iWorld

Focus shifts to online streaming for Eros

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2017/12/11/eros.jpg?itok=-epsyh2W

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/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/20/FilmStruck.jpg?itok=er1h7VMN
Turner International announces SVOD service FilmStruck

MUMBAI: Turner International’s Digital Ventures & Innovation (DV&I) Group and Warner Bros Digital Networks (WBDN) have announced a joint venture to launch a new, multi-territory movie-streaming service called FilmStruck.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/20/Mukesh-Ambani.jpg?itok=SLjRR2PE
RIL's Rs 2.35 lakh crore investments in Jio start to payoff

BENGALURU: Mukesh Dhirubhai Ambani-run Reliance Industries Ltd (RIL) has invested a massive amount of money into the largest start-up in the world–Reliance Jio Infocomm Ltd (Jio). The RIL financials for the quarter ended 31 December 2017 (Q3 2018, quarter under review) showed that its digital...

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/19/inter_1.jpg?itok=e6sfDxjG
Intertrust and Jjadooz announce partnership to deliver virtual reality experiences to indian cinemas

Intertrust Technologies Corporation, the world’s leading provider of digital rights management and secure content delivery solutions, and Jadooz, a provider of Virtual Reality (VR) content, today announced a partnership to bring the first of its kind VR entertainment to cinemas in mid-size cities...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/19/RISHI.jpg?itok=2Yq_k4lB
Times Bridge invests in MUBI streaming service

MUMBAI: The investment arm of the Times of India group, Times Bridge, and Danish film-maker Nicolas Winding Refn have invested in specialty streaming service MUBI. The terms of the deal remain undisclosed but are understood to be similar to the revised arrangements under which China’s Huanxi Media...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/19/TiVo.jpg?itok=Y8Typygf
TiVo's new deal with Google includes YouTube TV

MUMBAI: TiVo Corporation, a global player in entertainment technology and audience insights, today announced that Google has expanded its multi-year patent licence agreement to include YouTube TV. The agreement covers Google’s use of TiVo’s patented technologies worldwide and offers a license for...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/18/mansi_0.jpg?itok=9wLb0g56
Viu set to launch musical drama spotlight 2 on 26th January

Viu, the premium video-on-demand platform by Vuclip, a PCCW media company announced the launch of Spotlight 2 making this a franchise of the successful Viu Originals series Spotlight. Presented in association with known writer and director Vikram Bhatt, the theme of the franchise is a running...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/19/jacma.jpg?itok=4WrqCRhi
Alibaba's India OTT may launch in three months

According to a report by The Ken, Chinese ecommerce giant Alibaba has announced plans to launch an over-the-top (OTT) video service in India over the next three months. The service will be introduced in partnership with its Indian investee company Paytm and mobile Internet subsidiary UCWeb, the...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/18/mix.jpg?itok=T5npNhHq
Amazon India to launch 10 originals in 2018

MUMBAI: With the advent of digital and data cost coming down, there is a cut-throat competition among digital players to grab as many eyeballs as they can. Amazon Prime Video is set to launch 10 original shows in 2018 for India.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/01/17/baba.jpg?itok=R2EhHWzo
Aastha TV to launch OTT, VOD service

MUMBAI: Now mobile users who are fans of spiritual gurus like Morari Bapu, Shivani, Acharya Balkrishna and Swami Ramdev will be able to watch their programmes and discourses while on the go.  The Swami Ramdev-Acharya Balkrishna-owned Vedic Broadcasting today  launched an app which will stream the...

iWorld Over The Top Services

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories