 "Uday Shankar")
Vice-chairperson of the combined entity of Reliance Industries (RIL) and The Walt Disney Company Uday Shankar said JioStar (the combined entity) is very focused on “taking its streaming products to the lowest echelons of the Indian society.”
“I don’t believe in creating solutions solely for the top tier of Indian society. The true value of India lies within its 1.4 billion people,” said Shankar, co-founder of Bodhi Tree Systems, in an interview with Bloomberg TV after the joint venture transaction was completed.
He said an irony in the industry is that everyone talks about the 1.4 billion people but when they (media companies) create their strategy, they look at the top 200-300 million people.
The mega joint venture (RIL-Walt Disney) valued at Rs 70,352 crore is focused on creating offerings that are attractive and affordable to all. It will not be limited to just the premium subscription model.
“On the streaming side, we want to create an alternative to television,” said Shankar.
The joint venture is controlled by RIL. RIL holds 16.34 per cent, Viacom18 holds 46.82 per cent, and Disney another 36.84 per cent in the combined entity.
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Shankar emphasised about the use of technology in the current scenario for innovating the monetisation model.
“I think media companies in India and globally have been very lazy in the innovation of the monetisation model,” said Shankar.
He added that even companies that have been established for a very long time stick to the same model of selling subscriptions and advertisements.
He believes that technology today enables companies to do more than this and JioStar will focus a lot on the innovation of business models.
Talking about potential job losses due to the merger, Shankar said JioStar’s “aggressive growth agenda” will be able to absorb most of the people.
“Talent is a requirement we struggle every day to meet and I think JioStar will be a talent magnet,” Shankar added.
According to some media reports, several top executives at Disney India have already left before the completion of the combined entity.
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