Eros Now, the digital streaming service from Eros International, has said that it has 1.1 million unique paying active users at the end of the June quarter (Q1FY17) and has over 49.6 million users registered users across app, WAP and web. The company said that it is looking to get 2 million paid users by the end of FY17 and 5 million users at the end of FY18.
Eros Now has a 5-year target of at least 15-20 million subscribers worldwide with a blended annual ARPU of $5 from India and $30 internationally with 80 percent of the target subscribers from India and the remaining 20% internationally.
The company had registered digital revenues of $14.1 million, growing 135%, from $6 in the same quarter last year. On a sequential basis, digital revenues at Eros decreased 32.21% from $20.8 million.
Eros’s digital businesses also includes YouTube channel, and more significantly, it’s distribution via cable based VoD services called “Bollywood Hits On Demand” with Cox, Rogers, Cablevision and Time Warner, apart from services in the UK and Middle East.
Financials: Overall revenues increased 42.2% to $71.1 million for the quarter, from $50 million revenues in the same quarter last year. Net profit stood at $3.49 million for the quarter, down from $3.77 million in the same quarter last year.
Theatrical revenues: Theatrical revenues increased 11% to $37.4 million for the quarter, from $33.7 million revenues in the same quarter last year. Note that these revenues are significantly dependent on number of film releases in a quarter. The company released three high budget movies, two medium budget movies and nine low budget movies. Total number of films released in the quarter stood at 14 compared to 16 in the same period last year.
The segment accounted for 52.6% of Eros International’s quarterly revenues, up significantly from 27.5% contribution in the preceding quarter.
Television syndication revenues: The television syndication revenues were at $19.6 million for the quarter, up 90.3 from $10.6 million in the same quarter last year. The segment accounted for 27.56% of the Eros International’s quarterly revenues.
Regional segmentation of revenues
– India: For the quarter, revenues by customer location in India increased 28.6% to $42.7.million for the quarter, from $33.2 million in the last year.
– North America: Revenue by customer location in North America decreased 56.3%to $1.4 million for the quarter , from $3.2 million last year.
– Europe: Revenue by customer location in Europe increased 9.8% to $4.5 million compared to $4.1 million last year.
– Last month, Eros Now tied up with Reliance Jio (RJio) to make available old and new movies including Bajrangi Bhaijaan, Bajirao Mastaani, Tanu Weds Manu Returns, Prem Ratan Dhan Payo on the JioOnDemand service.
– Eros Now is in the process of acquiring 10,000 more films to add to its existing library of 5,000 films and launching its original series in the second half of FY 17.
Download: Press release and earnings