Indian movie production and distribution giant Eros Group is reportedly in talks with Apple and other content distributors to sell its entire library of films and music.
According to a new report from Reuters, Eros Group, the largest movie producer in India, is in talks with Apple to sell its entire content library of films and music for around $1 billion USD according to multiple sources aware of the ongoing negotiations. A deal may also include their digital OTT platform, Eros Now, billed as the “Netflix of Bollywood.”
Eros is also talking to Amazon and Netflix. This is all a part of the mega restructuring exercise in Eros, which could result in the reverse merger of NYSE-listed Eros International into the Indian-listed subsidiary Eros International Media to create a single listed firm.
“The other parties in the fray include Amazon and Netflix, but talks are in very early stages, said the source, who declined to be named as the discussions are private,” reads the report.
India is the world’s fastest growing Internet services market, making Indian television an attractive investment for content streaming companies. Eros has the rights to more than 3,000 Indian films, including numerous Bollywood blockbusters.
If successful in its pursuit, an Eros acquisition could help Apple gain a major foothold in India, and perhaps lead to smartphone market share growth there over time. Apple has struggled to achieve any meaningful presence in the fast-growing Indian economy, with iPhones representing a minuscule 2% of all smartphone sales in the country.