In the first article in this 2-part series, we looked at television moving beyond traditional cable and satellite networks to audiences consuming content through streaming platforms and connected TVs. This shift is changing not only how viewers watch television, but also how broadcasters and content owners deliver their programming and generate revenue.
Catering to audiences across multiple platforms and geographies requires technology that can manage content, run channels, distribute video and deliver ad spots across a fragmented media landscape, something traditional broadcast infrastructure was not really designed for.
This is where Amagi Media Labs comes in. Founded in 2008, the company provides cloud-based technology that helps broadcasters, content owners and streaming platforms manage their video operations. To understand how Amagi fits into the evolving television landscape, we need to follow the technology journey from the content library to the viewer — and how their business model works.
How Amagi works: From media library to viewer
Think of a media library or content owner that wants to launch a free, ad-supported streaming television or FAST channel. It may have an extensive library of films, TV shows and other content, but turning that library into a continuously running channel requires several interconnected processes.
First, the content must be uploaded, organised, and readied for delivery. The channel’s schedule determines which programme plays at what time. Playout technology then runs the schedule, incorporating graphics, transitions, and ad breaks. The resulting feed must be delivered to distribution platforms, which make it available to viewers on connected TVs and other devices.
Then, there’s the advertising layer: media owners need to insert advertisements into the stream and manage their playout so that they can generate revenue. Amagi provides technology for these tasks through products that include CLOUDPORT for cloud-based playout and THUNDERSTORM for server-side ad insertion. Its systems help media companies manage multiple functions through cloud-based workflows rather than relying entirely on dedicated broadcast hardware stationed on-location.
Amagi’s business divisions and solutions
Amagi has grouped its businesses into three verticals: Cloud Modernisation, Streaming Unification, and Monetisation and Marketplace, with each addressing a different part of the media value chain.
- Cloud modernisation: Traditional broadcasters have historically relied on specialised hardware and infrastructure to operate television channels. Maintaining these systems can involve substantial equipment, operational, and maintenance requirements. Moving workflows to the cloud offers an alternative, allowing media businesses to access the tools they need to manage operations through software-based systems. Amagi’s Cloud Modernisation business helps broadcasters transition their playout and other broadcast workflows to the cloud. The problem they are solving is enabling established broadcasters to modernise their operations without rebuilding every workflow from scratch.
- Streaming unification: All that content and media needs to be distributed across different platforms and regions. In the 90s, satellite TV helped achieve this. But today, media companies need to prepare and distribute content for different services, devices and formats. A programme may need to be made available as part of a linear channel, an on-demand library or a streaming service, each with a different kind of operational and delivery requirement. Amagi’s Streaming Unification division helps consolidate these processes. Its media management and distribution tools allow media companies and content owners to organise assets, manage workflows and deliver content to multiple destinations. Amagi gets rid of the complexity, and media companies can reach more platforms and manage distribution without starting from the ground up in every destination.
- Monetisation and marketplace: Distribution helps reach viewers, but audiences must also be monetised. Amagi’s Monetisation and Marketplace division addresses this through advertising technology and marketplace services. Its THUNDERSTORM platform supports server-side ad insertion, which allows advertisements to be integrated into streaming video. Its ADS PLUS marketplace connects content owners with advertising demand, helping them sell available advertising inventory across streaming environments. The commercial opportunity depends on more than the number of channels distributed. Advertising revenue also depends on viewership, available ad inventory, the proportion of inventory sold and the rates advertisers are willing to pay.
The revenue model
Amagi earns revenue from its products and services that support their customers’ broadcast and streaming operations. The business model is more than just selling software licenses; revenue is tied to the products and services customers use and the workflows the company supports.
Simply put, growth can come from signing on new customers, expanding the range of products used by existing customers, increasing the volume of content processed or expanding distribution and monetisation activity.
Amagi’s FY26 investor presentation reports the following bifurcation by segment:
| Segment | FY26 Revenue | Share | YoY Growth |
| Cloud modernisation | ₹838 crore | 56% | 26% |
| Streaming Unification | ₹381 crore | 25% | 36% |
| Monetisation & Marketplace | ₹286 crore | 19% | 32% |
| Total | ₹1,506 crore | 100% | 30% |
Challenges and opportunities ahead
Amagi is an early mover and its business sits at the intersection of three changes in the media industry: broadcasters modernising infrastructure, content owners distributing video across a wider range of platforms, and advertisers seeking opportunities in connected-TV environments.
This creates demand for technology that can help media businesses manage complex operations and Amagi’s three divisions allow it to address several stages of this process, from running broadcast workflows to distributing content and enabling advertising revenue.
However, execution challenges in the future should not be ignored. Cloud migration can be complex, some networks and media conglomerates may retain legacy systems, and competitors may be able to provide alternative solutions. There’s also the question of infrastructure costs and continued product development to meet changing customer needs.
After its recent listing success and revenue growing and profitability improving in FY26, the company has made progress in scaling its business. The next phase will depend on how effectively it builds on this momentum, expands relationships with existing customers and helps media businesses adapt to changing technologies and audience habits.
As the entertainment and media landscape continues to evolve, Amagi’s growth will be shaped by its ability to translate these shifts into sustained demand for its technology and services.
Sources
CTV Ad Revenue with Scalable Inventory Optimization | Amagi
Amagi Q4 & FY26 Earnings Presentation