On February 17, the third season of The White Lotus premièred on JioHotstar. But with the very first episode of creator Mike White’s acclaimed series, the recently launched platform has courted controversy. Sources say that JioHotstar has drawn sharp criticism from international partner HBO for censoring two scenes in the satire.

A scene, which sees Nicholas Duvernay cursing at a Buddha idol, was missing from the Indian stream, while another sequence involving masturbation was reduced. We’re told the changes caught eagle-eyed viewers’ attention as the platform had uploaded the original episode on the morning of February 17, and reportedly replaced it with the edited version by noon.

Sources say that these modifications didn’t go down well with HBO and it called for a discussion late last week. “HBO has been firm about maintaining creative integrity across global markets. Last week, the team initiated a discussion with JioHotstar about preventing such alterations in the future. The media network also highlighted that it was uncomfortable with changes being made to its content without prior discussions. This isn’t the first time that content has been tweaked for the Indian market. In June 2024, Jio Cinema had taken down an episode of Last Week Tonight With John Oliver that centred on Indian elections. International platforms are frustrated because these edits often happen without consulting them,” a source said.

Following the backlash, JioHotstar is said to be reassessing its approach to international content. A company insider, on condition of anonymity, said, “We’ll have to exercise caution before making modifications. The content must be in accordance with local sensibilities. At the same time, the platform can’t alienate key international partners.”

mid-day sent a detailed e-mail to JioHotstar, but it didn’t respond till press time.

(From left) Offerings like the IPL and Taaza Khabar will be streamed for free on the app

On Wednesday, the social me-dia accounts of JioStar teased the arrival of “a new era”. It turns out JioHotstar, the new OTT platform and one of the products of the months-long merger between Reliance Industry Limited’s Viacom and Disney Star India, is set to go live today. The streamer will house the library of both Reliance’s Jio Cinema and Disney Star India’s Disney+ Hotstar. Said to be designed with the idea of reaching the last-mile consumer, it will provide all its content free of cost and without subscription, but with ads. Subscription packs that provide ad-free content start at Rs. 149.

Obviously, the big question is: What happens to users who have active subscriptions with Jio Cinema or Disney+ Hotstar or both? A source tells us that existing subscribers of either platform will be automatically migrated to JioHotstar’s most premium subscription plan of Rs. 499 per quarter.

The source breaks it down further, saying, “It’s only after your existing subscription expires that you’ll need to choose from JioHotstar’s different packs. For those who currently have accounts on both platforms, the one with the longer validity period will be considered.”

Explaining further, our source adds, "Brand identity has been incorporated into the copy to ensure better recall and acceptance. No user will receive a three-month plan with a single JCP subscription. If a user has both Jio Cinema and Disney+ Hotstar, the Jio Cinema subscription is utilized first, granting premium plan entitlements until expiry. After that, the Jio Cinema subscription ends, and the Hotstar subscription continues unchanged.

The launch marks Reliance’s aggressive push into the streaming sector. The streamer will house all web series, OTT films, general entertainment shows, regional offerings, sports and movies available under the Disney Star India bouquet, as well as Jio Cinema’s wide roster that includes HBO, Peacock, and Paramount’s international offerings. It is also counting on its new vertical Sparks, which will offer original mini-series, to give it the first big push.

“With compelling narratives and highly engaging formats, we introduce Sparks, a space for creator-led content, where the creators are influencers, producers, or talent,” said the spokesperson.

It will continue to have another ace up its sleeve with the Indian Premier League (IPL), the streaming rights of which rest with JioCinema from 2023. Sanjog Gupta, CEO—Sports, JioStar, said, “Whether it’s the high-octane IPL, the drama of the Champions Trophy, or a Premier League showdown, we’re committed to delivering an immersive experience.”

Speaking on the launch of JioHotstar, Kiran Mani, CEO – Digital, JioStar said, “At the core of JioHotstar is a powerful vision—to make premium entertainment truly accessible to all Indians. Our promise of Infinite Possibilities ensures that entertainment is no longer a privilege, but a shared experience for all. By integrating AI-driven recommendations and offering streaming in over 19 languages, we are personalizing content like never before.”

“JioHotstar is setting a new benchmark for digital-first entertainment. The platform is immersive, inclusive, and audience-centric. While we have endless entertainment to offer, we are committed to continually innovate and elevate storytelling, ensuring that every Indian, regardless of language, discovers content they love,” added Kevin Vaz, CEO – Entertainment, JioStar, while elaborating on the entertainment offering.

Mobile Plan: Rs. 149 for three months or Rs. 499 annually, providing access on one mobile device

Super Plan: Rs. 299 for three months or Rs. 899 annually, offering access on two devices across mobile, web, and supported living room platforms.

Premium Plan: Rs. 499 for three months or Rs. 1,499 annually, allowing ad-free viewing (except for live sports and events) on up to four devices.

JioStar, the newly formed media behemoth spawned by the merger of Walt Disney’s Star and Viacom18, has the potential to reshape India’s media and entertainment landscape, Vice Chairman Uday Shankar says. “The merger gives us a strong foundation to innovate and experiment, paving the way for transformative change,” he tells Javed Farooqui and Vinod Mahanta in an in-depth conversation that touched upon subjects as diverse as industry structure, vision for the combined entity, and execution challenges in synergy capturing.

Announced last week, the merger has created a company with Rs 26,000 crore ($3.1 billion) in combined revenue for FY24, reaching 750 million viewers through 115 TV channels under the Star and Colors brands. It also includes two of India’s leading streaming platforms, JioCinema and Disney+ Hotstar. In this exclusive interaction, Shankar discusses the vision for building India’s largest media and entertainment company, the challenges of competing with global tech giants, strategies to address sports business losses, and the future for television that many believe is in an attritional decline. Edited excerpts:

This merger presents a tremendous opportunity to redefine the relationship between content and consumers, as well as with key stakeholders like advertisers and distributors. While the merger itself doesn’t directly alter the consumer’s experience, it lays the foundation for us to innovate and experiment in ways that could transform the industry.

With our combined reach of 750 million people and significant presence across critical content pools, we have the scale to lead impactful change. In my experience, when the industry leader takes bold steps that resonate with consumers, others tend to follow. This is especially important in a media landscape that’s undergoing rapid transformation globally and here in India, driven by technology and evolving consumer behaviours.

Television, in particular, remains a dominant force in India, and I believe reports of its decline are premature. Yes, every medium has its lifecycle, but television in this market still has a long way to go. The merger gives us the ability to explore new ideas and create offerings that strengthen the connection between content and audiences while adapting to the broader changes shaping the media and entertainment landscape.

If you have 90 million homes paying for TV every month and 125–135 million families watching TV daily, it’s clear that television is far from dead. There’s a significant opportunity to reinvent, revitalise, and make TV stronger and healthier.

On the other side, the streaming business offers immense growth potential. With 700-750 million people using mobile phones and consuming data in some form, we have a huge opportunity to connect with each one of them, given the compelling nature of our content. But achieving this isn’t just about providing content—it’s about transforming the entire consumer experience.

India is evolving rapidly, and with that comes the need for innovation across the content ecosystem. From how we create and offer content to how we monetize and produce it—everything needs to adapt. This merger gives us the scale to experiment, innovate, and execute these changes on a much larger level. It’s about reimagining what the future of entertainment can be, both in traditional and digital spaces.

By fundamentally changing the way content creation works, though it’s not something that can happen overnight. We already have a lot of content that’s performing well, and we’re running a successful business. It’s essential not to disrupt that core too much or too quickly.

This process has to be calibrated. We’ll start by experimenting selectively, seeing what works, and scaling up successful initiatives. As new ideas and content take shape, some of the older approaches will naturally phase out.

