One point in favour of Alt is the diaspora and quenching their thirst for Indian content. They may be more receptive to paid subscriptions. Will be interesting to see the foreign vs domestic subscriber numbers in a year or so. The Amazon tieup is also likely with an eye on the diaspora, as the Fire stick hasn't been a big hit in India.
From their communication, it appears they're managing their movie business well,' de-risking' is a term they use often (both Sameer Nair and Ekta), so losses could be trimmed. Basically selling off rights at an early stage and curtailing risk (and reward).
Disc: Invested, ~10% and bullish on long term potential