Media Entertainment & Art Community

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 The iconic blue bird logo that symbolized Twitter for years has been replaced by a new ‘X’ logo on the web version of the platform.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.

The Indian government has recently introduced a Goods and Services Tax (GST) of 28% on online gaming activities in the country, sparking widespread debate and controversy within the gaming community and industry. Online gaming has experienced a surge in popularity, captivating millions of players across various gaming platforms. From casual mobile games to competitive eSports leagues, online gaming has become a significant form of entertainment for individuals of all ages. The implementation of a 28% GST on online gaming has raised concerns among gamers and industry experts, particularly regarding its impact on affordability. With the increased tax burden, gamers may face higher prices for games, additional content, and virtual goods, potentially affecting their willingness to engage in gaming activities. Furthermore, this decision has the potential to negatively impact the growth of the gaming industry in India. The sector has witnessed substantial growth in recent years, attracting both domestic and international investments in game development and eSports tournaments. However, the imposition of such a high tax rate may discourage investments and hinder the progress of local game developers and publishers. There is also a lack of clarity on which specific gaming activities will be subject to the 28% GST. The government’s failure to define online gaming comprehensively may create confusion and place an unnecessary burden on gaming companies and consumers. Moreover, the 28% GST rate appears disproportionately high when compared to taxes imposed on other forms of entertainment. Movie tickets, for instance, are currently taxed at rates ranging from 18% to 28%, leading to discussions on categorizing them as an essential service with lower taxation. This discrepancy raises questions about the rationale behind imposing such a steep tax rate on online gaming. While the government may have implemented this tax to generate revenue and regulate the gaming industry, it is crucial for policymakers to strike a balance between taxation and industry growth. An excessively high tax rate could discourage gamers, hinder the progress of Indian game developers, and limit the industry’s potential for advancement. In summary, the introduction of a 28% GST on online gaming in India has sparked concerns among gamers and industry experts. This decision may lead to increased costs for games and in-app purchases, impede industry growth, and create uncertainty for gaming companies and consumers. It is essential for the government to reconsider the tax rate and adopt a more balanced approach that fosters industry growth while ensuring fair taxation.

In a bold move to rival Elon Musk’s Twitter, Meta’s Instagram has introduced Threads, a text-based conversation application that is now available in approximately 100 countries. Previously undergoing closed beta testing, the app can be downloaded from Apple’s App Store for iOS devices and Google Play for Android. Mark Zuckerberg, the CEO of Meta, greeted users with enthusiasm in his inaugural post on Threads. Threads is designed as a platform for communities to engage in discussions about various subjects, connect with their favourite creators, and cultivate a following to share their ideas, opinions, and creative works. What sets Threads apart from other Twitter alternatives is its integration with Instagram, allowing users to retain their existing usernames and follow the same accounts. Officially known as “Threads, an Instagram app,” it seamlessly bridges the gap between the two platforms. The app permits users to share text posts of up to 500 characters, as well as photos and videos with a maximum duration of five minutes. However, it currently lacks a direct messaging feature. Meta representatives have announced their plans to make Threads compatible with ActivityPub, an open social networking protocol supported by platforms like Mastodon and WordPress, with the intention of fostering interoperability with other social networks. Adam Mosseri, the head of Instagram, envisions Threads as an open and welcoming platform for conversations. While Instagram boasts over 2 billion monthly active users, it remains uncertain how many users will embrace Threads, given its emphasis on text-based content rather than the image and video-centric nature of Instagram. To ensure privacy and accessibility, Threads automatically sets profiles as private by default for users under the age of 16 (or 18 in certain countries). Additionally, Meta has implemented core accessibility features such as screen-reader support and AI-generated image descriptions, which are already available on Instagram, for a seamless user experience on Threads. The launch of Threads coincides with recent technical difficulties faced by Elon Musk’s Twitter. Musk claimed that temporary restrictions on post reading were implemented on Twitter to address concerns about data scraping and system manipulation. Meta previously expressed its interest in developing a separate decentralized social network for sharing text updates, specifically targeting creators and public figures to share timely updates about their interests. While both Mark Zuckerberg and Elon Musk have engaged in playful banter regarding a potential physical confrontation, it remains unclear whether the two billionaires will ever actually face off in such a manner.

