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Tag: Eros Music

  • ErosSTX completes sale of STX; rebrands to Eros Media World

    ErosSTX completes sale of STX; rebrands to Eros Media World

    Mumbai: Entertainment major Eros STX Global Corp has changed its corporate name to ‘Eros Media World PLC’ (Eros Media). The company has completed the sale of STX and paid repaid $152 million of outstanding JP Morgan credit facility and subordinated credit facilities at STX level. According to the statement, the company will retain 15 per cent of non-voting stake in STX with long-term monetisation potential.

    Eros Media has named Rishika Lulla Singh as the new executive chairperson, Pradeep Dwivedi as new CEO and Rajesh Chalke as the new CFO and has made strategic additions to the board of directors and management team.

    It forecasts strong near-term revenue growth and significant reduction in net debt. Its current net debt of $130 million as of the end of fiscal year end (FYE) 2022, expected to decrease to $115 million by the end of FYE 2023. It also forecasts over $120 million in revenues for FYE 2023.

    “Eros Media has a deep and valuable content library combined with multiple monetisation channels positioned to drive long-term revenue growth and underpin capital efficient growth strategy,” said the statement. “Eros Now to target monetisation of existing content library and new original series through global partnerships and distribution arrangements, with a focus on more profitable direct-to-consumer subscribers.”

    “Innovative opportunities such as AVOD, blockchain and non-fungible tokens (NFTs) are expected to drive significant incremental upside, as well as renewed focus on growing Eros Now Music,” it added.

     

  • Rajitta Hemwaani joins as Eros Music business head

    Rajitta Hemwaani joins as Eros Music business head

    KOLKATA: Rajitta Hemwaani has started her new stint at ErosSTX as Eros Music business head. Hemwaani was previously working as chief content officer at 9X Media.

    Hemwaani has experience across media and entertainment in creative content, content acquisitions, partnerships and business development. In her career spanning over two decades, she has served leadership roles at The Times of India group, Star TV Network, Universal Music Group, Reliance Entertainment, Tips films and 9X group of channels.

    Over the years, Hemwaani has given the music business some of its biggest and most successful artists, such as DJ Suketu, Jassi, Indian Ocean, Bombay Rockers, Raghav, DJ Akbar Sami, Mohit Chauhan, Whosane, and Nasha, to name a few.

    Her disruptive and clutter-breaking ideas were behind properties like The War of the DJs, a cult event that lasted nearly a decade and led to the discovery of some of India’s most celebrated DJs.

    ErosSTX’s music segment has continued to scale on the back of increasing digital revenues and performance rights to reach Rs 15.3 billion in FY2019, clocking a year on year growth of 8.3 per cent. The segment is pegged to cross Rs 20 billion by 2022. With digital revenues contributing a dominating 80 per cent, music labels recorded a handsome annual growth of 20 per cent. YouTube accounted for 45 per cent of labels’ digital revenues.