Media and Entertainment

Reliance has taken big strides in scaling-up the media and entertainment vertical in the last year. From initiating the merger of TV18 and E18 (Moneycontrol) with Network18, to onboarding a strategic investor in Viacom18, to announcing partnership with Disney, all these initiatives will not only help to capture the growth opportunities presented by India’s rapidly growing media landscape but also to shape its evolution.

Strategic Objective

Aim to be a provider of top-drawer content across genres, regions and languages, reaching out to audiences on platforms of their choice

Rahul
Joshi

Jyoti
Deshpande

Ramesh
Damani

Priyanka
Chaudhary

Kevin
Vaz

Kiran
Mani

12.7%

TV network viewership share (Includes Associate ETV)

227 Million1

Monthly reach of the digital
news portfolio

225 Million2

JioCinema average
monthly reach

#1

News channels in key genres

Viacom18 becomes the home of cricket

Record digital reach for IPL on JioCinema

1 Source: Comscore MMX report, Mar’24 data

2 Source: Data.ai

Key Highlights

Joint Venture with Disney Announced

  • The JV with Disney will combine the businesses of Viacom18 and Star India to form one of the largest Indian M&E companies.
  • RIL to invest ` 11,500 crore into the JV for its growth plan.

Scheme of Merger for News Businesses

  • Merger of TV18 and E18 (Moneycontrol) with Network18 initiated, to consolidate TV and Digital news assets in one company.
  • It will simplify holding structure and create India’s leading integrated news media conglomerate.

Industry Overview

As per the FICCI EY Report, Indian Media and Entertainment sector grew 8% Y-o-Y in 2023 to reach US$ 27.9 billion, driven by the continued growth momentum in digital segment. Video continued to lead growth in content consumption as consumers increasingly become comfortable with cross-platform viewing, aided by increasing smart device penetration and growth in internet connectivity.

Digital will Continue to Lead the Growth of M&E Sector

Digital segment is expected to grow at a CAGR of 13.5% over 2023-26 to `955 billion, representing nearly 50% of ‘big media’ (TV, Digital, Print). With 900+ million broadband subscribers, led by mobile, and around 75% of time-spent on small-screens going towards content consumption, online video is expected to drive long-term growth of the media segment.

Connected TVs to Lead Growth in Television Segment

India is expected to have 100 million Connected TVs by 2030. With the engagement levels on big screens higher than small screens, CTVs offer the best features of traditional and digital eco-system, providing an opportunity for brands to reach premium audiences in an intelligent fashion on the big screens. As per GroupM, 16% of advertising spends on TVs will be contributed by CTVs by 2026.

Sports to be the Key Catalyst for Digital Adoption

Live sports has always been one of the most important genres for consumers across the world. Its broad demographic appeal and unique ability to reach millions of audiences concurrently with high engagement levels, ensures a consistent flow of traffic. Sports streaming on digital platforms scaled new heights last year as viewership records were broken repeatedly. With platforms innovating to bring in more audiences and adding new features to increase engagement, Sports will be a key driver for growth of digital segment.

Business Performance

*EBITDA margin is calculated on Revenue from Operations

Operating revenue of the Network18 Group for the year grew by 49.4% Y-o-Y, driven by strong growth across both Entertainment and News segments. The businesses made significant investments during the year in scaling up its new verticals, Sports and Digital, which impacted the profitability.

News Business

Our TV Business News portfolio maintained its undisputed leadership with a 3600 coverage of everything related to business, finance, and economy. The National channels fortified their positions as the channels of choice for the audiences across the country. Our Regional portfolio of 14 channels covers the entire breadth of the country with 1,200+ reporters stationed in virtually every corner of the nation.

Networks18’s Digital news portfolio continued to be India’s #2 online news publisher with leadership in vernacular genre. It closed the gap with the leader to ~15% (from 40% at the beginning of the year) in terms of reach. Moneycontrol retained its status as India’s premier platform for financial news and also launched transaction-based products on the platform including lending and fixed deposits. Moneycontrol Pro was India’s #1 paid digital news platform. Firstpost’s pivot as a digital-first, videofocussed brand got great traction with consumers, helping it cross
4 million subscribers on YouTube.

Source: Comscore MMX report, Mar’24 data

Entertainment Business

Digital

JioCinema, was amongst the fastest growing OTT in the country, outpacing all competitors in terms of expansion and user acquisition. Powered by its expansive sports coverage and entertainment content, the platform established itself as the most popular OTT in the country. Starting the year on a strong footing with IPL, the platform set new benchmarks in terms of reach and engagement. JioCinema delivered record digital advertising revenue for the
16th season of IPL. It complemented its sports offering with a mix of digital exclusive shows like Bigg Boss OTT and other popular network shows. The platform also boasts of a strong English catalogue with content from global studios like HBO, NBCU and Paramount.

TV Network

Our flagship channel, Colors, delivered a phenomenal performance, reaching its highest ever share in last 12 years and consistently closed the gap with the leader. Colors Cineplex improved its share and ranking during the year while Colors Kannada continued to be a strong #2 player. Our Kids, English and Youth portfolios continued to be #1 in their respective segments.

Source: BARC

Jio Studios, the media and content arm, had an action-packed year with 11 theatrical films, 35 direct-to-digital releases and 8 original web series across languages and genres, the largest by any film studio in the year. This slate was released across theatres, OTT and broadcast platforms such as Jio Cinema, Netflix, Amazon prime video, Disney+ Hotstar, Colors and Star Network.

With eight consecutive hits, Jio Studios’ films garnered a whopping ` 700 crore at the box office – with every second film in Q4 FY2024 being a Jio Studios film. Our relentless pursuit of excellence earned us 80+ awards. Jio Studios has developed an extensive pipeline of theatrical spectacles showcasing A-list and upcoming talent in thought provoking narratives. With a keen eye for originality, emphasis on franchise development and a steadfast commitment to showcasing narratives that authentically represent India’s rich cultural heritage to global audiences, Jio Studios remains resolute in its mission of ‘Make in India and Show the World’.

In an industry often compartmentalised by linguistic boundaries, Jio Studios has strategically expanded its presence beyond the Hindi market, making significant inroads in regional language markets, through meticulous craftsmanship and a deep understanding of diverse cultural nuances. With released film like Baipan Bhari Deva – one of Marathi cinema’s highest-grossing films, upcoming films Raja Shivaji, a largerthan-life period biopic starring Riteish Deshmukh, and Khashaba, a real-life sports drama, to be directed by the national award-winning Nagaraj Manjule and music by the maestro AR Rahman for the very first time for a Marathi film, Jio Studios has brought Marathi cinema to centre stage. Additionally, our foray into Tamil, with projects such as Thangalaan starring Vikram, and into Bengali with releases such as Dawshom Awbotaar and Kabuliwala, underscores our commitment to explore and embrace the vast potential of non-Hindi language markets.

Jio Studios is dedicated to delivering world class content that is commercially successful, resonates with global audiences and earns widespread acclaim. As we continue to expand our reach and solidify our position in this thriving segment of the entertainment industry, we remain steadfast in our pursuit of diversity, innovation, and unparalleled excellence in storytelling.

Outlook

As a Group that connects with Indian consumers across multiple facets of their lives, we believe media will continue to gain in terms of consumer’s time and wallet share, as India powers through its journey of becoming an upper middle-income economy. The ubiquitous penetration of digital platforms has created an unprecedented opportunity to connect with mass and niche audiences through differentiated content. We are investing across our businesses to not only position them as the preferred platforms for consumers seeking diverse, high-quality content, but we are also committed to playing the role of innovator and thought leader for the industry.