Novi Digital media owned OTT platform Hotstar has reportedly secured $73.8 Mn (INR 516 Cr) from Star US at a valuation of $265 Mn. The online streaming media giant will use the funds to combat competition from global SVOD giants such as Netflix and Amazon Prime.
Currently, Hotstar boasts of nearly 7 lakh paid subscribers. The recent partnership with leading brands such as Flipkart and Airtel TV, and the success of the 2018 edition of the Indian Premier League are few reasons behind the company’s recent revenue surge. As of June 2018, Hotstar reported a revenue of Rs 5.69 billion, compared to Rs 5.71 billion it posted in the 12 months ended March 2018.