afaqs! news bureau
Advertising

Eros International raises $30 million for its OTT app Eros Now

The funds have been raised from two of the 10 existing shareholders in the company.

Eros International, an entertainment company which co-produces, acquires and distributes Indian films in multiple formats worldwide, recently announced that two of the existing top 10 institutional shareholders of the company have increased their holdings in Eros.

The Company raised approximately $30 million through a private placement, the proceeds of which will be primarily used to fund further expansion of Eros Now, the company's OTT (Over-The-Top) platform.

Eros International raises $30 million for its OTT app Eros Now

Jyoti Deshpande, Group chief executive officer and managing director, Eros International, says in a press release, "Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well underway with Eros Now, our OTT platform, crossing one million paid subscribers as of June 30, 2016."

She adds, "Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from 1 million to 10 million, and eventually 100 million within the next decade."

About Eros Now

Eros Now is Eros International's on-demand Bollywood entertainment Network, accessible anytime, anywhere, on nearly any internet-connected screen. Eros Now delivers its services to 49.6 million plus registered users, across 135 countries. Eros Now has rights to over 5,000 films, as well as premium television shows, music videos and audio tracks, unmatched in quantity and quality. Eros Now will soon launch an original drama series for its viewers.