It’s a dynamic process, and while I can’t say we have a fully defined plan at this stage, we are firmly committed to this strategic direction and evolving with the changing needs of the audience.

Historically, when Star made significant bets, such as investing heavily in IP, there were similar concerns. Many believed Star was taking an enormous risk, but those investments worked out brilliantly. Star built a high-quality, integrated sports franchise and monetised the IPL, which turned out to be a game-changer. On the back of the IPL, Star was able to create Hotstar, which would have been impossible otherwise. Additionally, Star leveraged its integrated sports and entertainment content to secure a disproportionately large share of distribution revenues.

In our case, while some expensive rights exist, they are typically short-term—3 to 5 years at most. This has both drawbacks and advantages. The short tenure allows us to assess and recalibrate quickly.

The entertainment segment is robust and financially strong. Our streaming business, while at scale, continues to operate at a loss as part of the ongoing investment phase. However, these investments are essential to building a future-proof ecosystem. With the right strategies and synergies, we’re confident in managing these dynamics to strengthen the overall financial health of the new entity.

Right now, yes, it’s still in the investment phase, but that’s intentional. Take sports rights, for example—Jio Cinema wasn’t profitable initially, but that was a conscious choice. We were building a platform that didn’t exist before, and no business starts making money from day one. First, you build the product, create the market, bring it to customers, and then you start monetizing.

With Jio Cinema, we knew that putting IPL on the platform wouldn’t make money immediately—it was about investing in growth and building the foundation. Now, the platform has matured, and we’ve established a solid customer base on both the ad and consumer sides. This allows us to start recasting our strategy and become more disciplined.

For instance, with the recent Asia Cup rights, we chose not to bid because it didn’t align with our strategic priorities. While we are willing to invest heavily in assets that are strategically important, we’re disciplined about evaluating their long-term value. Back in 2017, when we invested in IPL at Star, many thought it was expensive. But without that investment, we wouldn’t have been able to build a world-class TV sports franchise and Hotstar.

Looking ahead, we’ll continue to evaluate expensive rights. We’ve carried the burden for some time, and as the renewal periods approach, we’ll decide whether it makes sense to continue or to pivot. It’s all about being strategic and disciplined.

That’s all history now. Everything is part of us, and we were fully aware of the rights we were inheriting when we made the deal. So there’s no point in revisiting that. That said, the cumulative value of the rights is significant—no question about it being onerous. However, we’re optimistic that we’ll be able to create incremental value from these assets to justify the investment.

To clarify, I’m not directly running the company. We have a team of executives, including three CEOs (Kevin Vaz, Kiran Mani, and Sanjog Gupta), who are responsible for the day-to-day operations. My role is more about shaping the strategy and guiding the leadership team. I’m part of the team that establishes the mandate, but execution lies with the operational leaders.

I’ve made an investment from my fund in this business, and there are other shareholders, with Reliance being the controlling shareholder. Naturally, there’s a clear expectation that this business will deliver very attractive financial returns—that’s the foundation on which I’ve raised money from my investors. Reliance, as a highly business-focused company, has similar expectations. It’s a given that we need to generate strong returns on investment and capital.

However, beyond financial returns, I have a very clear mandate from Reliance and other stakeholders: to redefine the media and entertainment ecosystem and prepare it for the future. While the media already has massive reach, I believe there’s a far greater opportunity to deliver content people love, whenever they want it, to the entire population of the country.

Previously, distribution was the biggest barrier, but that challenge has largely been addressed with the proliferation of mobile and broadband, a revolution that Reliance itself has been instrumental in driving. This transformation creates an incredible opportunity to reimagine how content reaches and engages audiences at scale.

I believe there’s a significant opportunity to drive deeper penetration and better consumption of content. To achieve that, we need to completely rethink how we approach content creation and delivery. This is what I referred to earlier—we must redefine many aspects of the process.

One key issue is the current concentration of content production and supply, particularly Hindi-language content, which remains heavily centralised in Mumbai. This model has its limitations. Gone are the days when a single production ecosystem could cater to the entire population north of the Vindhyas.

India is changing rapidly, with people’s tastes, aspirations, and expectations undergoing a dramatic transformation. To keep up with these shifts, we need to diversify and decentralise how and where content is created. That’s just one example of the kind of changes we’ll need to make to meet these evolving demands effectively.

Let me explain why I say that. In the US, television became very expensive, with consumers paying $60, $70, or even $80 as the minimum monthly cost. Streaming emerged as a cheaper and more convenient alternative—you paid $10 for a streaming service and got access to a wide library of content. While it wasn’t fresh content, it didn’t matter because most consumers hadn’t seen it yet, and they enjoyed the convenience of watching on their own schedule. Streaming addressed both affordability and convenience in that market.

In India, however, the dynamics are entirely different. Television is already extremely affordable, while streaming services aren’t as inexpensive. The Western narrative that TV is dying because consumers are shifting to streaming to save money simply doesn’t apply here.

In fact, the global streaming landscape is evolving too. With so many streaming services now available, consumers in markets like the U.S. are spending more collectively on subscriptions than they did on cable or TV. This just reinforces the point that television’s role, especially in India, remains strong and far from obsolete.

Once people get used to streaming, no, they’re not coming back. However, the number of streaming services in existence today is overwhelming, and many are struggling—except for one or two that are doing well. Affordability and quality of product remain a major factor. My point is that for any platform to succeed, the product must be both attractive and affordable.

In India, television’s biggest strength is its affordability. It delivers content that, while it might not appeal as much to certain segments of the urban elite, connects deeply with a vast population across the country. That connection gives television enduring power, and I believe it will remain relevant if reinforced with more innovation.

There’s a strong case for greater creative innovation on both sides—television and digital. Right now, both seem to be following predictable templates, and that’s where the opportunity lies: breaking out of the mould and offering something fresh and engaging.

There are two or three key points here. First, the decline in pay TV numbers isn’t the full story. What really matters is the overall television universe, including free TV (DD Free Dish), and that hasn’t come down. In a value-conscious market like India, if consumers don’t see enough value in pay TV but find reasonable value in free TV, they’ll naturally migrate to free TV.

What exacerbated this trend is that many pay TV providers began offering their content on free TV platforms (DD Free Dish). Once that happened, why would a consumer pay for something they could watch for free?

However, live sports remains a stronghold for pay TV. It continues to perform exceptionally well because live sports are a unique draw—they’re best experienced in real time, and the TV viewing experience for live sports is unparalleled. While some mandatory sharing of live sports happens on platforms like Doordarshan, the core TV experience for live sports remains a major pull for audiences.

And I believe Star Sports has set the benchmark for creating a robust ecosystem that delivers an exceptional viewing experience. People aren’t walking away from that—it’s all about maintaining a compelling value proposition. Let me give you some background to illustrate this point.

Back in 2007, when I took over Star, there was a similar narrative—television was said to be in decline, people weren’t paying, ratings were dropping, and so on. Around the same time, Colors entered the market, shaking things up and sparking intense competition. The battle between Star Plus and Colors played out over several years, but it also led to a significant surge in the reach of Hindi entertainment. Suddenly, audiences were seeing fresh, engaging content, and they were excited again.

Another example is when we experimented with Satyamev Jayate. It brought in entirely new audiences and reinvigorated interest. Media thrives on innovation and creative disruption. It’s not just about maintaining the status quo—it’s about constantly finding ways to excite and engage audiences with something fresh and meaningful. That’s the essence of this industry.

It doesn't make any difference to me as a media company since we are providing content across screens. If your universe of monetization expands, unit values don't matter. We have created an artificial divide between TV and digital. Viewers don't see that way. They go to the screens that are easily available to them and the experience that they want. For a laid-back, relaxed experience, they will go to broadcast TV or connected TV. They will watch it on mobile if they want to watch content on the go during the weekday. We just want to be ubiquitous on all screens and create great experiences for consumers.

