Eros

Eros International Media, the Indian subsidiary of Eros International Plc has reported declined profits of Rs 29.3 crore for the quarter ending June 30, 2013, a 7% decline from Rs 31.4 crore profit in the same quarter last year.

Total revenue also declined significantly year on year to Rs 194.2 crore, down 25% from Rs 259.3 crore in the same quarter last year.

Operational Highlights

Eros hasn’t disclosed any information on how its digital offerings are performing for the quarter, so it looks like the company’s online paid movie streaming service Eros Now is not currently a focus area. It says that Eros Now “will gain popularity once the broadband connectivity grows in India and 3G & 4G service adoption increases, which will allow them to monetize their content library through yet another distribution channel”. In its annual report (pdf) for the financial year ended March 31, 2013, Eros has claimed that its YouTube channel Eros Now has crossed a cumulative 1.4 billion video views across 8,500 videos until now and the channel crossed a milestone of one million subscribers in July 2013. It also claimed that the channel continues to generate significant advertising revenue, although it didn’t disclose any specific information on the same.

Other Highlights

– Eros released 12 films during the quarter, which includes seven Hindi films and five Tamil and other regional films.

– Eros International inked strategic tie ups with Sony Music to co-distribute the music of Go Goa Gone and Raanjhanaa under Sony Music and Eros Music labels.

– Earlier this week, Eros announced its plans to produce a Hindi film with AR Rahman’s YM Movies.

Download: Press Release | Financials