The recently merged Reliance-Disney entity is set to capture around 50% of the streaming market share domestically and is expected to pose a serious challenge for streaming giants like Netflix and Amazon Prime Video, reported Blomberg based on Comscore data.
The data indicated that nearly half of the consumers of movies, shows etc of online streaming were consuming the content provided by Reliance or Disney OTT platforms.
The merged entity created by Reliance acquiring Disney's India business for $8.5 billion is expected to provide a wide range of entertainment to domestic consumers.
According to the report, three platforms, Disney's Hotstar, Reliance's JioCinema, and JioTV, accounted for 46.6% of the Indian market share, attracting a total of 243.5 million users. Hotstar alone amassed more than 144 million unique visitors, with JioCinema and JioTV collectively receiving over 129 million visitors.
The report also indicated that both streaming platforms have heavily benefitted from streaming cricket matches on their platforms. While Jio Cinema streamed the IPL matches for free on its platform, Disney plus Hotstar also streamed the ICC Men's Cricket World Cup on its platform.
Reliance and Walt Disney signed binding definitive agreements to form a JV to combine the business of Viacom18 and Star India, the company announced last month. Mukesh Ambani will invest ₹11,500 crore or $1.4 billion into the JV for its growth strategy. The JV has been valued at ₹70,352 crore or $8.5 billion on a post-money basis, excluding synergies, as per BT report.