India's two richest men are going head-to-head. Only this time, they are competing for a share of the country's fast-growing video on-demand and streaming market, pitting themselves against Netflix and Amazon.
Last month, conglomerate Reliance Industries' Viacom18 Media — controlled by Mukesh Ambani — formed a joint venture with James Murdoch's Bodhi Tree Systems to form one of the largest TV and digital streaming companies in India.
At the same time, Gautam Adani, who overtook Mr Ambani as India's richest man this year, and has an estimated net worth of $123.7 billion, announced his entry into India's media sector by establishment of a subsidiary that would focus on areas including “broadcasting, distributing of content over different types of media networks”.
“With a strong push into both broadcasting and digital media, Reliance Industries is doubling down on the media business,” says Kshitij Purohit, an analyst at Finofy, an investment advisory company. “Adani's foray into media ushers in a new era in the competition for attention and content.”
The two billionaires are rushing to get a lead in an industry that is primed for growth in a country of almost 1.4 billion people.
India's streaming industry is in its early stages of development, with plenty of room for expansion
Kshitij Purohit,
analyst at Finofy
India has been one of the fastest growing markets globally in terms of the time spent on streaming entertainment content, which surged 52 per cent in 2021 compared to 2019, said a report released in March by EY and industry and trade body Ficci. The growth in numbers was propelled by the effects of the pandemic, which led to many people working from home, the report said.
“It is not surprising that [Reliance and Adani] sense the move to OTT [over-the-top streaming[ and are trying to exercise similar access and control in that space,” says Utkarsh Sinha, the managing director at Bexley Advisors, a Mumbai-based investment bank focused on the technology and media sectors.
For the two billionaires, expansion into India's streaming industry also helps them in diversifying their operations.
Mr Ambani's Reliance already has a presence in the media and entertainment sector, having diversified aggressively in recent years from its core business of oil refining and petrochemicals.
Viacom18, a joint venture between Reliance and Paramount Global, owns the Indian video on-demand and streaming company Voot, and Reliance holds a stake in ALTBalaji, another platform offering movies and series.
But Adani Group, known for coal trading and shipping, is new to the industry, with the launch of its subsidiary AMG Media Networks. Both groups are expanding into a market where there is tough competition but also potential.
“India's streaming industry is in its early stages of development, with plenty of room for expansion,” says Mr Purohit.
The streaming sector's rise is expected to continue even though the pandemic has eased in India and many citizens have returned to offices and schools.
Video OTT subscriptions are set to grow to 60 million in 2024 from 40 million in 2021, EY says.
Some of the cheapest data costs in the world and increased smartphone ownership have given media and entertainment companies access to a much bigger audience in India, which is set to grow further over the coming years. The number of smartphone users in India reached 503 million in 2021, up from 448 million in the previous year, the EY report says.
The streaming market in the country is dominated by platforms including Disney+ Hotstar, Netflix, Amazon Prime, Zee5, and SonyLIV. But there are dozens of companies operating in the sector.
“The Indian OTT segment is currently in the scaling stage with strong subscription growth and increased investments in premium and original content,” a report by the Boston Consulting Group and the Confederation of Indian Industry says.
“The industry is one of the most competitive amongst emerging markets with 40 plus players representing all types of content providers,” it says.
Such rivalry is making profitability a challenge in a price-conscious market. Netflix, one of the largest streaming companies in the world, had to slash its subscription rates last year in a bid to attract more customers in India. Reliance and Adani Group's expansion in the sector will only exacerbate this pressure on profitability.
“The customer entertainment wallet in India is limited, and the multiplicity of players leads to excessive fragmentation with limited average revenue per user [ARPU],” Mr Sinha says.
“However, given the large television audience base, there is still room for growth through conversion, which makes the OTT space hotly contested in India.”
But analysts say that streaming companies will need to reform their strategies to generate more revenue.
“High investment is chasing low ARPU consumers in several OTT businesses [in India] today and cannot sustain and hence there is a need to innovate around monetisation models,” EY says.
