Media Entertainment & Art Community

Amazon announced on Wednesday that IMDb TV, its free streaming service, will be renamed Amazon Freevee. According to a company news release, the new name will go into effect on April 27. The retailer also stated that the streaming service will increase its original programming by 70% in 2022, with spinoffs of shows like “Bosh: Legacy” and other series. It will also include more original films. According to Amazon.com Inc., the ad-supported service has tripled its monthly active users in the last two years and is set to launch in Germany later this year. “We’re looking forward to building on this momentum with an increasing slate of inventive and broadly appealing Originals, and are excited to establish Freevee as the premier AVOD (advertising-based video on demand) service with content audiences crave,” Jennifer Salke, head of Amazon Studios, said in the news release. The announcement on Wednesday comes as the retail giant embarks on a strategy to expand its streaming services. Amazon closed a $8.5 billion deal to acquire Hollywood studio MGM last month, making it the company’s second-largest acquisition after its $13.7 billion deal with Whole Foods in 2017. Source: AP

The media and entertainment industry in South India are growing at a compound annual growth rate (CAGR) of 15%, indicating a post-crisis recovery, according to a report released on Saturday by the Confederation of Indian Industry (CII). The South Indian industry is currently valued at around Rs 74,900 crore. The report, titled ‘Regional is the New National – Way Forward for the South India Media and Entertainment Industry,’ was released on Saturday at a CII Dakshin – South India Media and Entertainment Summit by Tamil Nadu Chief Minister M K Stalin. According to the report, the television industry accounts for a larger share of the media and entertainment market, accounting for 35% of the total. As per the report, “it has been established as the most powerful medium of mass communication, ensuring its continued presence and potential for relevance in the face of advanced technological developments.” The South Indian streaming and digital media market is expected to grow rapidly, with a CAGR of 25% and a market value of around Rs 16,200 crore by the end of 2022. “With the upcoming introduction of Metaverse,” it added, “this sector is expected to show the most promising growth.” According to the report, Animation, Visual Effects, Gaming, and Comics (AVGC) is the fastest growing sector, with a CAGR of 30%, and is expected to account for up to 10% of the overall media and entertainment sector by 2030. According to media reports, the South Indian film industry is expected to grow at a CAGR of around 13%, worth around Rs 6,000 crore by the end of 2022, while the print industry is expected to be worth around Rs 9,900 crore.

The merger between AT&T Inc’s (T.N) WarnerMedia unit and Discovery Inc (DISCA.O) has been completed, the companies announced on Friday. On Monday, Warner Bros Discovery Inc, the combined company, will begin trading on the Nasdaq under the ticker symbol “WBD.” The companies announced their intention to merge and form a standalone media company in May of last year, with AT&T hoping to focus more on its wireless ambitions and Discovery looking to expand its content library. In a statement, AT&T Chief Executive Officer John Stankey stated, “With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fibre, where we have strong momentum.” Discovery Channel, Warner Bros. Entertainment, CNN, HBO, Cartoon Network; streaming services Discovery+ and HBO Max; and franchises such as “Batman” and “Harry Potter” are all part of Warner Bros. Discovery’s portfolio. According to analysts, one of David Zaslav’s primary priorities as the combined entity’s CEO is to make streaming video as profitable as the old TV business. Discovery unveiled the management team that would head the new Warner Bros Discovery (WBD) on Thursday, relying heavily on a trusted set of lieutenants, many of whom have worked with the company’s CEO since his days at NBC. Nine high-ranking WarnerMedia officials, including CEO Jason Kilar and Studios and Networks chief Ann Sarnoff, announced their exits earlier this week, ahead of the merged company’s formation. Source: Reuters

