Billionaire Mukesh Ambani’s streaming service JioCinema is taking on global companies Netflix and Disney, as the rights to the world’s richest cricket tournament and some of the most popular American TV series are helping the platform to win over Indian viewers.
“With the acquisition of IPL and introduction of premium content from Hollywood and prestige TV, [JioCinema] certainly seems to be gearing up to both dominate and, later, consolidate the streaming landscape in India,” says Utkarsh Sinha, managing director at Bexley Advisors, a boutique investment bank based in Mumbai.
There is a lot at stake. The streaming market in India is fast growing and has enormous potential, analysts say.
In a country with a population of more than 1.4 billion, an expanding middle class and growing internet use, India offers a huge opportunity for platforms to reach massive numbers of viewers.
The Indian streaming and video-on-demand sector, also known as the over-the-top market, is projected to more than double to $5.3 billion by 2027, up from $2.35 billion last year, according to a report by global consultancy Deloitte.
In what has proved to be a game-changer for JioCinema as it tries to tap this market, Viacom18 — the Reliance Industries company that owns JioCinema — won the tournament's digital streaming rights for the glitzy and enormously popular Indian Premier League cricket tournament for 2023 to 2027 for 237.58 billion rupees ($2.88 billion).
This was a blow to Disney+ Hotstar, which previously held the rights to stream the matches.
Reliance Industries is controlled by India's richest man Mukesh Ambani.
JioCinema screened the IPL — the final of which was held on Monday — free of charge, leading to the platform attracting record numbers of viewers.
Last week, the number of viewers who tuned into an IPL match between Gujarat Titans and Mumbai Indians reached 25.7 million — the highest number of simultaneous viewers on the platform.
“JioCinema has made an aggressive start in the OTT space,” says Amar Butala, an Indian film producer and partner at Guilty By Association Media, a film and digital production house in Mumbai.
“The free IPL in the first year has meant a solid subscription base right from the start. It will be interesting to see how Jio shakes up the OTT space.”
To this end, beyond live sports content, JioCinema is focusing on a strategy that includes adding more licensed and original entertainment content to compete aggressively in a crowded market in which the major global players already have a foothold — and it is a tough market to crack.
The streaming sector in India is “very fragmented”, says Barnik Maitra, managing partner at consultancy Arthur D Little, India and South Asia.
“There are currently 57 operators, including global streaming service providers such as Amazon, Disney+ Hotstar and Netflix, which compete with domestic service providers including Zee5 and MX Player,” he says.But in a major coup, JioCinema took over the rights to HBO's content in India from this month.
Previously HBO's content had been screened on Disney+ Hotstar until Disney decided to end that deal on March 31.
But Warner Bros Discovery and Viacom18 a few weeks later entered into a multiyear agreement, which made JioCinema India’s new streaming home of HBO, Max Original and Warner Bros content from the beginning of this month.
HBO's content includes hit series such as House of The Dragon, The Last of Us, Succession and Game of Thrones.
In a statement announcing the partnership, Ferzad Palia, head of subscription video-on-demand and international business at Viacom18, said: “JioCinema has become the biggest platform for live sports. We are now on a mission to build the most magnetic destination for entertainment for all Indians.”
JioCinema's media and content business president Jyoti Deshpande says that the platform plans to add more than 100 films and TV series in languages including Hindi and Bengali, as well as releasing new and original film produced by Jio Studios.
In an interview with Bloomberg last month, Ms Deshpande said the Indian streaming market “is dominated by westernised content” and that “Jio Studios wants to become a catalyst for cross pollination of talent”.
“We want to get as Indian as it can,” she said.
The rise of JioCinema comes as companies including Netflix face global headwinds, losing subscribers as inflation set in globally and people's spending priorities shifted following the Covid-19 pandemic.
But Netflix has identified India as a key growth market. It unveiled a budget-friendly, mobile-only subscription option in India in 2019 to appeal to the millions of Indians who only have access to the internet via their smartphones.
As part of its efforts to attract more Indian viewers, the company has also increasingly focused on producing more local content.
Netflix has about six million subscribers in India, according to analysis from consultancy Arthur D Little India. The company has said that the time subscribers spend watching its content as well as its revenue in India have been growing.
Having lost out on the IPL to JioCinema, data shows that market leader Disney+ Hotstar's subscriber numbers have been declining.
The Walt Disney company's earnings report for the quarter to the end of April shows that Disney+ Hotstar's subscribers fell to 52.9 million from 57.5 million in the previous quarter.
The loss of HBO's programmes in India makes things even more challenging for the company, analysts say — and JioCinema stands to benefit.
Once JioCinema took over the rights to show HBO's content in India, it launched a premium paid subscription to gain access to these programmes, for which it charges 999 rupees a year.
Mr Sinha says he expects JioCinema to be “a significant disrupter”.
“JioCinema has certainly launched with a bang for both ends of the spectrum: the free offering with IPL and a plethora of content is compelling for the budget conscious streamer, while HBO [content] draws in the spending viewer,” he says.
But there is still the question of profitability.
“The concern I have is always economics,” says Mr Maitra. “Yes, it's a disrupter. Yes, they will get a lot of subscribers, but will they be profitable?”
He says that India is an extremely price-sensitive market, where many people are not prepared to or cannot afford to fork out much for subscriptions.
“It's very hard to be profitable unless you significantly increase the price — at which point part of the scale drops,” says Mr Maitra.
However, advertising sales are helping, he says. The IPL 2023 is projected to have generated $550 million in advertising revenue, of which JioCinema is expected to take 60 per cent, according to data from Media Partners Asia.
There are also expectations that JioCinema will merge with another Viacom18 video-on-demand and streaming platform, Voot.
Mr Maitra explains that this would be likely result in a larger user base and better user experience on both platforms, as well as bolster the offerings with more Bollywood and TV content.
He notes that the strategy of JioCinema “mirrors the disruption … where Jio revolutionised the telecom industry”.
Reliance's Jio shook up the telecoms sector in India when it launched in 2016, driving down prices and pushing some telecoms operators out of business and prompting others to merge.
“JioCinema, like most of Jio’s plays, will be one built on scale,” says Mr Sinha.
“They have displayed willingness to invest in customer acquisition at a loss. Jio has deep pockets so we can expect it to drive a hard bargain for content acquiring to build its repertoire, and to edge out other players.”
EMILY%20IN%20PARIS%3A%20SEASON%203
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UAE currency: the story behind the money in your pockets
Guardians%20of%20the%20Galaxy%20Vol%203
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Gunn%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Zoe%20Saldana%2C%20Dave%20Bautista%2C%20Vin%20Diesel%2C%20Bradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
COMPANY%20PROFILE
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The%20specs
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SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Scotland's team:
15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell
Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris
LOVE%20AGAIN
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Turkish Ladies
Various artists, Sony Music Turkey
