Eros STX Global Corporation, a global Indian entertainment company, today announced significant corporate developments.
Key Highlights
Completion of previously announced sale of STX subsidiary
o Eros retains a 15% non-voting interest in STX with long-term monetization potential
o The Company has fully repaid $152 million of its outstanding JP Morgan credit facility and STX-level subordinated credit facilities
Several strategic additions to the board and management team
O Rishika Lulla Singh as the new executive chairman
O Pradeep Dwivedi as the new CEO
O Rajesh Chalke as the new CFO
Company changes company name to “Eros Media World PLC” (“middle Ages“)
Strong short-term revenue growth and significant reduction in net debt
o Revenues in excess of $120 million are expected for fiscal 2023
o Current net debt of $130 million at the end of fiscal 2022, which is expected to decrease to
$115 million by the end of fiscal 2023
Extensive and valuable content library combined with multiple monetization channels positioned to drive long-term revenue growth and underpin the capital-efficient growth strategy
o Eros Now aims to monetize existing content libraries and new original series through global partnerships and distribution agreements, with a focus on more profitable direct-to-consumer subscribers
o Innovative opportunities such as AVOD, blockchain and non-fungible tokens (NFTs) which are expected to result in significant additional upside and a renewed focus on Eros Now Music growth
market opportunities
The global media landscape is changing rapidly. In many cases, the pandemic has fueled the growth of digital businesses, aided by emerging technologies like blockchain and NFTs. The number of online video users in India has grown to over 500 million users, with time spent increasing by 52% compared to pre-pandemic levels. The company’s focus will be on capitalizing on the value of its unique and large company content library and two main verticals: Studio and Digital. In an environment that is attracting significant investment and M&A potential, especially post-Sony-Zee merger, Eros Media is one of only a few standalone media players of this magnitude. The company is ideally positioned to take advantage of strategic opportunities.
Content library and studio store
Eros Media’s studio division, which already owns, manages and controls one of the world’s largest Indian language film libraries with over 3,000 titles spanning decades, will be very focused on monetizing their library of content driven films with reasonable budgets to achieve an attractive rate of Return. The studio division continues to capitalize on growing demand for content from streamers, cable and satellite companies and the rapidly resurgent theatrical window. Major upcoming movies include One-Two-Three, Good Luck Jerry, Gorkhaa, Raksha Bandhan, An Action Hero, and several untitled movies. The chances in Eros Now music Business form an integral part of Eros Media’s studio division.
digital business
Eros Now will continue to focus on direct customer relationships, improve overall penetration and distribution of Eros Now as a service in Tier 2 and Tier 3 regions of India, as well as migrating subscribers to higher ARPU plans and international markets. Eros Now will continue to aim to monetize its existing content library through global partnerships, bundling and distribution agreements, which are expected to drive organic revenue growth in a capital-efficient manner.
Eros Now music
The music destination benefits from the combined content platforms of Eros’ Studio and Digital Businesses, which will support Eros Now Music by expanding its existing music library as well as new originals, non-film scores and independent artists in all languages and genres, thereby enhancing its current position. Eros Now Music expects to release hundreds of originals over the next year that will complement existing content and help make the platform a preferred music destination. Established and emerging artists with expertise in genres such as Indie, Pop, Sufi, EDM, Hip Hop and New Age among others will showcase their talent in various regional languages
Hindi, Punjabi, Bhojpuri and Haryanvi, supporting local talent and connecting to a wider music audience.
Blockchain and Partnership Ecosystem:
Eros’ strategic partnership with Xfinite for global AVOD monetization enables Eros Now to efficiently monetize a large and engaged user base. Eros Media has opportunities to explore alternative forms of community creation and content monetization through Mzaalo’s NFT marketplace, which is in beta launch and will connect consumers and NFT collectors with domestic and world-renowned artists, celebrities, athletes and more connects. The ecosystem is powered by the Xfinite Entertainment Token (XET), which is based on the Algorand blockchain. XET is available on exchanges like BitMart, MEXC, Tinyman, Algofi and powerful yield farming platforms like Yieldly. XET is listed on both centralized and decentralized exchanges, providing the utility of the digital token and raising the public profile of the utility token.
Commenting on the development, former Executive Chairman Kishore Lulla said: “As the business and market matures, I am confident in Eros Media’s ability to execute with fundamentals on track. I am happy to inform you Pradeep Dwivedi as CEO and welcome Rajesh Chalke as CFO to usher in a new era for Eros Media under the leadership of an experienced board of directors. I will step down from senior positions at Eros Media in the near future and dive into my entrepreneurial fiber to build the largest Indian web3 and blockchain ecosystem for the world through Eros Investments1. The merging of the virtual/meta world with high fidelity gaming and digital goods/NFT bound via decentralized technology in the web2, web3 and immersive experiences is the main premise for Eros Investment’s focus in the next 10 years.
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