Asia’s two richest men prepare to battle with Netflix, Amazon for a billion viewers
- Gautam Adani and Mukesh Ambani are competing in a tough market in which the global media giants are also vying for more than a billion viewers
- Ambani’s venture with Paramount is to receive US$1.8 billion in funding, led by James Murdoch; Adani bought a stake in Quintillion, former partner of Bloomberg
Asia’s two richest men – Gautam Adani and Mukesh Ambani – are doubling down on India’s media sector, intensifying competition in an arena where Netflix and Amazon are also vying for more than a billion viewers.
Viacom18 Media, Ambani’s local joint venture with Paramount Global, is set to receive 135 billion rupees (US$1.8 billion) in a funding round led by James Murdoch-backed Bodhi Tree Systems. Adani Enterprises Ltd, the tycoon’s flagship company, said separately that it has established a new media subsidiary, signalling his ambitions to tap into the growing market.
The Viacom18 investment and Adani’s entry into media mark a new phase in the battle for eyeballs and content in a market with a robust local film industry, a growing middle class and rapidly expanding access to the internet.
But it’s also proved to be a tough market. Struggling to add subscribers, Netflix, for instance, has had to cut its fees to lure price-conscious users.
Still, “India is the only full-scale, high-growth opportunity in Asia outside China,” said Vivek Couto, executive director at Media Partners Asia. “Indonesia is also there, but it’s still a few pegs down still in terms of scalability.”
Reliance shares rose as much as 2.2 per cent in Mumbai on Thursday. TV18 Broadcast Ltd plunged as much as 18 per cent, while Network18 slumped 19 per cent.
