iWorld
Online video surpasses 1 billion subscriber mark globally
KOLKATA: For the first time ever, online video services have surpassed the one billion subscriber mark globally. In the pandemic hit year 2020, the overall subscriber base has reached 1.1 billion, recording a 26 per cent year-on-year growth, according to a report from Motion Picture Association.
The global home/mobile entertainment market has raked in $68.8 billion in revenue, marking a 23 per cent increase over 2019. In the United States, subscriptions have crossed 308.6 million, representing a 32 per cent growth from 2019, and the home/mobile market increased 21 per cent, reaching $30 billion.
While the global market for theatrical and home/mobile entertainment distribution fell 18 per cent to $80.8 billion, the surge in the digital entertainment market has helped partially offset the decrease in the global box office caused by theatre closures during the pandemic.
“Despite the challenges to the global economy brought on by the Covid2019 pandemic, the film television, and streaming industry has once again risen to the occasion,” said Motion Picture Association chairman and CEO Charles Rivkin.
“Streaming experienced another huge boom, with new entrants into the market and more than one billion subscriptions worldwide for the first time ever. We kept audiences connected and entertained wherever they were and whenever they desired. Theatrical and home entertainment remain two essential parts of this dynamic and iconic industry, and I am confident that movie theatres will experience a great comeback in the months ahead,” he added.
However, cable TV revenue is still larger than the online video market. Cable revenues for global industry stood at $116 billion.
55 per cent of US adults reported that their viewing of movies or shows/series through an online subscription service increased, while 46 per cent reported that their viewing via pay TV increased. More than 85 per cent of children and over 55 per cent of adults watch movies or shows/series on mobile devices.
Daily viewers of movies or shows/series on mobile devices skew more heavily towards the 18-24 and 25-39 year-old age groups, as well as the Hispanic/Latino and African-American/Black ethnicity groups.
The global box office market for all films around the world was $12 billion in 2020; Within that number, the US/Canada box office market was $2.2 billion. The top three box office markets outside the US and Canada were China ($3 billion), Japan ($1.3 billion ), and France ($500 million ).
iWorld
Jio IPO faces delay as India yet to clear listing rule changes
Proposed rule change allows mega IPOs to float just 2.5 per cent
MUMBAI: The Indian government’s delay in formalising changes to listing rules may derail the targeted timeline for the initial public offering (IPO) of Jio Platforms, the digital arm of Reliance Industries controlled by billionaire Mukesh Ambani.
According to media reports, Reliance is awaiting formal notification of regulatory amendments before appointing investment bankers and filing a draft IPO prospectus. The company is now aiming to submit the draft prospectus before April, depending on when the government issues the notification.
Jio, which owns India’s largest wireless operator, is widely seen as one of the crown jewels of Ambani’s business empire. Its listing, the first public offering of a major Reliance unit in nearly two decades, could become the country’s biggest ever IPO.
Investment bankers have proposed a valuation of as much as $170 billion for the company. Even the minimum stake sale could raise roughly $4.3 billion, potentially placing Jio among India’s most valuable listed companies.
Ambani had earlier said that Reliance was targeting a listing of Jio in the first half of 2026, a plan first outlined in 2019 with a five-year timeline. In 2020, global technology groups Meta Platforms and Alphabet invested more than $10 billion combined in the company.
The delay stems from pending regulatory changes approved by the Securities and Exchange Board of India in September. The amendments allow companies with a post-issue market capitalisation exceeding Rs 5 trillion (about $55 billion) to float as little as 2.5 per cent of equity in an IPO, compared with the current 5 per cent minimum.
Such changes are expected to enable mega listings, including potential offerings by Jio and the National Stock Exchange of India. However, the reforms still require formal notification from the government.
Meanwhile, the National Stock Exchange is moving ahead with plans to raise as much as $2.5 billion through its own IPO and has recently invited banks to pitch for roles in the offering.
