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The Ministry of Corporate Affairs has launched a probe into the financial accounts of Eros International Media based on information from two unidentified government officials who spoke to Reuters. The investigation was triggered by allegations from the market regulator that the media company engaged in financial misreporting and fund diversion in June. The ministry was convinced that an inspection was necessary to examine the allegations of fund siphoning. Eros International Media, known for being a distributor and producer of movies and owning the popular OTT streaming platform Eros Now, is under scrutiny. Both the Ministry of Corporate Affairs and Eros International have not yet responded to requests for comments via email. In a preliminary order, the Securities and Exchange Board of India (SEBI) had found initial evidence suggesting that Eros International’s financial accounts were overstated and did not provide an accurate representation of the company’s financial health. Following SEBI’s findings, the Managing Director of Eros International Media, Sunil Arjan Lulla, and three company entities were barred from participating in the securities market. Eros International challenged this order earlier this month. As part of the investigation process, the Ministry of Corporate Affairs has the authority to record statements from company officials and request relevant documents. The ministry is required to compile its report within a six-month timeframe, as stipulated by Indian law. Source: Reuters

In a surprising turn of events, Twitter, the renowned social media platform, has undergone a radical rebranding. The iconic blue bird logo that symbolized Twitter for years has been replaced by a new ‘X’ logo on the web version of the platform. This unexpected transformation was hinted at by Elon Musk, the owner of Twitter, through a series of cryptic tweets on July 23, 2023. Musk’s enigmatic tweets alluded to a departure from the traditional Twitter brand, with mentions of bidding farewell to all the birds. Following these intriguing messages, the ‘X’ logo took over as the official symbol on Twitter’s web version, and even the company’s official account was renamed ‘X’ with a corresponding logo change. Musk further confirmed the change by sharing an image of Twitter’s headquarters with the new ‘X’ logo projected on it. Elon Musk’s company ‘X.com’ now redirects users to ‘twitter.com’, indicating a complete embrace of the ‘X’ identity. In response to users’ inquiries, Musk hinted at the possibility of more changes, suggesting that familiar terms like “retweet” might be reimagined. He even initiated a poll to gauge public interest in changing the platform’s default color to black. Amidst the questions about how users would be referred to in this new era, Musk cryptically replied, “We will have no name.” He also confirmed that once the platform’s name changes, a tweet will be simply called “an X”. In the midst of this rebranding, Twitter’s CEO, Linda Yaccarino, spoke about the transformation, describing ‘X’ as the “future state of unlimited interactivity.” She emphasized that ‘X’ will focus on audio, video, messaging, and payments/banking, with the aim of creating a global marketplace for ideas, goods, services, and opportunities. Yaccarino highlighted that ‘X’ has been taking shape over the past eight months, with the rapid launch of new features. The sudden and profound rebranding reflects Elon Musk’s vision of transforming Twitter into something beyond its current form. This ambitious move aims to redefine social media and bring innovative features and opportunities to the global online landscape. As the platform evolves into ‘X’, it remains to be seen how users will embrace these changes and what exciting innovations ‘X’ will bring to the digital realm.

According to a recent report by consultancy firm PwC titled “Global Entertainment & Media Outlook 2023-2027,” India’s media and entertainment industry is expected to reach a valuation of $73.6 billion by 2027, with a compound annual growth rate (CAGR) of 9.48%. The study highlights the significant growth potential in various segments of the industry. Streaming services are leading the growth, with revenues surging by 25% in 2022, reaching $1.8 billion. The market is projected to continue expanding at a CAGR of 14%, generating revenue of $3.5 billion by 2027. This growth will be primarily driven by the competitive subscription video-on-demand (SVOD) sector, which accounted for 78% of the industry’s revenue in 2022. While subscription service revenues are expected to reach $2.6 billion with a 13% CAGR, ad-supported services (AVOD) will experience faster growth, albeit from a lower base. After experiencing a slump during the pandemic, the cinema segment has shown signs of recovery, with revenues reaching $1.1 billion in 2022. It is projected to grow by 15% and reach $2.3 billion by 2027. Admissions are also expected to increase from 986 million in 2022 to 1.4 billion by 2027. TV advertising remains the largest segment in terms of size, with revenues reaching $4.7 billion in 2022. The report forecasts a 6.4% CAGR for TV ad spend, leading to a market size of $6.5 billion by 2027. This growth will position India as the fourth-largest TV advertising market globally, following the United States, Japan, and China. The video games and e-sports sector in India is the second-fastest-growing market in the world, behind Pakistan. Revenues in this segment reached $1.7 billion in 2022 and are expected to grow at a CAGR of 19% to reach $4.2 billion by 2027. The internet advertising sector is projected to experience a 12% CAGR, with revenues climbing from $4.4 billion in 2022 to $7.9 billion by 2027. Within this sector, the mobile segment is expected to grow at a CAGR of 14%, boosting revenues from $3.1 billion to $5.8 billion. The consumer book market in India is expected to increase at a CAGR of 3.7% between 2022 and 2027, with revenues growing from $1.1 billion to $1.3 billion. Most of the growth will come from the electronic books sector, which is projected to increase at a 10% CAGR. Printed books will experience more modest growth at a 1.7% CAGR, although they still account for 80% of the market’s revenue in 2022, with electronic books comprising the remaining 20%. The music, radio, and podcasts market in India reached revenues of $1.1 billion in 2022 and is forecasted to reach $1.5 billion by 2027. The report also highlights the potential for growth in emerging areas, particularly in rural areas with a historically underserved population and a strong demand for local and sports content. The nationwide rollout of 5G capability and increased smartphone ownership present significant opportunities in India’s mobile-first market. However, low broadband penetration in India remains a challenge, standing at just 10.8% in 2022 and projected to expand to only 14% by 2027. The report emphasizes that investment in improved broadband infrastructure is crucial for unlocking the full potential of the streaming market. The report also mentions the utilization of generative AI, enabling brands to reach diverse language and regional audiences through adaptable templates. Additionally, it highlights the adoption of emerging technologies such as AI, machine learning, the metaverse, augmented reality (AR), and virtual reality (VR), which are expected to bring significant disruption to the media industry. The PwC report concludes by emphasizing the importance for traditional media and entertainment businesses to adopt appropriate growth strategies and stay relevant amidst increasing competition from digitally powered enterprises.