Bengali streaming service Hoichoi has launched a content studio to build on film IPs (intellectual properties).
The over the top (OTT) platform has launched hoichoi studios. "We will produce films which will release in theatres first and then come on the OTT platform. We will also have exclusive streaming content as well. This way we will create our own IP from film point of view," co-founder Vishnu Mohta, told Moneycontrol.
The OTT has also announced 24 new shows for 2024. "Our content production has intensified, with a monthly output of 6-7 titles. This approach includes not only Hindi dubbed releases but also at least 2-3 original shows and one world premiere movie in Bengali," he said.
The platform has a library of 140 originals. To expand the reach of its content, the streaming service is syndicating titles in other languages on various partner platforms for regional distribution. Recently, Hoichoi partnered with Jio Cinema for its Hindi-dubbed content. In the coming year, the Bengali OTT is exploring opportunities to make content available in more languages such as Tamil, Telugu, and Malayalam through selected partners.
Globally, the OTT is focusing on Bangladesh. "Bangladesh is a focus market for us and a long-term bet. While the market is growing, it is in early stages of digital transformation as cost of internet is still on the higher side. We are also attempting to go deeper in Middle East," Mohta said.
Overseas contributes 40 percent to Hoichoi's total direct subscription revenues. In 2023, the company recorded 40 percent surge in direct subscriptions, and a staggering 60 percent increase in individual watch-time per subscriber versus 2022. The average engagement time per active user stands at 59 minutes on the platform.
Monthly active users (MAUs) increased by over two times compared to the previous year, along with nearly a 40 percent rise in international subscriber revenue.
Additionally, Hoichoi has seen a 40 percent growth in direct subscriptions.
"One aim this year is to be cash flow break-even. We had limited cash burn in the last two-three years," Mohta said.
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