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  • India’s entertainment & media industry to grow 8.8% CAGR by 2026: PwC Report

    India’s entertainment & media industry to grow 8.8% CAGR by 2026: PwC Report

    Mumbai: By 2026, the Indian entertainment & media sector is anticipated to grow by 8.8 per cent compound annual growth rate (CAGR) to reach Rs 4,30,401 crore. These figures are taken from PwC’s Global Entertainment & Media (E&M) Outlook 2022–2026, which is the 23rd annual analysis and forecast of E&M expenditures by consumers and advertisers across 52 territories.

    ”The Indian media and entertainment outlook for the next few years is quite unique. There is an exciting pace of growth of digital media and advertising led by the deeper penetration of internet and mobile devices in our market,” said PwC India partner & leader – entertainment & media Rajib Basu. “At the same time, traditional media will maintain their steady growth rate over the next few years. We shall see a very different profile of media and entertainment related businesses & revenue models emerging in the digital space once we have the rollout of 5G.”

    Key findings for India in this year’s Outlook include:

    OTT Video: The elimination of public entertainment and more time spent at home helped the total OTT revenue more than double in 2020. Revenue nearly doubled once more in 2021 as a result of this pattern. The market would still increase at a remarkable 14.1 per cent CAGR to reach Rs 21,032 crore in 2026, despite slower growth rates. Subscription services, which accounted for 90.5 per cent of revenue in 2021 and are projected to account for 95 per cent of revenue in 2026, are fueling this rapid growth.

    Video games & esports: India’s overall revenue from video games and esports is expected to rise by 18.3 per cent CAGR to Rs 37,535 crore by 2026 from Rs 16,200 crore in 2021. India is the third-fastest-growing market for video games in the world, behind Pakistan and Turkey, although still being a relatively small market given the size and population of the nation. Social/casual gaming accounted for Rs 13,244 crore, or 83.9 per cent, of India’s overall video game and esports revenue in 2021. Revenue from social/casual gaming is anticipated to grow at a 20.6 per cent CAGR and reach Rs 34,581 crore by 2026. The introduction of 5G technology to the market will be a key enabler of this segment.

    TV advertising: India’s TV advertising market had a -10.8 per cent fall over 2019 levels in 2020 as a result of the Covid-19 recession, which struck after several years of rapid expansion. This turned out to be a brief setback. This sector increased by 16.9 per cent to Rs 32,374 crore in 2021 as the country’s economy  started to expand again. By 2026, the market would have grown by 6.3 per cent CAGR, reaching Rs 43,410 crore. After the US, Japan, China, and the UK, India will soon rank as the world’s fifth-largest TV advertising market.

    Cinema: India is projected to expand at the highest growth rate among all segments throughout the forecast period, with a startling 38.3 per cent CAGR, to reach Rs 16,198 crore by 2026. India is now the third-largest market globally in terms of admissions after China and the US. More than 379 million cinema tickets were sold in India in 2021, a respectable rise over the 278 million admissions in 2020 (and higher than the 226 million admissions in the US in 2020) but a significant decrease (-85.4 per cent) from the 1.9 billion tickets sold prior to the pre-pandemic.

    Internet advertising: The Indian Internet advertising market is anticipated to grow at a CAGR of 12.1 per cent to Rs 28,234 crore by 2026. The mobile sector dominates the country’s Internet advertising business, accounting for 60.1 per cent of total revenue in 2021 and rising to 69.3 per cent by 2026 due to India’s market for mobile-first internet access. The mobile sector is dominated by display advertising, which generated 90.7 per cent of total income in 2021 but will drop to 88.9 per cent of the total in 2026. India’s revenue from wired Internet access was Rs 6,379 crore in 2021, and it is expected to grow at a CAGR of 6.3 per cent to Rs 8,829 crore by 2026.

    Out-Of-Home Advertising: One of the strongest comebacks globally is being made by the out-of-home (OOH) advertising market in India, which is expected to rise at a 12.57 percent CAGR to reach Rs 5,562 crore in 2026. One of the sharpest market downturns and the largest revenue decline among the main economies of the world, total OOH revenue recovered by 63.4 per cent in 2021 over the levels of 2020. The total OOH revenue in 2021 reached Rs 3,076 crore. The momentum of this rebound will carry over into 2022, and by year-end the market will be at the value Rs 4,084 crore.

