RIL is planning to merge JioCinema and Disney+ Hotstar, thus creating a single streaming platform for users in India.
New Delhi: In a significant update for the lovers for the cinema and sports lovers in the country, Reliance Industries Limited (RIL) is reportedly considering a major change in its streaming services. In its new potential market winning step, RIL is planning to merge JioCinema and Disney+ Hotstar, thus creating a single streaming platform for users in India. As of the latest upadte, no official word has been said from any of the sides, but there are reports that say RIL is planning the move JioCinema to create a single, stronger platform.
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Disney+ Hotstar- Jio Cinema Merger
Disney+ Hotstar, the brainchild of Star India under Walt Disney’s wing, has made a significant footprint in the Indian entertainment scene, boasting over 500 million downloads on Google Play Store. Meanwhile, JioCinema, the child product of Viacom18, a subsidiary of RIL, also enjoys a respectable number of over 100 million downloads. However, in the eyes of RIL, operating two distinct platforms is both financially and operationally draining, according to a report by The Economic Times.
Therefore, the decision to merge them into a single powerhouse platform was made. This step is taken with the intention of establishing a formidable contender for heavyweights like YouTube, Netflix, and Amazon Prime Video in the streaming service arena.
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Reliance Industries Posts Gross Revenue of Rs 2.57 lakh Crore For Q1 FY25
Reliance Industries on Friday reported quarterly gross revenue of Rs 2.57 lakh crore ($30.9 billion) for Q1 FY25, up 11.5 per cent year-on-year, led by order-to-cash (O2C) on higher oil and product prices and oil & gas segment with strong growth in volumes.
Steady growth in consumer businesses also contributed to the increase in revenue. Its EBITDA increased by 2 per cent to Rs 42,748 crore ($5.1 billion), while strong contributions from oil & gas and consumer business offset weak O2C.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “Consolidated EBITDA for the quarter improved from a year ago period with strong contributions from consumer and upstream businesses offsetting weak O2C operating environment. “Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses.
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Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services.” He added that the digital services business registered an impressive financial performance year-on-year, continuing its positive growth momentum.
Jio’s True 5G network, covering 85 per cent of India’s 5G capacity, continues to attract users, while the fixed broadband offerings are witnessing increasing consumer traction both at homes and enterprises. The attractive value proposition offered by Jio is enabling more Indians to transition to next-gen data networks.
“This is further accelerating the digital revolution which is reshaping communications, analytics and computing, media and entertainment, and commerce in India. Jio is committed to providing the best-quality state-of-the-art network at the most affordable prices globally,” Mukesh Ambani said. He also said that the company’s retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets.
(With inputs from agencies)
