Zee to launch India's first micro-drama app: What is it?
What's the story
Zee Entertainment has inked a strategic partnership with a start-up called Bullet, to launch India's first micro-drama app.
Zee is acquiring a stake in Bullet. However, the sum paid to do so is yet to be disclosed.
Following the announcement, shares of Zee Entertainment Enterprises Ltd surged over 6% to hit ₹130.95 per stock.
Content
What are micro-dramas?
Micro-dramas are short, bite-sized and creator-driven video stories. They are geared toward younger viewers and meant to be watched on smartphones.
Bullet's content will be available here as part of Zee5 to reach a wider audience. Users will be able to view the content in multiple languages.
With this partnership, Zee Entertainment wants to become a content powerhouse in India.
Stats
A look at Zee Entertainment's financials
Zee Entertainment saw net profit of ₹188.4 crore in Q4 compared to ₹13.4 crore in the year-ago period.
Its revenue rose 0.6% to ₹2,184 crore in the March quarter, in comparison to ₹2,170 crore in the previous fiscal.
Finally, EBITDA was up 42% at ₹298 crore when compared to ₹210 crore in Q4 of the previous financial year.