I can’t speak for what others are doing—those decisions are made by their leadership teams. But we’re very clear that we’re not cutting down investments in one area to favour the other. We see significant growth potential in both digital and TV.

Of course, digital is growing at an incredible rate, so naturally, we’ll need to allocate more resources to fully capitalize on that massive universe, which is set to become a billion screens. However, that doesn’t mean we’ll reduce investments in TV. In fact, given the strength of the franchises and brands (Star and Colors) we have on the TV side, we intend to invest even more in television.

It’s a different scenario now compared to when we were at Viacom18, which had a smaller television business. Back then, we had to prioritize, and it wasn’t feasible to grow a small TV business while simultaneously building a large digital platform. Now, with a strong presence at scale in both TV and digital, there’s no reason not to continue building on both fronts.

Even today, nearly $10 billion (Rs 83,000 crore) of revenue comes from traditional TV business. Why would we step back from such a significant space? Instead, we’ll double down on investments to ensure both platforms thrive.

I wouldn’t call them a threat, but they are certainly formidable players with immense resources. They’ve built scale at a global level and have access to vast amounts of data, which gives them a significant advantage in terms of targeting.

However, I don’t see them as direct competition. The market is large enough, and the growth opportunities are substantial enough for multiple operators to thrive and grow. Big tech will continue doing what it does, but that doesn’t mean traditional media companies can’t succeed and scale alongside them.

The key lies in ensuring we build the right safeguards to protect consumer interests while leveraging our strengths to grow. While big tech excels in technology, traditional media has its own unique value propositions, and there’s plenty of room for both to coexist and flourish.

Media companies don’t necessarily need to replicate the data-driven ad stack that big tech companies excel at. Trying to compete on their turf, where you’re already at a disadvantage, doesn’t make sense.

In my view, media companies should focus on what they’re inherently good at—creating compelling content and building strong consumer connections. It’s about running your own race, staying confident in your strengths, and recognizing that every runner has a different style. The key is to leverage what makes you unique rather than chasing a game designed for someone else’s strengths.

There’s no fixed rule for how long integration should take, although these processes can often drag on. From the very beginning, it was clear that I didn’t want the organization to be paralyzed by volatility, uncertainty, or a lack of clarity.

We announced the merger last week and have already moved quickly. In fact, one of the unique aspects of this merger is that we announced the entire senior-level leadership team on the very day of the merger.

I’m fully committed to finalizing all aspects of the integration in the next few weeks and then focusing on creating value in the business. Whatever it takes, we’ll make it happen. From my experience handling other mergers, I know the uncertainty these processes can create, and that uncertainty can be damaging to the organization, especially to smaller teams. We’re determined to avoid that and move forward decisively. We have brought in EY to help with the integration.

Wherever there’s more than one person for the same role, we’ll first look to find them another meaningful position within the organization. However, in some cases, there may be redundancies. We’re committed to managing this process thoughtfully and transparently. You know both sides are very familiar with each other. It's a small ecosystem.

Yes, there may be some overlaps, but our primary focus is ensuring that corporate actions don’t disrupt the consumer experience. A viewer of Star Plus is a committed viewer of Star Plus, and the same goes for Colors. Just as we aim to minimize internal confusion, we are equally committed to avoiding any confusion for external stakeholders, whether they are advertisers, consumers, or producers.

Each company has its own relationships, and we don’t want to disrupt those in the name of efficiency. The goal isn’t to force changes unless they genuinely enhance the experience or add value. Simply put, we won’t make changes just for the sake of it.

For now, all these brands will continue as they are. Of course, there are certain obligations imposed on us by the Competition Commission of India that we’ll need to adhere to, but beyond that, there are no immediate plans to make significant changes.

That’s exactly the kind of discussion we’re having—exploring the merits of various approaches. There are strong arguments on both sides, whether to differentiate the platforms by content type or take another route. Personally, I’ve spent more time debating this specific aspect of the integration than almost any other topic. It’s a critical decision that requires careful consideration.

On the TV side, I don’t see much of a shake-up. Essentially, what’s happened is that four companies have consolidated into three. While there’s a change in ownership and some consolidation, it’s not the kind of shakeup it’s being portrayed as. For advertisers, consumers, and producers, the impact will likely feel minimal.

What I do believe, however, is that this consolidation presents an opportunity to create incremental value. We’ll experiment, and in my experience, when the leader experiments successfully, it often sets a new norm for the market. This has the potential to benefit the entire industry.

In fact, I’ve seen this happen before—moments like these often invigorate the industry, infusing it with fresh energy and creativity. I hope this merger will lead to something similar, bringing renewed momentum to the broadcast space.

We chose not to bid for the Asia Cup this time because the base price was set at a level we didn’t find viable. As you mentioned, we already have a substantial sports portfolio with serious financial commitments, so we decided to sit this one out.

I believe the cricketing world needs to address a critical issue: the current model, where buyers rarely make money while rights holders continue to profit, is simply unsustainable. Disproportionate value in cricket comes from one market—India—and within that market, it’s heavily reliant on the media sector.

For the long-term health of the ecosystem, rights owners need to consider the interests of broadcasters. If they don’t, it’s a shortsighted approach that risks undermining the very market they depend on. Sustainable partnerships are key to ensuring the growth and success of the sport and its stakeholders.

First of all, I wouldn’t say that entertainment profits are capped or unable to grow. I believe there’s still substantial headroom for growth in TV entertainment, and even more so on the digital entertainment side. In sports, I see significant opportunities for incremental value creation within the business itself. The key is to unlock that potential effectively.

As for entertainment, if our content is compelling enough to consistently deliver 25–27% viewership on TV, there’s no reason it shouldn’t generate similar engagement on the digital side. The challenge is curating the digital experience better—leveraging advanced technology and deeper customer insights to enhance the way audiences interact with our content.

It’s not about compensating for losses but about realising untapped value across both entertainment and sports. With the right focus and strategy, I’m confident we can achieve sustainable growth in both areas.

That decision rests entirely with the controlling shareholder. At this point, an IPO isn’t something we’re actively considering. Our focus is on building a strong, scalable business that could support a highly successful IPO, if and when the time comes. Whether there will be an IPO, I can’t say. As for myself, I will need an exit eventually, but there are several ways to achieve that beyond just an IPO.

The conversation started between the principal stakeholders at Reliance and the senior leadership on the Disney side. I believe there was an understanding that if the two companies came together, it would address many of the emerging challenges in the media landscape.

You have to understand that, whether it’s television or digital, the biggest challenges aren’t coming from within the media industry itself—even in India. The real challenges, in terms of value and consumption, are coming from global tech media companies. There was a shared appreciation of this reality, and I think that’s what led to the belief that joining forces could help reset the landscape and create a stronger foundation for the future. That’s how the talks began.

To be completely honest, these things don’t happen overnight—it’s a process, a series of conversations, and decisions along the way. When I was leaving Star and Disney after serving as Head of Asia Pacific for Disney, I thought my time in media was done.

For someone who never set out to be a CEO, even for a day, it wasn’t part of my ambition. I started as a journalist, and my only goal was to become a good editor, which I achieved. I was fortunate enough to create brands I was proud of and found fulfilment in that phase of my career.

What happened next was almost serendipitous. One thing led to another, and I was brought into Star, where I spent close to 15 years. It was an incredible journey, but when the time came, I had to ask myself: Do I continue doing this for a few more years, or do I take a leap and try something new?

It was clear that this wasn’t going to be the final chapter for me. It wasn’t an easy decision, but I felt ready to move on and explore what else was out there. And here I am, in a role and space I never could have fully envisioned back then.

