Disney has announced a joint venture with India's biggest conglomerate, Reliance Industries.
👉 Background: Disney is the world's second largest entertainment company. But its streaming service Disney+ hasn't exactly been popping off, haemorrhaging $300 million USD in losses over the last quarter alone.
👉 What happened: Now, Disney has announced a joint venture with India's biggest conglomerate, Reliance Industries. The deal is worth a whopping $8.5 billion USD and will combine the two companies' streaming platforms, as well as multiple TV channels for the Indian market.
👉 What else: This deal is a major win for Disney who has been trying to get a strong foothold in the Indian market for decades. However, they just haven't been able to compete with local providers.
💡If you can’t beat 'em, join 'em. Even the biggest companies in the world rely on this strategy.
💡Disney has faced a tonne of challenges trying to break into the Indian market. Disney lost millions of subscribers from its Indian streaming service, Hotstar, when it lost the streaming rights to the Indian Premier League.
💡Disney knows that India, with a population of over 1.4 billion, is a massive commercial opportunity. Having access to that customer base is a growth opportunity they can't miss, even if it means partnering up with the competition.
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