Viacom18, a joint venture between Network18 and ViacomCBS, has completed the merger with Reliance Industries Ltd (RIL), Bodhi Tree Systems, and Paramount Global. With this merger, Viacom18 has integrated JioCinema, a digital streaming platform of Reliance Industries, into its operations. The merger enables Viacom18 to access INR 15,145 Cr of cash for its planned growth, with INR 10,839 Cr contributed by RIL group entities and INR 4,306 Cr contributed by Bodhi Tree Systems. JioCinema is currently streaming the ongoing Indian Premier League (IPL) for free, and it has seen over 5 Cr new app downloads during the opening weekend of the tournament. Viacom18 also has another OTT platform, Voot, but it is unclear if the company will integrate Voot with JioCinema or if both apps will continue to operate separately.
According to a report by RBSA Advisors, India’s video OTT market is expected to reach a size of $12.5 Bn by 2030.According to a report by Media Partners Asia, JioCinema is expected to capture 60% of the total advertising revenue generated during the Indian Premier League (IPL) 2023. This is significant because for the first time, digital advertising revenue is predicted to surpass TV advertising revenue during the IPL. The report also estimates that JioCinema’s advertising Gross Merchandise Value (GMV) could reach between $330 million to $350 million.According to the report by Media Partners Asia, JioCinema is projected to capture 60% of the total advertising revenue generated during IPL 2023. The report also predicts that digital advertising revenue will surpass TV advertising revenue for the first time, with JioCinema’s advertising gross merchandise value (GMV) expected to reach $330 Mn-$350 Mn.