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Amazon eyeing potential stake in film, media business; INOX refuses the report

By Ruchi Upadhyay 
Updated Date

Bengaluru: The Indian arm of Amazon.com Inc. is in talks with several domestic players in film and media distribution, including cinema Chain Inox Leisure Ltd for a possible stake, Indian Express newspaper reported on Tuesday, citing sources.

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However, INOX denies the report and said, ”factually incorrect” and there were no discussions between the company and Amazon India.

Shares of the Mumbai-headquartered company jumped as much as 14.3% to 346.20 rupees after the report, but pared some gains to last trade 6% up.

According to the report,Amazon India is planning to expand its content streaming platform Prime Video and is estimating three to four deals.

India has been a hotbed of competition for companies like Amazon, Netflix Inc and Walt Disney Inc, all of which have been investing significantly to ramp up original streaming content in regional languages.

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The e-commerce giant in January had launched a lower priced mobile-only subscription plan for its video streaming service in India, undercutting a similar plan by Netflix to woo price-sensitive subscribers.Prime Video made its foray into Indian film production in March and counts the South Asian nation as one of its fastest growing markets.

Additionally,INOX(India’s second largest multiplex chain) has reported a net loss for at least five consecutive quarters since March 2020, when a nationwide coronavirus lockdown was imposed.

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