Get ready for a govt-owned OTT platform

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, 23 August 2024. My name is Nelson John. Let's get started.

Indian equity benchmark index, the Nifty, extended its winning streak to six consecutive sessions on Thursday, rising by 0.17 per cent. BSE’s Sensex too saw a surge of 0.18 per cent at the end of the trading session.

Zomato is making strides by entering another duopoly market. It already competes with Swiggy in the food delivery market, and now it is entering entertainment and ticketing, dominated by BookMyShow. The company is planning to acquire Paytm’s ticketing business and rebrand it as a separate entity called ‘District’. Zomato will acquire the business for a little over 2,000 crore rupees. However, launching District as a separate app could pose challenges in user convenience and operational costs, Mint’s startup correspondents Priyamvada C and Sowmya Ramasabramanian explain. Despite these potential hurdles, analysts are optimistic, predicting significant revenue growth for Zomato through this expansion.

Ronnie Screwvala's Swades Foundation has stirred up interest in social stock exchanges or SSEs by raising 10 crore rupees on the National Stock Exchange's SSE. This move has other non-profits curious, but the complex compliance requirements are a bit of a deterrent. Since the concept launched in early 2023, just a handful of NGOs have actually raised funds through SSEs. Introduced in India in 2019, SSEs are designed to help non-profits raise funds transparently, hoping to draw individual donors and build trust. Mint’s Sneha Shah and Nehal Chaliawala write that allthough there's potential for SSEs to make fundraising more accessible, experts caution that they may not offer significant advantages over existing channels like crowdfunding.

Prime Minister Narendra Modi's recent trip to Ukraine marks a significant stride in India's foreign policy, especially following his visit to Russia. The move showcases the fact that the country can maintain ties with both Russia and Ukraine while navigating its relationships with Western allies like the US. Modi's visit—the first by an Indian prime minister since diplomatic ties were established 30 years ago—aims to enhance relations in sectors like agriculture, infrastructure, and education, among others. Shweta Singh, associate professor at the department of international relations, South Asian University, explains the significance of the PM’s trip to the war-torn Eastern European nation.

Get ready for a government-owned OTT platform. Prasar Bharati, India's public broadcaster, is diving into the crowded digital scene with its own OTT platform. This new venture aims to feature content from private broadcasters and indie creators, potentially expanding streaming access, especially in rural areas, Mint’s entertainment and media correspondent Lata Jha reports. Yet, it faces stiff competition from giants like Netflix and Amazon Prime Video, not to mention the free content powerhouse, YouTube. While the platform may initially focus on news and movies—areas with fewer digital rights headaches—luring fresh content could be tough. Prasar Bharati will need to navigate these waters carefully, possibly leveraging its niche to attract viewers who aren't the primary target for mainstream OTT platforms.

Korean esports giant Krafton just kicked off a major gaming tournament in India, the Battlegrounds Mobile India Pro Series 2024, with a juicy 2 crore rupees prize pool. Exciting times, right? But here's the twist: despite the hype, many pro gamers in India are struggling to make money off their gameplay and social media. Mint’s Shouvik Das and Pratishtha Bagai write that unlike in the West, where gamers make bank by streaming on platforms like YouTube and Twitch, Indian gamers are hitting roadblocks with monetization. The scene here is pretty new, and most of the audience is quite young, which complicates things. However, there's a silver lining—industry experts believe that as today's young gamers grow up and start calling the shots, they'll pump up the esports economy.

Show notes:

Mint Explainer: Zomato’s Paytm deal and its big bet on entertainment

NGOs eye social stock exchanges, but compliance barriers remain

Mint Primer | PM Modi in Ukraine: Can India play a role in ending the war?

Prasar Bharati's OTT ambition: Can it compete in a crowded market?

Indian gaming influencers reach for the stars, but it's tricky