The pandemic has lasted longer than anyone could have imagined and has impacted businesses across. The movies business in India remains one of the most severely afflicted, with plenty of blockbusters having to realign themselves to releases on streaming platforms and OTT services, instead of theatrical releases. Multiplexes and theatres have borne the onslaught and continue to face existential challenges for over a year due to a complete shutdown. In such a scenario, traditional models are changing, and studios have been forced to reinvent their business models.
In line with such broad-based changes, Eros is using these times to focus on restructuring and reinventing its business model. The company has undertaken an organization wide business restructuring exercise to navigate the current challenges and focus on growth areas. While this restructuring includes cross leveraging efficiencies, it also unfortunately leads to layoffs, in these unprecedented times.
With a sharp focus on the future and on its digital business, which has grown significantly in the past few years, the company has grown it’s OTT platform – Eros Now, to successfully add 19 million premium paid subscribers and 224 million registered users from over 150 countries across the world in the last fiscal year. The company owes this success to its innovative content, local and international partnerships, and increased focus on technology.