Media Entertainment & Art Community

The official country of honour for the Cannes Film Market will be India, which will take place from May 17 to May 25. In honour of the country’s 75th year of independence, which also happens to be the 75th anniversary of the Cannes Film Festival, a brand-new restoration of Indian cinema legend Satyajit Ray’s rare film Pratidwandi will be screened in an exclusive screening at the film gala. According to the festival’s press release, Pratidwandi is being restored as part of the National Film Heritage Mission, a project spearheaded by India’s Ministry of Information and Broadcasting. Prime Focus Technologies in Mumbai handled the restoration, and acclaimed Indian cinematographer Sudeep Chatterjee supervised the grading. The National Film Archive of India (NFDC) presents the restored version. Apart from Pratidwandi, a completely new 4K restoration of the Hollywood classic Singin’ In The Rain will be shown. The Boulevard de la Croisette will host a screening of the 1952 Gene Kelly and Stanley Donen picture, which chronicles the transition from silent to talkies. At the event, the Indian film Thampu (The Circus Tent), directed by Aravindan Govindan in 1978, will receive its Restoration World Premiere. Bollywood actress Deepika Padukone has already been announced as a member of the competition jury for the festival’s upcoming edition, alongside prominent names like actor-filmmaker Rebecca Hall and Iranian filmmaker Asghar Farhadi. Padukone is a member of the eight-member jury that will award the coveted Palme d’Or to one of the 21 films in competition during the closing ceremony. She is most known for her films Piku, Padmaavat, and Gehraiyaan, as well as the Hollywood project xXx: The Return of Xander Cage. Source: PTI

Gautam Adani and Mukesh Ambani, Asia’s two richest men, are doubling down on India’s media business, escalating competition in a market where Netflix Inc. and Amazon.com Inc. are also battling for over a billion users. In a funding round led by James Murdoch-backed Bodhi Tree Systems, Ambani’s local joint venture with Paramount Global, Viacom18 Media Pvt., is slated to get 135 billion rupees ($1.8 billion). Separately, the tycoon’s flagship company, Adani Enterprises Ltd., announced the formation of a new media division, indicating his desire to capitalise on the rising sector. The Viacom18 investment and Adani’s foray into media usher in a new phase in the competition for viewers and content in a market that boasts a thriving local film industry, a burgeoning middle class, and fast-increasing internet connectivity. However, it has proven to be a difficult market. Netflix, for example, has had to reduce its price in order to attract price-conscious customers. Still, according to Vivek Couto, managing director of Media Partners Asia, “India is the only full-scale, high-growth opportunity in Asia outside of China.” “Indonesia is also there, but it’s still a few pegs down still in terms of scalability.” On Thursday, Reliance’s stock jumped as much as 2.2 percent in Mumbai. Network18 was down 19 percent, while TV18 Broadcast Ltd. was down 18 percent. Adani is only getting started in the Indian media sector, while Ambani’s Reliance Industries Ltd. is expanding its footprint through his Network18 Media & Investments Ltd. According to a statement, Adani Media Ventures Ltd. agreed to buy a stake in Quintillion Business Media Pvt. last month. Quintillion was a Bloomberg LP (parent company of Bloomberg News) Indian partner. Viacom18 is preparing for an epic battle with Disney, Amazon, and Sony Group Corp. for broadcast rights to the Indian Premier League, a lucrative annual cricket tournament that is approximately equivalent to the Super Bowl, with $1.8 billion from Bodhi Tree and an extra $216 million from a Reliance arm. Bids are expected to reach $5 billion, according to sources familiar with the situation. The IPL attracted 380 million viewers last year, and whichever broadcaster wins the rights will almost certainly gain millions of new subscribers in a very competitive market. Bodhi Tree’s investment also signals the Murdoch family’s comeback to an entertainment market it left behind when Walt Disney Co. acquired a swath of 21st Century Fox assets, including Star India, in 2019. Hotstar, a streaming network popular with millions of cricket fans around the world, is now owned by Disney. Murdoch and Uday Shankar, the former CEO of Star India and later Disney Asia, have developed a new platform called Bodhi Tree. The Qatar Investment Authority, the country’s sovereign wealth fund, is an investor. Separately, Adani Group announced the formation of AMG Media Networks on Wednesday, with the company focusing on publishing, advertising, broadcasting, and distributing content across various forms of media networks. It didn’t go into detail. Late last year, Sony and Zee Entertainment Enterprises Ltd., a local media conglomerate, decided to merge, creating a media giant worth almost $10 billion. Source: Bloomberg

Netflix’s shares have lost a quarter of its value on Tuesday after the company announced that its subscriber base has shrunk in the first quarter of this year. The leading streaming television service had lost customers for the first time in a decade. The company attributed the decline to the suspension of its service in Russia as a result of Moscow’s invasion of Ukraine. Netflix has 221.6 million customers at the end of the first quarter of this year, down marginally from the same period last year. In the most recent quarter, the Silicon Valley tech firm posted a net income of $1.6 billion, down from $1.7 billion a year earlier. Following the revelation of the earnings numbers, Netflix shares fell 25% to $262 in after-market trades. In an earnings letter, Netflix stated, “We’re not growing revenue as fast as we’d like.” “Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward.” Netflix believes that the time it takes for houses to have access to affordable broadband internet service and smart televisions, as well as customers sharing their accounts with others who do not live in their homes, are stifling its development. According to the streaming giant, while roughly 222 million households pay for its service, accounts are shared with over 100 million households that do not pay for the television streaming service. “Account sharing as a percentage of our paid membership hasn’t changed much over the years,” Netflix added, “but when coupled with the first factor, it makes it harder to grow membership in many markets.” Last year, Netflix began experimenting with methods to profit from individuals sharing accounts, such as offering a feature that allows members to pay a small fee to add more homes to their account.

Disney Star India plans to launch two new Odia channels on June 1. The network has informed all television channel distributors (DPOs) that Star Kirano and Star Kirano HD would go online on June 1, 2022. Last week, the network announced the launch of Pravah Picture and Pravah Picture HD, two new marathi cinema channels set to debut on May 15, 2022. Pravah Picture, according to the network’s official statement, will bring the finest of Marathi film on one platform and will begin with a rich catalogue of 200+ titles. Every week, the channel will air a Marathi film. The network also stated in the intimation letter that the launch of the eleven channels will be postponed till further notice from Star India. Star Gold Thrills, Jalsha Josh, Star Movies Select, Star Sports 1 Tamil HD, Star Sports 1 Telugu HD, Disney Channel HD, Hungama HD, Star Gold 2 HD, Vijay Super HD, and Asianet Movies HD are among the eleven channels. The network postponed the debut of 15 new channels and the renaming of one until further notice last November. The broadcaster confirmed the debut of new channels in October 2021, while also declaring the new tariff in conformity with New Tariff Order (NTO) 2.0. Star India announced the launch of 15 new channels across genres and languages in December 2021 and January 2020. “This is to notify all distributors of television channels (DPOs) that the launch of the following fifteen (15) channels, as well as the name change of the following one channel, have been postponed until further notice by Star,” the broadcaster wrote in a public notice.

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