Sylvester daCunha, the visionary behind the iconic Amul Girl campaign, has passed away. DaCunha, along with his art director Eustace Fernandes, created the famous campaign in 1966 when he was the Managing Director of advertising agency ASP. He transformed the image of the Amul butter brand by introducing the lively and relatable Amul Girl, aiming to capture the hearts of Indian housewives. The Amul campaign, known for its witty and timely advertisements, celebrated its 50th anniversary in 2016. The news of daCunha’s demise has deeply saddened the advertising industry, as he was highly respected and regarded as a legend in Indian advertising. Tributes poured in from various personalities, including Pavan Singh, General Manager-Marketing at Amul India, who expressed his condolences in a social media post. Jayen Mehta, MD of Amul, shared the news of daCunha’s passing and highlighted his significant contributions to the company since the 1960s. Very sorry to inform about the sad demise of Shri Sylvester daCunha, Chairman of daCunha Communications last night at Mumbai A doyen of Indian advertising industry who was associated with Amul since 1960s. The Amul family joins in mourning this sad loss @RahuldaCunha ॐ Shanti 🙏 pic.twitter.com/cuac1K6FSo — Jayen Mehta (@Jayen_Mehta) June 21, 2023 RS Sodhi, former Chief of Amul, expressed grief on Twitter with a heartfelt picture. pic.twitter.com/79khUtFWI5 — R S Sodhi (@Rssamul) June 21, 2023 Air India, in a tweet, paid tribute to daCunha’s visionary mind that brought the charming Amul Girl to life, inspiring generations with creativity and storytelling. We pay a tribute to Sylvester daCunha, the visionary mind who brought the charming Amul Girl to life. Capturing the hearts of millions, his brilliance will continue to inspire generations to come, reminding us of the power of creativity and storytelling. May his soul rest in… — Air India (@airindia) June 22, 2023 Anil Agarwal, Chairman of Vedanta Group, recognized daCunha’s influence on Indian households, referring to the Amul Girl as a beloved part of childhood memories. in almost every indian household you will find our beloved amul girl..a big part of our utterly butterly delicious childhood memories sad to hear about the demise of sylvester dacunha – the man who gave India her favorite cartoon 👧🏻 om shanti 🙏🏽 pic.twitter.com/hB5GFVYd93 — Anil Agarwal (@AnilAgarwal_Ved) June 22, 2023 Congress MP Shashi Tharoor also mourned the loss, recalling his father’s association with daCunha on the Advertising Club’s magazine. Saddened by the passing of Amul’s ‘UtterlyButterly’ campaign creator Sylvester daCunha. He was a good friend of my father & they worked together on the Advertising Club’s magazine “Solus”, for which Dad wrote a pseudonymous column. An era has passed. RIP https://t.co/NvuMPyiLzJ — Shashi Tharoor (@ShashiTharoor) June 21, 2023 The passing of Sylvester daCunha marks the end of an era, but his legacy and the enduring charm of the Amul Girl will continue to resonate with people across generations.  

Anurag Thakur, the Union Minister of Information and Broadcasting, highlighted the role of Over-The-Top (OTT) platforms in breaking geographical barriers. He noted that OTT platforms, which gained significant popularity during the COVID-19 pandemic, have eliminated boundaries and allowed content from around the world to be embraced by global audiences. Thakur specifically mentioned the success of Korean content as an example of this phenomenon. Speaking at an awards program, Thakur emphasized that “soft power” knows no boundaries. He credited the COVID-induced lockdown for the substantial growth of OTT platforms. He expressed optimism about the potential for Bengal, known for visionaries like Rabindranath Tagore, iconic filmmaker Satyajit Ray, and talented artists like Arijit Singh, to captivate OTT audiences worldwide with fresh content in the near future. Regarding the regulation of OTT content, Thakur posed the question to the stakeholders, considering that families consume the content. He pointed out that the viewership of Indian Premier League (IPL) matches on mobile phones surpassed that of television, underscoring the increasing preference for streaming content. Thakur also celebrated the recognition of Indian content in the entertainment industry, citing the song “Naatu Naatu” and the documentary “The Elephant Whisperers” receiving accolades at the Academy Awards 2023. He congratulated the award recipients for their contributions to the fields of art and entertainment.