And then there were areas of personal interest that I felt strongly about, given my background and experiences. I’ve always had a point of view on social issues, and earlier in my career, news was one way for me to engage with those. I also deeply believe in the power of media, both entertainment and news, as a socially transformative tool.

However, having already explored those avenues, I began to think about what else could make a meaningful impact. One area that always excited me was the power of technology to solve big social and consumer problems in India—especially in sectors where access and affordability have been longstanding challenges.

Two areas stood out in particular: education and healthcare. These are deeply personal to me because I’ve seen parts of India where access to both is severely limited and the impact that lack of access has on people’s lives. At the same time, I’ve witnessed the incredible transformative power of ensuring availability and affordability in these critical areas. That realisation has fuelled my interest in exploring how technology can be leveraged to bridge these gaps and create lasting change.

We are all fortunate to be sitting around this table because we had access to good education. That realisation led me to consider two possible paths to make a difference—one through a not-for-profit model and the other through a corporate structure.

Early in my career, I spent several years in the not-for-profit sector, so I’ve seen that world up close. I worked with organizations like Anand and was closely associated with the Centre for Science and Environment (CSE), where I served as Associate Director for many years. Those experiences shaped my understanding of how impactful not-for-profits can be, but they also highlighted the challenges of scaling their efforts.

That’s what made me curious about exploring a corporate approach to tackling some of these pressing issues, combining purpose with scale and sustainability.

I realized that while the intent behind not-for-profit work is always admirable, its impact is often constrained by scale. You’re limited by the resources you can secure and constantly dependent on external funding. For me, the challenge was how to tackle social issues in a way that allowed for meaningful, scalable impact. That’s when I decided to pursue these ambitions within a corporate structure—a social business model that could combine purpose with scale and sustainability.

Around that time, I connected with James Murdoch, and one thing led to another. He’s always been very passionate about India, deeply connected to the country, and excited about its potential. Although he had already set up his own family office, we decided we could do something meaningful together. We identified sectors we both felt strongly about and agreed to move forward.

That’s how Bodhi Tree Systems was born. Together, we raised funds and established a structure to drive impactful initiatives while operating on a corporate framework. It was a way to align our shared vision for transformative change with the ability to execute at scale.

That’s when Reliance reached out to us. They knew about our background in media and said, “You’re media guys, and we have a media business with exciting plans—why don’t we collaborate to shape something together?” And that’s how this partnership came to be.

The fourth season of Disney+ Hotstar’s Criminal Justice will stream soon; (right) Murder In Mahim was one of Jio Cinema’s originals

On Tuesday, the JioStar website went live, with the text on the screen simply reading, ‘Coming soon’. This marks a new chapter in the months-long merger that has been underway between Reliance Industries Limited’s Viacom18, and Disney Star India. In the months since the merger’s official announcement in February, there has been speculation about the road ahead for the two media networks’ OTT arms, Jio Cinema and Disney+ Hotstar.

With JioStar expected to be fully functional on November 14 midnight, an insider tells mid-day that the content of the two platforms will be merged. “The merging of Jio Cinema and Disney+ Hotstar will be complete by November 13. After JioStar goes live on November 14 midnight, the content of both streamers will be available on this platform under separate sub-domains,” reveals a technical hand from Jio Cinema.

The question now is: What does the merger imply for the multiple channels under the two networks? While Disney Star brings with it over 20 channels across general entertainment, sports and movies, Viacom18 has its own bouquet that includes Colors and regional channels.

A production source from Star says, “Both Star and Colors have multiple regional channels targeting Bengali, Punjabi, Odia, Kannada audiences and more. So, instead of the two channels vying for the same viewers, the content of the weaker channel will be merged into the more popular counterpart. For instance, Star Marathi is doing considerably better than Colors Marathi; so, the latter will dissolve into the former. If there is a stand-out show that brings in high TRPs or pulls in a new audience, it will be retained. An example of this is Anupamaa, which is originally a Star offering. But largely, the idea is to stop replication of channels. In addition, there are many Hindi general entertainment channels, including Star Bharat, Star Plus, Star Utsav, and so on. These could be in direct competition to Colors TV. So, the channels will merge in the near future after a final programming has been locked. The final branding of these channels will be determined in the months to come.”

On the streaming front, the overlapping of international content is far less. While Disney+ Hotstar houses popular content from ABC and Showtime, such as Grey’s Anatomy and Modern Family, Jio Cinema has the HBO and Paramount slates.

The source adds, “JioStar, in that regard, will boast a diverse and enviable library. From old offerings like Game of Thrones to the more current winners like The Bear, it will have something for everyone.”

The popular homegrown titles of Disney+ Hotstar remain untouched. A hand from Disney+ Hotstar informs, “If there is a big title well in its third or fourth season, it will continue. For instance, we will soon release the fourth season of Criminal Justice. Other franchise shows such as Aarya and The Trial remain, while new series will be picked up January onwards. The operations will require synergy and will be worked out by December-end.”

Naturally, with the two networks’ workforce being consolidated, it will result in multiple people in the same roles. A trimming of head count is likely to take place.

The biggest highlight of the merger, however, is the idea of taking OTT to the last-mile consumer. It is heard that Uday Shankar, who is serving as the vice-chairman of the merged entity and will establish its strategic direction, wants to emphasize on Advertising Video on Demand (AVOD) and Transactional Video on Demand (TVOD) to lure a wider demographic.

Another source from the Jio team says, “This merger will redefine how TV and streaming will be integrated, and thus change the content landscape. We are looking at reaching every Indian, which will be possible only when you stop making it premium. That’s why we’re taking the three-pronged approach with JioStar: there will be AVOD for the widest base. Then comes SVOD at an affordable price; we noticed that the Rs. 29 per month model worked for Jio Cinema. The third will be TVOD, wherein you can rent certain digital content for a price. JioStar will make room for every viewer, as per how much they can afford.”

mid-day reached out to the communication teams of Viacom, Jio and Hotstar, who did not respond till press time.

Making a historical drama is a big responsibility. Bigger even, when the subject is one of the bloodiest chapters of Indian history. Creator Ram Madhvani is aware of the responsibility he is shouldering as he makes The Waking Of A Nation, a six-part series centred on the Hunter Commission that was established in October 1919 to investigate the Jallianwala Bagh massacre. The creator-director, however, points out that his series is historical fiction.

“There were five British and three Indians in the Hunter Commission. The Indians walked out, saying that what they called investigation was, in fact, white-washing. So, this series looks at that investigation,” he starts, when we get on a call.

“There is this term called historical fiction. If you go into a bookshop, there will be a whole range of books [under the genre of] historical fiction. I suppose they are inspired by true events. This is a story [told] from our characters’ point of view.”

Researching a historical subject can be strenuous. More importantly, it can be a tricky affair. Madhvani agrees, noting that a critical factor in the genre is the lens you view the story from. He explains, “There are so many versions of [history]. Our tale is, in some ways, fictional. But I read and did my due diligence. I’m interested in that part of our colonial past. Many years ago, I did a short film called This Bloody Line, which was about Sir Cyril Radcliffe. The fact that he drew a line in one month and divided this country, when he had never been to India before, was fascinating to me.”

“I’m interested in how there has been a cultural colonization. So many things have been, in some ways, stolen from us. The Waking of a Nation is really about racism and prejudice,” says Madhvani of the Sony LIV series—starring Carl Wharton and Krishnakant Singh Bundela—that is currently in post-production.

From Neerja (2016) to Aarya and now, The Waking of a Nation, regardless of the genre his stories belong to, he says a common thread runs through them all. “I’m always figuring out how to do stories that have some kind of philosophy and spirituality in them. The first season of Aarya had the Bhagavad Gita. I used Sanskrit shlokas. That comes from my father and the books that surrounded me, and from my father-in-law, who is a freedom fighter and a Sanskrit scholar. So, The Waking of a Nation has the lead character named after my father, and is dedicated to my in-laws.”

