Asia’s two richest men prepare to battle with Netflix and Amazon
The Viacom18 investment and Adani's foray into media mark a new era in the struggle for subscribers and content in a market with a thriving local film industry, a burgeoning middle class, and fast-increasing internet connectivity.
Gautam Adani and Mukesh Ambani, Asia's two richest men, have entered the media fray as the competition heats up in a market where Netflix and Amazon are battling for over a billion subscribers.
Ambani's local joint venture with Paramount Global, Viacom18 Media, is slated to get US$1.8 billion. Separately, the tycoon's flagship firm, Adani Enterprises Ltd, announced the formation of a new media division, indicating his desire to break into the booming market.