Disney-RIL merger is the beginning of new era in India’s entertainment inc: Mukesh Ambani

At Reliance Industries Limited’s Annual General Meeting 2024, Chairman Mukesh Ambani addressed the company’s merger with Disney, saying, “This marks the beginning of a new era in India's entertainment industry. We are combining content creation with digital streaming.” Ambani added that RIL’s digital-first approach aims to deliver unparalleled content at affordable prices.

“We will cater to every consumer's taste. We will provide world-class digital entertainment across the spectrum. We are excited about this partnership. I warmly welcome Disney to the Reliance family. Just like Jio and Retail, our expanded media business will be an invaluable growth center in the Reliance ecosystem,” he mentioned.

Additionally, Ambani also shared that the company’s media and entertainment business is transforming India's media landscape. “Our media business achieved over Rs 10,000 crores of revenue. This represents an industry-leading growth of 49%. Viacom 18, our entertainment arm, did even better. Driven by the sports segment, it saw a remarkable growth of 62%,” he highlighted in his speech.

Speaking about Jio Cinema, he mentioned that the offering is revolutionizing digital sports and entertainment and that in a short time, it has reached major milestones. “The second season of IPL on JioCinema was a huge success. It reached 62 crore Indians. That's a 38% increase over the previous season. Total viewership grew by 50%. This made it the most-watched live-stream event in the world,” Ambani said.

This success continued during the Olympics. In just a hundred days, JioCinema crossed 15 million paying subscribers. “This is the fastest growth in this category,” Ambani pointed out further.

Colors, RIL’s flagship Hindi channel, reached its highest market share in 12 years. It climbed to the number one position last year, he said.

“Our news business is reaching new heights. This is due to our focus on high-quality journalism. We lead in both general and business news. We are the only network in India with global ambitions,” Ambani added. He mentioned that News18 was India's top TV network for election news. On June 4, the counting day, its reach was nearly 50% higher than the IPL final.

CNBC TV18 had an 82% viewership share on the budget day. This is in line with its weekly performance. Ambani said, “CNN News18 often outperforms all other channels combined. It has been number one for over two years. Money Control is transforming into an advanced fintech provider of data and analytics for users in India and beyond. It has 70 million unique visitors. Our premium services MCPro has over 8.5 lakh paid subscribers. This makes it a top 10 subscription site globally and the largest in India.”

He also talked about the growth of FirstPost and how it is becoming a global news powerhouse. Its subscriber base has more than doubled in the last 12 months. “In July, FirstPost recorded 127 million video views. This ranks it sixth among global peers. FirstPost is recruiting top talent to become the definitive global news destination from India. I believe it is time for India, as the world's most populous nation, to assert its voice and gain its rightful space in the influential global media,” Ambani concluded.