  • Global entertainment & media revenues surge to $2.3 trillion; OTT growth to moderate: PwC

    Global entertainment & media revenues surge to $2.3 trillion; OTT growth to moderate: PwC

    Mumbai: Last year, the global entertainment and media (E&M) industry grew significantly faster than the world economy as a whole. Following a 2.3 per cent dip in 2020 due to the pandemic, E&M sales increased by a solid 10.4 per cent in 2021, from $2.12 trillion to $2.34 trillion.

    Virtual reality (VR) and gaming are significant growth drivers for the industry as it becomes more digital, mobile, and youth-focused, and digital advertising permeates every aspect of the industry. These conclusions are drawn from PwC’s Global Entertainment & Media Outlook 2022–2026, which represents the 23rd annual research and forecast of E&M spending by consumers and advertisers across 52 countries & territories.

    Findings in this year’s Outlook include:

    – After growing by 35.4 per cent in 2020, OTT (over-the-top) video revenues increased by 22.8 per cent in 2021, to $79.1 billion. The rate of OTT revenue growth is anticipated to slow slightly; it will increase at a 7.6 per cent CAGR (compound annual growth rate) through 2026, pushing revenues to $114.1 billion.

    – Traditional TV still brings in a sizable amount of money, but it is facing intense competition from OTT streaming services. Global sales are expected to shrink at a CAGR of -0.8 per cent, from $231 billion in 2021 to $222.1 billion in 2026.

    – Revenue from video games and esports worldwide was $215.6 billion in 2021, and it is anticipated to increase by 8.5 per cent CAGR to $323.5 billion in 2026. With $109.4 billion, Asia Pacific produced the majority of the world’s revenues in 2021, more than double the second-highest region, North America. Gaming has overtaken video and communications as the third-largest data-consuming E&M content category.

    – Despite starting from a small base, VR continues to be the fastest-growing E&M segment. Following a strong 39 per cent growth in 2020, global VR spending increased by 36 per cent y-o-y to $2.6 billion in 2021. The segment is anticipated to grow at a CAGR of 24 per cent between 2021 and 2026, reaching $7.6 billion. With $1.9 billion in revenue in 2021, gaming content is the main source of VR revenue. By 2026, this should rise to $6.5 billion, or 85 per cent of all VR revenue.

    – Due to its widespread use in the digital sphere, advertising now dominates its own industry sector. After falling by almost seven per cent in 2020, advertising increased by an astonishing 22.6 per cent in 2021, reaching $747.2 billion. Advertising is expected to expand at a 6.6 per cent CAGR through 2026, driven nearly entirely by digital. The revenue from internet advertising is expected to increase even more quickly, increasing at a CAGR of 9.1 per cent. Advertising is anticipated to exceed consumer spending and internet access in 2026 to become a one trillion dollar business and the largest E&M revenue stream.

    – In 2023, global cinema revenue is anticipated to hit a new high of $46.4 billion after experiencing losses due to the pandemic. Box office revenue is anticipated to grow by 18.9 per cent CAGR from $20.8 billion in 2021 to $49.4 billion in 2026. In 2020, China surpassed the US to become the world’s biggest cinema market, and it is predicted that it will continue to hold this position through 2026.

    – In 2024, live music revenue is anticipated to surpass pre-pandemic levels. Recorded music sales are expected to increase from $36.1 billion in 2021 to $45.8 billion in 2026, driven by the development of digital music streaming subscriptions.

    – Massive data consumption is being fueled by the expansion of content. Data consumption was 2.6 million petabytes (PB) in 2021, and it is projected to increase by 26 per cent CAGR to 8.1 million PB by 2026. With a predicted CAGR of 29.6 per cent, gaming will consume data at the quickest rate during the projection period. The fastest-growing device category between 2021 and 2026 will be mobile handsets, growing at a CAGR of 28.8 per cent and predicted to increase mobile data usage from 1.1 PB to 3.8 PB.

    PwC Germany Global Entertainment And Media Industry Leader Werner Ballhaus said, “Industry press tends to focus on the companies that have dominated the E&M industry. But it is the choices that billions of consumers make about where they will invest their time, attention and money that are fueling the industry’s transformation and driving the trends.  We are seeing the emergence of a global E&M consumer base for the coming years that is younger, more digital and more into streaming and gaming than the current consumer population. This is shaping the future of the industry.”

