Reliance Industries Chairman and Managing Director Mukesh Ambani is set to take on Internet and video streaming giants like Google, Netflix, Amazon Prime and Spotify after the imminence success of Reliance Jio.
According to an article in the winter 2019 issue of Foreign Policy magazine, “the second stage of Ambani’s plan is more ambitious” after creating a mega base of 28 crore Jio subscribers with ultra-cheap data plans and sending rival telecom operators into a tizzy.
“Jio’s real competitors aren’t local cellular providers, such as Airtel or Vodafone India; instead, insiders say Ambani has long had his eyes set on competing with Google, Netflix, Spotify, and Facebook,” read the article. Jio services now include attractive lifestyle products — a streaming TV service with hundreds of channels, a digital payments system, a music library, a health care app, a connected home system, a messaging platform.
“Each of these could reach Jio’s growing customer base in a multitude of Indian languages,” the article added. Reliance Jio Infocomm last week reported a 65 per cent increase in its standalone net profit for the October-December 2018 period. Its standalone net profit stood at Rs 831 crore in the third quarter of the financial year 2018-19, against Rs 504 crore reported in October-December 2017-18.
“The journey of Jio has been truly remarkable and has surpassed all expectations. “The Jio family is now 280 million strong and growing on one of the world’s largest mobile data networks, in line with our vision of connecting everyone and everything, everywhere — always at the highest quality and the most affordable price,” said Ambani.