JioCinema crosses 15 million subscribers with new premium plans, says Mukesh Ambani

JioCinema, the video streaming platform owned by Reliance Industries, has crossed 15 million paying subscribers, the company said at its 47th annual general meeting in Mumbai on Thursday. The platform rolled out new subscription plans in April.

JioCinema Premium includes ad-free content in several languages, including original series, movies, children's shows and TV entertainment on any device, including connected TVs, for ₹29 a month. It takes aim at Netflix, Disney+Hotstar and Amazon Prime Video, apart from domestic rivals in the Indian over-the-top (OTT) services market.

JioCinema also offers a family plan for ₹89 a month, which allows users to stream content on up to four devices simultaneously. Last year, JioCinema had rolled out a ₹999 annual plan for ad-free Hollywood content and ad-supported local-language programming and sports.

Also read: Reliance-Disney dalliance to stir up streaming scene

Reliance Industries chairman Mukesh Ambani said, “JioCinema's new subscription pack is a game-changer. It offers OTT originals, reality shows, blockbuster movies, and top content from HBO, Paramount and NBC Universal. In just 100 days, it has crossed 15 million paying subscribers.” He added that 62 crore Indians watched the second season of the Indian Premier League on the platform, 38% more than the previous season. Total viewership grew by 50%, making it the most watched livestream event in the world, he said.

Overall, Reliance’s media business brought in more than ₹10,000 crore ($1.2 billion) of revenue, clocking industry-leading growth of 49%. Viacom18, its entertainment arm, recorded 62% growth driven by sports, the company said.

Late bloomer

Media industry experts pointed out that JioCinema was a late starter on launching local-language originals in India. Rivals have already introduced premium content and most users have an average of two OTT apps on their phones, so JioCinema faces an uphill task, they said. However, with a ₹29 plan, few will argue on pricing and JioCinema could increase the overall number of paid OTT subscribers in India.

Also read | Mint Explainer: All you need to know about the $8.5-billion Disney-Reliance merger

On Reliance’s partnership with Walt Disney, Ambani said the joint venture marked the start of a new era in India's entertainment industry. “We are combining content creation with digital streaming. Our digital-first approach will deliver unparalleled content at affordable prices. We will cater to every consumer's tastes,” he added.

The Competition Commission of India (CCI) approved the merger on Wednesday, having previously expressed concern that the merged entity would control most of the rights for broadcasting cricket and TV in India, and hurt competition.

Also read: Media empire takes shape, with Reliance-Disney at the helm

According to the agreement, signed on 28 February, Viacom18’s media operations will merge with Star India Pvt Ltd (SIPL) through a court-approved scheme of arrangement. The joint venture is valued at ₹70,350 crore on a post-money basis, and Reliance Industries plans to invest ₹11,500 crore ($1.4 billion) in its growth. 

Subsequently, Reliance and its associates will own nearly 56% of the merged entity, Disney will hold 36.84%, and the remaining 7.5% will belong to Bodhi Tree, a joint venture between James Murdoch and former Star India CEO Uday Shankar.