Indian streaming video platform Eros International (NYSE:ESGC) continues to see user growth soar as a result of the coronavirus pandemic, reporting paying subscribers in the fiscal fourth quarter surged 56% to 29.3 million.
And like its global streaming peers, such as Netflix (NASDAQ:NFLX) and Amazon.com (NASDAQ:AMZN), it is becoming a more vertically integrated entertainment business as it also just closed on its merger with STX Entertainment, a global producer, marketer, and distributor of movies, TV shows, and multimedia content.
An ever-expanding reach
Eros keeps expanding the availability of its app to more viewers, having recently partnered with Sony (NYSE:SONY) to have Eros Now preinstalled on all Bravia smart TVs. Eros also has partnerships with Apple, Dish Network, LG, and Alphabet subsidiary Google's YouTube Music.
It reported registered users now top 196 million, a 27% increase from last year. Between the increase in paid subscribers and the rise in registered ones, Eros says it represents an annual conversion ratio of registered users into paid subscribers of 15%, a significant increase from last year.
Eros is also expanding globally and notes content consumption outside of India grew 47% in the fourth quarter, with the U.S., Singapore, the U.K., Australia, Canada, Sweden, Japan, and the UAE among top 10 countries in terms of consumption.
Eros separately announced it had completed its merger with STX and said the combined company will now be known as Eros STX Global. Its stock ticker will will change to ESXI, which will trade on the NYSE beginning in September.
STX has had several hit movies including The Upside and last year's Hustlers with Jennifer Lopez, but many of its other films have been mediocre at best. Eros has been a Bollywood staple in India.