Even as the historical offering has him consumed at the moment, one wonders about the fate of Aarya, led by Sushmita Sen. The revenge drama was one of Disney+ Hotstar’s most acclaimed shows, with the first season even earning an International Emmy nomination. Amid the platform’s merger with Jio, has he been pursued to bring out the next season of Aarya?

“Right now, because of the merger, we have to decide when Aarya is landing. I think people want to see it, and we would like to make more [seasons].  We have two more seasons. So, we will see whether that happens. That show changed me. It made me realize the scope of my job and the joy of long-format storytelling.”

There has been much talk about the entertainment industry making room for stories over stars. But the on-ground reality is different, says Sanjay Gupta. The filmmaker learnt it the hard way as he set out to make The Miranda Brothers, starring Harshvardhan Rane and Meezaan Jafri. “To pull off such a film isn’t easy. I started my digital wing because we cannot ignore OTT,” he states.

The casting for the football drama, set to première on Jio Cinema, had to be simple. The director needed two actors well-versed in the sport. “I wanted to make the film immediately. If I were to go to Varun [Dhawan] or Sidharth [Malhotra], I would have to wait for a year. None of the stars at that time were willing to do a direct-to-OTT film. Even now, most of them are not. As I shot this movie in Goa, I learnt that I’m not dependent on a crew of 300. You can be a big-ticket director and yet make a movie that you feel for. Every film doesn’t have to be with mega stars.”

The Miranda Brothers is a departure for Gupta, who, over the past three decades, has made movies about the Bombay underworld—be it the Shootout franchise, or Mumbai Saga (2019). But today, even as the underworld has reared its ugly head again with Baba Siddique’s murder, the director says the current environment can’t be reflected on celluloid.

“These times cannot be chronicled because everything is state-controlled, even crime. You have Lawrence Bishnoi sitting in the Sabarmati jail, putting out videos and messages. What’s going on! This is a show of law and order collapsing. Ektaa [R Kapoor] and I are working on the third edition of the Shootout franchise. One of the decisions we’ve made is not to set it in Mumbai. These are uncertain times. So, we are researching to do [a story] outside Mumbai.”

This restraint is not in crime stories alone. Gupta rues that he has to often hold back as a filmmaker, given the current scenario.

“If you’re an intelligent filmmaker and not too stubborn, you make the changes yourself because the legal department and OTT platforms go through the script and they censor it [preemptively]. They say this may land us in trouble, that may land us in trouble. It’s an atmosphere of fear. You cannot have fearless storytelling anymore. My next show is based on a true story that happened in Mumbai in front of our eyes, it was appalling. But we’re changing the names because you can’t take names anymore. I feel disillusioned on behalf of the new generation of filmmakers. They all have a voice. But how many of them will be able to express what they truly want to? There is no medium. Earlier, it seemed that you can say what you want on OTT. But now it has become the most censored as people heavily come down on them. Today, the filmmaker’s agency is taken away.”

Reliance Industries is expected to retain Disney+ Hotstar as the only streaming platform following the merger of Star India and Viacom18, sources familiar with the matter told The Economic Times (ET).

Jio Cinema will merge into Disney+ Hotstar, positioning it as the central streaming platform for the combined entity, sources added.

RIL had explored various strategies for the streaming business. At one stage, it considered integrating Disney+ Hotstar into Jio Cinema, and there were discussions about running two separate platforms—one for sports and another for entertainment.

"However, Reliance's leadership opted to keep Disney+ Hotstar due to its superior tech infrastructure," a source aware of the discussions said.

ET first reported on August 19 that Reliance Industries Ltd (RIL), which will control the merged Star-Viacom18 entity, is inclined to consolidate Jio Cinema and Disney+ Hotstar into a single OTT platform.

Disney+ Hotstar, the streaming service owned by Walt Disney's Star India, has over 500 million downloads on the Google Play Store, compared to Jio Cinema's 100 million downloads, which is owned by RIL-controlled Viacom18.

In February, RIL and Walt Disney signed agreements to merge Star and Viacom18, creating an $8.5 billion media powerhouse with over 100 channels and two streaming platforms.

According to RIL’s annual report, Jio Cinema reached an average of 225 million monthly users. In contrast, Disney+ Hotstar had 333 million monthly active users in Q4 2023, according to Sensor Tower.

As of June, Disney+ Hotstar had 35.5 million paid subscribers, significantly down from its peak of 61 million when it offered content like the Indian Premier League (IPL) and HBO.

Earlier, Viacom18, controlled by RIL, had merged its various OTT platforms under the Voot brand into Jio Cinema. Viacom18 had previously operated three platforms: Voot, Voot Select, and Voot Kids.

Reliance Industries-promoted Viacom18 and Walt Disney-owned Star India are hopeful of completing their merger by October, when the Competition Commission of India (CCI) is also expected to issue its order, officials familiar with the matter told ET.

The National Company Law Tribunal (NCLT) has already put the merger scheme between Star and Viacom18 for final disposal. The merger, which was announced on February 28, is expected to receive the NCLT green signal as creditors and shareholders of both companies have approved it.

"The biggest barrier to the merger proposal is the CCI approval. Once the competition watchdog approval comes, the merger deal will be more or less concluded. The expectation internally is that the CCI approval might come in October," said one of the officials tracking the development.

As part of its probe into the likely impact of the merger on the competitive landscape, CCI has started reaching out to other broadcasters, streaming platforms, TV distributors, and advertisers.

"CCI has reached out to us a couple of weeks back to know our views about the Star-Viacom18 merger," said a top executive with a rival media firm, on condition of anonymity.

The executive stated that this is a standard approach adopted by the CCI in all merger transactions, enabling the competition watchdog to assess a merger's impact in an industry.

"Even in the Sony-Zee merger case, CCI reached out to all the key players in the industry," the executive said, adding that the commission typically issues an order a few months after its industry outreach.

Both Star and Viacom18 have already made their submissions to the CCI, arguing that the merger will not have an appreciable adverse impact on the M&E industry in the country since there is enough competition in the market, said a third media executive who didn't want to be named.

Media analysts predict that Sony, Zee, Sun, Netflix, Prime Video, and YouTube will provide sufficient competition to Star-Viacom18 in both linear TV and streaming segments.

"While they (Star-Viacom18) will have a lot of synergistic benefits together, which we also talked about when we were trying to do our merger (Sony-Zee), it does not restrict or make us less capable of competing with them," Zee Entertainment CEO Punit Goenka said during the company's Q1 earnings call when asked about the impact of the Star-Viacom18 merger on Zee.

ET had reported in March that the CCI will conduct a more thorough investigation into the merger between Star and Viacom18 because it has the potential to disrupt the M&E business. In May, Star and Viacom18 filed a combination notice with the CCI seeking approval for their merger deal.

With over 100 TV channels across entertainment and sports and two of the top streaming platforms, Disney+ Hotstar and JioCinema, Star-Viacom18 will have a commanding presence in both segments, with the nearest competitor being a distant second in both segments.

The combined operating revenue of Star and Viacom18 was roughly Rs 25,000 crore in FY23, with the combined revenue of the nearest competitors in TV (Zee) and streaming (Netflix) being Rs 11,000 crore.

The combination will make Star-Viacom18 the biggest player in sports with properties like Indian Premier League, India international bilateral cricket, International Cricket Council, Indian Super League, and Pro Kabaddi League.

However, Star and Viacom18 argue that these properties were acquired through transparent open market bidding, where competing players also bid aggressively. The argument was made that the accumulation of sports rights, which are awarded for a limited time, cannot significantly impact competition.

