iWorld

Focus shifts to online streaming for Eros

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2017/12/11/eros.jpg?itok=Wfw4JdfY

Mumbai: Production and distribution company Eros International no longer wants to be a film studio but a digital content company.

Listed on the BSE as well as the NYSE, Eros is reducing its dependence on box office and is focussing on its online video streaming platform Eros Now instead. “Over the last two and a half years, Eros Now has tripled in growth. About 25% of our overall revenue comes from digital platform and in three years, digital will be three quarters of our revenue. We are moving on from being a film studio to a digital company,” said Jyoti Deshpande, group chief executive officer at Eros, which aims $260-270 million revenue this financial year.

Launched in 2014, Eros Now has 3.7 million paying subscribers, which the company expects to touch 6-8 million by March. Eros Now charges Rs 50 a month for streaming content and Rs 100 a month for downloading and watching the content offline. The company has commissioned six films which will be released directly on Eros Now.

As part of its strategy, Eros, which produced movies such as comedy drama Shubh Mangal Saavdhan, Rajkumar Rao-starrer Newton and Amole Gupte-directed Sniff in 2017, is now only investing in films which are low cost, have a high return on investment and are suitable for digital platforms.

Although the platform is film-heavy with Eros’s library, the company is working on launching one or two digital series every month. “We are doing a series on human trafficking starring Radhika Apte. We are also working on a comedy one,” said Deshpande.

Revenue from domestic theatrical releases saw a 1.6% decline in 2016 to Rs9,980 crore, down from Rs10,140 crore in 2015, according to the Indian Media and Entertainment Report 2017 released by lobby group Ficci and consulting firm KPMG, in March. The number of movies that were able to record a positive return on investment also declined from 27 in 2014 to 18 in 2016.

“On an industry level, the charm of big budget films with star cast appeal is going away as no such project is making money. Even the films which have been declared hit, there is nothing in the profit and loss accounts, when you actually look there. We were one of the first companies to call the trend,” added Deshpande.

Earlier this year, Eros suffered a brief liquidity crisis ahead of the maturing of its $85 million revolving credit facility (RCF) on 31 March. Standard and Poor’s (S&P) had lowered its long-term corporate credit rating on Eros International to “B-” from “B+” and placed it on credit watch with negative implications. The company, however, won a last-minute reprieve from creditors by executing documentation to extend the maturity of the RCF by six months.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/24/pm.jpg?itok=f6P-vGW1
ZEE5 announces world digital premiere of the accidental prime minister

ZEE5, India’s fastest growing OTT platform testifies its promise to deliver latest blockbuster movies with the worlddigital premiere of The Accidental Prime Minister.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/24/whats.jpg?itok=zTDURofw
WhatsApp is bringing ads by 2020

At the Facebook Marketing Summit that was held in the Netherlands, the social app confirmed that ads will be coming to WhatsApp in 2020.

iWorld Social Media
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/24/ddyoutube.jpg?itok=PimgMaZb
DD YouTube channel sees more than 60mn viewers for live election verdict

It was quite evident from the viewership trends of the past few high-decibel events like the IPL and general polls, that there is going to be a huge influx of native digital population on various streaming sites to keep a tab on the live election verdict on 23 May.

iWorld Social Media
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/24/twitter.jpg?itok=LgSM0CNj
Twitter provided a front row seat to the world’s largest democratic election with a record 396 million Tweets for #LokSabhaElections2019

Over the last several months, candidates and citizens made Twitter the destination for breaking news and real-time public discussions about the #LokSabhaElections2019.

iWorld Social Media
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/23/tvf.jpg?itok=VeOr3wuU
TVF receives fresh funding of $5mn from Tiger Global

The Viral Fever (TVF) has raised fresh funds of close to $5 mn from New York-based Tiger Global Management, showed regulatory filings.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/23/tiktok.jpg?itok=m9U8iGc4
TikTok collaborates with Sony Music artist Aastha to create the TikTok World Cup Anthem “Jeetega Saara India”

To mark the beginning of the most awaited Cricket tournament of the year- ICC Cricket World Cup 2019, TikTok, world’s leading short-video platform, in collaboration with global music giant Sony Music’s artist Aastha Gill has launched the TikTok World Cup Anthem titled “Jeetega Saara India.”.

iWorld Social Media
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/23/altbalaji.jpg?itok=JXZIMVxA
ALT Balaji revenue up five-fold: Balaji Telefilms board recommends final dividend

The Ektaa Kapoor-led Balaji Telefilms Ltd (BTL) reported more than five-fold (512.4 percent increase) growth in standalone operating revenue from its OTT platform ALT Balaji (Digital segment) for the year ended 31 March 2019 (FY 2019, year under review) as compared to the previous fiscal (FY 2018...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/23/nikhil.jpg?itok=8j-10H87
Hotstar’s Nikhil Madhok on regional shows, digital original films and collaborating with creators

Despite competing with over 30 over-the-top (OTT) platforms, Hotstar is undoubtedly ruling the burgeoning streaming market of India.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/22/Simran-Sethi.jpg?itok=Rw_CZ_NK
Netflix’s Simran Sethi steps down

At a time when Netflix is scaling up its Indian operation, one of the top executives Simran Sethi has stepped down from her current position.

iWorld Over The Top Services

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories