ISLE OF MAN, United Kingdom--(BUSINESS WIRE)--Eros International Plc (NYSE:EROS) (“Eros”), a leading global company in the Indian film entertainment industry, today announced that two existing top ten institutional shareholders of the Company have increased their holdings in Eros. The Company raised approximately $30 million through a private placement, the proceeds of which will be primarily used to fund further expansion of Eros Now, the Company’s OTT platform.
Jyoti Deshpande, Group CEO & MD Eros International commented, “Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well underway with Eros Now, our OTT platform crossing one million paid subscribers as of June 30, 2016. Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from one million to ten million and eventually hundred million within the next decade.”
About Eros Now
Eros Now is Eros International Plc’s leading on-demand Bollywood entertainment network accessible anytime, anywhere, on nearly any Internet-connected screen. Eros Now offers its 49.6 million plus registered users, across 135 countries, the promise of endless entertainment hosting the largest library of films (Eros Now has rights to over 5,000 films), as well as premium television shows, music videos and audio tracks, unmatched in quantity and quality. Eros Now will soon launch compelling original drama series for its viewers. Compelling product features such as offline viewing where premium subscribers can download the content and view it when not connected to the Internet make Eros Now a unique offering with focus on user experience.
Eros Now is available on Apple and Android platforms and has integration deals with Airtel, Idea and now Reliance Jio and several other operators internationally. For further information, please visit: www.erosnow.com.
About Eros International Plc
Eros International Plc (NYSE: EROS) is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media. Eros International Plc became the first Indian media company to list on the New York Stock Exchange. Eros International has experience of over three decades in establishing a global platform for Indian cinema. The Company has an extensive and growing movie library comprising of over 3,000 films, which include Hindi, Tamil, and other regional language films for home entertainment distribution. The Company also owns the rapidly growing OTT platform Eros Now. In 2015 3 out of the top 4 box office films and 7 out of the top 15 box office films were from Eros. For further information, please visit: www.erosplc.com.