In its order in the now-defunct Sony-Zee merger scheme, CCI ordered Sony-Zee to sell three channels to mitigate potential adverse impact on the sector.

Legal experts believe that the CCI might order Star-Viacom18 to divest certain assets since this merger will lead to the creation of a much bigger entity than the Sony-Zee combine.

Anime content is taking centre stage on over-the-top (OTT) platforms in India as streamers look to ape the traditional TV model of offering diverse content slate that caters to different age groups and demographics, amid the summer vacation for schools and colleges.

With a fan base of 180 million and growing, India is poised to become one of the most significant markets for anime content in the world after China even as the global popularity of anime, which has its roots in Japan, is on the rise.

Anime market in India is projected to grow at a compounded annual growth rate (CAGR) of 13% from 2024 to 2030, driven by factors such as Japanese pop culture, global media exposure, and demand from millennials and Gen Zs, as per the US-based Grand View Research.

It estimates the global anime market to be $31.2 billion in 2023, with a projected 9.8% CAGR from 2024 to 2030.

Experts said anime offers OTT platforms an opportunity to target teens and youngsters in the 12-24 age groups.

"Anime is a global favourite for early teens. Very little content is made for that age segment," said Uday Sodhi, senior partner at digital strategy consulting firm Kurate Digital Consulting. "OTT platforms need to start seriously looking at anime content."

Sony Group Corporation-owned Crunchyroll, which is dedicated to anime content, set up shop in India last year by incorporating a wholly owned subsidiary and earmarking an initial investment of $10 million.

The platform has over 800 anime titles in India with 8,000 hours of content. Over 70 shows have been dubbed in Hindi, Tamil, and Telugu. Globally, Crunchyroll has 13 million paid subscribers.

Prime Video Channels, the OTT aggregation arm of Prime Video, launched Animax + Gem and Anime Times last year to cater to a growing anime audience base in the country.

Recently, Jio Cinema launched a dedicated Anime Hub as part of its premium offering priced at Rs. 29/month. The platform will provide real-time global releases and a library of hundreds of hours of top anime titles.

"Over the past few years, there has been a significant growth in the popularity of anime in India, with this genre attracting a considerable fandom owing to its captivating storytelling and visually striking animation," a Jio Cinema spokesperson said.

Disney+ Hotstar and Netflix, too, have a good amount of anime content in their libraries.

Other OTT platforms, too, are expected to explore anime content due to its potential.

In an earlier interview with ET, Crunchyroll president Rahul Purini had said India is the second largest anime market in the world after China and is growing very fast. "In the regions where we are present, India would be the largest market in terms of potential audience. We expect 60% of the global anime growth to come from India," he had said.

The Crunchyroll head said 53 million Indians watch anime content from official sources. He also stated that the anime audience is split 60:40 between males and females.

Viacom18-owned Jio Cinema is set to disrupt India’s subscription video-on-demand (SVOD) market with one of the industry's lowest pricing plans for premium content.

Beginning April 25, Jio Cinema Premium will offer Indian and Hollywood entertainment content at an introductory tariff of Rs 29/month for a single device and Rs 89/month for up to four devices, the company said. This comes close on the heels of the success of its free strategy in the advertising VOD space.

Live sports and catch-up broadcast content will continue to be available for free, the company said, adding that Jio Cinema, like other broadcast-owned OTT (over-the-top) platforms, will use a hybrid monetization strategy.

The new pricing is a significant drop from its Rs 999/year and Rs 99/month plans, which offered only Hollywood content. Unlike the existing plans, the new plans will be ad-free, the company said.

Jio Cinema Premium will provide users with web originals, movies and content for children, along with Hollywood content from HBO, NBCUniversal and Paramount Global. Viacom18's linear TV content will also be made available before the broadcast premiere.

The company’s new tariff plan will hot up competition with Disney+ Hotstar, Netflix and Prime Video, which collectively have 50–60 million subscribers.

"The new pricing is a sharp reduction for an ad-free experience. They are providing more content over and above the Hollywood content and charging less for this," said Elara Capital’s senior vice president Karan Taurani.

He said Jio Cinema Premium will impact the SVOD industry negatively since the Indian Premier League (IPL), the most premium media property, continues to remain outside the paywall.

"The SVOD players will not be able to increase average revenue per user due to Jio Cinema's aggressive pricing," he said.

Experts say the move marks Jio Cinema's pivot towards a hybrid monetization model, and the ongoing IPL cricket tournament provides the perfect launch pad for it to implement its new pricing.

Viacom18’s CEO-Digital Kiran Mani said Jio Cinema Premium's goal is to redefine premium entertainment for Indians. “The introduction of Jio Cinema Premium breaks the numerous cost and quality barriers that exist in accessing premium entertainment," he said.

In a recent note, Taurani had said that Jio Cinema’s revenue for FY24 is estimated at Rs 2,700 crore, based on Network18's financials for the last financial year.

Jio Cinema has been offering premium Indian content across entertainment and sports channels for free. The platform has built a strong advertising business on the back of free streaming of impact properties like IPL and Bigg Boss.

Jio Cinema's free sports streaming has had a cascading effect on the industry, with OTT market leader Disney+ Hotstar also offering the Asia Cup, 2023 ICC Men's World Cup, and Pro Kabaddi League for free to mobile users.

Barring Netflix and Prime Video, most of the large OTT players, including Disney+ Hotstar, ZEE5 and Sony LIV, have a hybrid monetization model.

In September 2022, the Competition Commission of India (CCI) approved the amalgamation of Jio Cinema, which was owned by a Reliance Industries subsidiary, into Viacom18.

Viacom18 is in the process of merging with Walt Disney-owned Star India to create a $8.5-billion media behemoth. The merged entity will have Jio Cinema and Disney+ Hotstar, two of the strongest OTT apps in the country.

Paromita Deb Areng is frustrated with the content consumption experience on digital platforms. Recently, someone told her that the sound in one of her Instagram Reels was not working. Areng, a beauty products consultant from Pune, had used a trending audio clip from Instagram’s music library to enhance her video’s reach.

“Instagram offered to replace the now unavailable song on the app, but the new audio failed to update as well,” says the 43-year-old. Muting audio ended up silencing her voice in the video, thus impeding its reach. Areng says this problem isn’t unique; many creators are avoiding library audio for this reason.

Her frustration extends to streaming services. Unable to find older Korean dramas on Netflix, she subscribed to another streaming service, Viki, only to find those shows “unavailable in our region”. She was surprised to encounter geo-restrictions especially since the Korean government declared India the biggest market for Korean content last year.

Areng has since come to understand that these issues are due to complications in licensing agreements with content producers that grant platforms the right to publish content they do not own. However, that awareness doesn’t necessarily ease her exasperation.

"You feel short-changed because you are willing to pay to consume content legitimately and yet are being forced to look for alternatives that often expose your system to security risks.” She makes a valid argument. At least 46% users of virtual private network (VPN) globally opt for it to access streaming services, and 26% do it specifically to access region-locked entertainment, as per a report from Forbes Advisor published in August 2023.

Eight years ago, when global streaming services like Netflix and Amazon Prime Video arrived in India, they promised access to a vast and continuously expanding content library. The “digital video-on-demand” branding created an unrealistic expectation that the content would be universally and permanently available. Over the years, snippets from popular international shows circulating on social media have only fuelled the craving for diverse content.

Ironically, this very desire has now shattered the illusion of seamless access as licensing-led curbs increasingly constrain users trying to watch anything and everything in the cloud. Similarly, music’s pivotal role in social media content has inadvertently exposed people to the vagaries of licensing disputes in the music industry, which end up restricting the use of songs on platforms like Spotify and Instagram.

