Walt Disney Co‘S DIS Disney+ Hotstar bears the brunt of Reliance Industriesowned and directed by India’s richest man Mukesh Ambaniupped its game against global streaming giants with its subsidiary JioCinema.
What happened: Data Figures obtained by CNBC-TV18 earlier this week showed that it accounted for most of the decline in Disney subscribers for the quarter ended March 31 Disney’s India Arm, which saw an 8% drop in membership.
The India unit lost massively 8.4 million subscribers in the last six months.
On Wednesday, Disney reported that the number of Disney Plus subscribers fell for the second straight quarter. The Total Disney Plus subscribers fell to 157.8 million. The global giant lost $659 million in its streaming division. India’s subscriber base decreased by 4.6 million between December and April, bringing the total number of subscribers to 52.9 million.
The Ambani Effect: The drop in subscribers coincided with two significant absences from the platform – HBO content and the Indian Premier League.
Last year, Disney+ Hotstar lost the bid to broadcast the IPL Viacom18, a company owned by RIL. Analysts had estimated at the time that it could cost streaming a loss of 15 to 25 million subscribers.
JioCinema currently owns the streaming rights to the IPL and during the tournament’s opening weekend in April, the streaming platform recorded over 1.47 billion video views.
See also: What is Reliance Jio’s share price?
Disney+ Hotstar also recently ended its partnership with HBO, resulting in several popular shows being unavailable such as: Game of Thrones, successor, and other. In the meantime, RIL has partnered with Warner Bros. Discovery to bring these Hollywood shows to its streaming platform.
The billionaire’s conglomerate is not giving up and has other plans than planned Pitting JioCinema against big international companies like walt disney, Sony Group Corp SONY And Netflix Inc…