With Netflix making huge losses and losing subscribers, it seems like the prime time for others to hop into the streaming industry. Competitors finally see an opportunity to get an edge over the streaming giant after an entire decade. Thus, Asia’s two moguls, Reliance Industries’ Mukesh Ambani and Adani Enterprises Ltd’s Gautam Adani are all preparing to enter the Indian streaming market. They will directly compete for subscribers with Netflix, Amazon, and Hotstar
Second, to China, India is the biggest market
“India is the only full-scale, high-growth opportunity in Asia outside of China,” said Vivek Couto, executive director at Media Partners Asia. Ambani already had his foot in the media industry with his Viacom18 Media Pvt, a joint venture with Paramount Global. While the reliance shares increased by 1.5%, TV18 Broadcast and Network 18’s shares have dropped by 18% and 20% respectively. Now, Viacom18 will receive 1.8 million from Bodhi Tree and $216 million from Reliance.
James Murdoch and Uday Shankar co-founded the Bodhi Tree. Qatar Investment Authority is also an investor in Bodhi Tree. The Murdoch family was a part of the entertainment business until Walt Disney Co. bought the rights to a number of 21st Century Fox assets, which also included Star India. The 2019 acquisition ended Murdoch’s involvement.
Meanwhile, Ambani plans to compete for the broadcast rights of the Indian Premier League (IPL). The event is one of the biggest championships in the sub-continent, comparable to the Super Bowl. Almost 300 million viewers watched IPL last year: 300 million viewers equal to 300 million subscribers or more this year! Disney-owned Hotstar currently streams IPL, which may soon change.
While Viacom18 is expanding, Adani is just starting out. The mogul has already founded a new media subsidiary. The firm will also branch out in publishing, marketing, distribution, and advertising through AMG Media Networks. Additionally, Adani Media Ventures Ltd has invested in Quintillion Business Pvt, the Indian partner of Bloomberg LP.
Netflix slashes its price for Indian subscribers
On the other hand, Netflix is attempting to expand its market in Indian. The streamer was forced to reduce its prices for the subcontinent, while it increased prices in the UK and USA. Furthermore, it recently decided to change the direction of its content in the country.
Now, it’s a waiting game to see if these measures will help Netflix get an edge over Viacom18 and Adani.