In the current scenario it will be fair to compare Hindi movie channels to telecom companies as follows:
Disney/Star: Jio. The current leader by miles. After Star was acquired by Disney the UTV channels, which were very niche initially, have benefited tremendously. Both Disney and Jio are marked by a meteoric rise especially since the deal between YRF and Star.
Zee: Airtel. It is a longtime player and facing challenges from the new leader. Both Zee and Airtel were the leaders in respective market shares until Star and Jio emerged, respectively. Even though Star is also an old player it was not as aggressive until 2019.
Sony: Vodafone. Another old player but completely losing the plot. While Sony is barely able to pick up a few films here and there, Vodafone is feared to go into bankruptcy. Both desperately need a LOT of relief in order to escape a certain death.
Viacom18: Aircel. It has stuck around for some time but it cannot be propped up any more by Johar, Bhansali and Andhadhun which are worth almost nothing anyway. It is sure to die a painful death like Aircel which simply gave up and closed.