Jio Claims 60% of India’s Data Traffic, 10.8 Crore Subscribers Using 5G

Reliance Industries Ltd has released its annual report for 2023-24, revealing plenty of information about how its Jio digital services division as well as its media and entertainment properties have performed. The company has posted revenue of Rs. 1,32,938 crore (US$ 15.9 billion), up 11 percent year-on-year, with EBITDA of Rs. 56,697 crore (US$ 6.8 billion) for the digital services division. Media and Entertainment accounted for Rs. 10,826 crore in revenue with EBITDA of Rs. 33 crore. As per the report, Reliance Industries Ltd is now the world’s 48th most valuable company with a market cap of Rs. 20,00,000 crore. 

Across its Internet access services, Jio now reports 48.18 crore subscribers, of whom 10.8 crore are using 5G and 1.2 crore are using JioFiber and JioAirFiber. The network saw approximately 149 billion GB (149 exabytes) of data traffic, and 5.5 trillion minutes of voice calls. This accounts for 60 percent of India’s total data traffic.

Jio estimates that India’s 5G subscriber base will grow to 80 crore by 2029, helped by the emergence of more affordable 5G smartphones. The company is also looking to roll out next-gen fixed broadband connectivity based on 5G and unlicensed band radio infrastructure, which it says will spark growth especially in rural areas where last-mile connectivity is currently a challenge. Fixed broadband grew 20 percent YoY in 2023-24, reaching approximately 4 crore users.  

Data and voice usage averaged 28.7 GB and 1,008 minutes respectively, across Jio’s 48.18 crore subscribers in the fourth quarter of the previous financial year. Nearly 30 percent of data traffic is now carried over 5G. Total data traffic grew 31 percent YoY. JioFiber is now connected to approximately 1.2 crore premises, and JioAirFiber has expanded to 5,900 towns. 

Elsewhere in the report, Reliance Industries Ltd also stated that the JioBharat feature phone has now captured 50 percent market share in the sub-Rs. 1,000 segment. 

In terms of future outlook, the report states that India’s 90 crore+ broadband users are increasingly adopting digital services, thanks to rising disposable incomes. India’s Internet economy is expected to grow 6X to US$ 1 trillion by 2030. The company says it has achieved significant penetration with educational institutions and retail stores, but SMBs remain a large addressable market. The company projects strong shareholder returns in the coming years thanks to its indigenous technology and services that have the potential to scale up, including JioCloudXP, JioGamesCloud, JioCloudPC, JioMotive, JioSafe, and JioTranslate. 

RIL also highlighted its media and entertainment achievements in the 2023-24 financial year, including its high-profile joint venture with Disney that will combine the Star India and Viacom18 businesses. RIL claims a 12.7 percent TV network viewership share across its properties and an audience of 22.7 crore viewers for its news channels. JioCinema also has a 22.5 crore average monthly user reach. 

Around 75 percent of the time people spend on small screens goes into media consumption, driving growth of the media and entertainment businesses. Indians are expected to account for 10 crore connected TVs by 2030. The company expects live sports to account for significant growth. Advertising spends on digital media will rise as well, although competition with other players will remain intense.