Saudi media group SRMG inks deal to launch ‘Bloomberg Al Arabiya’ network

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Prince Bader bin Abdallah bin Mohammad bin Farhan Al Saud (L) with Mr. Michael R. Bloomberg, founder of Bloomberg L.P. and former mayor of New York City at the Bloomberg Global Business Forum in New York. (AN photo)
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Dr. Ghassan Alshibl, MD and CEO of SRMG (R) signing the Agreement with Justin Smith, CEO of Bloomberg Media in Bloomberg’s headquarters in New York. (AN photo)
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Dr. Ghassan Alshibl, Managing Director and CEO, SRMG (first right) Justin B Smith, CEO, Bloomberg Media (first left), John Micklethwait, Editor-in-Chief, Bloomberg (second left) and Mr. Abdulrahman Alruwaita, Chairman of the Executive Committee, SRMG. (AN photo)
Updated 21 September 2017
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Saudi media group SRMG inks deal to launch ‘Bloomberg Al Arabiya’ network

RIYADH: Saudi Research and Marketing Group (SRMG) today said it has entered a long-term agreement with US-headquartered media firm Bloomberg to launch a multi-platform Arabic-language business and financial news service.
SRMG — publisher of Asharq Al-Awsat, Arab News and Aleqtisadiah — plans a 24-hour television and radio network and dedicated digital platform under the “Bloomberg Al-Arabiya” brand.
It will also publish “Bloomberg Businessweek” magazine in Arabic and launch a new conference and live events series, according to a statement from the company.
The Bloomberg Al-Arabiya platforms will provide Arabic-speaking audiences around the world with news and analysis on the companies, markets, economies and politics shaping the Middle East, the statement said.
Prince Bader bin Abdullah Al-Saud, chairman of SRMG, said the deal would give a boost to the regional media industry.
“We are very pleased with this promising partnership with Bloomberg. In addition to the many business opportunities this collaboration brings, we believe the partnership will greatly enhance the media landscape in our region,” he said.
“This is an exciting development for SRMG and a strong progression in our quest to offer the highest quality financial and business journalism from, and about the Middle East.”
Michael R. Bloomberg, founder of Bloomberg and former mayor of New York City, said, “The Middle East is an important, economically diverse region and our agreement with SRMG allows us to deliver the sharpest global business and financial insights to a critical audience of business decision makers.”
Headquartered in the Gulf, the Bloomberg Al Arabiya team will be managed by SRMG with support from Bloomberg, and will draw on its financial and economic content and data as well as its 2,700 reporters and analysts globally.
“Our partnership with SRMG is a significant milestone in our regional growth story, building on the introduction of an expanded suite of new media platforms in the Middle East last year,” said Justin B. Smith, CEO of Bloomberg Media Group. “This agreement is an integral part of our strategy of forming partnerships with leading news providers in markets that have a compelling economic growth story, as we look to further expand our localized international presence.”
Dr. Ghassan Al-Shibl, managing director and CEO of SRMG, said: “As one of the biggest media publishing houses in the Middle East, this partnership between SRMG and Bloomberg will see us expand into the international television business. With the new era of business and economic transformation in the Kingdom of Saudi Arabia, such a significant agreement between two leading brands will pave the way for a multi-platform ecosystem of specialized business and financial content of international standards. This is the beginning of a new chapter in the history of media and publishing in the region.”
Bloomberg editor in chief John Micklethwait said: “Bloomberg Al Arabiya will enable us to build on more than 20 years of newsgathering across the Arab world to deliver the best of Bloomberg’s news, insight and analysis.”


Netflix to roll out cheaper mobile-only plan for India

Updated 18 July 2019
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Netflix to roll out cheaper mobile-only plan for India

  • India is among the last big growth markets for the company
  • Netflix faces competition from Amazon’s Prime Video and Walt Disney Co’s Hotstar
Netflix said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf.
India is among the last big growth markets for the company, where it faces competition from Amazon.com Inc’s Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co’s India unit.
Netflix lost US streaming customers for the first time in eight years on Wednesday, when it posted quarterly results. It also missed targets for new subscribers overseas.
“India is a mobile-first nation, where many first-time users are experiencing the Internet on their phones. In such a scenario, a mobile-only package makes sense to target new users,” said Tarun Pathak, analyst at Counterpoint Research.
The creator of “Stranger Things” and “The Crown” said in March that it was testing a 250-rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world.
The country figures prominently in Chief Executive Officer Reed Hastings’ global expansion plans.
“We believe this plan, which will launch in the third quarter, will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business,” the company said in a letter to investors released late on Wednesday.
Netflix currently offers three monthly plans in India, priced between 500 rupees ($7.27) and 800 rupees $11.63).
It has created a niche following in the country by launching local original shows like the thriller “Sacred Games” and dystopian tale “Leila,” which feature popular Bollywood actors.
The second season of “Sacred Games” is set to release in August.
In contrast, Hotstar, which also offers content from AT&T Inc’s HBO and also streams live sports, charges 299 rupees ($4.35) per month. Amazon bundles its video and music streaming services with its Prime membership.
“We’ve been seeing nice steady increases in engagement with our Indian viewers that we think we can keep building on. Growth in that country is a marathon, so we’re in it for the long haul,” Netflix Chief Content Officer Ted Sarandos said.