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Tag: ErosSTX

  • 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.

     

  • Eros Now partners with Global Networks Infocom to expand its reach

    Eros Now partners with Global Networks Infocom to expand its reach

    Mumbai: Eros STX Global Corp-owned OTT entertainment platform Eros Now on Thursday announced that it has partnered with Global Networks Infocom Pvt Ltd (GNIPL), supplier of IT infra and network equipment along with value added services to internet service providers, telcos, and system integrators across India through its brand – Globenet.

    Following this, Eros Now’s filmi library of over 12,000 digital titles as well as premium original episodic series, and music videos, will be available to GNIPL’s customer base across India. Globenet will bundle Eros Now’s yearly subscription packs along with their products and services and distribute them to its premium users nationally.

    Commenting on the partnership, Eros Now SVP and business head tech zone Manpreet Bumrah said, “Over the past year, we have seen a radical change in consumer behavior. People are more inclined towards watching new content online as they spend more time at home. With our partnerships with service providers, we are looking at benefitting these consumers by offering a plethora of content and expanding our national reach.” 

    Globenet director Harshal Dalal shared, “India is currently an OTT driven market, and we are delighted to announce our partnership with Eros Now – one of the leading OTT players in India. Through this partnership, we aim to create a holistic digital ecosystem and offer unlimited entertainment with bundled services to our customers.”

    According to a recent study by consultancy firm Ovum, India has one of the highest numbers of users with carrier-bundled paid media services. As a value-conscious country, Indians are drawn to service providers offering multiple streaming services, whether for mobile or broadband connections on smart TVs. Carrier-bundled media services provide users with options and encourage consumption, thus helping in maintaining a loyal consumer base

  • Eros Now deepens Australia footprint with launch on SBS On Demand

    Eros Now deepens Australia footprint with launch on SBS On Demand

    Mumbai: Eros STX Global Corp-owned OTT platform Eros Now on Friday announced its partnership with Australian broadcaster Special Broadcasting Service (SBS). With this association, SBS On Demand platform viewers will get access to the Eros Now channel with a selection of Bollywood films.

    “Australia and India enjoy a strong connection through their shared colonial history, Cricket, Bollywood, and Tourism. And the bond has only strengthened over the years,” said Eros Now CEO Ali Hussein. “Through our partnership with SBS, we will further expand our presence and provide the Australian audience with premium Indian films and original series they have been looking for. The synergies brought by both Eros Now and SBS will cater to the growing Indian entertainment consuming audience in Australia.” 

    According to the Australian Bureau of Statistics, the Indian population has significantly increased in Australia in recent years, with Hindi and Punjabi making it to the top 10 languages spoken in the country. This has contributed to the growth in popularity of Cricket and Bollywood amongst native Australians as well as South Asian communities, including the Indian community in Australia.

    Eros Now has seen an upsurge in consumption in Australian markets primarily from the South Asian diaspora through its previous partnerships with Apple TV and Abu Dhabi T10 tournament. Owing to its striking diversity and strong demand for Indian content, the association with SBS will further help Eros Now deepen its consumer footprints in the Land Down Under, said the statement.

    “We are delighted to bring a hand-curated selection of some of the most exciting and entertaining Bollywood movies from Eros Now to SBS On Demand for our viewers as part of our continued commitment to showcase the best movies from all over the world and grow our multilingual services and audiences,” said SBS On Demand channel manager Haidee Ireland.

    Bollywood films from ErosNow including “Manmarziyan,” “Tanu Weds Manu Returns,” and “Raanjhana” will now be available on SBS On Demand.

  • 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.