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Eros Now has 55 million users and 1.32 million paid subscribers

EROS-NOW

Eros Now, the digital video streaming from Eros International, now has 55 million registered users, with a majority of its users in India. Of these 1.32 million are paying subscribers, which is around 2.4% of its registered user base, and a 20% growth from last year. The company expects to cross 2 million paying subscribers by the end of the fiscal year. Last month, Eros Now started offering original content with ‘Salute Siachen’, a reality show shot using mobile phones. There’s a move from most video on demand companies in India to now offer original content as a differentiator.

On the payments front, Eros Now has integrated with State Bank Buddy for wallet payments. It also offers billing integration in India with Fortumo*, which allows users to pay using their mobile operator balance/billing. In October, Eros Now partnered with telecom operators, Ooredoo in Kuwait and Qatar, and Du in the UAE for mobile billing integration.

Financials

Eros International reported digital and ancillary revenues of $14.5 million for the quarter ended September 2016, down 30.3% from $20.8 million in the preceding quarter, and up 3.6% from the same quarter last year. For six months ended September 30, 2016, the aggregate revenues from digital and ancillary increased 43% to $28.6 million from $20 million for the corresponding six months last year.

Total revenues: Overall revenues decreased by 27.2% to $71.9 million from $98.8 million in the same quarter last year.
Net profit: Net profit decreased by 79% to $5.5 million from $26.2 million in the same quarter last year.
Theatrical revenues: Theatrical revenues decreased by 48.7% to $31.3 million from $61.0 million in the same quarter last year, overall accounting for 43.5% of the company’s revenues. Note that these revenues are significantly dependent on number of film releases in a quarter.
Television syndication revenues: The television syndication revenues stood at $26.1 million from $23.8 million in the same quarter last year. The segment accounted for 36.3% of the Eros International’s quarterly revenues.

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Regional segmentation of revenues:

India revenues: For six month ended September 2016, revenues by customer location in India decreased 9.9% to $84.72 million for the quarter, from $94.076 million in the same period last year.

North America: Revenue by customer location in North America decreased to $4.73 million for six months, from $10.2 million in the same period last year.

Europe: Revenue by customer location in Europe decreased to $5.86 million compared to $8.2 million in the corresponding six months last year.

Rest of the world: Revenues by customer location in rest of the world increased 31% to $47.65 million from $36.36 million in the corresponding six months last year.

Other developments:

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– In September, the company raised $30 million through two existing institutional shareholders via private placement, for the expansions of its digital service Eros Now.

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