Eros Now’s paid subscriptions grew from 5 million at the end of 2017 to 7.9 million in the first quarter of 2018. That’s a 58% increase from the previous quarter. Though the company didn’t explain the growth in its release for the current quarter, the numbers are most likely a result of telco aggregator apps like Airtel TV and JioCinema, the latter of which is free to consumers right now. However, since that’s technically a paid subscription which Jio is providing for free, Eros counts subscribers on that platform as paying subscribers, according to a definition provided in 2017.
Paying subscribers, as per this definition, were 7.9% of total registered users, which reached 100 million this quarter.
In Q4 2017, Eros made $5.2 million in profit after tax; this number has grown to $9.4 million in Q4 2018 (Q4 2018 is January to March 2018).
Eros Now relies on telecom operators and OEMs for digital distribution. It has tie-ups with telcos like Reliance Jio, Bharti Airtel, Idea Cellular, Vodafone and others. It said in the previous quarter that it expects the number of subscriptions to double by 2019.
In February, Reliance Industries Limited, which owns Jio, said that it would invest $150 million in Eros, acquiring 5% equity at a premium on the face value, and pumping in money to produce originals.
Eros Now tie-ups
In terms of its global expansion, the streaming service said last month that it is now available to Amazon Prime members on Amazon Channels across the US and UK with a subscription fee of $7.99 and £5.99 per month. It also partnered with Smart TV company Foxxum in UK to bundle Eros’s Bollywood library on the Foxxum TV App Store globally.
In India, it has partnered with Airtel to offer their catalogue within the Airtel TV app — they have a similar arrangement with Jio. They have also partnered with BSNL to bundle subscriptions with data packs. In addition to this, they partnered with proprietary streaming sticks like Amazon’s Fire TV and (the now discontinued) Teewe.
Eros Now app was bundled into Ola Cabs’ in-cab entertainment service Ola Play. It also partnered with Paytm and other wallet providers for payments.
In April, Eros Now put out its first direct-to-digital original film, Meri Nimmo.