Markets

Star India injects $192 mn into digital content arm

Reuters MUMBAI | Updated on January 10, 2018

Star India, a media company backed by Twenty-First Century Fox, has injected Rs 1,233 crore ($192.04 million) into its digital content arm over the last six months amid intense competition among online video providers in the country.

Through a rights issue, Star India infused the money in Novi Digital Entertainment Pvt Ltd, which runs streaming video platform Hotstar and Starsports.com, regulatory filings showed.

Star on Tuesday won the television and digital rights for Indian Premier League (IPL) cricket for the next five years with a staggering $2.55-billion bid.

The country's $20-billion media and entertainment industry is in the middle of an intensifying war for content between global firms such as Amazon.com Inc, Netflix Inc and a host of home-grown players.

Facebook Inc is also keen to jump on the bandwagon. The company was one of the bidders for IPL's digital rights, along with other domestic players such as telecom operators Bharti Airtel Ltd and Reliance Jio.

Hotstar is the market leader among the country's over-the-top platforms when measured by active subscribers, and holds exclusive Indian rights to stream many hit sitcoms from the US TV channel operator HBO, including Game of Thrones.

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Published on September 06, 2017
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