As a result, a growing number of users are expressing disgruntlement with their consumption experience. “It’s annoying that I can’t do a Prime Video Watch Party with my friends in India even when I’m in the country, just because I have a US-registered Prime account,” says Anmol M, a 27-year-old software engineer based in San Francisco.

In the US, he watches Koffee With Karan on Hulu because Hotstar isn’t available there. However, the show airs on Hulu a day later, he says, by which time his friends back home have already seen and made memes out of it. A decade ago, when Anmol moved overseas, there wasn’t a lot of content from India that he followed. “Very little existed in the first place,” he says. But now, he experiences FOMO for Indian content.

Some Indians abroad, like Soumya Wadhwa, compile a list of shows to watch during visits back to India due to this fear of missing out. “I like how western content is concentrated on certain platforms in India,” says the 32-year-old finance professional from Vancouver.

“Shows like Friends and Schitt’s Creek (a Canadian show) are available on Netflix India but not on Netflix Canada,” she adds. During her last trip to India, she found Hindi-dubbed K-dramas on Netflix. She prefers the quality of Hindi dubbing over English, but Netflix Canada doesn’t have a Hindi audio option.

India doesn’t necessarily have easy access to every popular western title. Ask film critic Sucharita Tyagi, who moved from India to the US last year. When discussing a movie, show, or even an audiobook, she says, “I have to first ensure that it is available in India.” For instance, Oscar-nominated May December never hit Netflix India, despite its many trailers announcing Netflix as the film’s digital home in North America.

“I always check with my India team which Hulu titles are streaming on Hotstar,” says Tyagi. She recently discovered that the audiobook for Killers Of the Flower Moon—which inspired the 2023 Martin Scorsese movie—is strangely available in French, German and Italian on Audible India, but not in English.

Stranger still is the case of Mysteries And Feluda. It’s a locally produced animated series based on the tales of Feluda—a fictional detective conceived by writer-director Satyajit Ray– that is available on Prime Video but not accessible to Indian viewers.

In an email response, a Prime Video spokesperson tells ET, “We make our locally licensed Indian films available in 240+ countries and territories. While there could be some exceptions where certain rights/territories could be carved out by the licensors in case of licensed content, it’s our constant endeavour to provide customers across locales, great content in their preferred languages.”

Netflix and Disney+ Hotstar declined to comment while ET’s emailed queries to Jio Cinema and Viki did not elicit a response.

Why do platforms operate like this, you ask? The short answer: It’s nothing personal, just business. “Around 80% of content rights, excluding those of major studios and their projects, are handled by sales agents,” says G K Tirunavukarasu, CEO of ProducerBazaar, a content IP rights exchange marketplace.

“Producers distribute their movies through these brokers, who then allocate different licences to several players in different territories for varying prices. It’s more beneficial for them to sell individual rights rather than in bulk.”

Dealing with content in both domestic and international markets involves at least 40 IP rights, including gaming rights, dialect rights, sequel rights, among others. “If the producer isn’t clued in to who is acquiring which rights where, it can lead to chaos [read: legal notices and lawsuits] due to the legalities of adhering to each contract,” adds Tirunavukarasu.

Entertainment lawyer Priyanka Khimani highlights how new services often are either clueless or feign ignorance about content licensing costs. She cites homegrown short video platforms from the post-TikTok ban era, some of whom neglected music licensing payments until labels took legal action.

In 2023, Spotify paid $9 billion to music labels and publishers in licensing fees, according to its annual report, “Loud&Clear”. Khimani, who specializes in media rights, says much of the behind-the-scenes efforts contributing to this figure often escape the general audience.

“Disputes between artists, labels and third parties cause delays in closing deals, which could potentially result in takedowns and song unavailability on platforms like Spotify and Instagram. Failure to arrive at a deal can result in catalogues being taken down from a platform, like it happened with Universal Music Group that has removed almost its entire catalogue from TikTok recently,” she adds.

An instance of content licensing issue that can escape the viewer is the use of third-party music in films and OTT shows. For instance, in Season 3 of an ALTT show, Dil Hi Toh Hai (2020), several Sony Music tracks that were featured prominently in some episodes initially, seem to have been replaced with instrumental music, even though the characters are still lip-syncing to songs like “Hawayein’’ and “Say Shava Shava”. This could have happened due to a gap in coverage of rights or changes to ownership of the music. Emails to ALTT, formerly ALT Balaji, and Sony Music did not elicit a response till press time.

Negotiations for music licensing occur across platforms and labels in various territories, with no standardized rates, relying solely on relationships and track record. “It’s truly the Wild West,” says Khimani.

Instagram has now started flagging audio affected by licensing changes. In an email, a Meta spokesperson tells ET, “We have deals across the music community in more than 150 countries.... However, our partnerships are always subject to change and our library of licensed music may shift as a result.”

Movies are shifting platforms, too. Streaming rights for new movies are typically for three-five years. So, crime thriller Andhadhun (2018) shifted from Netflix to Prime Video recently.

The 2016 Aamir Khan-starrer Dangal, which was on Netflix India initially, can now only be rented on Prime Video and Apple TV (or bought on the latter).

The latest content-licensing contracts are now allocating different language/ dubbed versions to different platforms. Hanuman, the Telugu blockbuster from January and one of the highest grossing movies of the year so far, has been released in Hindi on Jio Cinema while the original Telugu version has gone to ZEE5. By April 5, its Tamil, Kannada and Malayalam dubbed versions will be on Disney+Hotstar.

K Niranjan Reddy, producer of the film, says, “Each platform offers various subscription tiers in India and globally, potentially expanding our audience. It’s promising; we will see how the strategy unfolds. It’s a valuable learning experience for me.” Last week, Reddy closed a contract for the film’s Japanese dub with English subtitles through a local vendor in Japan, he tells ET from the US.

This constant movement of content across platforms renders Google searches for locating content unreliable and time-consuming, says Basreena Basheer, a product manager at a B2B media & security firm in Bengaluru. However, she defends platforms’ decisions to not disclose reasons for content unavailability: “Many avoid mentioning geo-restrictions to discourage VPN use, given the abundance of online guides on circumventing geo-blocking.” Reasons for unavailability typically tend to be vague to avoid direct mention of any regulatory role (if applicable) in geo-restriction, she adds.

Streaming platforms are increasingly focusing on expanding their original content library to avoid licensing hassles. However, licensed content remains vital for growth; 45% of Netflix watch-time in H1 2023 was dedicated to licensed content, per the company’s engagement report. Some players are trying to find ways to improve communication around licensing woes.

Viki has an option to petition to get a show in your region. Netflix has introduced the ‘Leaving Soon’ tag for short-lived titles. “Perhaps, an ‘Available from’ tag to provide a tentative timeframe for accessing content could help. I’d be thrilled if there are categories like ‘Available after general elections’, for instance,” says Basheer, only half-jokingly.

Mumbai: Comscore's recent report indicates a decline in over-the-top (OTT) unique visitors (UVs) to 460 million in January 2024, marking the first decline since 2020, with OTT penetration of the digital universe reaching 87.8%.

In January 2023, the number of unique OTT visitors peaked at 466 million.

The number of unique OTT visitors increased significantly from 395 million in January 2020 to 448 million in the following year due to increased adoption during the Covid-19 pandemic.

Between January 2021 and 2022, the number of unique OTT visitors increased by four million to reach 452 million.

The report said YouTube is India's largest video streaming platform, with 456 million unique visitors. The platform also has the highest engagement rate, with an average of 864 minutes per visitor.

OTT content aggregator YuppTV had the highest engagement after YouTube, with 2.7 times the engagement of the next closest competitor MX Player (179.4 minutes).

YouTube is followed by Disney+ Hotstar with 114 million UVs, Jio Cinema (101 million), and MX Player (93 million). Disney+ Hotstar had an average of 177.8 minutes per visitor, while Jio Cinema had 69.7 minutes.

