Ofc it's all about adding new subscribers or maintaining the existing base intact.
Hotstar jumped close to 60 Million subscribers when they had IPL to show for Primetime (7:30 PM -11:00 PM slot). With ICC tournaments it's not the case even anymore (except 1 WC and 1 Champions trophy).
They could still make money out of 2 ICC tournaments that are scheduled in the subcontinent but the argument is they could have saved like billion dollars during the auction.
In my hometown, which falls within the tier-2 category, I have huge number of people cancelling their cable TV subscription and going for OTT platforms. Nowadays people don't care spending a few thousand rupees to watch quality stuff.