT) platforms. His expertise in digital transformation and advertiser relationships helped Disney Star adapt to shifting consumer behaviors, such as the migration from linear TV to on-demand streaming. Before that, Varghese held leadership positions at Madison World, one of India's leading media agencies, where he honed his skills in media planning and buying. His tenure at Madison spanned over a decade, during which he managed high-stakes campaigns for blue-chip clients across sectors like FMCG, automotive, and telecommunications.

Industry insiders speculate that Varghese's decision to step down could be linked to the evolving dynamics within the merged entity. The integration of Viacom18's assets, including popular channels like Colors and the JioCinema app, with Star India's extensive lineup of sports, entertainment, and regional content, has created a complex operational landscape. Sources suggest that strategic differences or a desire to pursue new opportunities might have influenced his choice. Varghese himself has not publicly commented on the reasons, but in a LinkedIn post following the announcement, he expressed gratitude for his time at Disney Star and hinted at exciting ventures ahead. "It's been an incredible journey shaping the future of media in India. Grateful for the learnings and looking forward to the next chapter," he wrote, leaving room for speculation about potential entrepreneurial pursuits or roles in emerging tech-driven media startups.

Stepping into this vacuum is Mahesh Shetty, whose appointment as revenue head is seen as a strategic move to ensure continuity and bolster JioStar's monetization efforts. Shetty brings a wealth of experience from his previous roles, most notably as the Chief Revenue Officer at Zee Entertainment Enterprises, where he was responsible for driving advertising and subscription revenues across Zee's diverse portfolio. His track record includes innovative revenue models that leveraged data analytics and targeted advertising, helping Zee navigate the competitive OTT space. Before Zee, Shetty held senior positions at Star India, giving him intimate knowledge of the assets now under JioStar's umbrella. This familiarity is expected to be a significant asset as the company integrates its operations.

Shetty's leadership style is often described as data-driven and collaborative, qualities that could prove essential in unifying the sales teams from two historically rival organizations. In his new role, he will oversee all aspects of revenue generation, including ad sales for television, digital platforms, and syndication deals. With JioStar controlling marquee properties like the Indian Premier League (IPL) cricket rights—secured through Viacom18's massive $3 billion bid—and Star's stronghold in entertainment programming, Shetty's mandate will involve maximizing advertiser spend in a market where digital ad revenues are projected to surpass traditional TV by 2025, according to industry reports from firms like KPMG and FICCI.

The timing of this transition is particularly intriguing, as it coincides with broader shifts in India's media ecosystem. The merger, approved by regulatory bodies earlier this year, creates a behemoth with over 100 TV channels, reaching more than 750 million viewers, and digital platforms serving millions of subscribers. This consolidation is part of Reliance Industries Chairman Mukesh Ambani's ambitious vision to dominate the digital economy, blending telecom prowess from Jio with content creation. However, challenges abound: antitrust concerns, content curation in a diverse linguistic market, and competition from players like Sony Pictures Networks and local OTT services like Hotstar (now part of JioStar) and Zee5.

Analysts believe Shetty's appointment could accelerate JioStar's push into programmatic advertising and personalized content delivery, leveraging Reliance's vast data resources from its telecom and retail arms. "Mahesh has a proven ability to bridge traditional and digital revenue streams," noted a media consultant who requested anonymity. "His experience at Zee, where he turned around underperforming segments, will be crucial for JioStar as it aims to capture a larger slice of the $30 billion Indian media market."

Varghese's departure also raises questions about talent retention in the post-merger phase. The media industry has seen a flurry of executive movements recently, with professionals seeking roles that offer greater autonomy or alignment with personal visions. For instance, similar transitions have occurred at other merged entities, like the Sony-Zee deal, which faced its own leadership upheavals. In JioStar's case, ensuring a smooth handover will be vital to maintain advertiser confidence, especially with major events like the IPL season approaching, where ad slots command premium rates.

Looking ahead, JioStar under Shetty's revenue leadership is expected to focus on innovative monetization strategies, such as shoppable content, influencer partnerships, and AI-driven ad targeting. The company has already signaled investments in technology to enhance user engagement on JioCinema, which streams everything from Bollywood blockbusters to live sports. This could position JioStar not just as a content distributor but as a comprehensive entertainment ecosystem, rivaling global tech-media hybrids like Google's YouTube or Meta's platforms.

In conclusion, Ajit Varghese's resignation and Mahesh Shetty's ascension mark a pivotal chapter in JioStar's evolution. As the entity solidifies its position in India's dynamic media landscape, these changes underscore the high stakes involved in merging legacy broadcasting with cutting-edge digital strategies. Industry watchers will be keenly observing how Shetty steers the revenue ship, potentially setting new benchmarks for growth and innovation in one of the world's fastest-growing entertainment markets. While Varghese's next move remains under wraps, his contributions to the sector ensure his legacy will endure, even as new leaders chart the course forward.

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Read the Full The Financial Express Article at:
[ https://www.financialexpress.com/business/brandwagon-ajit-varghese-quits-jiostar-mahesh-shetty-steps-in-as-revenue-head-3932391/ ]