Inox Leisure and PVR, which announced their merger last month, have a combined pipeline of 2,000 screens and plan to double that number in the next seven years with an investment of Rs 4,000 crore. In a Business Update Conference Call with investors after announcing the merger, Inox Leisure Director Siddharth Jain stated that the merged firm would invest capex of Rs 2.5 crore per screen as part of their expansion. PVR and INOX Leisure announced a merger on March 27 to form the country’s largest multiplex chain, with over 1,500 screens, to capitalise on prospects in tier III, IV, and V cities as well as developed markets. The combined entity will be known as PVR INOX Ltd, with existing screens continuing to be branded as PVR and INOX, respectively. PVR INOX will be the name of new theatres that operate after the merger, the firms said on March 27. “We have almost 2,000 screens in our pipeline combined,” Jain said in response to a question on the combined entity’s screen count. “Our stated goal is to double our size in the next seven years, which will require at least Rs 4,000 crore in CAPEX (capital expenditure) over the next seven years.” However, he added that only about 50 of the 2,000 screens may be competing with one another. “Even mall owners would not put it up across the road from each other because they know there is really no point doing that, and we have not looked at it that deeply, yet to see whether there are any places, which we may not go ahead with. We have not dug that deep into it,” Inox Leisure shared a transcript of the conference call with the bourses on Monday, quoting Jain. The new screen addition will be diverse and across tiers, he added. “It is not that we want to take the movie only to certain Indians. We want to take it everywhere wherever we have potential and there is a market,” Jain added. PVR has 871 screens spread across 181 locations in 73 cities, whereas INOX has 675 screens spread across 160 locations in 72 cities. According to the agreement, INOX will merge with PVR in a share swap ratio of 3 PVR shares for every 10 INOX shares. Following the merger, INOX promoters will join the existing PVR promoters as co-promoters in the merged entity. PVR promoters would own 10.62 percent of the merged firm, while INOX promoters will own 16.66 percent, according to the statement. Source: PTI

Bharti Airtel and Tech Mahindra announced in a joint statement on Thursday that they will co-develop and market 5G use cases in India, as well as establish a collaborative 5G innovation centre to generate ‘Make in India’ use cases for the Indian and global markets. The firms will work together to create and commercialise breakthrough enterprise-grade digital solutions in areas including as 5G, cloud, and content delivery networks, as well as customized enterprise-grade private networks, which will be at the heart of the digital economy. Automobiles, aircraft, ports, utilities, chemicals, oil and gas will be their initial focus, with plans to expand to other industries in the future. “Airtel and Tech Mahindra have a shared vision of supporting the growth of India’s digital ecosystem. With proven technology capabilities and deep customer trust enjoyed by the two brands, we believe this is a win-win partnership,” said Ganesh Lakshminarayanan, CEO-enterprise business, Bharti Airtel. “5G ecosystem will unlock immense opportunities for industries across sectors to improve productivity and enhance customer experience through digitally powered new-age platforms and solutions. We are excited to partner with Airtel to provide innovative and cutting-edge solutions for enterprise customers,” said Manish Vyas, president, communications, media and entertainment business, and CEO, network services, Tech Mahindra. This cooperation is focused on bringing next-generation services to the Indian market by enabling transformation via network, cloud engineering, and customer experience, according to Tech Mahindra’s NXT.NOWTM framework. In India, Airtel has been in the forefront of 5G demonstrations and testing, while Tech Mahindra has created world-class 5G applications and platforms. The news comes after rival Vodafone Idea announced a cooperation with L&T Smart World & Communication earlier this week to establish a use case for a private 5G enterprise network in India.

