Strong First Quarter for India's Eros International
The entertainment major had a hit with Bollywood comedy 'Tanu Weds Manu Returns' and recently launched its Netflix-style service ErosNow.
Leading Indian entertainment major Eros International saw sales jump over 96 percent to some $76 million (rupees 4.8 billion) in the first quarter of the 2015-16 financial year, Eros announced on Thursday. Profits after taxes rose 49 percent to $8.4 million.
Theatrical revenues accounted for 51.5 percent of Eros' total income with overseas revenues generating 27 percent of sales. Television and other revenue streams garnered 21.5 percent.
Eros had a good start to the quarter with the May release of Bollywood comedy Tanu Weds Manu Returns, a sequel to the 2011 hit. Featuring actress Kangana Ranaut, the film has earned around $41 million worldwide.
The second quarter, which in the Indian financial year begins in July, has also started strong with Bajrangi Bhaijaan, starring actor Salman Khan. The film has earned some $79 million worldwide to date for Eros.
Eros used the film's release to officially announce the marketing campaign of its Netflix-style digital video service ErosNow. The launch is seen as a preemptive strike following reports that Netflix was looking to set up its own Indian service in 2016. ErosNow claims it has more than 26.5 million registered users. The service draws from its parent company's film catalog of more than 3,000 titles and has said it will commission original productions, including an announced Hindi-language remake of an, as-yet-unnamed, U.S. television series.