While Tesla's Elon Musk has shelved Twitter as the latest addition to his affluent empire, Indian billionaires Mukesh Ambani and Gautam Adani have been building a plan to invest in what has become the latest target of the fat cats across the globe - Media. The growth of social media and the surge in access to the internet had played a vital role in turning the business tycoons' zeal towards establishing or acquiring a media house.
Amazon's Jeff Bezos owns the Washington Post while Musk now owns Twitter. In line with that, Mukesh Ambani and Gautam Adani are all set to plunge into the media sector and their plan would irk the OTT giants in India as it has been reported that both of them would establish their individual media houses which will also come up with a new OTT platform.
India is a big market for OTT platforms like Netflix and Amazon. The growth and need for such channels have created several regional OTTs where the people can be able to binge-watch the movies. While these platforms are decreasing their premium and launching new offers to cover the younger generations, the arrival of Ambani and Adani into the media sector would disturb them at a time when the OTT giants are targeting to reach more than a billion viewers.
According to reports, Mukesh Ambani's Viacom 18 Media's local joint venture with Paramount Global is set to receive 135 billion rupees in a funding round led by James Murdoch-backed Bodhi Tree systems. On the other hand, Adani Enterprises Ltd has said separately that it has established a new media subsidiary, which has shown Gautam Adani's pursuit of building his wealth through the growing market.
The arrival of the two business moguls is expected to give a crucial push into the Indian media sector in a new phase. While Ambani is planning to stretch his hands across the media through his Network 18, Adani is starting afresh and the development has come days after Adani has become one of the top five billionaires in the world and he has levelled up with Bill Gates.
While the Indian media sector is a tough market, Adani's and Ambani's investments would drive the existing media platforms into an ordeal. Last month, Adani Media Ventures had agreed to buy a stake in Quintillion Business Media Pvt Ltd, which is the parent company of the Bloomberg news. Vivek Couto, the Executive Director at Media Partners Asia has said, "India is still the only full-scale, high-growth opportunity in Asia outside of China.