Indian Streaming Platform JioCinema Sets New World Record with 32 Million Simultaneous Viewers for IPL Final
Indian billionaire Mukesh Ambani's JioCinema streaming platform has set a new world record with a staggering 32 million simultaneous viewers for the final of the Indian Premier League (IPL) cricket tournament.
This has raised eyebrows in the industry as the platform's parent company, Viacom18, reportedly paid a whopping 237 billion rupees ($2.8 billion) for the IPL streaming rights from 2023 to 2027.
Despite streaming services such as Disney+ Hotstar, Amazon Prime Video, and Netflix currently dominating the Indian market, JioCinema's success could shake things up.
The platform's recent decision to broadcast matches free of charge attracted more viewers, and it has since announced plans to produce over 100 movies and TV shows in Indian languages.
JioCinema's parent company, Viacom18, has also inked a deal with NBC Universal Media for content from Universal Television, Sky Studios, and Dreamworks Animation.
The company is also launching a paid subscription service, JioCinema Premium, offering access to exclusive content.
With India's streaming market growing rapidly, the country's expanding middle class, and increasing internet usage, the sector has enormous potential.
The Indian streaming and video-on-demand market is projected to more than double to $5.3 billion by 2027, up from $2.35 billion last year, according to a Deloitte report.
However, Amazon is facing challenges in the Indian market, with an estimated 53 million paid subscribers for Disney+ Hotstar, 19 million for Amazon Prime Video, and 8 million for Netflix.
JioCinema's advantage lies in the form of Reliance Industries, which dominates India's mobile and broadband markets with more than 7 million wired broadband subscribers and 473 million mobile subscribers.
The company has also recently halved the price of its cheapest broadband plan to coincide with the start of the IPL season.
A recent report by Media Partners Asia suggests that JioCinema could be a challenger in the Indian streaming market as it has increased its investment