 "Ultra Media")
With the launch of Ultra Play and Ultra Gaane, the group aims to provide an unparalleled digital experience for audiences. | File Photo: First India
Ultra Media & Entertainment Group on Thursday announced a Rs 500 crore investment to drive its growth and expand the content portfolio.
As part of the growth strategy, the content production and distribution group launched two new over-the-top (OTT) platforms, Ultra Play and Ultra Gaane, the company said in a statement.
The Rs 500 crore “strategic financial commitment will support the launch and expansion of two OTT platforms Ultra Play and Ultra Gaane alongside enhancing the existing Marathi platform, Ultra Jhakaas”, the statement said.
“The investment is a key component of Ultra Media & Entertainment Group’s five-year growth plan. The allocation includes Rs 250 crore dedicated to content acquisition, ensuring a robust and diverse library across all platforms,” it added.
An additional Rs 200 crore will fuel the production of new content, while Rs 50 crore is earmarked for marketing and technological advancements, further solidifying Ultra’s position in the digital entertainment sector, the company said.
With the launch of Ultra Play and Ultra Gaane, the group aims to provide an unparalleled digital experience for audiences, keeping the legacy of Hindi cinema and music alive while also offering fresh, original content, Sushilkumar Agrawal, CEO of Ultra Media & Entertainment Group, said.
Ultra Play is India’s first OTT platform dedicated to Hindi film classics. It features over 2,000 films spanning the golden eras of Bollywood from masterpieces by legends like Guru Dutt, Raj Kapoor and Shakti Samanta to modern-day blockbusters.
The company said it has recorded a consistent revenue increase of approximately 25 per cent in 2021-22 and 2022-23, followed by a 35 per cent expansion in 2023-24.
With the current growth rate at 40 per cent and expectations to reach 50 per cent by the end of FY 2024-25, Ultra is targeting a revenue of over Rs 200 crore for the upcoming fiscal year, the company said.
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First Published: Sep 05 2024 | 9:47 PM IST