The OTT segment is all set to undergo a rapid disruption. As per reports, Amazon Prime Videos (APV) is in advanced talks to acquire MX Player. Currently, Times Internet has the ownership rights of MX Player. If this acquisition goes through as planned, APV can see a four-fold jump in its customer base in India. In that case, APV will become the top player in the country’s over-the-top (OTT) streaming segment.
As per the current subscriber base, Disney+Hotstar is the market leader in paid OTT subscriptions. It has more than 50 million users. Netflix has a subscriber base of around 6 million, while APV’s subscriber base is above 20 million users. Now, Reliance’s media and content arm, Jio Studios, is all set to create a great rumble in this OTT segment.
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Jio Studios to Invest Rs 2,000 Crores
Recently, Jio Studios announced that it would invest Rs 2,000 crores to produce over 100 movies and digital shows. Announcing this decision, Jio Studios unveiled its upcoming plans for India. It features over 100 movies and web-series titles.
From its official Youtube channel, it also uploaded a video regarding its plan. The video is a nicely cut trailer that lets us sneek peek into future movies and web series from Jio Studios. Without a hint of doubt, let me tell you that it will be a roller coaster entertainment ride which will give a good run for money to other OTT platforms. The fascinating content right from historical drama series UNION to series like Moonwalk it has pretty much content on every genre.
These will be released over the next 18–24 months on Viacom18’s JioCinema streaming app.
RIL President for Media Platform and Content, Jyoti Deshpande, told the media that the planned content includes over 70 movies, while the rest of the content will be digital shows. As per the breakdown, around 70% of the movies are in Hindi. The studio has lined up content in other languages like Marathi and Gujarati as well.
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In a statement, Jyoti Deshpande said, “We have actively partnered with some of the best names in the business and newcomers alike to reach this day, when a staggering and exciting 100 content assets have been produced, ready to be showcased to the world.”
These slated releases will be a mix of original films and web series in multiple languages. These will be released on Jio Cinema very soon. In addition to that, some of these releases will be given theatrical releases first before being streamed on its platform.
These upcoming content include SRK’s Dunki, the sequels of Bhediya and Stree, Kartik Aaryan’s Bhul Chuk Maaf, and Vicky Kaushal’s Zara Hatke Zara Bachke, among others.
Further, Jiostudios will bring big-budget movies in collaboration with notable filmmakers like Rajkumar Hirani, Sooraj Barjatya, and Dinesh Vijan, among others.
Jyoti Deshpande claimed that this move is in line with Jio Studio’s vision to democratise content and empower Indian story-tellers.
As per the plan, Jio Studios wants to work with storytellers from different film industries and become a catalyst for the cross-pollination of talent. This will be done in such a way that these stories have a universal appeal.
What is the aim of JioStudios?
Jio Studio claims that it wants to create an accessible and inclusive entertainment environment in India with a high-quality viewing experience that applies equally to a viewer sitting in Kanpur or Mumbai.
Further, its aim is to grow the value chain of the business, inherit from it, and make local cinema mainstream.
On this line, it has written cheques and licensed these titles. Additionally, it went through the rigours of listening to pitches, writing them, casting, budgeting, and producing them.
Deshpande argued that while Indians are watching international content, they are not consuming content from their own country in different languages.
She said, “We (Indians) are comfortable watching Korean content, Spanish content, and we do watch Telugu cinema; however, today Hyderabad doesn’t watch Marathi content. The idea is to democratise storytelling and make it language-agnostic.
However, She hinted that the content will be behind a pay-wall.
Going further, she also elaborated on the distribution strategy for these movies. She stated that some movies will follow the traditional strategy of being released in theatres first, while others will be released digitally first but marketed like a theatrical release.
To achieve its vision, Jio Studios has entered into a multi-year, multi-film deal with SVF Entertainment. It is one of the biggest studios in West Bengal for creating blockbusters. This partnership includes top of the line talent such as Mithun Chakraborty, Prosenjit Chatterjee, Jisshu Sengupta and makers Dhrubo Banerjee, Raj Chakraborty, Anirban Bhattacharya, Srijit Mukherji, and Suman Ghosh
Similarly, the Marathi plan includes Baipan Bhari Deva, featuring the veteran actor Rohini Hattangadi; Khashaba with Nagraj Manjule; Aga Aai Aho Aai with Renuka Shahane; and Hruta Durgule, among others.
The titles are expected to be announced as soon as May. The reasoning for this planned schedule is that Jiocinema has hooked the IPL audience on its platform. She added that the studio’s aim is to tell stories “from, by, and for India and Bharat”.
She stated that although there are smaller film industries like the Kannada film industry, the Marathi film industry, they want to work with story-tellers across them and become a catalyst for the cross-pollination of talent in such a way that these stories have a universal appeal. She added that the idea was to make local cinema mainstream.
Notably, Jio Studios is the media and content arm of Reliance Industries Limited (RIL). It was set up in 2018 as Reliance Industries film distribution wing. So far, it has made 50 films.
As per reports, India’s media and entertainment industry is expected to reach Rs. 4,30,401 crores by 2026. The OTT video services market in India is likely to witness a growth rate of 29.52% by FY26.
This tsunami of content will open the OTT segment for the benefit of viewers. This is nothing short of an alarming sign for other OTT giants, but it is nothing short of positive news for viewers. As this will further open up the segment and create more competition and throwing.
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