The Indian Premier League (IPL) will have an exclusive ticketing partner, BookMyShow, India’s leading ticketing and entertainment portal, for the upcoming edition, which will begin on March 26. BookMyShow will also manage venue services for all stadiums, including gate entry and spectator management services, for the 70 league matches that will take place this year across Mumbai, Navi Mumbai, and Pune in Maharashtra. The venue for the playoffs and final matches is yet to be announced by the BCCI. 10 teams will compete in the 15th season, including two new teams from Ahmedabad and Lucknow. Tickets for the 70 matches is available for purchase starting at Rs 800 and it went on sale at 12 p.m. on Wednesday. “We are absolutely delighted to be back on board with Tata IPL 2022 as the exclusive ticketing, gate entry and spectator management partners for the 15th edition of the world’s most loved sporting extravaganza,” said Anil Makhija, COO – Live Entertainment & Venues, BookMyShow. “After a two-year hiatus, the return of IPL to Indian stadia is a joyous occasion for fans to enjoy the experience and thrill of this mega spectacle on-ground like they did before the pandemic.” BookMyShow, he said, will adhere to stringent Covid-appropriate regulations to safeguard the safety and well-being of fans and venue workers. Wankhede Stadium (Mumbai) and DY Patil Sports Stadium (Navi Mumbai) will host 20 matches each, while Brabourne Stadium (Mumbai) and MCA International Stadium (Pune) will host 15 matches each. The opening match of the Tata IPL 2022 will take place at the Wankhede Stadium on Saturday, March 26th, between defending champions Chennai Super Kings and Kolkata Knight Riders.  

India’s media and entertainment industry, which is currently worth $28 billion, is on track to reach $100 billion by 2030, rising at a cumulative pace of close to 12% each year, said Ministry of Information and Broadcasting (I&B) Secretary Apurva Chandra. “If our country is to grow at the rate of 8-9 percent as envisioned by Hon’ble Prime Minister Narendra Modi, then the M&E sector must grow faster, and with all the great potential in the country, I am sure that this is possible,” said Apurva Chandra after inaugurating the ‘Media & Entertainment’ fortnight at Expo 2020. Chandra elaborated on the potential of the Animation, Visual Effects, Gaming, and Comics (AVGC) industry: “India’s prowess has already been displayed in the IT sector throughout the world. Since AVGC sector is a mix of creative and technological expertise, India has a massive potential to showcase its brilliance.” “The government has also recognized the potential of M&E sector and has announced the creation of a task force soon that will formulate the AVGC policy to provide incentives, skills and training to our talented youth to do more in this particular area,” he noted. He noted that, as a result of these reforms, India, which is currently known as the world’s workshop, might grow even more. The Indian media and entertainment industry, according to Chandra, is eager to collaborate with the UAE and other worldwide partners. “The VFX industry is becoming an indispensable part of film making, and the exceptional work carried out by Indian studios has catapulted the country on to the global scene. The government incentives have also helped the sector in the form of subsidies, fiscal incentives, and the creation of local hubs and facilities,” he noted. Throughout the fortnight, the Ministry of Information and Broadcasting will host a variety of activities in fields like as film, broadcasting, events, and over-the-top (OTT), among others. During the fortnight, India’s strength in the field will be displayed to a worldwide audience, and conversations on potential cooperation between the Indian and global industries will be held. Source: Economic Times

Netflix announced on Wednesday that it is experimenting with charging a price to subscribers who share their accounts with people who do not live with them. The streaming service, which is based in the United States, has long been casual about users sharing passwords with relatives and friends, but its stock recently plummeted when quarterly results revealed slowing subscriber growth. Meanwhile, competition in the streaming television market has increased, especially from Disney, and the expense of producing sought original series has increased as well. Netflix will begin offering users in Chile, Costa Rica, and Peru the option to add up to two persons to “sub-accounts” for a monthly price of $2 to $3 in the coming weeks, according to Netflix product innovation director Chengyi Long. “We recognise that people have a variety of entertainment options, so we want to make sure that any new features are flexible and useful for members, whose subscriptions fund all of our excellent TV and movies,” Long wrote in a blog post. She claimed the Silicon Valley streaming titan is exploring on methods for users to contribute “outside their household… while also paying a little bit more.” People who already share accounts will be able to transfer their prole and viewing history information to new sub-accounts, according to Netflix. Long stated that the corporation will assess the new model’s utility in the three nations before adjusting elsewhere. After booming during coronavirus lockdowns that kept people at home and on the platform, Netflix ended last year with 221.8 million subscribers, significantly short of its target. Netflix has announced price increases in the United States, with the lowest affordable option now costing $9.99 and the costliest option costing $19.99. Source: Mint

