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HomeNewsNew Media‘No more TV syndication deals’, said Eros on its OTT platform Eros Now
Monday, 18 November 2019 13:41

‘No more TV syndication deals’, said Eros on its OTT platform Eros Now

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To boost the penetration of its over the top (OTT) platform Eros Now, Eros International has announced to stop doing TV syndication deals.

Eros has a revenue guidance of $200 million and EBITDA of $80-95 million for FY20 despite a lacklustre Q2 performance. The company’s Q2 revenue almost halved due to the absence of big-budget films and the non-monetisation of satellite rights.

Eros International Plc Executive Chairman and Group CEO Kishore Lulla commented: “We are not doing the TV syndication increasing the Eros Now penetration and the revenue guidance of $200 million for the whole year and the EBITDA of $80 million to $95 million, we are reiterating that we will achieve that and there were no medium budget and no theatrical releases this year. There were low budget films of that and that’s where you could see that the revenue of the dip, but this is as per our guidelines and as per our expectation.” 

Eros Now is expected to bring in upwards of $55-60 million. The company is also bullish about the studio division as it has some big movies lined up for release in the fourth quarter.

Eros International Plc CFO Prem Parameswaran added” “We generated $32.3 million in revenues in Q2 FY20 compared to $63.4 million in Q2 FY19 on a like-for-like basis. Adjusted EBITDA for this quarter was $7.8 million compared to $27.5 million last year.”

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