South Africa: e-Media Look To Launch New 'eVOD' Service in July
South African media group eMedia Holdings has announced its plans to launch a Video-On-Demand service called 'eVOD' in July 2021. The privately-owned broadcasting group holds a few well-established television and radio broadcasting businesses such as eNCA, OpenView, and Yfm, together with production studios. The group which reported a loss in full-year earnings said it is ready to enter the highly competitive market dominated by Netflix.
In a statement, eMedia Holdings said that it had closed various non-core assets, which now has allowed the organisation to focus on its core business: broadcasting, content creation, and being a platform and technology provider for broadcast services.
In terms of financials for the year ending in March, the media group had reported a 2.5% decrease in group revenue, from R2.491 billion (US$180.797 million)previously to R2.428 billion (US$176.225 million). eMedia ended the year with a net profit of R108 million (US$7.837 million), inclusive of an R30.5 million loss (US$2.213) loss.
Referring to its motivation for entering the market, eMedia believed that there is still room for all players to capture market share.
In recent years, there has been a steadfast growth in relation to streaming services that have entered the South African market. The likes of Netflix, Amazon Prime, Viu and Multichoice have invested heavily into space. The live streaming space has even drawn the eMedia free-to-air competitor, SABC, who recently partnered with Telkom to stream its radio and television content online. eMedia has yet to share further details on the service structure, though it is likely to collate its content from its properties into one platform.