According to two people familiar with the development, the Malpani Group has partnered with Varda Capital-backed Aditya Birla Asset Reconstruction Company to jointly acquire the distressed loans of Manmohan Shetty’s Imagicaaworld Entertainment Ltd, in a deal that will bring lenders Rs 575 crore. After three years of negotiations, the Malpani Group has proposed to buy Imagicaaworld in an out-of-court settlement negotiated between banks and the company. The Malpani Group will receive a preferential issuance of shares worth Rs 500 crore under the proposed structure, giving it a 70 percent ownership in the distressed theme-park operator. According to the people, the Malpani Group, as the largest stakeholder, would then offer Rs 500 crore as a one-time settlement to Imagicaaworld’s lenders. Lenders would receive a 13 percent ownership stake in the company, valued at Rs 75 crore, as part of the arrangement. The Rs 575 crore settlement offer translates to a 40% recovery for the lenders. Despite a cut from lenders, Manmohan Shetty, the producer of Bollywood films, will own 5% of Imagicaaworld. Shetty currently owns 31.08 percent of the listed firm through related entities. As of March 31, 2021, Imagicaaworld, formerly Adlabs Entertainment, had a total debt of Rs 1,417 crore. As previously reported, Union Bank of India rejected promoter Shetty’s Rs 575 crore one-time settlement offer in 2019 in anticipation of larger bids. Because lenders have still to obtain board clearance and then hold a Swiss auction inviting counteroffers, the transaction is expected to finalise in the June quarter, according to one of the lenders. Under the Imagica brand, Imagicaaworld owns and runs a theme park and a water park, as well as a hotel under the Novotel Imagicaa brand. The theme park is located in Khopoli, off the Mumbai-Pune Express Highway, and spans 130 acres, including 30 acres of unutilised land and with a surplus land area of 203 acres. The lead bank, Union Bank of India, has the largest outstanding loan to the company, at Rs 429 crore, followed by Bank of Baroda at Rs 320 crore. Canara Bank, Bank of India, Central Bank of India, J&K Bank, Indian Overseas Bank, Life Insurance Corporation, and Ares SSG Capital-backed Assets Care & Reconstruction Company are among the other lenders. Source: Economic Times

Singer- composer Bappi Lahiri breaths his last on Wednesday. He popularised disco music in India in the 80s and 90s. The doctor treating him said that he has died following multiple health issues. His age was 69 at the time of his death. He was ailing for some time and died at CritiCare Hospital in Juhu, Mumbai, due to Obstructive Sleep Apnea. “Lahiri had been admitted to the hospital for a month and was discharged on Monday. But his health deteriorated on Tuesday and his family called for a doctor to visit their home. He was brought to the hospital. He had multiple health issues,” Dr Deepak Namjoshi said to PTI. The doctor also revealed the cause of death as Obstructive Sleep Apnea. “He died due to OSA (Obstructive Sleep Apnea) shortly before midnight,” he said. The statement issued by the family following the demise of the legend says, “It’s a deeply sad moment for us. The cremation will take on arrival of Bappa From LA tomorrow mid-morning, We are seeking love and blessings for his soul.” As per reports, the funeral will be held tomorrow at Pawanhans. Bappi Lahiri delivered popular songs in several films of the late 1970s-80s like ‘Chalte Chalte’, ‘Disco Dancer’, and ‘Sharaabi’. His last Bollywood song titled Bhankas was for the 2020 film ‘Baaghi 3’. The legendary singer passes away days after the death of legend Lata Mangeshkar and hours after the death of Bengali singing legend Sandhya Mukherjee. Source: PTI