    North America dominates per capita E&M, but faster growth resides elsewhere: Regionally, North America has by far the biggest E&M expenditures per capita at $2,229, nearly double that of Western Europe’s $1,158. In contrast, Asia Pacific, which had E&M sales of $844.7 billion in 2021, had a per-capita expenditure of $224. Of all regions in the world, the Middle East and Africa spend $82 less per capita on E&M.

    While OTT video and gaming account for the majority of revenue growth, esports and the cinema industry are also experiencing rapid expansion. Latin America, the Middle East, Africa, and Asia make up the top ten growth markets by CAGR. The countries with the best prospects for E&M consumer spend growth over the five-year forecast period are Turkey (estimated 14.2 per cent CAGR), Argentina (10.4 per cent), India (9.1 per cent), and Nigeria (8.8 per cent).

    The metaverse awaits: The metaverse may soon develop into a wonderfully realistic environment where people may access immersive virtual experiences using a VR headset or other connecting device. The potential financial and commercial worth of the metaverse extends far beyond VR because it is an evolution that might fundamentally alter how companies and customers engage with goods, services, and one another. Over time, a significant portion of the profits from video games, musical performances, advertisements, and even online shopping may move into the metaverse.

    How big is the E&M opportunity in the metaverse?  

    One place to start is the rapidly expanding VR sector. Although it is now one of the less significant areas studied, the 36 per cent increase in global spending over the previous year gives an indication of its long-term potential. The number of stand-alone and tethered VR headsets installed worldwide is expected to increase from 21.6 million in 2021 to 65.9 million in 2026.

    Ballhaus added, “With the impressive growth and potential of the E&M industry comes tremendous volatility and what we describe as fault lines and fractures opening up between companies, within sectors and across geographies and generations. For businesses, intense competition and continual disruption will remain the order of the day. Our data shows the mix of revenues and spending is changing rapidly. As fault lines proliferate and widen, every business in E&M stands to be disrupted. The challenge and goal must be to understand your consumer and end up on the right side of disruption.”

  • Netflix’s growth slows down in 2021, adds just 1.5m subs in Q2

    Netflix’s growth slows down in 2021, adds just 1.5m subs in Q2

    New Delhi: After a meteoric rise in 2020, the US-based streaming giant Netflix’s subscriber growth in early 2021 has slowed down. According to the company’s latest financial results, the OTT platform has added just 1.5 million subscribers, compared to 10.1 million new sign-ins it reported during the same period last year.

    Netflix, thus ended the quarter with 209 million paid memberships.

    The APAC region represented about two-thirds of the global paid net adds in the quarter. However, its Q2 paid memberships in the US and Canada region were slightly down sequentially, as it lost 0.4 million paid memberships in the region. “We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic”, said Netflix.

    In Q2, revenue increased 19 per cent year over year to $7.3 billion, while operating income rose 36 per cent year over year to $1.8 billion. Revenue growth was driven by an 11 per cent increase in average paid streaming memberships and 8 per cent growth in average revenue per membership (ARM).

    According to the company, Covid has created some lumpiness in the membership growth.

    “We finished the quarter with over 209m paid memberships, slightly ahead of our forecast. The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of Covid. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17 per cent compared with a more comparable Q2’19,” said Netflix on Wednesday.

    Netflix chief financial officer, Spencer Neumann said, “We had the kind of big pull forward in 2020 of subscriber adds. We also had to push in production of some of our kind of key returning titles and big tent-pole new releases until the latter part of the year. But overall, the business is performing well. Our churn is actually down relative to the more comparable two-year-ago period in 2019, Q2 of ’19 before Covid.”

    For Q3 ’21, the company forecast paid net additions of 3.5m vs. 2.2m in the prior-year period. “If we achieve our forecast, we will have added more than 54m paid net adds over the past 24 months or 27m on an annualised basis over that period, which is consistent with our pre-Covid annual rate of net additions. We forecast that ARM will grow roughly 5 per cent year over year on a FX neutral basis in Q3’21,” said Netflix.

    As the streaming war heats up, Netflix said it continues to target a 20 per cent operating margin for the full year 2021 vs. 18 per cent in 2020. “After our big global launch in January 2016, we committed to steadily growing our operating margin thereafter at an average rate of three percentage points per year over any few-year period. Some years we’ll be a little over (like in 2020), some years a little under (like in 2021). Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace,” it stated on Wednesday.

    Netflix is also shifting focus to growing its live action and animated original film offering, with several impactful titles in Q2. Its non-English content investments are also growing both in scope and impact. “Our P&L content expense for this content category has more than doubled in the past two years,” it added.

