Eros rebrands to Eros Media World

Changing its corporate name to Eros Media World PLC, the entertainment company has appointed Rishika Lulla Singh as the new executive chairperson. It has also appointed Pradeep Dwivedi as the CEO and Rajesh Chalke as the CFO.

Eros Now will target monetisation of existing content library and new original series through global partnerships and distribution arrangements, with a focus on more profitable direct-to-consumer subscribers. It also expects innovative opportunities such as AVOD, blockchain and non-fungible tokens (NFTs) to drive significant incremental upside. There will be a renewed focus on growing Eros Now Music.

Eros STX Global Corporation, a global Indian entertainment company, today announced significant corporate developments as follows:

• The company will retain 15% non-voting stake in STX with long-term monetisation potential.

• Company has fully repaid $152 million of outstanding JP Morgan credit facility and subordinated credit facilities at STX level.

Strong near-term revenue growth and significant reduction in net debt

• Over $120 million in revenues expected for FYE 2023

• Current Net Debt of $130 million as of the end of FYE 2022, expected to decrease to $115 million by the end of FYE 2023

5Deep and valuable content library combined with multiple monetisation channels positioned to drive long-term revenue growth and underpin capital efficient growth strategy :-

• Eros Now to target monetisation of existing content library and new original series through global partnerships and distribution arrangements, with a focus on more profitable direct-to-consumer subscribers

• Innovative opportunities such as AVOD, blockchain and non-fungible tokens (NFTs) expected to drive significant incremental upside, as well as renewed focus on growing Eros Now Music

Market Opportunities

The number of online video users in India has grown to over 500 million users with a 52% increase in time spent as compared to pre-pandemic levels. The Company’s focus will be on leveraging the value of its unique and large Content library and two main verticals: Studio and Digital.

Content Library and Studio Business

Eros Media’s studio division, which already owns, manages and controls one of the world’s largest Indian-language film libraries of over 3,000 titles spanning decades, will be very focused on monetising its library of content-driven films with appropriate budgets to generate an attractive rate of return. The studio division continues to exploit burgeoning demand for content across streamers, cable and satellite companies and the rapidly resurgent theatrical window. The opportunities in the Eros Now Music business form an integral part of Eros Media’s studio division.

Digital Business

Eros Now will continue to focus on direct-to-customer relationships, improving overall penetration and distribution of Eros Now as a service in Tier 2 and 3 regions of India, as well as migrating subscribers into higher ARPU plans and international markets. Eros Now will continue to target monetisation of its existing content library through global partnerships, bundling and distribution arrangements which are expected to drive organic revenue growth in a capital efficient manner.

Eros Now Music

The music destination benefits from the combined content platforms of Eros’ Studio and Digital Businesses which will support Eros Now Music by augmenting its existing music library, as well as through new originals, non-film music and independent artists across languages and genres, thereby elevating its current position. Eros Now Music expects to release hundreds of originals over the next year, which will supplement existing content and help grow the platform into a preferred destination for music.

Kishore Lulla, former executive chairman : “As the business and market matures, I am confident in Eros Media’s execution capability with fundamentals on track. I am pleased to announce Pradeep Dwivedi as CEO and welcome Rajesh Chalke as CFO to usher in a new era for Eros Media, with guidance from an experienced board. I will step down from the executive positions at Eros Media in the near future and dip into my entrepreneurial fibre to build the biggest Web3 and Blockchain Indian eco-system for the world via Eros Investments1. The amalgamation of the virtual/meta world, with high fidelity gaming and digital goods/NFT’ bound via de-centralized technology in the Web2, Web 3 and Immersive experiences is principal premise of Eros Investment’s focus over the next 10 years”