iWorld
Indian content market is maturing with every story: Tanya Bami
Mumbai: Netflix is ramping up its original series slate for 2022. Its upcoming original shows include Scoop helmed by Hansal Mehta about the Jyotirmay Dey (J Dey) murder case, Guns and Gulaabs led by the duo Raj and Dk, CAT starring Randeep Hooda and directed by Balwinder Singh Janjua and Heeramandi led by Sanjay Leela Bhansali. “The Indian content market is maturing with every story,” Netflix India series head Tanya Bami tells Indiantelevision.com. “Creators, writers and directors are bringing forward their best work on OTT.”
The OTT platform has ordered the second seasons of Jamtara, Masaba Masaba, The Fabulous Lives of Bollywood Wives. It has recently released shows such as The Fame Game starring Madhuri Dixit, Mai: A Mother’s Rage featuring Sakshi Tanwar, Yeh Kaali Kaali Ankhein and Kapil Sharma’s comedy special I’m Not Done Yet. “We’ve built out a really dynamic content slate title by title over the last four months, says Bami. “The last four months have seen eight shows launched by Netflix. The intensity at which we’re putting out content is fairly unmatched in the Indian landscape. Netflix is going to double the excitement over the next two years.”
Cursoring through Netflix India originals on Wikipedia, the company has put out an impressive range of content. It has intriguing docu-series such as Bad Boy Billionaires: India and House of Secrets: The Burari Deaths, it offers riveting drama series like Delhi Crime and Call My Agent: Bollywood, it has fun unscripted series such as Indian Matchmaking and The Fabulous Lives of Bollywood Wives and ambitious original films such as Minnal Murali and Jagame Thandhiram. It has yet to build any lasting franchises yet the OTT giant continues its bold approach to creating content.
“What’s unique about us is that we tell very distinct stories with a lot of passion,” says Bami. “The ideas and concepts stick with us members. When you remember a story after watching it, I think that’s the true victory of the storyteller. There’s also a cinematic quality that we bring that is akin to the big screen experience in your living room. We offer a variety of genres, moods, creators and there’s a different creative experience with every title.”
Netflix launched 28 India originals in 2021 including 15 films, eight series, five non-fiction titles, 11 genres, seven languages and eight formats. Moreover, it has worked with more than 70 different production houses till date with 70 per cent of them working on more than two projects for Netflix. Netflix co-CEO Ted Sarandos recently at the Economic Times Global Business Summit said that “India is a land of a billion stories. The opportunity is so large and the storytelling appetite is so big. As we get the storytelling right, the rest will fall into place.”
Global streamers have been criticised for playing the volume game in local markets and missing out on the essential ingredient that is quality, especially, compared to western shows. Many believe this is why Indian original shows have not traversed the world much like a Money Heist, Squid Game or Dark.
“To not recognise the contribution made by our creators at a global level and at an India level would be a little bit unfair as there are such amazing stories coming out whether it is one Netflix or any competing platform,” says Bami. “The world is recognising India’s content. Delhi Crime has won an International Emmy award. Our series like The Fame Game and Sacred Games are watched across 15-20 countries outside India. It’s time to be proud of Indian content,” she added.
Elaborating on Netflix India’s content strategy, Bami states, “The idea is to capture a diverse audience segment because we feel everybody wants to watch something different. Yeh Kaali Kaali Ankhein is about the gender dynamic being subverted in the hinterlands (where we assume men have the power), Aranyak delves into Indian folklore, the moment when Kapil Sharma speaks about his father in his stand-up special, I’m Not Done Yet was memorable for audiences.
Adding further, she says, “Like Ted (Sarandos) said recently, ‘India is a land of a billion stories’, a billion stories that are untold. We want to be a part of the zeitgeist and capture the imagination of audiences and that comes by working very closely with dynamic minds who’ve had varied experiences of this culture. They have experienced this country which they put into their stories that they create for us.”
Netflix is largely perceived as a metro brand due to its high concept shows and anthology series. It is ready to shed that brand image and dive deeper into the Indian market. “Our show Mai: A Mother’s Rage is set in Lucknow and features actor Saakshi Tanwar who is popular with the broader TV audience. That is our way to open up a backdrop and milieu and unlock that audience segment for Netflix,” explains Bami.
“We’re also excited to work with South creators and content which is actively under development as we look to penetrate the south market,” notes Bami. “We’ve had early successes with shows like Navrasa, Paava Kadhaigal, Minnal Murali and have so much more lined-up.”
“Nothing is more important to us than to succeed in India and we realise that we have to go deeper within. We must reach out to a more diverse audience set,” concludes Bami.
iWorld
Universal Music to sell half its Spotify stake, expand buyback plan
Ackman pressure mounts as label posts €2.9bn revenue and strong subscription growth
HILVERSUM: Universal Music Group has unveiled plans to sell half of its stake in Spotify and double its share buyback programme to €1 billion, signalling a sharper capital strategy as investor scrutiny intensifies.
The company said it will launch an additional €500 million buyback after completing the €500 million programme announced in March, taking the total authorisation to €1 billion. Proceeds from the Spotify stake sale will help fund the buyback and will also be shared with artists, in line with long-standing commitments.
The move comes amid pressure from billionaire investor Bill Ackman, whose firm Pershing Square Capital Management holds over 4.5 per cent of UMG. Ackman recently made an unsolicited offer valuing the company at around $64 billion to $65 billion and has argued that the label’s shares are undervalued.
As part of his proposal, Ackman suggested selling the entire Spotify stake to raise €1.5 billion after taxes and artist payouts, while also pushing for a US listing and changes to the company’s financial reporting structure. UMG’s board has instead opted to move independently, approving a partial stake sale on its own terms.
The decision also aligns with what is informally known as the “Taylor Swift clause”, a commitment made when Taylor Swift re-signed with the label in 2018, ensuring that any proceeds from Spotify stake sales are shared with artists on a non-recoupable basis.
With investor pressure building and strategic levers now in motion, UMG appears to be striking a careful balance between rewarding shareholders and reinforcing its long-term growth play in the streaming era.
