Eros International Media, the Indian subsidiary of Eros International Plc has reported increased profits of Rs 36.97 crore for the quarter ending September 30, 2013 (Q2-FY14), a 41.7% growth from Rs 26.1 crore profit in the same quarter last year.
The total revenue however declined to Rs 201.5 crore for the quarter, a 12.8% dip from Rs 231.1 crore in the same quarter last year.
During the quarter, Eros International’s paid movie streaming service, ErosNow had inked content tie-ups with UTV and Viacom18 to add Bollywood movie titles to its catalogue. As part of the partnership, it had added around 50 Viacom18 movie titles like Special 26, Chashme Baddoor and others and UTV movie titles like Rowdy Rathore, Barfi, Rang De Basanti, Jodha Akbar, Kaminey and others.
Besides this, the company hasn’t disclosed any specific information on how its digital offerings had performed during the quarter. In the previous quarter, Eros had claimed that its YouTube channel Eros Now had registered a cumulative 1.4 billion video views across 8,500 videos and crossed a milestone of one million subscribers in July 2013. It had also mentioned that the channel continues to generate significant advertising revenue for the company, but hadn’t disclosed any specific numbers.
ErosNow also seems to be focusing on India to increase its signups: Last month, it had started offering premium subscriptions at a significantly discounted rate of Rs 25 per month for Indian consumers, down from $2.99/month (around Rs 183) earlier, while the same premium subscriptions was being offered for $7.99/month for International subscribers.
– Eros International released 26 films during the first half of FY 2014, which includes 11 Hindi films and 15 Tamil & other regional films.
– It also acquired the worldwide distribution rights of the Bollywood movie Grand Masti in August 2013.
– It announced plans to co-produce a Hindi film with AR Rahman’s YM Movies.