    The company is also in the early stages of further expanding into games, building on its earlier efforts around interactivity (eg, Black Mirror Bandersnatch) and Stranger Things games.

    “We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV. Games will be included in members’ Netflix subscription at no additional cost similar to films and series. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games,” it added.

  • Netflix eyes foray into video gaming, hires former Facebook exec as gaming VP

    Netflix eyes foray into video gaming, hires former Facebook exec as gaming VP

    New Delhi: Netflix is finally making the big move. Even as media conglomerates across the world slug it out to challenge its dominance in the streaming space, the US giant is gearing up for its next step. According to reports, Netflix is planning to expand beyond its traditional streaming business, and make its foray into video gaming.

    On Wednesday, Netflix hired former Facebook, vice president, Mike Verdu, as VP of game development to lead its video games unit, reported Bloomberg. Verdu was previously Facebook’s vice president in charge of working with developers to bring games and other content to Oculus virtual-reality headsets.

    He has previously served as senior vice president of EA mobile, president of studios and chief creative officer at Kabam, CEO of TapZen, and chief executive officer for Zynga from 2009 to 2012. At Netflix, he will report to chief operating officer Greg Peters.

    The idea is to offer video games on Netflix’s streaming platform within the next year, Bloomberg quoted a person familiar with the situation. According to the report, the games will appear alongside current fare as a new programming genre — similar to what Netflix did with documentaries or stand-up specials.

    The reports suggest Netflix will build its gaming team in the next few months, and it has “already started advertising for game-development related positions on its website”.

    The company now has 208 million paid subscribers across the globe, up from 204 million last quarter, and the latest announcement could be its boldest move yet. The announcement comes at a time, when Netflix is looking at ways to catalyse its growth especially in saturated markets like the US. Analysts contend that the move could also enable the company to justify its price hike in the coming few months.

  • TV viewership up in European market, existing formats adapt to new normal

    TV viewership up in European market, existing formats adapt to new normal

    KOLKATA: With shelter-at-place directives in effect, TV consumption has gone up globally. Along with an uptick in the number of viewers, viewing time has also increased during the Covid2019 crisis.

    During a presentation at Mipcom 2020, Glance VP Frédéric Vaulpré explained how the pandemic had an impact on TV audiences, and also influenced content production and release in 2020.

    "All over the world, viewers have increased in number and have become more devoted to the programs that they watch," said Vaulpré.

    He went on to illustrate how being made to stay indoors led to an increase in television viewing times. Five European Union countries – France, Italy, Germany, Spain, Finland – and the UK recorded a significant rise in viewing time. An increase of 7 minutes, 10 minutes, 12 minutes, 19 minutes, 23 minutes, 35 minutes was clocked in Finland, Germany, UK, Spain, France, Italy respectively in January-July 2020 compared to the corresponding period last year. People gradually being released from lockdowns did have a slight effect on TV viewing times.

    Read our coverage on Mipcom

    Glance head of content insight Avril Blondelot noted that 10 per cent of the productions launched in 2020 are linked, in one way or another, to the health crisis. International co-production, particularly in Europe, also witnessed an upward surge this year, nearly double compared to last year. However, there is less certainty regarding international co-production on new shows having held during the months of lockdown.

    Many existing content formats had to be adapted to the new normal. With restaurants shut, chefs retreated into their homes and filmed cooking shows in their own kitchens. In France, Cyril Lignac’s Tous en Cuisine saw good uptake. Many fitness shows were also launched with in-home exercises. Non-scripted programming like reality shows also adapted to the current situation.

    Among popular genres, thriller shows maintained their sheen during the pre- and post-Covid period. For instance, Netflix’s reality-bending thriller Dark (a wholly German production) was not just popular in Europe but made big waves in India too.

    Despite production complications, a number of travel shows went on air and audiences, perhaps to make up for their own stymied holiday plans, eagerly tuned into these programmes. Due to international travel bans in place in many countries, travel shows turned to explore domestic locales. The Misadventures of Romesh Ranganathan, a popular travel show in the UK, was formatted to Misadventures from My Sofa. Game shows too retained their popularity.

    What is a more interesting trend is that video games have emerged as a new source of inspiration for content creation. Streaming services, as well as linear TV channels, have launched shows inspired by popular gaming IPS. Netflix is ready to begin production on season 2 of its wildly popular live-action adaptation of The Witcher. Meanwhile, Amazon Prime Video and Showtime are adapting two of the most lucrative game franchises of all time – Fallout and Halo respectively.

