Disney Star is outperformed by RIL’s JioCinema in IPL streaming revenue.
Reliance Industries Ltd. (RIL) recently released its financial results for the quarter ended June 30, 2023, and noted that JioCinema, an OTT app, outperformed rival Disney Star, which owned the TV rights to the prestigious cricket tournament, in terms of revenue from the digital streaming of the Indian Premier League (IPL).
JioCinema Revenue Is Boosted by More Advertisers
JioCinema’s extensive advertiser base, according to RIL, is what contributed to the platform’s increased revenue. According to the business, “JioCinema’s advertising revenue was higher than TV as the platform attracted more than 13 times the number of advertisers on TV.”
Rising Sales for RIL’s Media Division
The net profit of RIL’s media business fell overall by 25.6% year-over-year (YoY) to INR 29 Cr in Q1 FY24, although the revenue increased significantly by 141.7% YoY to INR 3,239 Cr.
Success for JioCinema During IPL Streaming
The IPL’s streaming success brought to light JioCinema’s outstanding performance. According to the business, “Revenue growth of 141.7% was driven by Viacom18, as IPL on JioCinema delivered record advertising revenues.” JioCinema’s success was largely attributed to the benefits provided to advertisers on the platform, including scalability, targeting capabilities, cost flexibility, measurement, and integration choices.
Dominance of JioCinema in the OTT Space
RIL is working hard to establish JioCinema as a dominant force in the OTT market. The choice to webcast the IPL for free on the Internet attracted a lot of attention, drawing 449 million viewers for the tournament and 120 million for the championship game. According to these figures, there were 17 billion video views overall, with each viewer watching a match for an average of more than 60 minutes.
JioCinema has partnered for a number of years with NBCUniversal and HBO to provide more alternatives for premium consumers as part of its focus on expansion. While Reliance Jio, a division of RIL, performed well, increasing its consolidated net profit by 12.5% in the first quarter of FY24, the firm also experienced a 5.9% YoY fall in its consolidated profit after tax, which fell to INR 18,258 Cr.
