Reliance Industries Ltd (RIL) has claimed that its OTT app JioCinema generated higher revenue from digital streaming of the Indian Premier League (IPL) compared to its rival Disney Star, which had the TV rights for the marquee cricket tournament.
Reliance attributed the higher revenue to the large number of advertisers, saying JioCinema attracted more than 13 times the number of advertisers on TV during the IPL. Viacom18, which streamed the IPL on JioCinema, beat the likes of Amazon, Disney Star and Sony India to win the digital streaming rights for the IPL while Disney Star won the TV rights.
Reliance said the revenue of its media business grew 141.7% in Q1 FY24 on the back of JioCinema delivering record advertising revenues during IPL. The company said it had signed up more than 100 advertisers for the IPL including brands such as Amazon, Coca-Cola, Hyundai and Pepsi.
The success of JioCinema in the IPL is a sign of the growing popularity of digital streaming in India. The country is home to the world's largest internet population, and the number of people watching online content is growing rapidly.
The IPL is one of the most popular sporting events in the world and its digital rights are highly sought after. The fact that JioCinema was able to generate more revenue from digital streaming than Disney Star is a significant achievement.
It remains to be seen whether JioCinema can maintain its momentum in the coming years. However, the company's success in the IPL is a sign that it is well positioned to compete with the likes of Disney Star in the digital streaming market.