The global audience is increasing each day. People are no more just confined in watching shows on television screens. As the demand for online series is increasing day by day in India, Balaji came up with their new platform named ALT Balaji that has a plethora of original online series and is a multi-device subscription video platform.
There have been talks around the corner that Balaji might be selling their shares to Reliance Industries Limited but last night according to a report by Bombay Stock Exchange:
This deal is one of a kind and can be beneficial for ALT Balaji. Indian OTT market is growing each day and blooming in new horizons. With such huge investments and financial backup by RIL might make the newbie ALT Balaji one of the best competitor both locally and globally in the OTT market.
According to the report, Balaji Telefilms has so far invested close to Rs 40 crore in ALT Balaji. They plan to make an investment of 150 crores in future.
Who Said What?
Jeetendra Kapoor, Chairman, Balaji Telefilms, said,
“We welcome Reliance Industries Limited as a partner in our growth journey towards becoming the preferred content producer for the Indian diaspora across all means of video consumption and across all geographies. This investment is a vote of confidence to the company’s strategic move to own our IP and our viewers. I would like to congratulate Ekta and the entire Balaji team on this early success and am sure that they will continue to take the company forward from strength to strength. I would also like to thank Axis Capital for its valuable and unwavering support over the years. They have visualised and facilitated this important investment which will help us become one of the leading content players globally.”
Reliance Industries Limited said,
“RIL is engaged in the telecom, digital and media businesses. This investment in content production ( including digital content) is in line with RIL’s commitment to invest and grow in telecom, digital and media businesses.”
The deal is mostly done to increase the number of subscribers and also to speed up the content creation on the website. RIL also provides platforms for live music and videos. It recently also joined hands with Hotstar and so this new partnership of them with the ALT Balaji will open new gates in the Indian Market!