Spotify, the music streaming giant, has been fined 58 million kronor ($5.4 million) by the Swedish Authority for Privacy Protection for failing to sufficiently inform users about the utilization of their collected data. In response, Spotify has announced its intention to appeal the decision. The Swedish Authority for Privacy Protection (IMY) conducted a review focused on how Spotify handled users’ rights to access their personal data. The IMY concluded that the company exhibited deficiencies in this area and thus imposed a fine of 58 million kronor. As per the regulations outlined in the European General Data Protection Regulation (GDPR), users possess the right to be aware of the data held by a company pertaining to them and how that data is being utilized. The Swedish authority emphasized that Spotify’s provided information lacked clarity, making it challenging for individuals to comprehend how their personal data was being processed and determine the legality of such processing. IMY acknowledged that the identified shortcomings were relatively minor overall, but the fine was determined based on Spotify’s user base and revenue. Recently, Spotify revealed its negotiations to make popular podcasts, including Armchair Expert and Anything Goes, available on other streaming platforms. The company stated that it has experienced success through experimentation with show windowing, a strategy it intends to continue in order to strengthen partnerships with leading podcasters worldwide. Additionally, Spotify announced a reduction of approximately 200 jobs, constituting 2% of its workforce, as part of ongoing restructuring efforts. This follows a previous workforce reduction of 6% (approximately 600 jobs) announced in January. (With inputs from Agencies)

Disney+ Hotstar and Viacom18 are adopting a new strategy by offering popular cricket tournaments, such as the Asia Cup and the ICC Men’s Cricket World Cup, for free to mobile users in India. However, experts in the media and entertainment industry are concerned about the long-term consequences of removing the paywall on premium sports content. They believe that this move may negatively impact the subscription market for sports and reduce the value of broadcasting rights in the future. In response to these concerns, Disney Star, the local unit of Walt Disney Co, stated that the decision to lift the paywall for mobile viewers is aimed at democratizing the game of cricket and making it accessible to a wider audience in India. They believe that this move will contribute to the growth of the overall ecosystem. It’s important to note that only the two sporting events mentioned will be available for free, while other premium content, including English language content from Marvel, Pixar, LucasFilms, Disney Animation, and Indian originals, will remain behind the paywall. The free access to the tournaments is limited to mobile users, while connected TV users will still need to pay. According to a FICCI EY report, India has 540 million mobile internet users. As of May, Disney+ Hotstar had the largest paid subscriber base in the country, with 52.9 million subscribers. However, the loss of the Indian Premier League (IPL) and non-renewal of HBO Originals may significantly impact the subscriber base, which has already seen a decline of 8.4 million in the past six months.

According to a statement by Viacom18, the Indian Premier League (IPL) 2023 final match between Chennai Super Kings (CSK) and Gujarat Titans broke records by becoming the most-watched digital event globally on JioCinema, with 12 Crore unique viewers. Viacom18 revealed that the final match achieved a peak concurrency of 3.21 Crore viewers, setting a new world record. Throughout the 16th edition, JioCinema garnered over 1700 crore video views. Impressively, the platform saw a record-breaking 2.5 Crore downloads in a single day, making it the most installed app. On average, viewers spent over 60 minutes per match on the platform. Viacom18 Sports CEO Anil Jayaraj stated, “Record-breaking scale on JioCinema combined with targeting, the flexibility of cost, measurement, interactivity, reach, and integration offered significant advantages to its sponsors and advertisers.” The remarkable engagement and participation on the digital platform indicate a turning point in the industry, shaping the future of viewership and advertising deployment. JioCinema attracted 26 sponsors and over 800 advertisers for the IPL, with more than 40 advertisers on Connected TV. Among the sponsors were Dream11, JioMart, PhonePe, Tiago EV, Jio, Appy Fizz, ET Money, Castrol, TVS, Oreo, Bingo, Sting, AJIO, Haier, RuPay, Louis Philippe Jeans, Amazon, Rapido, Ultra Tech Cement, Puma, Kamla Pasand, Kingfisher Power Soda, Jindal Panther TMT Rebar, Saudi Tourism, Spotify, and AMFI. To enhance customer engagement, JioCinema offered 17 simultaneous feeds in 12 languages, including 4K resolution, multi-camera views, and augmented/virtual reality (AR/VR) experiences, providing viewers with a stadium-like atmosphere and unprecedented autonomy