‘Amazon eyes potential stake in Inox Leisure’

Reuters Updated - July 27, 2021 at 11:19 AM.

Move part of e-commerce giant’s plan to expand streaming platform Prime Video in India

Karnataka : Bengaluru : 15/10/2020 : Trial show to check the system at INOX multiplex i Lido mall. later Show canceled due to lack of spectators at INOX multiplex at Lido Mall in Bengaluru , some of the Multiplexes started today after the Government had given green signal to run the theaters on Thursday 15 October 2020. Photo : Sudhakara Jain / The Hindu.

Amazon.com Inc’s India arm is in talks with several domestic players in film and media distribution, including cinema chain Inox Leisure Ltd, for a potential stake, the Indian Express newspaper reported on Tuesday, citing sources.

Shares of Mumbai-headquartered Inox jumped as much as 14.3 per cent to ₹346.20 in early trade after the report.

Amazon India is planning to expand its content streaming platform Prime Video and is evaluating three to four deals, according to the report.

India has been a hotbed of competition for companies like Amazon, Netflix Inc and Walt Disney Inc’s Disney+Hotstar, all of which have been investing significantly to ramp up original content in regional languages.

Amazon India to increase investments in OTT space, push Prime into Tier-II markets

The e-commerce giant in January had launched a lower priced mobile-only subscription plan for its video streaming service in India, undercutting a similar plan by Netflix to woo price-sensitive subscribers.

Prime Video had marked its foray into Indian film production in March and counts the country as one of its fastest growing markets.

Amazon stays on top

Inox, the second-largest multiplex chain in India, has reported a net loss for at least five consecutive quarters since March 2020, when a nationwide coronavirus lockdown was imposed.

Inox Leisure and Amazon India did not immediately respond to requests for comment.

Published on July 27, 2021 05:23