Mukesh Ambani’s conglomerate to stream IPL for free after paying $2.7 billion
News Highlights
- Billionaire Mukesh Ambani’s conglomerate is reportedly all set to stream IPL for free.
- Viacom18 is giving games to more people to earn from advertising.
- Viacom18 executives estimate that over 550 million people will watch the IPL 2023.
According to reports, Mukesh Ambani’s conglomerate will stream Indian Premier League (IPL) cricket games for free, using its exclusive rights to challenge Walt Disney Co. and Amazon.com Inc. in India’s flourishing media market.
Last year, Viacom18 Media Pvt., the joint venture between Paramount Global and Reliance Industries Ltd., licensed the IPL streaming rights for $2.7 billion, beating Disney and Sony Group Corp. Disney previously held those rights and used them to attract subscribers to its streaming service, Disney+ Hotstar.
Mukesh Ambani
Indian businessman
- Born: 19 April 1957 (age 65 years), Aden, Yemen
- Net worth: 8,590 crores USD (2023) Forbes
- Children: Isha Ambani, Anant Ambani, Akash Ambani
- Spouse: Nita Ambani (m. 1985)
- Education: Institute of Chemical Technology (ICT), MORE
- Height: 1.69 m
- Siblings: Anil Ambani, Nina Kothari, Deepti Salgaocar
As the move has not yet been publicly announced, sources say, “Viacom18 is taking a different approach, offering the games to as many people as possible to generate advertising sales.”
In addition to the free IPL streaming move, some Viacom18 executives estimate that over 550 million people will watch the IPL 2023, which will help boost the conglomerate’s “technology and internet ambitions.”
Last year, several media companies competed for IPL streaming rights to enhance their business, causing the cost of cricket rights to soar. While Viacom18 secured the streaming rights, Disney lost the auction but won the TV broadcast rights. As per the report, Viacom18 will now “allow users to watch any number of games for any length time on any internet-connected device.”
Ambani bid for the IPL rights in conjunction with Paramount, billionaire James Murdoch and Uday Shankar, the former head of Hotstar.
Additionally, the Tata Group will be the title sponsor for IPL 2023, as it was last year. Interestingly, as the game season approaches, the group has also won the title sponsor rights for Women’s Premier League (WPL) 2023.
Mukesh Ambani becomes the richest Asian again
Mukesh Ambani has regained his position as the richest person in India and Asia with a net worth of $84 billion, as reported by the Bloomberg Billionaires Index. This marks a significant achievement for Ambani, who has once again ascended to the top. In contrast, Gautam Adani, who saw a considerable loss in net worth, holds a position of 26th on the index with a net worth of $43.3 billion. This follows allegations of fraud and stock manipulation against Adani by a US-based short seller, Hindenburg Research. Ambani’s current ranking is 8th among the world’s wealthiest individuals, a notable 17 spots ahead of Adani.
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