The anticipated merger between Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Limited (ZEEL) is expected to be completed by the first half of the current fiscal year ending March 31, 2024, Sony Corp CEO Kenichiro Yoshida said during the company's annual corporate strategy meeting last week.
"By the end of the first half of this fiscal year, we are trying to complete the merger with ZEEL," Yoshida said, adding that the Indian media and entertainment (M&E) market is ripe for accelerated growth due to its large population and the creative talent that exists in the country.
"India has become the most populous country globally. There are so many growth opportunities in India, especially in entertainment. India is a creative country, and it has become the biggest producer of films since 2005," he said. Yoshida also noted that half of India's population is below the age of 30. This, he said, presents a huge opportunity in areas like anime and gaming. "There is great potential for growth in India in these areas," he added.
Apart from Yoshida, the meeting was also addressed by Sony president, COO, and CFO Hiroki Totoki; NP Singh, MD of SPNI, also gave a presentation on the opportunities in the Indian M&E market and the progress made by the company in its 2.5 decades of existence in the country.
Totoki noted that Sony began its journey in India with electronics and later expanded into entertainment. "Now, the proportion of entertainment is bigger than electronics in India. We feel that this is a compelling market," he said.
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