As part of this, alongside the series of drama, comedies and thrillers popular among India's viewers, the rights to screen a sporting event such as Indian Premier League, a glitzy cricket tournament, which attracts hundreds of millions of viewers, will also be key to ensure customer loyalty, experts say.
“Because the Indian consumer is actively discerning about their media wallet, generating audience retention is challenging, and that is where sticky properties like the IPL with multiyear commitments and lock-in become highly coveted,” Mr Sinha explains.
Companies are currently in the process of submitting bids for media rights to the tournament.
“It will be a content game at the end of the day,” says Nitin Jai Shukla, the founder and managing director at OMTV, a religion-based channel in India. He explains that companies will have to focus on “revamping their content strategy, focusing on originals” to thrive in a market that is becoming increasingly competitive.
There are expectations that Reliance's push into the streaming sector could have a particularly disruptive effect. When the company launched its telecom unit Jio in 2016, it upended the telecom sector in India with cut-price data packages and free calls for life to users.
“Reliance's disruption approach will be like what it accomplished with Jio in the digital services business,” says Mr Shukla.
“Eventually in the coming years it will come to [acquire] some of the major players running the show.”
“The potential is huge and also it is a sector where one can influence consumers' behaviour and the sales of consumer goods."
Mr Purohit agrees that “Reliance Industries' actions will boost sector competitiveness and lead to sector consolidation”.
As part of its partnership, Bodhi Tree Systems is leading a round of fund-raising to inject 135 billion rupees ($1.7bn) into Reliance's Viacom18.
With this fresh push from one of India's most powerful conglomerates and Mr Adani's plans to enter the sector, the battle for viewers in the country is going to be one to watch.
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Company%20Profile
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
ZIMBABWE V UAE, ODI SERIES
All matches at the Harare Sports Club:
1st ODI, Wednesday - Zimbabwe won by 7 wickets
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)
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."
THREE
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RESULTS
%3Cp%3E%3Cstrong%3E9pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(Dirt)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Mubhir%20Al%20Ain%2C%20Antonio%20Fresu%20(jockey)%2C%20Ahmed%20Al%20Mehairbi%20(trainer)%3Cbr%3E%3Cstrong%3E9.30pm%3A%20Handicap%20(TB)%20Dh70%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Exciting%20Days%2C%20Oscar%20Chavez%2C%20Doug%20Watson%3Cbr%3E%3Cstrong%3E10pm%3A%20Al%20Ain%20Cup%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Suny%20Du%20Loup%2C%20Marcelino%20Rodrigues%2C%20Hamad%20Al%20Marar%3Cbr%3E%3Cstrong%3E10.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C800m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Jafar%20Des%20Arnets%2C%20Oscar%20Chavez%2C%20Ahmed%20Al%20Mehairbi%3Cbr%3E%3Cstrong%3E11pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Taj%20Al%20Izz%2C%20Richard%20Mullen%2C%20Ibrahim%20Al%20Hadhrami%3Cbr%3E%3Cstrong%3E11.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Majdy%2C%20Antonio%20Fresu%2C%20Jean%20de%20Roualle%3Cbr%3E%3Cstrong%3E12am%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Hamloola%2C%20Sam%20Hitchcott%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
'I Want You Back'
Director:Jason Orley
Stars:Jenny Slate, Charlie Day
Rating:4/5
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
Racecard
6pm: Al Maktoum Challenge Round 2 Group 1 (PA) $55,000 (Dirt) 1,900m
6.35pm: Oud Metha Stakes Rated Conditions (TB) $60,000 (D) 1,200m
7.10pm: Jumeirah Classic Listed (TB) $150,000 (Turf) 1,600m
7.45pm: Firebreak Stakes Group 3 (TB) $150,000 (D) 1,600m
8.20pm: Al Maktoum Challenge Round 2 Group 2 (TB) $350,000 (D) 1,900m
8.55pm: Al Bastakiya Trial Conditions (TB) $60,000 (D) 1,900m
9.30pm: Balanchine Group 2 (TB) $180,000 (T) 1,800m
The%20Secret%20Kingdom%20
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
