India’s Reliance-Disney media merger will control 85% of streaming media and half of TV viewers

Analysts said the merger of Reliance, its portfolio Viacom18 and Indian media assets such as Disney would create an entity that accounts for 85% of the country’s on-demand streaming service viewers and about half of the TV audience, posing a greater challenge to Amazon Prime member Netflix Video, Apple, Sony and Zee.

The merger, which is scheduled to be completed by March 2025, will have exclusive digital and broadcast rights for a number of major sporting events, including the popular cricket tournament IPL, ICC flagship event, Indian domestic cricket, FIFA World Cup, Premier League for the next four years and Wimbledon.

Cricket match streaming has been a major driver of new users of streaming platforms in India. By acquiring a slew of cricket rights, Disney and JioCinema offer rival services a minimal selection of content to attract fans.

“The new merged entity acquires digital and television rights to key cricket sporting events in India, such as the IPL and ICC matches,” Morgan Stanley analysts wrote in a note on Thursday.

“The broadcast of IPL 2023-27 is now handled by joint ventures – Viacom 18 has the digital streaming rights (won for $2.9 billion) and Star has the TV rights, worth $2.8 billion. In IPL 2023, JioCinema Users live stream matches for free, which affects Hotstar’s revenue. However, through the joint venture structure, we can see significantly better profitability.”

Data and images: Bernstein

The combined unit will also have exclusive access to Disney movies and titles in India, as well as the mouse company’s 30,000 content titles, the companies said. It will also serve as a digital home for content from HBO, Warner Bros., Showtime and NBCUniversal.

Analysts at Bernstein estimate that the combined business of Disney Hotstar and JioCinema will lead the Indian OTT market with about 85% of the monthly active OTT user base.

Data, pictures: Bank of America

Star is part of Disney India and has a 41% share of the Indian broadcast market. Together with Viacom18’s approximately 8% TV market share in India, the combined business (which will have more than 100 TV channels) will capture approximately 49% of the broadcast market.

According to analysis by analysts at Bank of America, the two companies will account for 56% of the country’s Hindi television audience.

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