×
You will be redirected back to your article in seconds

Eros Profits and Digital Business Up in First Quarter

India’s Eros International brushed aside recent short selling attacks by unveiling a strong first quarter for its financial year. Operating profit for the three months to end of June increased by 63% to $11.7 million, from $7.2 million in the prior year period.

The growth came despite a seasonal reduction in the number of film releases, at just five in the quarter. That caused revenues to drop by 14% to $60.8 million.

India’s distribution and film investment giant would like to be seen as one of the industry’s digital champions. It said that its Eros Now streaming service had increased its paying subscriber numbers by 28% from 2.9 million to 3.7 million. Total registered users hit 75 million.

In comments to analysts after the Friday announcement, CEO Jyoti Deshpande confirmed that 90% of paying subscriptions are from consumers in India. Average cost of the subscription is $5 per month.

She attributed the company’s robust quarterly numbers to a production strategy that is more in-house and less adventurous than in the past. “We continue to focus on sensibly budgeted films that are content driven and backed by pre-sales potential with lower reliance on box office success rather than big budget big star cast high profile films,” Deshpande said.

The company made little direct reference to the recent short selling attacks beyond noting that it had succeeded in having a New York court dismiss a class action against it. Earlier this week Eros itself launched legal actions against some of the fund groups that had sold its shares and published research suggesting major irregularities in its accounts. It finished the quarter with $115 of cash on its books.

More Film

  • Toby Emmerich

    Toby Emmerich Recalls Rachel Adams' Chemistry Read With Ryan Gosling

    In the span of one year, Toby Emmerich ascended to the chairman role at Warner Bros. Picture Group, shepherded the studio’s record-breaking slate at the worldwide box office, and was selected as the latest recipient of the PGA’s Milestone Award, a kudo that has previously gone to execs including Donna Langley and Robert Iger. Among [...]

  • Editorial use only. No book cover

    The Story of 'A Star Is Born' Before Bradley Cooper's Version

    “A Star Is Born” has always been a great talent vehicle, including the new Bradley Cooper-Lady Gaga version, which Warner Bros. opened Oct. 5. Previous versions showcased big-name talent, but there’s also a stellar lineup of people who almost made the film but didn’t, including Cary Grant, Cher, Elvis Presley, Whitney Houston, Denzel Washington, Tom [...]

  • PGA Presidents Gail Berman and Lucy

    PGA Presidents Gail Berman and Lucy Fisher on the Need for More Change

    Midway through their first year as co-presidents of the Producers Guild, Gail Berman and Lucy Fisher are pleased with their guild’s progress tackling some of the industry’s thorniest issues — sexual harassment and inequality among them — but fully aware how much more work needs to be done. Luckily, as producers and former studio bosses, [...]

  • Sandy Climan

    Writing Platform Open Screenplay Launches With Backing From Sandy Climan

    With backing from longtime Hollywood player Sandy Climan, Khaled Sabawi has quietly launched Open Screenplay as a free online platform for aspiring screenwriters. Open Screenplay is aimed at helping writers create better stories through its story-writing process and tools. It has launched a contest with a $2,000 prize and has more than 100 screenplays in various [...]

  • Kevin Hart Fatherhood

    Kevin Hart to Star in Paul Weitz's 'Fatherhood'

    Kevin Hart is ready to show off his serious side. The comedian will star in Sony Pictures’ “Fatherhood,” a big-screen adaptation of the Matt Logelin bestseller “Two Kisses for Maddy: A Memoir of Loss & Love.” The film, which centers on a widower who must raise his daughter after his wife dies in childbirth, is [...]

  • Glass Movie

    Box Office: M. Night Shyamalan's 'Glass' Cracks $3.7 Million on Thursday Night

    M. Night Shyamalan’s “Glass” cracked $3.7 million at 3,200 North American sites on Thursday night. Universal’s “Glass” brings together the narratives of Shyamalan’s “Unbreakable,” which was released in 2000, and 2016’s “Split.” The supernatural thriller unites stars Samuel L. Jackson, Bruce Willis, James McAvoy, and Sarah Paulson. The film is set to open in 3,841 [...]

  • Indie Sales Acquires Berlinale-Bound Coming-of-Age Drama

    Indie Sales Acquires Berlinale-Bound Coming-of-Age Drama 'A Colony'

    Paris-based company Indie Sales has acquired the coming-of-age drama “A Colony” which will be making its international premiere at the Berlin Film Festival in the generation section. “A Colony” marks the feature debut of Geneviève Dulude-De Celles, whose short film “The Cut” won a prize at Sundance in 2014. Set in Sorel Tracy, a Quebec [...]

More From Our Brands

Access exclusive content