  • Amazon.in launches India’s largest selection for Video Games, Music and Luggage

    Amazon.in launches India’s largest selection for Video Games, Music and Luggage

    MUMBAI: Amazon.in today announced the launch of three new stores: Video Games, Music and Luggage & Bagson its marketplace, www.amazon.in. With the launch of these three new stores, Amazon.in now has  a wide selection across 18 product categories comprising of  over  900,000 products, more than 10 million books and over two million eBooks.  All three stores today offer India’slargest selection with thousands of products eligible for Amazon’s guaranteed next-day delivery service in several cities.

    “We are very pleased to offer our customers the largest selection of productsin the country in all of the three categories that we launched today. This is a reiteration of our commitment to relentlessly focus on building a place that customers in India can trust to find and discover virtually anything they want to buy online ,” said Amit Agarwal, VP and Country Manager for Amazon India.

    “We are also very excited to have been the partner of choice for both Sony DADCand Wildcraft and offer our customers a unique opportunity to be the first to own or gift the popular International catalogues of Warner Music and Wildcraft’s Back-To-School collection,” he added.

    Video Games store- the largest gaming products store in India on Amazon.in

    Amazon.in has launched its dedicatedVideo Games store with the largest selection in India consisting of more than 2600gaming products across gaming consoles& accessories and 2000+ games. Some of the bestselling titles available on the store are Grand Theft Auto 5, FIFA 14, and the latest gaming console – PlayStation 4.Consumers can purchase products from leading console brands such as Sony, Microsoft and Nintendo, as well as Gaming Studios such as Electronic Arts, Rockstar, Ubisoft and more on Amazon.in.

    Music store on Amazon.in –the largest store in India for physical music products

    Amazon.in’s new onlineMusic storehas the largest collection of physical music products across both online and offline stores in India, offering more than 400,000 albums from all leading national and international labels.

    Coinciding with the launch of the music store, Sony DADC, the physical licensee to legendary record label, Warner Music Group, has made available Warner Music Group’s international music catalogue on Amazon.inThe Warner Music repertoire is being re-launched in India after a hiatus of 8 monthsby Sony DADC and will be exclusively available on Amazon.in till 11thFebruary 2014. Consumers in India can now buy the most iconic albums and special box-sets of legends such as Pink Floyd, Led Zeppelin, The Doors & Pandit Ravi Shankar. Buyers would also have ready access to CDs from the most popular International bands in India including Iron Maiden, Linkin Park, Michael Learns to Rock & Coldplay; to current sensations such as Bruno Mars, David Guetta, Deadmou5 & Skrillex.

    Amazon.in’s intuitive search & browse experiencewill help customers easily discover titles from among  Original Sound Tracks (OSTs), Concert and song videos, Karaokes and Compilations. Consumers can also search via Genre (Film music, Classical, Devotional, Instrumental, Pop, Rock) and formats (Audio CD, MP3, Vinyl), to find their favoritealbums and make purchases.

    Luggage & Bags storeon Amazon.in

    Indian customers can now shop for luggage &bags in over 3500 styles spanning more than 50 brands, both Indian and international on Amazon.in’s new Luggage & Bags store. The store carries something for all ages, across price ranges and storage and travel needs. Travel enthusiasts can find products such as backpacks, messenger bags duffels, carry-ons, accessories and other luggage items across various sizes and colors. In addition, the store also offers the advantage of having access to bags in niche categories like sports & outdoors. Customers can find popular brands such as Samsonite, American Tourister, VIP, Skybags, Wenger, Victorinox,Wildcraft,Fastrack, Travel Blue and Rhysetta as well as some really differentiated names like Camelback, High Sierra, and many more.

    Amazon.in has worked with key brands, reputed sellers and in-house fashion editors to add interesting features like AmazonExclusive Styles, Fashion Trend stores and Frequent Flyer Collection ensuring that discovery from this vast collection is fun. Ability to walk through and select from the vast selection based on various parameters such as color and outer material, would help customers buy the right travel gear for themselves.

    Sellers for the three categories include GamesThe Shop, Planet M, Chroma Retail, Rhythm House, Pritam Music, Smart Buy Movies,WALLETSNBAGS, Godaam E-Commerceand TORTOISE among others.  

    Customers across several cities in India can also avail guaranteed next-day delivery at Rs. 99 per order on more than 135,000 items fulfilled by Amazon.

