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News on MEA 30th Aug 2022 ardorcomm Reliance Industries’ media business saw its biggest growth last year, says Mukesh Ambani at Reliance AGM 2022

Reliance Industries’ media business saw its biggest growth last year, says Mukesh Ambani at Reliance AGM 2022

Mukesh Ambani, chairman and managing director of Reliance Industries, stated in his speech to the shareholders on Monday that the company’s media division, which includes Viacom18 and Network18, achieved its highest growth last year as a consequence of strong engagement that led to record subscriptions and advertising revenues. “Our national channels CNN, News18, CNBC TV18, and News 18 India are consistently ranked number one. Moneycontrol is amongst the world’s most popular subscription products. Our news brands are innovating with storytelling methods across platforms building deeper relationships with audiences wherever they are and whatever device they use,” he added at the 45th annual general meeting (AGM) of Reliance Industries.

The chairman also mentioned how Viacom18, the company’s entertainment division, strengthened its position as a market leader by forging a path into sports and winning the digital rights to the Indian Premier League (IPL) for a period of five years. “Along with key sporting rights in football, badminton, basketball, tennis and now cricket, Viacom18 is also investing in movie rights and original content for OTT. In news, entertainment and sports, digital is core and fast growing theme as we prepare to embrace the 5G revolution,” Ambani said.  He continued by saying that the collaboration with Bodhi Tree, James Murdoch, Uday Shankar, and Paramount Global will give Viacom18 access to more talent and help it become a world-class media and entertainment business.

Ambani also praised the Reliance Retail leadership team at the AGM for attaining a turnover of Rs 2 lakh crore and earnings before interest, taxes, and depreciation (EBIDTA) of Rs 12,000 crore. He said, “Today, Reliance Retail is among the top ten retailers in Asia.”

Isha Ambani, director of Reliance Retail, has stated that the company will begin selling FMCG products this year. She remarked in her speech to the Reliance Industries AGM, “The objective of this business will be to develop and deliver products and solve every Indian’s daily needs, with high quality products at affordable pricing,”

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