Apropos the news item, ‘All’s Not Well With This Media & Entertainment Company’, dated June 18, Eros has clarified that all is well with it. “There’s nothing wrong with us or our company,” clarified a top official of the company to Information, adding, “All speculation that the marriage between our company and the Hollywood studio, which we partnered with last year, might be breaking is just that, there’s zero truth to it.”
The official continued, “The wild stories are emanating in the market after the company decided to go in for restructuring. Every company is downsizing, so are we. But if the employees, who were asked to leave, start to spread false stories about the working or future of the company, it’s not fair. We have not gone around town, stating the reasons for the termination of services of some of them, but they have taken the liberty to term termination of their services as resignation.”
The official press release from Eros states:
“The pandemic has lasted longer than anyone could have imagined and has impacted businesses across. The movies business in India remains one of the most severely afflicted, with plenty of blockbusters having to realign themselves to release on streaming platforms and OTT services, instead of theatrical releases. Multiplexes and theatres have borne the onslaught and continue to face existential challenges for over a year due to a complete shutdown. In such a scenario, traditional models are changing, and studios have been forced to reinvent their business models.
“In line with such broad-based changes, Eros is using these times to focus on restructuring and reinventing its business model. The company has undertaken an organisation-wide business restructuring exercise to navigate the current challenges and focus on growth areas. While this restructuring includes cross-leveraging efficiencies, it also, unfortunately, leads to layoffs, in these unprecedented times.
“With a sharp focus on the future and on its digital business, which has grown significantly in the past few years, the company has grown its OTT platform — Eros Now — to successfully add 19 million premium paid subscribers and 224 million registered users from over 150 countries across the world in the last fiscal year. The company owes this success to its innovative content, local and international partnerships, and increased focus on technology.”