With the pandemic lingering on, the movies business in India remains one of the most severely afflicted, with plenty of blockbusters having to realign themselves to release on streaming platforms and OTT services, instead of theatrical releases.
Multiplexes and theatres are bearing the onslaught and continue to face existential challenges for over a year due to a complete shutdown. In such a scenario, traditional models are changing, and studios have been forced to reinvent their business models.
In line with such broad-based changes, Eros is using these times to focus on restructuring and reinventing its business model. The company has undertaken an organisation-wide business restructuring exercise to navigate the current challenges and focus on growth areas. While this restructuring includes cross leveraging efficiencies, it also unfortunately leads to layoffs, in these unprecedented times.
With a sharp focus on the future and on its digital business, which has grown significantly in the past few years, the company has grown its OTT platform, Eros Now, to successfully add 19 million premium paid subscribers and 224 million registered users from over 150 countries across the world in the last fiscal year. The company owes this success to its innovative content, local and international partnerships, and increased focus on technology.
Eros STX Global Corporation is a global entertainment company that acquires, co-produces and distributes films, digital content and music across multiple formats such as theatrical, television and OTT digital media streaming to consumers around the world. Eros International Plc changed its name to Eros STX Global Corporation pursuant to the July 2020 merger with STX Entertainment, merging two international media and entertainment groups.
The combination of one of the largest Indian OTT players and premier studio with one of Hollywoodâ€™s fastest-growing independent media companies has created an entertainment powerhouse with a presence in over 150 countries. ErosSTX delivers star-driven premium feature film and episodic content across a multitude of platforms at the intersection of the world's most dynamic and fastest-growing global markets, including US, India, Middle East, Asia and China.