Flipkart eyes stake in Star's Hotstar: Report
Flipkart has already tied up with Hotstar to launch a video advertisement platform in July.
Walmart Inc's Flipkart unit is in talks to buy a stake in Star India's video streaming service Hotstar, reported a business newspaper on Monday, stepping up the e-commerce firm's battle with Amazon.com Inc by expanding into video content.
The reported talks with Hotstar come at a time when there is high demand in the country for video streaming services like Netflix and Amazon Prime Video, which offer original content shows like "Sacred Games" and "Breathe".
Hotstar, owned by Twenty-First Century Fox's Star India unit, launched in India in 2015 - about a year ahead of streaming giant Netflix and nearly two years ahead of Amazon Prime Video debut in the country - remains well ahead of both in terms of its popularity with domestic users.
Hotstar has been offering premium content like HBO's "Game of Thrones" and live-streaming of popular Indian Premier League cricket for an annual subscription of 999 rupees ($13.90).
Hotstar has denied any such talks with Flipkart, but said was open to partnerships that can help grow the Internet ecosystem in India and beyond, reported the Mint.
Flipkart and Hotstar were not immediately available for comment.
Flipkart has already tied up with Hotstar to launch a video advertisement platform in July. Hotstar is also one of the Internet partners for Flipkart Plus, its customer loyalty programme competing with Amazon Prime.
Walmart acquired about 77 percent of Flipkart for nearly $16 billion in what was the US retail giant`s largest-ever deal and a move to take on arch rival Amazon in a key growth market.
Watch This Zee Business Video
Flipkart, along with its fashion units Myntra and Jabong, is slightly ahead of Amazon in India`s online retail, according to Forrester estimates.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
11:46 AM IST