Asia’s two richest men prepare to battle with Netflix, Amazon for a billion viewers
- Gautam Adani and Mukesh Ambani are competing in a tough market in which the global media giants are also vying for more than a billion viewers
- Ambani’s venture with Paramount is to receive US$1.8 billion in funding, led by James Murdoch; Adani bought a stake in Quintillion, former partner of Bloomberg
Asia’s two richest men – Gautam Adani and Mukesh Ambani – are doubling down on India’s media sector, intensifying competition in an arena where Netflix and Amazon are also vying for more than a billion viewers.
Viacom18 Media, Ambani’s local joint venture with Paramount Global, is set to receive 135 billion rupees (US$1.8 billion) in a funding round led by James Murdoch-backed Bodhi Tree Systems. Adani Enterprises Ltd, the tycoon’s flagship company, said separately that it has established a new media subsidiary, signalling his ambitions to tap into the growing market.
The Viacom18 investment and Adani’s entry into media mark a new phase in the battle for eyeballs and content in a market with a robust local film industry, a growing middle class and rapidly expanding access to the internet.
But it’s also proved to be a tough market. Struggling to add subscribers, Netflix, for instance, has had to cut its fees to lure price-conscious users.