Amazon.com Inc launched in India on Friday eight global and local streaming services on its video platform, in a move aimed at boosting subscriptions.
The move comes at a time of increasing competition from global and domestic rivals in an important market for the U.S. tech company.
The Amazon (NASDAQ:AMZN) Channels service will help customers using its Prime flagship loyalty programme to subscribe to multiple streaming services on a single interface, Gaurav Gandhi, the head of Amazon Prime Video in India, told Reuters in an interview ahead of the launch.
“We believe besides solving customer problems… multiple apps, multiple log ins… it also solves a lot for our partners where they are able to get the benefit of Prime Video’s reach and ubiquitous distribution,” said Gandhi.
Channels is launching with streaming services from partners including Discovery (NASDAQ:DISCA) Inc, Lions Gate Entertainment Corp and Mubi, said Gandhi, adding that India is the 12th country where it is being launched.
Gandhi declined to talk about specifics of revenue sharing with content partners or discuss other financial parameters of the service.
An investment arm of Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd, targeted in a regulatory crackdown, will divest its entire stake of 5.01% in broadcaster Mango Excellent Media Co Ltd, the media firm said.
The sale comes less than a year after the investment in December last year, as Chinese authorities mount an anti-trust crackdown on large tech companies.
One major target has been Alibaba, which faced a fine of $2.75 billion over anti-competitive practices.
In Thursday’s filing to the stock exchange, the media company said Alibaba’s investment arm would seek a waiver from a one-year lockup to which it committed at the time of its investment.
Since then, shares of Mango Excellent Media have fallen roughly 40%. The firm, based in China’s western province of Hunan, produces Internet and television content besides running a shopping division.
Alibaba did not respond to a request for comment.
Some of China Evergrande Group’s offshore bondholders have not received interest payment by a Thursday deadline U.S. time, two people familiar with the matter said, as worries about the fate of the property developer mount.
A deadline for paying $83.5 million in bond interest ended on Thursday without remark from Evergrande, whose mountain of debt has spooked world markets. The firm now enters a 30-day grace period and it will default if that passes without payment.
The sources could not be named as they were not authorised to speak to the media.
A spokesperson for Evergrande did not immediately respond to a request for comment. Reuters was unable to determine whether Evergrande has told bondholders what it plans to do regarding the coupon payment due on Thursday.
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