    Customers on www.amazon.in can shop with ease and confidence from over 900,000products, over 10 million books and over 2 million eBooks across 18 categories ranging from Books, Movies and TV shows; Kindle Devices, Tablets and eBooks; Computers & Accessories; Mobiles & Accessories; Cameras & Photography; Portable Media Players; TV & Home Entertainment; Toys & Games; Baby Products; Personal Care Appliances; Health Care Devices; Watches; Fashion Jewellery; Home and Kitchen; Beauty Products; Video Games; Music and Luggage & Bags.

    All customers benefit from a safe and secure ordering experience, convenient electronic payments, no-risk hassle-free returns policy, Amazon’s 24×7 customer service support, and a globally recognized and comprehensive 100% purchase protection provided by Amazon’s A-to-Z Guarantee.Furthermore, over 135000 plus products are available for next day delivery across eligible pin codes in several cities on Amazon.in

    Customers can also now shop on Amazon.in through its latest mobile shopping apps for iPhones, iPads and Android phones. They can use these apps to conveniently shop on the go just as easily as they do on their PC; they can browse & search for their favorite products, view recommendations & customer reviews, add to wish lists & cart and complete the purchase using all of the payment options available on the site and track the status of their orders. The Amazon mobile shopping App is available as a free download through Amazon Appstore: www.amazon.in/apps

     

  • Microsofts Xbox One aimed at greater linkage between PC and live TV

    Microsofts Xbox One aimed at greater linkage between PC and live TV

    NEW DELHI: Microsoft has created an extensive video walkthrough of the Xbox One dashboard, taking one through the general UI and how to access video games, apps and the new integration with live TV.

    The 12-minute tour by Microsoft’s Marc Whitten and Yusuf Mehdi is a thorough and accurate representation of the general Xbox One user experience. The pair show what is available on the Home tab, as well as how to save favourite content in the Pins area over on the left-hand edge.

    Visually, it does not look too different from the Xbox 360 but the customisation option and personalisation offered by the Xbox One appears impressive, says thewebnext.com. The dashboard will change automatically depending on who is signed in; the updated Kinect will identify who is in the room and then adjust the on-screen tiles and pins accordingly.

    It does not matter which console is being used as all preferences will carry over as soon as one logs in with an Xbox Live account. If multiple players are logged-in simultaneously, one can also switch between custom dashboards using the phrase: “Show my stuff”.

    App switching also looks snappy and responsive. Whitten calls out a series of oral commands to alternate between Hulu, Netflix, Internet Explorer and live TV, and the Xbox One appears to handle it all with only a minimal amount of lag.

    The video walkthrough also shows how notifications will be presented over live TV. One can be completely removed from the dashboard experience, but the Xbox One will give an alert whenever Skype or multiplayer requests come through on the system.

    Most of the focus and media coverage around the Xbox One has concerned its launch line-up, hardware specs and controversial DRM policies (all of which have now been reversed). As Microsoft ventures further into the casual market however, it’s increasingly important that the Xbox One offers an accessible, stress-free user experience. If owners are frustrated or confused by the new dashboard, the chances of them using their Xbox One as the default input for all of their games, streaming and live TV will be nil.

  • Electronic Arts shares surge 9 per cent on strong earnings

    Electronic Arts shares surge 9 per cent on strong earnings

    MUMBAI: Electronic Arts beat earnings expectations in the most recent quarter, the first since Larry Probst took over as CEO in March, and an accomplishment that sent its stock nine per cent higher in after-hours trading on Tuesday.

     

    The maker of video games said digital sales soared as revenue from packaged goods dropped during its fiscal first quarter.

     

    Still, the company reported a net loss of $121 million in the latest quarter on adjusted revenue that rose by a per cent to $495 million. On a per-share basis, Electronic Arts lost 40 cents while analysts predicted it would lose 60 cents.

     

    During the regular trading session on Tuesday, the stock fell by a per cent to $23.83. The stock surged more than $2 a share, though, after the closing bell.

     

    Among the highlights was a record quarter for sales of The Simpsons: Tapped Out. Also, FIFA 13 digital net revenue surged 92 per cent to top $70 million in the quarter.

     

    “EA had a solid quarter, driven by continued digital growth and disciplined cost management,” said Probst. “We are also executing on a clear set of goals for leadership on mobile, PC, current and next-generation consoles.”

     

    Probst was a former CEO who took back the position in March after John Riccitiello stepped down, blaming himself when the company fell short of certain financial goals.