Zee5 ranked fifth with 57 million UVs, followed by Amazon Prime Video with 45 million and Netflix with 42 million, while Jio TV and SonyLIV had 29 million and 26 million, respectively.

Zee5 outperformed Netflix in terms of average minutes spent per visitor at 90 minutes, compared to the latter's 83.9 minutes.

Comscore said the competition between Hotstar and Jio Cinema was being fought using live sports as the primary hook. It added that the 2023 IPL helped Jio Cinema reach a peak of 151 million UVs, while the ICC CWC helped Hotstar reach a peak of 191 million UVs in November 2023.

The Comscore report noted that the potential merger between Star India and Viacom18 will lead to a one-stop-shop for most sporting events for Indian viewers. Disney+ Hotstar and JioCinema will have a consolidated reach of 160 million UVs.

Mumbai: India's booming streaming market, which includes more than 50 OTT video entertainment platforms, is ripe for consolidation as large players look for new growth opportunities and smaller ones crave for fresh funds to survive, say industry experts.

Despite incurring losses, deep-pocketed OTT platforms are continuing operations due to regular fund injections from their parent companies, while smaller rivals are at risk of going out of business due to high capital requirements for content, marketing, and user acquisition, they said.

The small OTT platforms are hence facing two options: get acquired by larger platforms or shut shop due to growing losses as expenses continue to outpace revenues.

Zee Entertainment chief Punit Goenka said consolidation in the OTT industry has to happen since the market can accommodate only a certain number of players. As per Media Partners Asia, India's OTT video market, which generated $3 billion in 2022, is projected to more than double to nearly $7 billion by 2027. "An average subscriber is subscribing to 2.5 OTTs, so from that perspective, consolidation has to happen. It will be either consolidation or some platforms will have to shut shop," Goenka told ET in a recent interview.

Streaming in India continues to be a cash-guzzling business due to high content costs coupled with monetization challenges. India is a price-sensitive market featuring the lowest average revenue per user (ARPU) of $7.2, according to RBSA Advisors, making monetization through subscriptions a challenging task.

Though OTT platforms have made progress in monetizing through advertising, YouTube continues to be the dominant player in the ₹13,000-crore digital video ad market.

The merger of Star India and Viacom18 will make the proposed merged entity a powerful force to be reckoned with in the OTT industry, with two strong platforms in Disney+ Hotstar and Jio Cinema with 333 million and 95 million monthly active users, respectively, for Q4 2023, according to Sensor Tower.

People privy to the developments said South Indian streaming platform AHA is scouting for funds as it needs investments to grow the business. The company has held talks with multiple parties but hasn't been able to any headway so far. Despite recording strong growth, Bengali OTT platform Hoichoi has seen its net worth erode due to accumulated losses of up to Rs. 28 crore, as of March 2023. Balaji Telefilms-owned ALTT and Eros International-owned Eros Now have scaled down their operations due to intense competition.

ZEE5 had recorded cumulative losses of over Rs. 800 crore in 9M FY24. Novi Digital Entertainment, which owns Disney+ Hotstar, incurred a Rs. 748-crore loss in FY23.

Media industry expert Rajesh Sethi believes that consolidation will create a smarter content ecosystem and provide hyperscale revenue opportunities, leading to sustainable profitability. "Most OTT platforms are unprofitable, despite their widespread adoption and borderless consumption. The streaming industry will be shaped by consolidation to achieve competitive scale and efficiency. OTT platforms desirous of a national play will need to provide content in 8 to 10 languages, and each language will further require multiple pieces of fresh content across films and series, which can be achieved by consolidation," said Sethi.

According to Studio Mojo founder Radhakrishnan Ramachandran, the Indian OTT market will witness consolidation since smaller players will find it difficult to match up to the financial might of Disney+ Hotstar-Jio Cinema, Netflix and Amazon Prime Video in the new competitive scenario.

Things are moving at a brisk pace on the Jio Cinema and Disney+ Hotstar merger front. Amid this, the top brass at both platforms have agreed to prioritize the development of the second season of The Night Manager, which became among Disney+ Hotstar’s most popular series last year. The Aditya Roy Kapur-led spy thriller is an adaptation of Tom Hiddleston’s British show of the same name. We hear the decision to fast-track its making comes with the aim of strengthening the platform’s library while holding on to the show’s loyal fanbase.

Interestingly, work on the Hindi series, which saw Sandeep Modi as the creator, will coincide with that of its international counterpart.

A source tells us, “The second season of the British series is expected to roll in 2024. It only makes sense that the Indian counterpart too starts work on their next edition. The suits at the platform are keen that the development begins this summer. However, the availability of creators and other logistics have yet to be figured out.”

In the British series, Hiddleston will reprise his role of Jonathan Pine as he takes on a new threat. The source adds, “The decisions regarding the desi offering’s plot points will be made after the writers’ room kicks off. It is unclear whether the makers will follow the same story.”

Mumbai: Reliance Industries and the Walt Disney Company have signed a binding agreement to merge Viacom18 and Star India, with the deal expected to be announced early this week, people privy to the development told ET. The deal, which has been in the works for over four months, will create India's largest media empire, spanning TV broadcasting, streaming, movies and sports.

The two media companies generated revenue of Rs. 25,000 crore between them in FY23. "The merger deal has finally been signed after months of negotiations. The announcement will happen early this week. It was expected to happen late last week," a top executive told ET on the condition of anonymity.

According to another person, Reliance may own 61% of the proposed combined company, with Disney holding 33% and Bodhi Tree Systems having the remaining 6%.

Despite being the larger of the two entities, Disney's Star India has seen its valuation drop to roughly $4 billion, accounting for the anticipated loss from its sports business. Viacom18 was valued at roughly $4 billion when Reliance and Bodhi Tree infused over Rs. 15,000 crore into the company in April last year. Paramount Global, a shareholder in Viacom18, is set to exit the company with Reliance buying its stake. In the US, the Shari Redstone-promoted company has become an acquisition target.

"Reliance is likely to invest $1-$2 billion, with a large part of that being deployed to infuse funds into the merged entity and a part going into the buyout of Paramount's stake," said a third person, asking not to be named.

Disney is expected to reduce its India exposure by diluting its stake in the merged entity, another person said. "Disney doesn't see India as a key priority since it wants to strengthen its position in the US, where it is facing major challenges," the person added. Reliance and Disney declined to comment.

Uday Shankar, who is the promoter of Bodhi Tree along with James Murdoch, is expected to lead the merged entity. Currently, Bodhi Tree owns 15.97% of Viacom18, while Paramount holds 13%.

The proposed combined Star-Viacom18 entity will be a dominant force in the TV broadcasting industry, with more than 100 TV channels like Star Plus, Colors and Star Sports. The entity will also have two streaming platforms, Disney+ Hotstar and Jio Cinema, with dominant market shares in subscription and advertising video-on-demand segments.

According to legal experts, the Competition Commission of India will scrutinize the merger deal due to the proposed merged entity's market share of over 40% in both TV and streaming. Star-Viacom18 entity will own sports assets like the Pro Kabaddi League and Indian Super League, which is a 65:35 joint venture between Reliance and Disney.

The combined entity will have the TV and digital rights of all key sports properties including the Indian Premier League; International Cricket Council; cricket boards of India, Australia and South Africa; PKL, ISL, English Premier League; NBA and Olympics.

The combined investments of the two companies in the sports business are pegged at $10 billion with IPL alone accounting for $6 billion, followed by $3 billion in ICC rights.

The development comes at a time when the proposed merger between Sony Group-Culver Max Entertainment and Zee Entertainment collapsed last month due to disagreement over who would lead the combined company.

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